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Investor Presentaiton

Appendix - Long-Term Return of Capital Framework 1. Sustainable business - invest approximately two thirds of FFO into our business Invest in long-term growth and replenish development inventory Continuous investment required to maintain high-quality portfolio in order to support future return of capital activity and maximize total shareholder returns over the long term Investing ~US$550MM across development, exploitation and exploration work in 2022(1) 2. Return capital to shareholders - return at least one third of FFO to shareholders A) Quarterly base dividend Maintain dividend and work to grow it with earnings and macroeconomic outlook Robust even in low commodity price environments; at $40/bbl Brent, the current base dividend is forecast to be <30% of total FFO(2) B) Further enhance shareholder returns through share buybacks Continue to have best-in-class balance sheet and leverage working capital balance as needed Share buybacks are a key mechanism to enhance returns and working capital can be used to supplement returns when deemed appropriate Increased quarterly regular dividend by 79% to C$0.25 per share in May 2022 Plan to buyback 10% of public float for the fourth straight year in 2022 Target the return of at least 1/3 of total FFO and 100% of free funds flow to shareholders (1) Non-GAAP measure financial measure; see advisory. (2) Capital management measure; see advisory. PAREX RESOURCES INC. 15
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