Investor Presentaiton

Kearl in-pit tailings project Sustaining production at lowest cost In-pit tailings External tailings ■ Transition to in-pit tailings when external tailings reach capacity in 2023 K Safest and lowest-cost solution, minimizing land disturbance YEARS 1880-2020 ~ $750 million capital through 2025 Extensively cost-benchmarked, competitive with industry norms Imperial 2020 37

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