Investor Presentaiton

Select Cold Lake capital investments Production of 140 kbd by 2024 Infill drilling Mahkeses LASER Grand Rapids Phase 1 Access adjacent reservoir Flexible location and timing ■3 Mahihkan pads, 26 wells in 2020 > Peak production of 8 kbd K YEARS 1880-2020 ■ Solvent injection into existing wells Injection to start Dec. 2020 $17,000/flowing bbl/d capital intensity ■ Production uplift of ~11 kbd SA-SAGD leveraging existing Nabiye infrastructure ~15 kbd, start-up 2023 > Paced execution vs. prior outlook Lowers Cold Lake cash cost by $US 1/bbl Imperial 2020 39

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