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Investor Presentaiton

DEMONSTRATING THE POWER OF A LEADING SHALE PORTFOLIO A Premium E&P Company . . · . Premium positions in 3 top shale plays supports a sustainable business across price environments o Focused on generating free cash flow³ 。 Maintaining liquidity and conservative leverage profile Dynamic capital allocation across portfolio, mitigating regional market constraints o Transfer of ideas and technologies across portfolio 2019 buyback of $1.25 billion following closing, supported with cash on hand Transaction accretive to per share free cash flow and cash flow Significant optionality across the portfolio to grow free cash flow, monetize non-core assets, return capital to shareholders F Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website 2 encana
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