Investor Presentaiton

Progress on capital and expense reductions Exceeding cost and capital control commitments to date Capital expenditures $B 2 1 0 2020 PL Production & manufacturing expenses $B 8 -$0.8B, (-45%) 4 0 2019 2020 OL Non-regretted capital avoidance, deferral ■ Protects long-term performance All amounts in this presentation are in Canadian dollars, except where otherwise noted. -$1B, (-16%) 2020 OL All business lines and service lines contributing Focus on Kearl unit costs delivering results K Imperial | 2020 9 YEARS 1880-2020

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