Investor Presentaiton

Upstream cash flow outlook Delivering value and generating strong cash from operating activities Average annual cash from operating activities $B 3 2 1 Scenarios $US 60/bbl WTI $US 50/bbl WTI $US 40/bbl WTI K ~$1.5 billion annual average in 2017-19 Strengthened resilience to low prices YEARS 1880-2020 ■Improved cash generation at $US 50/bbl WTI > Incremental volumes at Kearl > Structural cost improvement 0 2015-16 2017-19 2020 OL 2021-25 WTI 46 58 40 40/50/60 WCS 32 41 29 30/37/45 Spread 14 17 11 10/13/15 Significant upside potential > ~$2.7 billion per year at $US 60/bbl WTI Imperial 2020 27

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