Investor Presentaiton

TMK's Home Market is One of the Lowest Cost Oil Producing Regions Global oil production supply curve Coal to Liquid Gas to Liquid Asia DW(3) Permian tight TMK Breakeven price (U.S.$/Boe)(1) 125 Low-cost supply completely in the money at current Brent price 100 75 50 50 Brent Jan-Jul 2020 average price 25 Russia, OPEC, Middle East and Africa Caspian region* 0 20 40 Production (MBD) Aus. and Pacific America (Non- OPEC) Asia -cony-- 60 60 NA conv. Bakken EOR(2) Eagle Ford Europe VZ extra heavy NA DW(3) Africa Offshore Canadian Oil Sands Arctic Brent Crude 2020 Year low 80 SA DW(3) (primarily Brazil) Even with oil at 2020 Year lows, the low cost Russian and Caspian region is able to remain profitable unlike the majority of its international counterparts. Source: IEA World Energy Outlook (2016); EIA International Energy Outlook (2016); EIA Annual Energy Outlook (2016); Morgan Stanley (2016), Bloomberg (as of 27 Jan 2020) Notes: (1) Breakeven price assumes a 10% return, and NPV of zero; *includes Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan; (2) Enhanced oil recovery; (3) Deep Water TMK 12

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