Investor Presentaiton

Significant leverage to higher prices Substantial cash available for return to shareholders Cash flow from operating activities $B 16 YEARS 1880-2020 5 4 $US 40/bbl WTI 3 2 0 $US 50/bbl WTI $US 60/bbl WTI Surplus cash Sustaining capital + dividend 2021-2025 period average, WCS differential varies with WTI price case ($US 10/$US 40, $US 13/$US 50, $US 15/$US 60 respectively), $US 0.75 FX rate, downstream margin normalization over time Imperial 2020 68

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