Engine No. 1 Activist Presentation Deck

Board's strategy eroded shareholder value before COVID, and left ExxonMobil far more vulnerable Irresponsible spending resulted in ExxonMobil having the highest oil break-even price of any of its peers, leaving it more vulnerable to drops in demand $/bbl Breakeven Oil Price $90 $70 $50 $30 $62 $84 $87 Exxon Mobil $52 $57 Chevron $58 $46 ■2018 2019 $58 $47 BP 2020 (Pre-COVID) $61 $67 Shell Source: JP Morgan research; breakeven prices are post-dividend. Pre-COVID data is as of January 31, 2020 for US peers and December 6, 2019 for European peers. $56 $62 $65 Total $60 REENERGIZE EXXON// 10

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