Engine No. 1 Activist Presentation Deck

With the right strategic oversight, ExxonMobil can still play a profitable role in the energy transition The energy transition will require technological innovation at scale, and the Oil Majors can utilize their size, global influence, and complex energy project expertise to play an important role • The Oil Majors can also create significant long-term value by demonstrating that they have a role to play in the event of a material energy transition • While the idea of ExxonMobil advancing an energy transition may seem farfetched, it is more in line with market sentiment than a decades-long pursuit of continued fossil fuel reserve growth tod and "As world leaders struggle to adopt coordinated and effective climate policies, the choices made by oil companies, with their deep pockets, science prowess, experience in managing big engineering projects and lobbying muscle may be critical. What they do could help determine whether the world can meet the goals of the Paris Agreement..." New York Times, Sept. 21, 2020 Dve tre "Big Oils have shown tremendous ability to adapt to technological change in their 100+ years of history. We believe it is now strategic that they drive a low carbon transition consistent with the Paris Agreement ... [T]heir long-standing experience in the energy sector could provide them with a technological advantage in areas that remain currently underinvested and underdeveloped but which will be critical for net zero..." Goldman Sachs, Oct. 12, 2018 "[T]here is further valuation upside if the Majors can demonstrate a credible transition strategy as it means the terminal value of these businesses are not zero." Redburn research, May 8, 2020 Quote Source: Clifford Kraus (Sep. 21, 2020). U.S. and European Oil Giants Go Different Ways on Climate Change. New York Times. Michele Della Vigna (Oct. 12, 2018). Re-Imagining Big Oils: How Energy Companies can successfully adapt to climate change. Goldman Sachs. Peter Low (May 8, 2020). Tackling the Terminal Value Problem. Redburn. REENERGIZE EXXON// 32

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