Investor Presentaiton

Canadian product margins Favourable and growing unit margins contribute to integration benefits Average monthly gasoline crack $US/bbl 80 Average monthly diesel crack $US/bbl 80 K YEARS 1880-2020 40 40 0 Avg. Canadian gasoline crack ■Avg. US gasoline crack 40 40 0 Avg. Canadian diesel crack Avg. US diesel crack 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 50/50 NYH/Chicago and 50/50 Toronto/Edmonton rack vs. MSW feedstock cost; Assumes $5/bbl crude tariff to Chicago, NYH & Toronto Imperial | 2020 49

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