Engine No. 1 Activist Presentation Deck

Capital Allocation - Long-term commitment to a coherent returns-focused strategy ● ExxonMobil has cut 2022-25 capex guidance in response to financial and investor pressure, but most spending has been deferred rather than canceled Even within this range there is wide flexibility; next year's capex at the high end would be over 50% higher than this year's capex, and nothing in the Board's history suggests it can be trusted to help guide such near-term or long-term decisions • While ExxonMobil has focused investors in the short-term on its most advantaged projects to enhance projected returns, the Board must develop a consistent strategy for all future spending that strengthens the balance sheet and dividend reliability and enables investment in the future, which we believe would include: Only funding upstream projects that can deliver a high IRR (including allocations for all corporate costs) at conservative prices determined by probabilistically-weighted demand scenarios Canceling or rejecting projects that fail this test and returning capital to investors or putting it to work strengthening ExxonMobil for the long-term Preventing average cash break-even prices after capex and dividend payments from ever again exceeding conservative levels Maintaining this discipline even during periods of higher oil and gas prices REENERGIZE EXXON// 71

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