Engine No. 1 Activist Presentation Deck

Incentives of shareholder value ● ● - Better aligning performance goals to drivers We believe a Board with a better understanding of the long-term drivers of value in energy can better set compensation strategy, which we believe would include: Consistent metrics with disclosed preset weightings and targets, with more cost management and balance sheet-focused metrics Measuring value creation not just by reference to the oil and gas industry but to the overall market In the same way that ExxonMobil's changes to incentive plans to reward production led to a focus on growth even as returns declined, we believe the lack of material energy transition metrics could discourage a focus on the future By contrast, many peer compensation metrics have evolved to incentivize management to create value by looking at the energy transition as an opportunity Total: Added compensation metric for "development of the low-carbon businesses (Integrated Gas, Renewables & Power perimeter)." This is in addition to objective GHG reduction targets in both its annual and long-term performance award (25% weight) Shell: Introduced a 20% weight on "Energy transition" in its long-term incentive plan, which also includes metrics such as "Build the foundation of a material Power business" & "Grow new clean(er) energy product offerings" Source: Company proxy statements. BP: Added a 40% weight on "Strategic progress" for granting performance shares, which includes "demonstrate a track record, scale and value in low carbon electricity and energy" REENERGIZE EXXON// 72

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