Energy Sector Company Profiles Large-Cap Integrates, Mid-Cap Producers, Pipelines November 11, 2012 Matthew O’Regan| Energy Portfolio Manager Alexander Banh| Energy Portfolio Manager Rahim Kara| Energy Analyst Attiq Rehman| Energy Analyst Brendon Skingle| Energy Analyst (Engineer) This presentation is for informational purposes only, and is not an offer to buy or sell or a solicitation to buy or sell any securities, investment products or other financial product or service, an official confirmation of any transaction, or an official statement of Limestone Capital Investment Club. Any views or opinions presented are solely those of the author and do not necessarily represent those of Limestone Capital.

Large Cap IntegratesMid Cap ProducersMidstream/Pipelines 2 Overview Royal Dutch Shell, through subsidiaries, explores for, produces, and refines petroleum, covering all segments Good exposure to liquified natural gas (LNG), historical strong performance in integrated gas and oil products Exports: Oil major BP has secured U.S. government permission to ship U.S. crude to Canada, RDS has applied for export license Early adopter of technology in peer group: Quest carbon capture project, construction on floating LNG project carbon captureconstruction on floating LNG project Diversified portfolio of products as an integrate minimizes segment-specific risk YTD Stock Price Chart Production News & Market Sentiment 2012 Q3 Financial Results: Sales down 8.9% to $112b Earnings $6.12b compared to $7.2b last year Lower oil and gas prices and falling margins in chemicals, weak demand for oil as a result of global economic slowdown Production: Not much growth in last 2 years, production hurt by theft, flooding & political instability in Nigeria 11/05/2012: Shell has sealed a two-year deal worth up to $4 billion to supply oil to mid-sized Russian refiner and retailer Bashneft Analysts Recommendations: $69 - $85 Royal Dutch Shell S.A. Profile

Large Cap IntegratesMid Cap ProducersMidstream/Pipelines 3 Overview Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. Largest American oil company Became country’s biggest gas producer three years ago upon acquisition of XTO Energy, with specialization in shale gas drilling/exploration Operations include E&P of O&G, electric power generation, and coal and minerals operations, manufactures and markets fuels, lubricants, and chemicals. ~6.2 mmbpd of refining capacity makes XOM the world’s largest refiner Operating Highlights: Upstream News & Market Sentiment Earnings up 10% for past 9 months, but 2012 Q3 earnings still 8% lower than 2011 Q3 Net income that topped highest forecasts from analysts as U.S. refineries diminished the impact of lower oil production and prices. Production problems in Kazakhstan and North Sea, upstream operations falling short of analyst estimates Downstream compensates for upstream weakness Chemicals and R&M results strong Heavy exposure to N.A. natural gas makes it sensitive to weak domestic gas prices ExxonMobil Profile Crude & NGL production very stable, fluctuation in production mostly from natural gas. Declining production in all segments YTD 2012.production Downstream Segment Highlight Percentage of earnings contributed by the refining business growing rapidly

Overview I’m probably not going to do this one. Stock Price Chart Banh Operating Highlights News & Market Sentiment Banh Large Cap IntegratesMid Cap ProducersMidstream/Pipelines 4 Total S.A. Profile

Overview SKINGLE Stock Price Chart SKINGLE Operating Highlights News & Market Sentiment SKINGLE 5 Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Cenovus Energy Inc. (TSE:CVE)

Relative Stock Price Chart Comparables Table O’Regan O’RaCVE, HES SU XOM HSE CVXegan Large Cap IntegratesMid Cap ProducersMidstream/Pipelines 6 Large-Cap Integrates Comparables

7 Overview SKINGLE Stock Price Chart SKINGLE Operating Highlights News & Market Sentiment SKINGLE Large Cap IntegratesMid Cap ProducersMidstream/Pipelines MEG Energy Corp

8 Overview SKINGLE Stock Price Chart SKINGLE Operating Highlights News & Market Sentiment SKINGLE Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Tourmaline Oil Corp. (TSE:TOU)

9 Overview Rahim Stock Price Chart Rahim Operating Highlights News & Market Sentiment Rahim Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Rahim 1

10 Overview Rahim Stock Price Chart Rahim Operating Highlights News & Market Sentiment Rahim Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Rahim 2

Relative Stock Price Chart Comparables Table O’Regan Large Cap IntegratesMid Cap ProducersMidstream/Pipelines 11 Mid-Cap Producers Comparables

12 Overview Attiq Stock Price Chart Attiq Operating Highlights News & Market Sentiment Attiq Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Attiq 1 (TRP?)

13 Overview Attiq Stock Price Chart Attiq Operating Highlights News & Market Sentiment Attiq Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Attiq 2 (ENB?)

Relative Stock Price Chart Comparables Table O’Regan 14 Large Cap IntegratesMid Cap ProducersMidstream/Pipelines Pipeline Comparables