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Athabasca Oil Sands Corp | September 2016 Corporate Presentation | Rob Broen | Page 8 of 11 | November 21, 2024

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*implied WTI based on a 0.8 US$/C$ FX assumption and a US$15/bbl heavy differential CONTINGENT BITUMEN ROYALTY SLIDING SCALE PRICING HS PROJECT 1 NETBACK EXAMPLES HIGHLIGHTS o Contingent bitumen royalty on thermal assets o Gross proceeds of $129MM ROYALTY OVERVIEW o Sliding scale structure between 0 – 6% Minimum WTI of ~US$75/bbl before royalty triggered o Based on realized bitumen pricing Net of diluent, transport and storage costs FUTURE EXPANSION PHASES & PROJECTS o Limited impact on future project returns o No commitments to future development phases o Higher pricing threshold on greenfield assets US$ WTI $60 $75 $100 C$ $/bbl $/bbl $/bbl Dilbit Sales $70 $95 $136 Diluent Cost -$28 -$34 -$45 Transportation -$9 -$9 -$9 Realized Bitumen Pricing $33 $51 $82 Crown Royalties -$1 -$3 -$8 Royalty $0 -$1 -$2 Operating Costs -$19 -$19 -$19 Operating Netback $13 $29 $54 Annual Royalty % 0% 1% 2% Annual Royalty Payment $0 $2 $7 Annual Operating Income $53 $121 $228 7 Hangingstone Project 1 Realized Bitumen Price Royalty Implied WTI* $C/bbl % US$/bbl <50 0 50-70 1 75-91 70-90 2 91-108 $90-110 3 108-124 110-130 4 124-141 130-150 5 141-157 >150 6 >157 Other Thermal Realized Bitumen Price Royalty Implied WTI* $C/bbl % US$/bbl <60 0 60-80 1 78-94 80-100 2 94-110 100-120 3 110-126 120-140 4 126-142 140-160 5 142-159 >160 6 >159