Energy Sector Company Profiles Large-Cap Integrates, Mid-Cap Producers, Pipelines November 11, 2012

1. 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 AttiqRehman| 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.

2. Royal Dutch Shell S.A. Profile Overview YTD Stock Price Chart • 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 • Diversified portfolio of products as an integrate minimizes segment-specific risk News & Market Sentiment Production • 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 Large Cap Integrates Mid Cap Producers Midstream/Pipelines

3. ExxonMobil Profile News & Market Sentiment 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 • 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 Downstream Segment Highlight Operating Highlights: Upstream Crude & NGL production very stable, fluctuation in production mostly from natural gas. Declining production in all segments YTD 2012. Percentage of earnings contributed by the refining business growing rapidly Large Cap Integrates Mid Cap Producers Midstream/Pipelines

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

5. Cenovus Energy Inc. (TSE:CVE) Overview Stock Price Chart • SKINGLE • SKINGLE News & Market Sentiment Operating Highlights • SKINGLE • SKINGLE Large Cap Integrates Mid Cap Producers Midstream/Pipelines

6. Large-Cap Integrates Comparables Relative Stock Price Chart • O’Regan Comparables Table • O’RaCVE, HES SU XOM HSE CVXegan Large Cap Integrates Mid Cap Producers Midstream/Pipelines

7. MEG Energy Corp Overview Stock Price Chart • SKINGLE • SKINGLE News & Market Sentiment Operating Highlights • SKINGLE • SKINGLE Large Cap Integrates Mid Cap Producers Midstream/Pipelines

8. Tourmaline Oil Corp. (TSE:TOU) Overview Stock Price Chart • SKINGLE • SKINGLE News & Market Sentiment Operating Highlights • SKINGLE • SKINGLE Large Cap Integrates Mid Cap Producers Midstream/Pipelines

9. Rahim 1 Overview Stock Price Chart • Rahim • Rahim News & Market Sentiment Operating Highlights • Rahim • Rahim Large Cap Integrates Mid Cap Producers Midstream/Pipelines

10. Rahim 2 Overview Stock Price Chart • Rahim • Rahim News & Market Sentiment Operating Highlights • Rahim • Rahim Large Cap Integrates Mid Cap Producers Midstream/Pipelines

11. Mid-Cap Producers Comparables Relative Stock Price Chart • O’Regan Comparables Table • O’Regan Large Cap Integrates Mid Cap Producers Midstream/Pipelines

12. Attiq 1 (TRP?) Overview Stock Price Chart • Attiq • Attiq News & Market Sentiment Operating Highlights • Attiq • Attiq Large Cap Integrates Mid Cap Producers Midstream/Pipelines

13. Attiq 2 (ENB?) Overview Stock Price Chart • Attiq • Attiq News & Market Sentiment Operating Highlights • Attiq • Attiq Large Cap Integrates Mid Cap Producers Midstream/Pipelines

14. Pipeline Comparables Relative Stock Price Chart • O’Regan Comparables Table • O’Regan Large Cap Integrates Mid Cap Producers Midstream/Pipelines