International Petroleum : Latest corporate presentation

International Petroleum Corp.

Internationally Focused Upstream Company

November 2021

IPC

International Petroleum Corp.

Strongly Positioned to Create Shareholder Value

2021-2025

55	85%
17% p.a.	(4)
USD (3)

>740 MUSD FCF (1,2,3)

~45

Mboepd (1)

75	138%
28%p.a. (4)
USD (3)

Stakeholder Returns

Debt reduction, share buybacks & dividends

M & A

4 transactions in less than 4 years

Organic Growth

>1 Billion boe of contingent resources (1)

NC00223 p08 10.21

>1,200 MUSD FCF (1,2,3)

(1) See Reader Advisory. Estimates are based on IPC's 2021 CMD business plans.

(2) Non-IFRS measure, see Reader Advisory and Management Discussion and Analysis for the nine months ended September 30, 2021 (MD&A).

1. Actual prices 2021 year to date, with future Brent oil price assumption, escalating +2% p.a., Brent to Western Canadian Select (WCS) differentials as per IPC's independent reserves evaluator. Average gas price assumption of 2.5 CAD/mcf.
2. Average FCF yield based on IPC market capitalisation at close October 29, 2021 (48 SEK/share, 8.6 SEK/USD, 868 MUSD).

IPC	2

NC00223 p04 10.21

International Petroleum Corp.	2021 Production
2021 Production Guidance (1)
			Guidance	International
				Malaysia
				16%
		2021 Production guidance raised to >45,000 boepd		9.5%
				France
		(previously > 44,000 boepd)			6.5%
		Canada Gas		Canada Other
			37%
		3 quarters in succession above original high end guidance	Suffield	5%
			Ferguson
			Gas
					2%

	Expect to exit 2021 > 46,000 boepd							Onion Lake
														Thermal
													Suffield Oil	23%
		IPC Production								17%
										Canada Oil
	50					50	46		43.7	44.6		46.8		47%
						46			High guidance 43
							42
												Low guidance 41
	40						40
(Mboepd)				34	34		37
	30			30
Production													Original guidance
20												range
													Gas
	10	11	10										Oil WCS
										Oil Brent
	9
	0		2017		2018		2019	2020	Q1	Q2	2021	Q3	Q4

1. See Reader Advisory, including Supplementary Information regarding Product Types.

IPC	3

International Petroleum Corp.

2021 Operating Costs (1)

USD/boe

20

18

2021 Operating Costs:16

15.5 USD/boe guidance 14

12

10

		operating costs	USD/boe
		20

	18
OLT turnaround

16

14

12

10

Q1 2021	Q2 2021	Q3 2021	Q4 2021
Actual	Actual	Actual	Forecast

NC00214 fin p17 08.20

Operating costs guidance for the year maintained at 15.5 USD/boe

1. Non-IFRSmeasure, see Reader Advisory and MD&A.

IPC	4

International Petroleum Corp.

2021 Operating Cash Flow (1)

220 MUSD

65 USD/bbl

(4/17)

165 MUSD

55 USD/bbl

(3/15)

107 MUSD

45 USD/bbl

(2/13)

335 MUSD 85 USD/bbl (3/12)

315 MUSD 75 USD/bbl (3/12)

226 MUSD

68 USD/bbl

(3/12.5)

NC00223 p05 10.21

CMD OCF	9 months	Full year revised
guidance		OCF guidance

1. Non-IFRSmeasure, see Reader Advisory and MD&A. Brent oil price assumptions, with Brent to WTI differential and WTI to WCS differential assumptions in brackets, in USD.

IPC	5