Peters & Co. Limited 2019 Energy Conference

1 Peters & Co. Limited 2019 Energy Conference September 2019. 1. Competitively Advantaged Business Model Integrated & Fixed-Price Businesses Drive stable Cash Flow While Preserving Upside Integrated Corridor Offshore (~80% Contribution) (~20% Contribution) 1. Upstream Downstream Production Netback2. Production Netback2 Throughput Gross Margin3 '19 Q2 YTD '19 Q2 YTD. '19 Q2 YTD '19 Q2 YTD '19 Q2 YTD '19 Q2 YTD. 54 $57. 223 $24 337 $20 mboe/day /boe mboe/day /boe mboe/day /bbl Thermal & Asia Pacific Heavy Oil Attractive, Large supply of long-term low-cost, reliable contracts feedstock Fast-growing market Western Canada Supplies gas Atlantic to Corridor Competitive, High-netback standalone production business Global pricing Production Downstream growth Captures full value for all Corridor production Husky Energy Inc.

2 1, 2, 3 See Slide Notes and Advisories 2. Husky's Value Proposition Balanced Dividend and Margin Growth Cash Flow Break-Even Price1 (US/bbl WTI). 45. Safe and reliable operations 40. Production and throughput growth from a 35. large inventory of higher margin projects 30. = returns-focused growth 25. Improving earnings and cash break-evens 20. 2019F 2020F 2021F 2022F 2023F. Strong growth in funds from operations and free cash flow Free Cash Flow2. (FFO less capital expenditures). Ability to increase cash returns to shareholders Strong balance sheet, integration and fixed-price gas sales in Asia provide resilience to volatile market conditions while preserving upside *.

3 '19F '20F '21F '22F '23F. 1, 2 See Slide Notes and Advisories * At Investor Day price deck Husky Energy Inc. 3. Focus On Safety And Reliability Driving Towards World-Class Performance 2019 Actions Five Principles of a High Reliability Organization a Appointed SVP of Safety & Operations Integrity; reports to CEO. Knowledge & learning a Aligned compensation more tightly to safety performance Standards & procedure compliance a Engaged world-leading safety experts to review operations Questioning attitude Continuing journey to becoming a High Reliability Organization Team backup Integrity Systematic and Documented Accountable Competent Verified in Control Leadership & HRO Principles Husky Energy Inc.

4 4. Responsible Energy Production Leadership In ESG Performance ESG Ratings by Major Oil-Producing Country Canada is a leader amongst major oil producing nations in terms of: Canada Environment performance Social progress Governance Husky adheres to the same high standards of performance when operating in other jurisdictions Source: BMO Capital Markets, Yale Environmental Performance Index (EPI); Social Progress Imperative; World Bank Worldwide Governance Indicators Notes: Equal weighting applied to all three indices Husky Energy Inc. 5. Priority Topics ESG Performance & Reporting Process Safety Business Resilience & Asset Integrity Air Emissions Management, Innovation & Advanced including GHGs Technology Water Use & Availability Talent Management & Culture of Inclusion Land Use & Reclamation Community & Indigenous People's Engagement Business Ethics and Transparency Husky Energy Inc.

5 6. 2019 Five-Year Plan Striking the Right Balance Funds from Operations1,2 Free Cash Flow Cash Flow from Operating Activities (FFO less capital expenditures) Paced Production4. $B $B 500 mboe/day 400. Cumulative Free Cash Flow '19F-'23F. $ 300. 200. at $60 WTI. 100. 0. '19F * '20F '21F '22F '23F '19F '20F '21F '22F '23F. '19-'23 Plan '19-'23 Plan * At Investor Day price deck Reduced Capital Expenditures3 Heavy Oil Processing Capacity $B 250 mboe/day 200. 150. 100. '19F. * '20F '21F '22F '23F 50. '19-'23 Plan 0. '19F '20F '21F '22F '23F. '19F '20F '21F '22F '23F. * At Investor Day price deck '19-'23 Plan Superior Outage '19-'23 Plan Husky Energy Inc.

6 1, 2, 3, 4 See Slide Notes and Advisories 7. Significant Margin Expansion Through Plan Execution Robust Business at $40 US WTI. Funds from Operations / Cash Flow From Operating Activities1 ($MM) Cash Flow Sensitivity2 ($MM). $B Chicago 3:2:1 Crack Spread ($ US). $60 WTI. WTI Crude Oil $60 WTI ($ US). Free Exchange Rate Cash ($ $US per $Cdn). Free Flow $60 WTI Dividend Cash AECO (NIT) Natural Gas Price ($ US). Flow Planned Dividend Heavy / Light Differential ($ US). Dividend $40 WTI. Growth Planned Capital3 Growth (200) (100) 0 100 200. Plan Capital Change in FFO ($MM). Execution Decrease in Benchmark $40 WTI1 Sustaining Increase in Benchmark Capital4 Sustaining Capital Base Case Assumptions 2019.

7 Chicago 3:2:1 (US $bbl) ( '20-'23). FFO / CFOA * Uses FFO / CFOA Uses WTI (US $/bbl) 2019F 2023F ( '20-'23). * At Investor Day price deck US/CAD exchange rate ( '20-'23). Husky Energy Inc. 1, 2, 3, 4 See Slide Notes and Advisories 8. Funding Priorities 2019-2023. Funds From Operations / Cash From Operating Activities 1. Maintain balance sheet strength $B. 2. Sustaining capital 3. Dividend 4. Growth capital Free Cash 5. Allocate discretionary free cash flow Flow Bias towards shareholder returns Dividend Planned Growth Capital Sustaining Capital 2019F 2020F 2021F 2022F 2023F. * At Investor Day deck price Husky Energy Inc.

8 9. Near-Term Milestones Consistent Project Execution and Delivery Design Capacity Timing/. 2019 (Husky ) Completion Status Turnarounds Upstream Q2 '19 aCompleted Downstream Q2 '19 aCompleted White Rose infill production wells online +6-8,000 boe/day Q2 '19 aCompleted White Rose drill centres on full production Q3 '19 aCompleted Dee Valley thermal project Lima crude oil flexibility project 10,000 bbls/day 40,000 bbls/day Q3 '19. End of '19. aRamping up In progress Liuhua 29-1 initial pipeline laying Q3 '19 In progress Strategic review of Prince George Refinery & retail and commercial fuels business '19 In progress Design Capacity Timing/.

9 2020+ (Husky at peak) Completion Status Spruce Lake Central thermal project 10,000 bbls/day 2H of '20 In progress Lloyd Upgrader capacity increase 80,000 81,500 bbls/day '20 In progress - Diesel debottleneck 6,000 9,800 bbls/day Spruce Lake North thermal project 10,000 bbls/day End of '20 In progress Liuhua 29-1 first production 45 mmcf/day gas End of '20 In progress 1,800 bbls/day liquids Spruce Lake East thermal project 10,000 bbls/day End of '21 In progress Superior Refinery onstream 45,000 bbls/day '21 In progress West White Rose Project first oil 52,500 bbls/day '22 In progress Husky Energy Inc. 10. Husky's Value Proposition Balanced Dividend and Margin Growth Safe and reliable operations Funds From Operations / Cash From Operating Activities $B.

10 Production and throughput growth from a large inventory of higher margin projects = returns-focused growth Improving earnings and cash break-evens Free Strong growth in funds from operations and Cash free cash flow Flow Ability to increase cash returns to Dividend Planned shareholders Growth Capital Strong balance sheet, integration and Sustaining fixed-price gas sales in Asia provide Capital resilience to volatile market conditions while preserving upside 2019F 2020F 2021F 2022F 2023F. * At Investor Day deck price Husky Energy Inc. 11. Appendix 12. Price Planning Assumptions 2019 Five-Year Plan & Stress Case Benchmark Prices 2019 Base Case 2019 2020 2021 2022 2023.