Imperial Oil : AGM presentation slides - May 2021

2021		Annual Meeting of Shareholders
		May 4, 2021

Cautionary statement

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to company strengths including long-term potential and resilient business model; being well positioned to maximize value through the recovery, and plans to accelerate out of the downturn; the impact of COVID-19 response activities; anticipated near-term market conditions; actions to provide responsible energy solutions, including potential solutions and pathways to a net-zero future; Upstream 2021 production outlook, anticipated growth from 2020 to 2025, and productivity enhancements; Kearl 2021 production and unit cost outlook, and pathway to 280+ kbd; potential value of investment in digital technology; Downstream 2021 refinery throughput outlook, value through strategic investments and ability to leverage assets and brands; Chemical 2021 sales outlook, long term demand growth and benefits from refinery integration; resiliency of the company's balance sheet; potential cash generation scenarios; continued focus on returning excess cash to

shareholders through dividends and share purchases; and the ability to deliver the company's winning strategy;

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities and the company's ability to effectively execute on these plans and operate its assets; the adoption and impact of new facilities or technologies, including on reductions to greenhouse gas and water intensity; performance of third-party service providers; refinery utilization and product sales; progression of COVID-19 and its impacts on Imperial's ability to operate its assets, including the possible shutdown of facilities due to COVID-19 outbreaks; the company's ability to effectively execute on its business continuity plans and pandemic response activities; applicable laws and government policies, including restrictions in response to COVID-19; cost savings; financing sources and capital structure; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; transportation for accessing markets; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; political or regulatory events, including changes in law or government policy such as tax laws, production curtailment and actions in response to COVID-19; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; the receipt, in a timely manner, of regulatory and third-party approvals; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; availability and allocation of capital; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; the receipt, in a timely manner, of regulatory and third-party approvals; operational hazards and risks; reservoir analysis and performance; cybersecurity incidents, including increased reliance on remote working arrangements and activation of business continuity plans due to COVID-19; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and

Item 7 management's discussion and analysis of financial condition and results of operations of Imperial Oil Limited's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

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Meeting proceedings

Brad Corson Ian Laing

Chairman, President and CEO Corporate Secretary

David	Bradley	Matthew	Krystyna	Miranda	Jack	David
Cornhill	Corson	Crocker	Hoeg	Hubbs	Mintz	Sutherland

Election of directors

Election of auditor

PricewaterhouseCoopers LLP