IMPERIAL OIL LIMITED
Additional information regarding the tender offer
The tender offer described in this communication (the Offer) has not yet commenced. This communication is for informational purposes only. This communication
is not a recommendation to buy or sell Imperial Oil Limited shares or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell Imperial Oil Limited Shares or any other securities.
On the commencement date of the Offer, Imperial Oil Limited will file an offer to purchase, accompanying issuer bid circular and related letter of transmittal and
notice of guaranteed delivery (the Offering Documents) with Canadian securities regulatory authorities and mail these to the companys shareholders. The company will also file a tender offer statement on Schedule TO, including the
Offering Documents, with the United States Securities and Exchange Commission (the SEC). The Offer will only be made pursuant to the Offering Documents filed with Canadian securities regulatory authorities and as a part of the Schedule
TO. Shareholders should read carefully the Offering Documents because they contain important information, including the various terms of, and conditions to, the Offer. Once the Offer is commenced, shareholders will be able to obtain a free copy of
the tender offer statement on Schedule TO, the Offering Documents and other documents that Imperial Oil Limited will be filing with the SEC at the SECs website at
www.sec.gov, with Canadian securities regulatory authorities at www.sedar.com, or from Imperial Oil Limiteds website at www.imperialoil.ca.
Forward-looking statements
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 the companys intention to initiate a substantial issuer bid, including the size, timing for determining the terms and
pricing and commencement, structure and ExxonMobils intent to make a proportionate tender; being well positioned to generate substantial free cash flow in 2022; anticipated cost reductions from the Sarnia Products Pipeline; continuing to
advance lower emissions solutions in support of the companys sustainability goals, and benefit from collaboration and research and development; oil sands greenhouse gas intensity reduction goal of 30 percent by 2030; the Oil Sands
Pathways to Net Zero alliance goal to achieve net zero greenhouse gas emissions from oil sands operations by 2050; continuing to progress the Strathcona renewal diesel manufacturing facility and its potential impact; the impact of leveraging the
Syncrude interconnect pipeline; the marketing process for XTO Energy Canada, including evaluation of bids and operations continuing as normal throughout the marketing process; and the expanded partnership with Loblaws PC Optimum program.
Forward-looking statements are based on the companys 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; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations
and capacities and the companys ability to effectively execute on these plans and operate its assets, including factors influencing a final investment decision for the renewable diesel complex at Strathcona; the adoption and impact of new
facilities or technologies on reductions to GHG emissions intensity, including but not limited to Strathcona renewable diesel, solvent technologies to replace energy intensive steam at Cold Lake, boiler flue gas technology at Kearl, and support for
and advancement of carbon capture and storage, and any changes in the scope, terms, or costs of such projects; the amount and timing of emissions reductions; receipt of regulatory approvals; support from policymakers and other stakeholders for
various new technologies such as carbon capture and storage; that the necessary exemptive relief to proceed with the substantial issuer bid under applicable securities laws will be received on the timeline anticipated; ExxonMobil making a
proportionate tender in connection with the substantial issuer bid; applicable laws and government policies, including with respect to climate change and GHG emissions reductions; capital and environmental expenditures; progression of COVID-19 and its impacts on Imperials ability to operate its assets; the companys ability to effectively execute on its business continuity plans and pandemic response activities; and commodity prices,
foreign exchange rates and general market conditions could differ materially depending on a number of factors.
9