#1Investor Day November 19, 2020 Imperial YEARS 1880-2020#2Agenda Topic Opening remarks Environmental/Social/Governance Upstream outlook Break Downstream & Chemical outlook Financial outlook Closing remarks Q&A Speaker Time Brad Corson 8:00 Chairman, President and CEO Theresa Redburn 8:20 SVP, Commercial and Corporate Development Simon Younger 8:40 SVP, Upstream Jon Wetmore 9:20 9:30 VP, Downstream Dan Lyons 10:00 Chief Financial Officer Brad Corson 10:20 Chairman, President and CEO 10:30 K YEARS 1880-2020 Imperial 2020 2#3Opening remarks Brad Corson Chairman, President and Chief Executive Officer#4A history of success Well positioned for the future KA YEARS 1880-2020 REESEN INPERI OIL KC YEARS 1880-2020 ESSO ESSO Synergy Imperial | 2020 4#5Impressions to date Reflecting on the past year Strong leadership team focused on winning and driving shareholder value Impressive organizational talent and commitment High-quality assets with significant long-term potential K Underpinned by integrated, resilient business model, innovative technology, powerful brands But that being said... Challenging start to year with pandemic and economic downturn ■ Sector facing economic, environmental and regulatory pressures However... Well positioned to drive relative value, whatever the shape of the recovery YEARS 1880-2020 Imperial | 2020 5#6What you will hear today Themes and focus areas 0.330 4,443 873 741 222,20 15,500 1:115.700 2018,500 1083,900 40/411 2000 2111 SERPE Delivering superior value to shareholders > Driving down unit costs; relentless focus on reliability > Pursuing low-cost debottlenecks > Enhancing downstream logistics, growing high-value sales Built to be resilient throughout the cycle > Strong balance sheet, liquidity > Integration delivers value, reduces volatility Plans that will deliver increasing shareholder returns ▷ Aggressive cash flow growth ▷ Return excess cash to shareholders Ongoing ESG focus > Deploying technology to economically reduce greenhouse gas intensity Leveraging current capabilities K YEARS 1880-2020 Imperial 2020 6#7Imperial's COVID-19 response Protecting our workforce and communities; positioning for recovery K YEARS 1880-2020 ■Continued operations ensuring reliable energy supply > Careful management of health and safety of workforce > Adjusted turnaround timing, scope to reduce cost and prepare to respond to recovery Enhanced cleaning, health screening, PPE at sites > Safe distancing, working from home Leveraged technology to reduce non-essential personnel at sites ▷ Provides efficiency opportunities for the future Giving back to communities where we operate > Healthcare Heroes, Fuel What Matters Imperial 2020 7#8Managing through a challenging environment Built to weather the downcycle K YEARS 1880-2020 ■ Focus on what we can control ■Take the long-term view Maintaining balance sheet strength Continued emphasis on operational flexibility Organizational energy and commitment Plans in place to accelerate out of the downturn Imperial | 2020 8 8#9Progress on capital and expense reductions Exceeding cost and capital control commitments to date Capital expenditures $B 2 1 0 2020 PL Production & manufacturing expenses $B 8 -$0.8B, (-45%) 4 0 2019 2020 OL Non-regretted capital avoidance, deferral ■ Protects long-term performance All amounts in this presentation are in Canadian dollars, except where otherwise noted. -$1B, (-16%) 2020 OL All business lines and service lines contributing Focus on Kearl unit costs delivering results K Imperial | 2020 9 YEARS 1880-2020#10Near-term view of the recovery Unprecedented demand reduction due to COVID-19; recovery underway K YEARS 1880-2020 Global oil supply/demand balance mbd US$/bbl 105 Globally 80 > Energy demand decreased dramatically 70 100 60 60 95 90 85 80 Supply Demand WTI price 50 50 40 30 ≈ EIA Nov. 20 forecast 10 10 ▷ Rapid recovery through summer, primarily for gasoline and diesel > Ongoing recovery volatile, highly uncertain Locally > Canadian gasoline and diesel demands 85-95% of normal Jet lagging at ~40% > Demand recovery dependent on COVID-19 75 0 2015 2016 2017 2018 2019 2020 2021 Source: EIA Short-term Energy Outlook, November, 2020 Imperial 2020 10#11ESG Theresa Redburn Senior Vice President, Commercial and Corporate Development#12Responsibly meeting global energy needs Imperial among the best in Canada and abroad 15 K YEARS 1880-2020 ■ Oil and gas remain significant sources of energy ■ Canada is first in ESG among top global reserves holders Imperial is an ESG leader in the oil and gas industry Exciting new technologies support pathways to net zero ■ Imperial contributing to sustainable economic development in Indigenous and local communities ■Real value comes from smart integration of environmental, economic and social innovation Imperial 2020 12#13Oil and gas will continue to supply energy needs Global investment opportunities to meet future demand Oil and gas remain a significant source of energy under a wide range of scenarios འ/༤ Between $US 12 trillion and $US 17 trillion additional oil and gas investment needed by 2040 IEA world energy mix % 100 Global oil supply and demand mbdoe 120 IEA STEPS YEARS 1880-2020 80 60 40 20 0 2019 other renewables bioenergy hydro nuclear coal gas oil 10 Source: IEA World Energy Outlook, Oct 2020; STEPS: Stated Policies Scenario; SDS: Sustainable Development Scenario Production without further investment IEA SDS 0 2040 STEPS 2040 SDS 2018 2040 Source: IEA, ExxonMobil analysis Imperial | 2020 13#140 40 40 Canada 80 Canada is an ESG leader The choice for responsible energy worldwide Environmental Performance Social Progress Index Index US UAE Kuwait Brazil Russia Venezuela Saudi Arabia China India 0 50 Canada 100 Not ranked US Kuwait Russia UAE Iran Saudi Arabia Iraq Libya Venezuela 0 50 Canada 15 K YEARS 1880-2020 Worldwide Governance Indicators 100 Տո UAE Kuwait India Saudi Arabia Yale, Columbia universities rank 180 countries on relative environmental performance Top 10 global reserve holders, 2019 results Social Progress Imperative ranks 149 countries on overall Worldwide Governance Indicators rank 200 countries quality of life on governance practices Imperial | 2020 14 Brazil China Russia Venezuela#15Imperial is a top ESG performer Independently judged to be among the best global oil and gas companies 65 Most Sustainable 15 YEARS 1880-2020 Social/Governance Score 60 55 50 45 40 Husky Suncor Imperial ⚫ Cenovus CNRL 45 50 55 60 Canada USA Europe Environment Score Asia Russia Middle East Africa LATAM Source: CSRHub, February 2020, BMO Capital Markets estimates 65 Imperial 2020 15#16Imperial's strategy for a lower-carbon future Inspired to improve the quality of life for Canadians and those around the world 14 YEARS 1880-2020 Water management formaty Imperial Imperial Engaging in climate policy Energy and carbon summary Maximizing shareholder Energy solutions ons bete tomorrow returns Transformational R&D and technology Disclosures guided by global achieving a lower-carbon Imperial's approach to Setting goals frameworks and targets energy future Providing solutions for our customers to reduce their emissions Mitigating emissions in our operations Pathways to a net zero future GHG emissions Imperial 2020 16#17Reducing operated oil sands GHG intensity Actions drive measurable near-term improvement ■Greater than 20% reduction in GHGi since 2013 Target to reduce operated oil sands GHGi by a further 10% by end of 2023, relative to 2016 levels > Improved productivity at Kearl oil sands mine > Heat recovery from boiler flue gas > Liquid Addition to Steam for Enhanced Recovery (LASER) Developing longer-term pathways to a net-zero future GHGi 20% 10% since 2013 by 2023 M Ли Progress in action םםם Π Improve energy efficiency Improve reliability K A Deploy next- generation technologies Imperial | 2020 17 YEARS 1880-2020#18Imperial's oil sands technology competes globally 1 Next-generation in situ technologies are game changers Canada a leader in GHG emissions measurement and reporting ■ Kearl oil sands mining is below the global and US upstream averages ■Next-generation in situ oil sands technologies will reduce GHGi significantly Global upstream carbon intensity GHGi of next-generation in situ technologies YEARS 1880-2020 100 50 Global avg. In situ industry avg. United States Global upstream avg. Kearl PFT mining dilbit CSS LASER SAGD SA-SAGD EBRT CSP Masnadi et al., Science, 2018 Sleep et al., Journal of Cleaner Production, 2020 Modified from Boone World Heavy Oil Conference, 2012 Imperial 2020 18#19Technology is key to the future Enables production growth and emissions reductions Short Term Renewables and GHGi Medium Term Long Term Next-generation upstream technologies Energy diversification Ongoing • Cogeneration Renewable fuels Satellite methane monitoring Advanced fuels and lubricants LASER Underway • Heat recovery from boiler flue gas SA-SAGD Developing Advanced in situ technologies • •ELP •NCG ⚫EBRT ⚫CSP • Carbon capture and sequestration Next-generation technologies • • paired with CCS could result in incremental production at net- zero emissions Expanded use of renewable fuels and new product offerings Evaluating • Blue hydrogen Advanced biofuels Carbon fibre from bitumen Carbonate fuel cell technology Small modular nuclear reactors (SMR) Direct air capture Potential solutions in support of a net-zero future K YEARS 1880-2020 Imperial 2020 19#20Social innovation Creating long-term economic and social benefit Collaborating with Indigenous and community neighbours on: > A common vision for progress > Sustainable economic development > Environmental stewardship Awarded Canadian Centre for Diversity and Inclusion Employer Initiative of the Year Imperial recognized as one of Canada's Top 100 Employers Industry-leading safety performance Imperial's Indigenous engagement is supported by four pillars: CCDI Employer Partner Safety - TRIR 0.6 0.3 KC YEARS 1880-2020 Canada's Top 100 Employers 2021 0 2015 2016 2017 2018 2019 Imperial Canadian peers Consultation Workforce development Business development Community relations Total Recordable Incident Rate Incidents per 200,000 hours worked; Source: company reports Over $3B invested with Indigenous business 10% increase in women in leadership and supervisory roles 0.25 TRIR in 2019 Imperial | 2020 20#21Board oversees ESG risks and opportunities Diverse perspectives in pursuit of superior shareholder value ESG integration at all levels supported by > Public policy and corporate responsibility committee > Community collaboration and engagement committee Reputational 同 Operational and Technical $ Effective climate risk management 8 K YEARS 1880-2020 Safety and Security Health and Environment Focus on high-quality, economic opportunities that drive real shareholder value ■ Enhanced disclosures guided by emerging frameworks > TCFD, UNSDGs, SASB, IPIECA, GRI Financial and Economic Market --> Strategic Compliance and Reporting Physical risk Transition risk Financial risk ~1/3 of directors are women Committed to highest ethical standards 32% of executive officers are women Imperial | 2020 21#22Imperial's triple win A formula for collective success and delivering real value A Reduce environmental footprint Leveraging industry-leading technologies to deliver GHGi reduction solutions Helping our customers reduce their emissions Capture business efficiencies and opportunities Pursuing energy and capital-efficient projects Developing new carbon-efficient product offerings Exploring technology pathways in support of a net-zero future K YEARS 1880-2020 Ωρ Social innovation Contributing to sustainable economic development in Indigenous and local communities Top employer, committed to high standards across all areas of business Imperial 2020 22#23Upstream Outlook Simon Younger Senior Vice President, Upstream#24Upstream vision Best-in-class producer, maximizing cash flow PIT ■ Maximize value from long-life, low-decline assets Targeting industry-leading unit cost and reliability Select, disciplined capital investments High-impact innovation and digital solutions. Operational excellence and responsible development K YEARS 1880-2020 Imperial 2020 24#252020 Upstream performance Demonstrating resilience through unprecedented external challenges Reduced spend $B 6 K YEARS 1880-2020 3 0 2019 P&M expenses ■Capital Consistent production koebd 400 200 0 2019 Savings 2020 OL ■Lowest-ever workplace hurts Safely assured business continuity ■Rapid response to weak demand and low. realizations > Expenses reduced by ~$700 million vs. 2019, down ~15% > Capital reduced by ~$700 million vs. 2019, down ~50% > Structural cost reductions, adjusted turnarounds ▷ Consistent production despite external events Enabling production through technology > Remote operations centre > Autonomous haul > Remote technical support 2020 OL Production Imperial share, before royalties. P&M expenses = Production and Manufacturing expenses Imperial 2020 25#2615 K YEARS 1880-2020 Long-life, low-decline asset base Stable production base; focused on selective growth Production koebd 400 ■~6.3 billion boe of proved and probable reserves > Over 25-year proved reserves life 300 200 100 2023 2025 Syncrude 0 2015 2017 2019 2021 Kearl Cold Lake Unconventional and conventional Production Imperial share, before royalties 2P reserves Imperial share, before royalties, YE 2019 NI51-101 ■ ~415 koebd production in 2021 > Incremental growth at Kearl and Syncrude > Sustain Cold Lake volumes ■ 12% growth 2020-25 Reliability and productivity enhancements > Debottlenecking Imperial 2020 26#27Upstream cash flow outlook Delivering value and generating strong cash from operating activities Average annual cash from operating activities $B 3 2 1 Scenarios $US 60/bbl WTI $US 50/bbl WTI $US 40/bbl WTI K ~$1.5 billion annual average in 2017-19 Strengthened resilience to low prices YEARS 1880-2020 ■Improved cash generation at $US 50/bbl WTI > Incremental volumes at Kearl > Structural cost improvement 0 2015-16 2017-19 2020 OL 2021-25 WTI 46 58 40 40/50/60 WCS 32 41 29 30/37/45 Spread 14 17 11 10/13/15 Significant upside potential > ~$2.7 billion per year at $US 60/bbl WTI Imperial 2020 27#28Upstream investment outlook Investing for value and select volume growth Average annual capital expenditures $B 2 1 0 2015- 19 2020 OL 2021 2022 2023 2024 2020- 24 Kearl Syncrude Cold Lake/other 2019 capital forecast 15 K YEARS 1880-2020 Investment profile below prior outlook > 2020-21 proactive reductions; capex down ~40% ▷ Growing production to ~435 kboed by 2024 > Maintained optionality and capital discipline Maintaining low sustaining capital > 5-year average of ~$5 per barrel Key infrastructure drives near-term profile > Kearl transition to in-pit tailings > Syncrude Mildred Lake extension > Capital builds to levels consistent with 2015-19 average Imperial 2020 28#29Large portfolio of investment options Selecting investments to deliver maximum value Opportunity type Digital NPV/I range $US 40-60 WTI ■ Deep portfolio of projects > Optionality spans Upstream Representative projects Schedule optimization Workforce visualization 30-500 Research & development Base optimization Advanced metallurgy Enhanced tailings Autonomous haul Debottlenecking 10-22 2-6 Enhanced extraction GHGi reduction 2-5 Heat recovery Syncrude MLX Development projects 1-5 In situ solvent Future opportunities Growth Aspen Unconventional 1-2 Rigorous capital discipline > Maximize returns within existing assets ▷ Volume growth without large investment K YEARS 1880-2020 Priority on robust returns at low price. > Value generation through cost reduction projects, research innovations and digital initiatives Imperial 2020 29#30Accelerating innovation and modernization Industry-leading digital technology and artificial intelligence Digital investment principles Capital efficient Fast payback ■ Agile development Advanced analytics, digital workforce, increased value ■Maximize asset recovery and production ■ Data-driven decision making ■ Enhance worker safety and productivity KC YEARS 1880-2020 Value $750M/yr Near-term focus and wins >15 successful projects Reducing costs Improving reliability Build team and solidify foundation >30 person global team, expertise Digital infrastructure, networks, data lake Realized $150M/yr value 2017 Established digital vision 2019 2021 Future potential $500M/yr Defined projects 2023 2025 Imperial 2020 30#31Digital in action Intense focus on cost optimization and short payback on investment Autonomous haul systems: ~$US 1/bbl cost savings Workforce visualization: $50M+/yr Schedule optimization: $15M+/yr KC YEARS 1880-2020 First autonomous 797F globally to haul ore to crusher 2019 Digital scaffold management: $3M+/yr Shovel productivity improvements: $10M+/yr Tag-206573 PCLA-Floor 3/CWD South of Hopper 4&5 1120 CALE CR EXE SUPV BARF CALE 11 Cracking PCLA-3 4410478321 D 2020 Steamflood optimization: $15M+/yr Imperial 2020 31#32KC YEARS 1880-2020 Digital in action with cutting-edge applications Progressing the next tranche of opportunities Internal drone inspections Kearl plant digital twin Advanced data-driven analytics Ma. De samme and AR REUX Quote Taing the p Connected worker/equipment Commodity input reduction Automated fuelling CSP PAD 203 PAD Imperial 2020 32#33| Investing in technology to maximize value Ongoing commitment to research and development Advanced metallurgy Enhanced Late-life Process, ELP CSS well CSS well Infill well Solvent Enhanced in-line flocculation Coarse tailings bitumen recovery Non-Condensable Gas, NCG Enhanced Bitumen Recovery Injector Producer NCG + steam Mobilized bitumen is pumped to surface K YEARS 1880-2020 Mining In Situ Imperial | 2020 33#34Kearl 2020 performance Supplemental crushers delivering significant value, demonstrating potential Production kbd 300 200 COVID Adjusted turnarounds IPL outage 100 Q1 Q2 Q3 Q4 ■ 2019 ■ 2020 Unit P&M expenses $US/bbl 40 20 20 0 Q1 Q2 -2019 Q3 Q4 ■ 2020 KC ■ 2020 performance exceeding expectations > >85% plant availability > Bitumen recovery improved 2% vs. 2019 ▷ Supplemental crushers avoided >30 kbd downtime Record-breaking production > Monthly production record 301 kbd in October Relentless focus on reducing unit P&M expenses > Oct. YTD ~$US 21/bbl > Q3 averaged ~$US 20/bbl ■ Now targeting below $US 20/bbl in future. years YEARS 1880-2020 Production 100% interest, before royalties Imperial | 2020 34#35Kearl journey Stable, reliable operations enabling optimization phase Production kbd 300 200 100 Ramp up Stable COVID Crushers Unit P&M expenses $US/bbl 40 Optimization 2015-17 2018-19 2020 OL Production Unit P&M expense Production 100% interest, before royalties 2021-22 2023-24 2025+ 20 20 0 Reliability focus delivering improvements ▷ Resolved significant reliability 'bad actors' > Extraction and froth treatment upgrades > Supplemental crushers enabling 240+ kbd > Improved mine fleet availability and utilization K 1880-2020 YEARS ■ 255 kbd, $US 20/bbl in 2021, ahead of prior view Clear pathway to 280+ kbd > Turnaround interval extension (2022) > Plant debottlenecking > Enhanced mine planning and bitumen recovery ▸ Digital initiatives Imperial 2020 35#36Autonomous haul update Fleet conversion improves profitability and safety KC YEARS 1880-2020 ■First automated 797-model haul trucks in ore globally LATENSLIT 2118 Most ultra-class autonomous trucks in oil sands > 22 trucks converted, target of 25 by YE 2020 Fully-automated north mine advance ■ Unit expense savings ~$US 1/bbl Targeting fully autonomous fleet by 2023 Imperial 2020 36#37Kearl in-pit tailings project Sustaining production at lowest cost In-pit tailings External tailings ■ Transition to in-pit tailings when external tailings reach capacity in 2023 K Safest and lowest-cost solution, minimizing land disturbance YEARS 1880-2020 ~ $750 million capital through 2025 Extensively cost-benchmarked, competitive with industry norms Imperial 2020 37#38Cold Lake strategy Maintain strong cash flow generation and reduce GHGi Production kbd 150 100 50 0 |||| 2018-19 2020 OL 2021-23 2024-25 Recovery method of production % 100 50 Resilient cash generation through cycles > Positive cash generation in 2020 > Strong action to reduce costs; paced capital spending > Maintained unit P&M expenses flat vs. 2019, ~$US 13.50/bbl Focused on base performance ▷ Volumes near term at ~130 kbd > Optimizations and reliability enhancements ▷ Digital initiatives Long-term strategy > Maintain optimum utilization of existing infrastructure > Sequence development of the highest-value resource > Minimize energy, GHGi through solvent technologies 0 2000 2010 ■CSS Steamflood Current 2030 ■Solvent technology 15 K YEARS 1880-2020 Imperial 2020 38#39Select Cold Lake capital investments Production of 140 kbd by 2024 Infill drilling Mahkeses LASER Grand Rapids Phase 1 Access adjacent reservoir Flexible location and timing ■3 Mahihkan pads, 26 wells in 2020 > Peak production of 8 kbd K YEARS 1880-2020 ■ Solvent injection into existing wells Injection to start Dec. 2020 $17,000/flowing bbl/d capital intensity ■ Production uplift of ~11 kbd SA-SAGD leveraging existing Nabiye infrastructure ~15 kbd, start-up 2023 > Paced execution vs. prior outlook Lowers Cold Lake cash cost by $US 1/bbl Imperial 2020 39#40Syncrude strategy Reliability focused, supported by collaboration. Production kbd 90 60 60 COVID K Strong partner engagement and collaboration Capturing reliability investment benefits > 2019 second-best year in asset's history ■ 15% combined capex and expense reduction in 2020 vs. 2019 YEARS 1880-2020 30 0 2015-18 2019 2020 OL 2021-25 Production Imperial share, before royalties High-value synthetic crude production > Integration with Strathcona refinery Targeting <$US 30/bbl unit P&M expense Imperial | 2020 40#41Syncrude interconnect pipeline Maximizing value through owner collaboration Syncrude Suncor Base Mine Mine & extraction Mine, extraction & SAGD Interconnect bitumen pipeline Primary upgrading (cokers) Secondary upgrading (hydrotreaters) Primary upgrading (cokers) Interconnect sour pipeline Secondary upgrading (hydrotreaters) Sweet SCO to market Sweet SCO to market 15 K YEARS 1880-2020 Project commissioning Q4 2020 ■ Asset integration drives incremental value Flexibility during turnarounds > Bitumen imports during mine and extraction downtime > Bitumen exports during upgrader downtime > Sour gas-oil imports during coker downtime Imperial 2020 41#42Future resource optionality Material and diverse portfolio of organic growth opportunities Aspen rendering of central plant Duvernay-operated gas plant Aspen Clarke Creek Fort McMurray O Corner⚫ Montney • Duvernay Edmonton Calgary Clyden Large inventory of opportunities འ/༥. YEARS 1880-2020 > In situ development: Aspen, Corner, Clarke Creek, Clyden ▷ Unconventional Strategic approach to future development > Minimal investment while maintaining optionality > Mature next-generation in situ technologies Major investments on hold, pending: > Strengthening base assets through capital-efficient optimizations ▷ Competitiveness with internal and external opportunities > Market, take-away capacity, and regulatory environment Imperial 2020 42#43Upstream summary Best-in-class producer; maximizing value 15 K YEARS 1880-2020 ■ Focus on maximizing value from existing assets and incremental efficient growth ■ Kearl volumes and cost improvement outpacing prior outlook Realizing ~$150 million per year in digital value Capital plan down significantly from prior outlook Large portfolio of investment options Imperial 2020 43#44Break#45Downstream and Chemical Outlook Jon Wetmore Vice President, Downstream#46Downstream strengths Leveraging assets, logistics and sales to drive cash generation 15 K YEARS 1880-2020 Industry-leading refineries running advantaged crudes Profitable markets accessed by industry-leading logistics Product slate and sales portfolio enable broad market access Superior brands and offers attract the highest value customers Market leader in gasoline, jet fuel and asphalt Imperial | 2020 46#47Downstream cash generation Focus on efficiency, optimization and margin enhancement Average annual cash from operating activities $B Canadian demand (~% of normal) K 2 1 0 2015-16 2017-19 Q3'20 YTD Refinery margin enhancements through selective investments in refinery yield and crude slate Focus on value-added channels improves sales volumes and margins YEARS 1880-2020 80-90% October 2020 85-95% October 2020 ~40% October 2020 75-85% June 2020 85-95% June 2020 25-35% June 2020 50-60% 70-80% April 2020 April 2020 ~20% April 2020 Imperial | 2020 47#48Canadian downstream market environment Advantaged markets; Imperial well-positioned K YEARS 1880-2020 Market environment ■Large geography, dispersed demands Imports have limited reach ■ Structural short in Ontario ■ Western Canadian crudes provide cost advantage ■ Net export market favours domestic sales Imperial position Access to cost-advantaged logistics Improved product margin as market trades at import parity Favourable supply/demand balance in core, growing market ■ Access to 100% Canadian crude ■ Product sales exceed production; long-term customer base Imperial 2020 48#49Canadian product margins Favourable and growing unit margins contribute to integration benefits Average monthly gasoline crack $US/bbl 80 Average monthly diesel crack $US/bbl 80 K YEARS 1880-2020 40 40 0 Avg. Canadian gasoline crack ■Avg. US gasoline crack 40 40 0 Avg. Canadian diesel crack Avg. US diesel crack 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 50/50 NYH/Chicago and 50/50 Toronto/Edmonton rack vs. MSW feedstock cost; Assumes $5/bbl crude tariff to Chicago, NYH & Toronto Imperial | 2020 49#50Canadian refining leadership Leader in North American refining; applying global best practices 15 K YEARS 1880-2020 > Top quartile Solomon performance across portfolio ■ Size leadership Performance quartile Energy efficiency Non-energy cash cost Total cost Net cash margin Cost leadership 1st 2nd 3rd 4th Imperial refineries Canadian industry ex. Imperial Source: 2018 Solomon survey; includes 99 refineries in North America (14 in Canada) > Largest refining footprint in Canada > Sarnia/Nanticoke complex >50% of Ontario refining > Strathcona largest refinery west of Quebec Technical leadership > Over a century of experience, with access to ExxonMobil expertise Location advantages > 100% Canadian footprint > Production located near key supply and demand centres Imperial 2020 50#51Downstream value chain Imperial's downstream participates in the full value chain to end consumers kbd 500 15 K YEARS 1880-2020 Purchases Trading Marine Synthetic Flex Other B2B Gasoline Commercial 250 Light Retail Retail Flex Diesel Heavy 0 HFO Asphalt Aviation Asphalt Aviation Asphalt Crudes Products Channels Branded Sales Crude selection Logistics Refining Distribution B2B sales Branded retail 51#52Fuels, lubricants, and asphalt sales channels Leading brands, products, offers, dealers and customers 15 K YEARS 1880-2020 Branded Wholesaler relationships in Retail > Efficient growth with specialist retailer partners; capital avoidance Lubricants use globally recognized brand and field technical support from specialized salesforce > Sarnia Research laboratory support for unique Canadian applications Sales volumes % 100 Unbranded 50 Branded Esso Mobil ■ Canada's largest asphalt producer and market share, integrated with high-quality Cold Lake crude 0 2016 2017 2018 2019 Q3'20 YTD > Sarnia Research uniquely supports variety of North America's paving requirements ▷ Significantly more profitable than heavy fuel oil Imperial | 2020 52#53Downstream investments Efficient, strategic investments in low-capital, high-return business Capital expenditures $M 700 15 K YEARS 1880-2020 350 Lilm 0 2015- 19 2020 OL 2021 2022 2023 2024 2020- 24 2020 Plan 2019 Plan ■ Selective investments in refinery slate, production, efficiency and resiliency Support and enhancement of strategic logistics > Efficiency capture > Market opportunities, access and reliability Regulatory compliance and opportunities ▸ Biofuel infrastructure > Cogeneration > Energy efficiency > Emissions reductions Imperial 2020 53#54Strathcona cogeneration Increases efficiency, reduces cost and emissions 15 K YEARS 1880-2020 ~$200 million investment ■ 41 megawatt capacity >75-80% of site power > Up to 50% of steam ~112,000 tonnes annual GHG emissions reduction > Nearly 24,000 cars removed from roads Reduces electricity price exposure Total of almost 600 megawatt cogeneration capacity across Imperial assets Imperial 2020 54#55Sarnia products pipeline Secures efficient, reliable and safe capacity ~$400 million investment In service early 2022 ■ Secures key infrastructure for growing Toronto-area fuel supply ▷ Eliminates bottleneck in growing market with structural short > $40 million annual efficiency savings HWY 401 Sarnia HWY 407 HWY 427 HWY 400 Humber River K Finch Terminal Black Creek HWY 401 HWY 409 + Toronto Etobicoke Creek Credit River HWY 403 Mississauga Sixteen Mile Creek Waterdown Station Bronte Creek Waterdown YEARS Imperial 2020 55 1880-2020#56Edmonton rail terminal Efficient, strategic egress and optionality Provides strategic optionality and risk reduction Transport flexibility provides increased market access for upstream production Advantaged with low fixed costs and highly efficient and integrated supply chain ■Dual-service rail carriers Excess capacity available for third-party throughput Quarterly ERT shipments kbd 150 100 50 $US/bbl 40 illutuba 0 2018 2019 2020 20 20 Shipments WCS arb K Imperial 2020 56 YEARS 1880-2020#57Downstream's total package Coast-to-coast reach, leveraging strategically advantaged assets and brands 16 XX YK 1 NWT 3 BC 242 AB 1 341 SK 116 MB ~2100 Retail service stations ~40 Terminals 14 Airports ~160 Truck Transport sites ~80 Branded Reseller sites 3 Refineries Pipelines Rail 94 ON 819 Imperial and third-party owned sites QC 404 ΡΕΙ NB 15 52 255 NS 57 NFL 45 Imperial 2020 57 YEARS 1880-2020#58Imperial's downstream advantage Well positioned for future market success Market evolution Pipeline capacity additions > WCS/MSW spreads tighten to transport parity > Enbridge Mainline light/heavy balancing Biofuel penetration impacts refinery utilization > Inefficient refineries at greater risk > Resilient jet, asphalt demands Heightened incentive to maximize production to reduce unit costs > Greater exports into US > Domestic Canadian demand extremely valuable Pressure on smaller/less-efficient refineries ▷ Scale, access to capital, regulatory requirements Imperial position ■Favourable light crude refining economics Benefits both upstream and downstream K YEARS 1880-2020 ■ Efficient scale and operations provide resiliency > Logistics enable efficient blending and sales Strong domestic demands and markets ▷ Long-term strategic relationships, nationwide access > Net sales exceed production > Strength in growing Ontario market Large refineries; integration advantage imperiai | 2020 58#59Imperial Chemical produces high-value products ✓ High-density polyethylene used in variety of durable products YEARS 1880-2020 Key end uses > Injection molding (pails, containers, crates) ▷ Rotational molding (storage tanks, toys) Superior customer service > Consistent resin quality, reliable supply Highly-regarded technical service > Specialty products Imperial | 2020 59#60Chemical site integration drives efficiency Long-term strength with increasing demands Demand change from 2010 % 80 17 Average annual cash from operating activities Feedstock % $M 100 Other 300 40 40 Polyethylene Demand US GDP 50 Marcellus ethane 150 YEARS 1880-2020 Refinery off gas 0 0 2010 2015 2020 2025 2017-19 2009-12 2013-19 Q3'20 YTD Source: IHS Markit 0 Robust, long-term demand growth for key chemical products Integration provides leading cost structure, profitability advantage during challenging markets Imperial 2020 60#61Downstream and Chemical summary Sustainably advantaged assets and offers; strategically positioned for the future K YEARS 1880-2020 ■ 100% Canadian refining Leading market share in most segments Efficient pipeline access to Canadian crude Highly integrated assets minimize costs ■ Coast-to-coast logistics enhance customer offers Long-term, value-added customer relationships support volume and margins Imperial 2020 61#62Financial Outlook Dan Lyons Chief Financial Officer#63Financial profile Resilient with upside leverage 10-year average, % of cash from operating activities Downstream, Chemical and Upstream Corporate Integrated, balanced business model > Growing production, long-life assets > Advantaged refining, leading fuels marketer > Integrated logistics > Attractive Chemical business > ExxonMobil relationship / scale / expertise Strong balance sheet ■Low corporate breakeven > Volume growth > Reduced costs ■ Well positioned for recovery > Unhedged production > Flexible refinery production 15 K YEARS 1880-2020 Imperial 2020 63#64Advantaged access to capital Supported by industry-leading credit rating Debt-to-capital has remained at a low level, absolute and relative to peers No additional debt to date in 2020 Multiple sources of low-cost liquidity Support for key priorities - sustaining capital and dividend Optionality to pursue potential highly- attractive growth opportunities Sept. 30, 2020 debt to capital % 50 50 25 25 11 འ YEARS 1880-2020 Imperial Cenovus Suncor CNRL Husky S&P credit ratings AA BBB- BBB+ BBB BBB Imperial 2020 64#65Capital allocation priorities Focus on returning excess cash to shareholders Reliable and growing dividend Dividend per share $ Strong balance sheet 1.00 Sustaining capital 0.80 CAGR = 5% ■Select investment in existing assets 0.60 0.40 ■ Share buybacks / special dividends Highly attractive growth opportunities 0.20 0.00 CAGR = 11% 16 YEARS 1880-2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Paid basis Imperial 2020 65#66Capital expenditure outlook Focus on sustaining capital and select growth Total annual capital expenditures $B 2 1 0 2015- 19 2020 2021 2022 2023 2024 OL 2020- 24 ■ 2020 Plan 2019 Plan ■ 2021 target of $1.2 billion 15 K 5-year average down 30% vs. prior year view Sustaining capital averages ~$1.1 billion YEARS 1880-2020 > Includes larger one-time investments (MLX, Kearl tailings) > Approximately 70% is Upstream Growth capital averages ~$0.2-0.3 billion > Enhance existing assets > Grand Rapids > Kearl pathway to 280+ kbd Imperial 2020 66#67Corporate WTI breakeven Resilience at low prices Estimated WTI breakevens 16 K YEARS 1880-2020 Cash flow from operating activities breakeven $US 27/bbl Cash flow from operating activities and sustaining capital breakeven $US 33/bbl Cash flow from operating activities, sustaining capital and current dividend breakeven $US 36/bbl 10 20 30 40 40 $US/bbl 2021-2025 period average, $US 10 WCS differential, $US 0.75 FX rate, downstream margin normalization over time Imperial 2020 67#68Significant leverage to higher prices Substantial cash available for return to shareholders Cash flow from operating activities $B K YEARS 1880-2020 5 4 3 $US 40/bbl WTI 2 1 0 $US 50/bbl WTI $US 60/bbl WTI Surplus cash Sustaining capital + dividend 2021-2025 period average, WCS differential varies with WTI price case ($US 10/$US 40, $US 13/$US 50, $US 15/$US 60 respectively), $US 0.75 FX rate, downstream margin normalization over time Imperial 2020 68#69Summary of 2020 and 2021 guidance Annual guidance Total capex $B 2020 OL 2021 FC 0.9 1.2 Upstream production kboed 395 415 Kearl kbd (gross) 220 255 Cold Lake kbd 135 130 Syncrude kbd 70 75 Refinery throughput kbd 340 375 Refinery utilization % 80 89 Production Imperial share, before royalties except Kearl which is 100% gross basis K YEARS 1880-2020 Imperial 2020 69#70Closing remarks Brad Corson Chairman, President and Chief Executive Officer#71The Imperial advantage Robust through the cycle ■Commitment to deliver winning shareholder value High-quality, long-life assets Integration supports resilience through market cycles Industry-leading balance sheet strength Focus on operational excellence Unparalleled history of technology leadership Synergies across full value chain 15 YEARS 1880-2020 ■Commitment to returning cash to shareholders Imperial 2020 71#72Our winning strategy Focus and deliver Focusing on the 'core' > Get the most out of existing assets > Target industry-leading reliability, cost structure > Capture value from integration > Progress towards ESG targets Return more cash to shareholders > Deliver healthy free cash flow > Strong, growing, sustainable dividend ▸ Share repurchases, cash management "Ensure capital discipline throughout the cycle > Debottlenecking > Selective high-return growth - organic/inorganic ■Remain nimble > Ability to pivot as market dynamics change ▷ Flexibility comes from strong balance sheet, low cost, high reliability 15 K YEARS 1880-2020 Imperial | 2020 72#73Cautionary statement KC YEARS 1880-2020 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, target, estimate, expect, strategy, outlook, future, 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 significant potential of high quality assets, a resilient business model and being well positioned to drive shareholder value; plans to deliver shareholder returns and an ongoing ESG focus; ability to manage through a challenging environment and accelerate out of the downturn; the global and local energy outlook and mix, and recovery from COVID-19; the company's strategy for a lower-carbon future, target for reducing greenhouse gas emissions intensity by 2023 and the impact of new technologies on greenhouse gas emissions intensity reductions; developing pathways and solutions to a net zero future; the triple win strategy of reducing environmental footprint, capturing business efficiencies and social innovation; upstream focus on best-in-class producer and maximizing cash flow; production growth anticipated for 2021 and to 2025; the potential to generate significant upside cash from operations; projected capital expenditures from 2021-2024, including impact on volume growth and maintaining low sustaining capital; the selection of future investments and their impact on delivering value; the value and impact of digital technology and innovation activities; Kearl future unit cost targets; Kearl production outlook of 255kbd for 2021 and pathway to 280kbd; autonomous haul conversion target and projected unit costs savings; the Kearl in-pit tailings project; the Cold Lake long term strategy, production outlook of 140kbd by 2024 and the timing and impact of select capital investments; Syncrude production and unit cost forecast and timing and impact of the interconnect pipeline; the strategy for upstream organic growth opportunities; downstream strengths to drive cash generation and focus on efficiency, optimization and margin enhancement; benefits from integration and being well positioned in the Canadian downstream market for future success; the impact of sales channel strategy; downstream capital expenditure outlook to 2025; the timing and impact of the Strathcona cogeneration project, Sarnia products pipeline and Edmonton rail terminal; Chemicals long term strength and demand growth for key products; the company's financial profile being well positioned for recovery and advantaged access to capital; capital allocation priorities and focus on returning excess cash to shareholders; total annual capital expenditure outlook, including sustaining and growth capital averages; corporate WTI breakeven estimates and resilience at low prices; potential cash flow from operations at various prices; and 2020 and 2021 annual guidance and priorities. 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; production life, resource recoveries and reservoir performance; cost savings; 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; the performance of third-party service providers; the adoption and impact of new facilities or technologies, including on capital efficiency, production and reductions to greenhouse gas emissions intensity; refinery utilization and product sales; applicable laws and government policies, including taxation, climate change, production curtailment and restrictions in response to COVID- 19; 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; general economic conditions; currency exchange rates; political or regulatory events, including changes in law or government policy, applicable royalty rates, tax laws, production curtailment and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals; availability and performance of third party service providers; availability and allocation of capital; third party opposition to operations, projects and infrastructure; 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; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; transportation for accessing markets; unanticipated technical or operational difficulties; operational hazards and risks; project management and schedules and timely completion of projects; reservoir analysis and performance; cybersecurity incidents; and other factors discussed in Item 1A risk factors and Item 7 management's discussion and analysis of Imperial'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. 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. In these materials, certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to one bbl is based on an energy-equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency ratio of 6 Mcf to 1 bbl, using a 6:1 conversion ratio may be misleading as an indication of value. The term "project" as used in these materials can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. The estimates of various classes of reserves (proved and probable) and of contingent resources in these materials represent arithmetic sums of multiple estimates of such classes for different properties, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of reserves and contingent resources and appreciate the differing probabilities of recovery associated with each class. All reserves and contingent resources estimates provided in these materials are effective as of December 31, 2019, and based on definitions contained in the Canadian Oil and Gas Evaluation Handbook (COGEH) and are presented in accordance with National Instrument 51-101, as disclosed in Imperial's Form 51-101F1 for the fiscal year ending December 31, 2019. Except as otherwise disclosed herein, reserves and contingent resource information are an estimate of the company's working interest before royalties at year-end 2019, as determined by Imperial's internal qualified reserves evaluator. Reserves are the estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. Imperial | 2020 73#74For more information: Dave Hughes Vice President, Investor Relations +1 587.476.4743 [email protected] imperialoil.ca in You twitter.com/Imperial Oil linkedin.com/company/Imperial-Oil Tube youtube.com/ImperialOil f facebook.com/ImperialOilLimited Imperial YEARS 1880-2020#75Q&A