Investor Presentaiton

Cautionary statement K 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