Meeting proceedings Rich Kruger Chairman, President and CEO Lara Pella Corporate Secretary Imperial 2018 3
Meeting proceedings Rich Kruger Chairman, President and CEO Lara Pella Corporate Secretary Imperial 2018 5
Audit committee report Victor Young Audit Committee Chair Imperial 2018 6
Meeting proceedings Rich Kruger Chairman, President and CEO Lara Pella Corporate Secretary Imperial 2018 7
Election of directors David Krystyna Rich Jack David Jerry Sheelagh Cornhill Hoeg Kruger Mintz Sutherland Wascom Whittaker Imperial 2018 8
Shareholder proposals Rich Kruger Chairman, President and CEO Lara Pella Corporate Secretary Imperial 2018 9
Chairmans remarks Rich Kruger Chairman, President and CEO Imperial 2018 10
Global energy outlook Megatrends driving worlds increasing demand for energy Energy demand, quadrillion BTUs 750 Oil to remain largest energy source + 25% 500 Renewables / other Gas demand led by power generation Coal 250 Gas…
Global liquids demand Increasing based on commercial transportation and chemicals growth Liquids production, mbd 120 5% annual base decline 90 80% of 2040 demand from new supplies 60 Existing New Supplies needed from multiple…
Canadas opportunity Dual challenge to meet growing demand, reduce environmental impact World scale oil and gas resources Major new sources of competing supply Competitiveness must be addressed New technology and innovation…
Imperials winning formula Increase cash flow, deliver industry-leading returns throughout the cycle Deliver industry Leverage Continue to Be the most Aggressively leading technology, achieve valued partner capture new performance…
Safety and operational integrity Priority on protecting people and ensuring effective risk management TRIR, incidents per 200,000 hours worked1 spills 0.5 15 5-year 0.4 average 1-year 10 0.3 average best ever 5-year 0.2 average…
2017 results Focused on strengthening performance and returning value to shareholders 375,000 boepd 490 million Upstream production Net income 383,000 bpd 2,763 million Refinery throughput Cash from operations 492,000 bpd 1,151…
Upstream performance 6.1 billion cash generated from operating activities over the last five years Production, kboed1 400 Cold Lake: industry-leading in situ 300 + 160 kbd near-term average 200 Kearl: large, long-life mining +…
Kearl Reliability improvements to achieve annual average production of 240 kbd1 Production, kbd1 250 200 Actions completed in 2017 + Improved ore preparation performance 150 + Enhanced piping durability 100 Progressing…
Downstream performance 7.8 billion cash generated from operating activities over the last five years Volumes, kbd1 500 Petroleum product sales Premium customer offering + Quality brands and loyalty programs + Coast to coast supply…
Refining Leading performance in North America, top-tier in Canada Performance Energy Non-energy Total Net cash quartiles efficiency cash opex unit cost margin 1st 2nd 3rd 4th Imperial refineries Canadian industry ex.…
Fuels and lubricants marketing Aggressively capturing new business and meeting customer needs New customer offerings + Introduction of Synergy fuels nationwide + Conversion of former Loblaw's locations to Mobil brand + Exclusive…
Research and technology Leveraging technology to deliver economic and environmental benefits Pilot results, indexed 100 50 SAGD SA- SAGD 150-200 million annual investment 0 Capital intensity Cumulative SOR Pioneer in…
Value chain integration Demonstrating financial resilience throughout the business cycle Cash from operating activities, billion Five-year average, % 5 4 3 2 1 0 2013 2014 2015 2016 2017 Imperial 2018 23
Financial strength Unmatched balance sheet, optionality and priority access to financial markets YE 2017 debt to capital, % 50 Capital structure flexibility 25 Borrow on most attractive terms Leverage XOM relationship 0 CNQ…
Shareholder distributions 1.2 billion returned through dividends and share purchases in 2017 Annual dividend Shares outstanding, per share1, C millions 0.75 1,200 Reliable and growing dividends + 127 consecutive years of payment…
2018 Q1 results Continued focus on enhancing performance and increasing shareholder returns 370,000 boepd 516 million Upstream production Net income 408,000 bpd 985 million Refinery throughput Cash from operations 478,000 bpd…
Why Imperial Distinct competitive advantages that deliver long-term shareholder value Asset base Growth opportunities High quality, long-life assets across Large inventory of opportunities to the portfolio support future upstream…
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