Notice of 2019 annual meeting of shareholders and management proxy circular Annual meeting of shareholders April 26, 2019 Imperial Oil Limited Notice of 2019 Annual Meeting of Shareholders Dear Shareholder, On behalf of the board and management, we are pleased to invite you to attend the annual meeting of shareholders of Imperial Oil Limited. When: April 26, 2019 at 9:30 a.m. local time Where: 505 Quarry Park Boulevard S.E., Calgary, Alberta, Canada The meeting will be called for the following purpose: 1. to consider the consolidated financial statements for the year ended December 31, 2018, and the auditor’s report, 2. to reappoint the auditor for the ensuing year, 3. to elect directors for the ensuing year, 4. to vote on a shareholder proposal contained in this management proxy circular, and 5. to consider other business that may properly be brought before the meeting or any adjournment of the meeting. The Canadian securities regulator allow for the use of Notice and Access for delivery of the management proxy circular, annual financial statements and related management discussion and analysis to both the registered and non-registered shareholders of Imperial Oil Limited. The meeting material is not being mailed, but rather shareholders are provided with notice for where to find the meeting material online or how to request paper copies. The circular will provide you with additional details surrounding Notice and Access as well as provide information about the company and the business to be conducted at the meeting. Please review the circular before you cast your vote. Holders of Imperial Oil Limited common shares of record at the close of business on March 4, 2019, are entitled to vote at the meeting and any adjournment of the meeting. It is important that your shares be represented at the meeting and that your wishes on matters for decision at the meeting are made known to the directors and management of the company. This will be assured, whether or not you attend the meeting, if you complete and submit the enclosed proxy as soon as possible. You may do so by mail, fax, email, telephone, online or using your mobile device as described on the proxy form. Your proxy must be received prior to 5:00 p.m. (EDT) on Wednesday, April 24, 2019, or two days (excluding Saturdays, Sundays or statutory holidays) prior to any adjournment of the meeting. The effective date of the circular is February 13, 2019, on which date there were 777,576,359 common shares outstanding. A webcast of the meeting will be available on our company website for those that are unable to attend in person and will also be available for viewing after the meeting. We can provide reasonable assistance to people with disabilities who wish to attend the meeting. Please contact the corporate secretary by telephone at (587) 476-3740 or fax at (587) 476-1166 at least two weeks before the meeting. I.R. (Ian) Laing Assistant general counsel and corporate secretary March 14, 2019 Management Proxy Circular Table of contents Proxy statement summary ............................................................................................................ 2 Proxy information and voting instructions .................................................................................. 4 Business of the meeting ............................................................................................................... 8 (i) Consolidated financial statements and auditor’s report............................................................................ 8 (ii) Reappointment of the auditor .................................................................................................................. 8 (iii) Election of directors ................................................................................................................................ 9 (iv) Shareholder proposal ............................................................................................................................. 9 (v) Other business ........................................................................................................................................ 9 Nominees for director .................................................................................................................. 10 Director nominee tables .............................................................................................................................. 10 Majority voting policy .................................................................................................................................. 14 Corporate governance disclosure .............................................................................................. 15 Corporate governance at a glance ............................................................................................................. 15 Statement of corporate governance practice .............................................................................................. 16 Company executives and executive compensation .................................................................. 43 Named executive officers of the company .................................................................................................. 43 Other executive officers of the company .................................................................................................... 44 Letter to shareholders from the executive resources committee on executive compensation ................... 46 Compensation discussion and analysis ...................................................................................................... 48 Other important information ....................................................................................................... 71 Effective date .............................................................................................................................................. 71 If you have a shareholder proposal for the 2020 annual meeting .............................................................. 71 Financial statements ................................................................................................................................... 71 Electronic delivery ....................................................................................................................................... 71 Additional information ................................................................................................................................. 71 Directors' approval ...................................................................................................................................... 71 Appendix ...................................................................................................................................... 72 Appendix A – Board of director and committee charters ............................................................................ 72 Appendix B – Shareholder proposal ........................................................................................................... 90 1 Proxy statement summary The summary below is intended to highlight selected information about the company and the upcoming meeting of shareholders. More detail can be found throughout the circular and we encourage you to read the entire proxy statement carefully before casting your vote. 2019 Annual meeting of shareholders Date and time: April 26, 2019 Location: 505 Quarry Park Boulevard S.E., Calgary, Alberta, Canada Record date: March 4, 2019 Mail date: March 14, 2019 Voting matters and board recommendations Voting items Board voting recommendation Reappointment of the auditor (page 8) For Election of the directors (pages 10 through 13) For each of the director nominees Shareholder proposal (Appendix B starting on page 90) Against the proposal Overview of director nominees D.C. Brownell D.W. K.T. M.C. R.M. J.M. D.S. (a) Cornhill Hoeg Hubbs (b) Kruger Mintz Sutherland Gender Male Male Female Female Male Male Male Age 52 65 69 52 59 67 69 (as of February 13, 2019) November 1, November 29, May 1, July 26, March 1, April 21, April 29, Director since 2018 2017 2008 2018 2013 2005 2010 Citizenship United States Canadian Canadian Canadian United States Canadian Canadian Independent No Yes Yes Yes No Yes Yes director AC AC* AC AC AC ERC Committee ERC ERC ERC ERC ERC* PP&CR participation in 2018 PP&CR PP&CR PP&CR CC&E PP&CR* PP&CR N&CG N&CG N&CG N&CG N&CG N&CG (c) CC&E CC&E* CC&E CC&E CC&E CC&E Board interlocks None None None None None None None 2018 Meeting 100% 89% 100% 100% 100% 100% 100% attendance Met share No ownership n/a Yes Yes Yes Yes Yes (b) guidelines # of other public 0 2 1 1 0 1 2 boards Financially literate Yes Yes Yes Yes Yes Yes Yes Compensation Yes Yes Yes Yes Yes Yes Yes experience Percentage of votes in favour at last n/a 99.84% 99.67% n/a 99.09% 99.60% 99.72% AGM (a) D.C. Brownell was appointed to the board on November 1, 2018. (b) M.C. Hubbs was appointed to the board on July 26, 2018 and is expected to meet the share ownership guidelines for independent directors of 15,000 shares within five years from the date of appointment. (c) S.D. Whittaker is currently a director and the chair of the nominations and corporate governance committee, but is not standing for re- election at the annual meeting of shareholders. AC – Audit Committee; ERC – Executive Resources Committee; PP&CR – Public Policy and Corporate Responsibility Committee; N&CG – Nominations