Remarks by Jim Shepard, audit committee chair, to the annual meeting of shareholders, May 1, 2007

Remarks by Jim Shepard, audit committee chair to the Annual Meeting of Shareholders Calgary, Alberta May 1, 2007 Thank you Mr. Chairman and, good morning, ladies and gentlemen. As chair of the audit committee, it is my privilege to report to you on the work our committee performs. I will also recommend that you vote for the reappointment of PricewaterhouseCoopers as the company's auditor. One of the committee's key responsibilities is to ensure the integrity of the company's financial information. The committee is confident that investors can rely upon the financial information contained in the annual report as well as in the quarterly financial statements released to investors and market regulators. Audit committee chair's remarks Imperial Oil 2007 Annual Meeting of Shareholders Our audit committee is made up of five fully independent directors. We bring with us a wide array of Canadian and international business knowledge that provides us with a solid background in business fundamentals. Collectively, we have more than 25 years of experience serving Imperial's shareholders. Our experience helps us to assess the work of management, and of the company's internal and external auditors. It also helps us to understand the sometimes highly complex information and results put before us. Impartial oversight is essential to sound corporate governance, and is paramount to ongoing shareholder, investor and ...