Under the program Imperial would be able to purchase up to five percent of its issued and outstanding shares on the date of acceptance by the Toronto Stock Exchange during the 12 months after purchases begin. That total will be reduced by the number of shares purchased for the company's employee savings plan and employee retirement plan. Imperial retains flexibility regarding when and how many shares are purchased. Imperial currently has approximately 934 million shares outstanding. Acceptance is expected on June 21, 2007.
ExxonMobil Corporation has advised Imperial that it will participate in the new program, as it has in the existing one, to maintain its ownership percentage in Imperial at 69.6 percent. ExxonMobil said it will review its participation from time to time and inform Imperial of any change in its intentions.
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