<SEC-DOCUMENT>0001193125-22-154259.txt : 20220715
<SEC-HEADER>0001193125-22-154259.hdr.sgml : 20220715
<ACCEPTANCE-DATETIME>20220518205959
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-154259
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMPERIAL OIL LTD
		CENTRAL INDEX KEY:			0000049938
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				980017682
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		505 QUARRY PARK BOULEVARD S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2C 5N1
		BUSINESS PHONE:		1-800-567-3776

	MAIL ADDRESS:	
		STREET 1:		505 QUARRY PARK BOULEVARD S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2C 5N1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:60pt; margin-bottom:0pt; margin-left:53%; font-size:12pt; font-family:Times New Roman">May&nbsp;18, 2022 </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Via EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina Chalk </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Office of Mergers and Acquisitions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, D.C. 20549-3628 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Imperial Oil Ltd. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;Tender Offer Statement on Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;Filed May&nbsp;6, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;File <FONT STYLE="white-space:nowrap">No.&nbsp;005-35902</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dear Ms.&nbsp;Chalk: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This letter responds to the comment letter (the &#147;Comment Letter&#148;) from the staff (the &#147;Staff&#148;) of the
Securities and Exchange Commission (the &#147;Commission&#148;), dated May&nbsp;13, 2022, concerning the Tender Offer Statement on Schedule TO (the &#147;Tender Offer Statement&#148;) and the related Offer to Purchase, together with the Issuer Bid
Circular (the &#147;Offer to Purchase&#148;) of Imperial Oil Limited (the &#147;Company&#148;). To facilitate the Staff&#146;s review, we have included in this letter the numbered comments of the Staff in bold text and have provided the
Company&#146;s responses immediately following each numbered comment. All references to page numbers (other than those in the Staff&#146;s comments) correspond to the page numbers in the Offer to Purchase, and capitalized terms used but not defined
herein have the meanings set forth in the Offer to Purchase. The responses to the Staff&#146;s comments set forth below, as well as the changes in disclosure referenced in the responses, are the responses and changes of the Company, and we are
providing them to you on its behalf. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This letter and Amendment No.&nbsp;1 to the Tender Offer Statement are being
filed electronically via the EDGAR system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT> filed May&nbsp;6, 2022 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Documents Incorporated by Reference, page v </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>We note the following disclosure: &#147;All documents of the Company of the type referred to above
(excluding confidential material change reports, if any) and business acquisition reports that it files with the securities regulatory authorities in Canada after the date of this Offer and prior to the termination of the Offer shall be deemed to be
incorporated by reference in this Offer other than for U.S. federal securities law purposes.&#148; Please revise to confirm that all documents incorporated by reference into the Canadian offer materials will be explicitly incorporated into the U.S.
offer documents as well. Alternatively, explain why this would not be the case. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company
Response</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the first sentence of the second paragraph
on page v of the Offer to Purchase to provide that all documents incorporated by reference into the Canadian offer materials will be explicitly incorporated into the Tender Offer Statement and that the Company will file an amendment to its Schedule
TO to file any such document as an exhibit to its Schedule TO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Withdrawal Rights, page 16 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to the following disclosure in the second sentence of this section: &#147;Shares deposited pursuant
to the Offer may be withdrawn by the Shareholder . . . (b) at any time before the</B> <B>expiration of ten (10)</B><B></B><B>&nbsp;days from the date that a notice of change of variation </B><B><I>(unless (i)</I></B><B><I></I></B><B><I>&nbsp;the
Company has taken up the Shares deposited pursuant to the Offer before the date of the notice of change or variation . . .)</I></B><B>&#148;</B><B></B><B>&nbsp;(emphasis added).</B><B></B><B>&nbsp;Rule
<FONT STYLE="white-space:nowrap">13e-4(f)(2)</FONT> requires that shareholders tendering into the offer be permitted to withdraw at any time that the offer remains open.</B><B></B><B>&nbsp;It is unclear how tendered shares could be &#147;taken
up&#148; before the end of the offer, or how a notice of change or variation could occur after take up.</B><B></B><B>&nbsp;Please revise here and where similar language about withdrawal rights is
included</B><B></B><B>&nbsp;elsewhere</B><B></B><B>&nbsp;in the offer to purchase.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company
Response</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 16 of the Offer to
Purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Disclose that tendered shares may be withdrawn at any time after 40 business days after commencement of
the offer, if not yet accepted for payment. See Rule <FONT STYLE="white-space:nowrap">13e-4(f)(2).</FONT></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 16 of the Offer to Purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Certain Conditions of the Offer, page 17 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>We note the following statement in the second to last paragraph of this section on page 19: &#147;The
failure by the Company at any time to exercise its rights under any of the foregoing conditions shall not be deemed a waiver of any such right . . . and each such right shall be deemed an ongoing right which may be asserted at any time or from time
to time.&#148; This language suggests that if a condition is &#147;triggered&#148; and the Company fails to assert the condition, it will not lose the right to assert the condition at a later time. Please note that when a condition is triggered and
the offeror wishes to proceed with the offer anyway, we believe that this decision constitutes a waiver of the triggered condition(s). Depending on the materiality of the waived condition and the number of days remaining in the offer, the offeror
may be required to extend the offer and circulate new disclosure to security holders. Please confirm the Company&#146;s understanding in your response letter. In addition, note that when an offer condition is triggered by events that occur during
the offer period and before expiration of the offer, the offeror should inform holders how it intends to proceed immediately, rather than waiting until the end of the offer period, unless the condition is one where satisfaction of the condition may
be determined only upon expiration. Please confirm the Company&#146;s understanding in your response letter. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 19 of the Offer to Purchase to delete
the sentence that provides &#147;The failure by the Company at any time to exercise its rights under any of the foregoing conditions shall not be deemed a waiver of any such right; the waiver of any such right with respect to particular facts and
other circumstances shall not be deemed a waiver with respect to any other facts and circumstances; and each such right shall be deemed an ongoing right which may be asserted at any time or from time to time.&#148; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>All offer conditions must be satisfied or waived as of the expiration of the offer, rather than the date
of payment for tendered shares. Please revise the language in the first paragraph of this section accordingly. </B></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the first paragraph under the subheading &#147;7. Certain
Conditions of the Offer&#148; on page 17 of the Offer to Purchase provide that all Offer conditions must be satisfied or waived as of the expiration of the Offer, rather than the date of payment for tendered Shares. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>While an offer may be conditioned on any number of objective and clearly-described conditions, reserving
the right to assert such conditions and by implication terminate the offer &#147;regardless of the circumstances&#148; and for reasons to include &#147;any action or inaction by the Company&#148; potentially renders the offer illusory. To avoid
violating Section&nbsp;14(e) of the Exchange Act and the anti-fraud provisions of Regulation 14E thereunder, please revise the first and second to last paragraphs in this section, consistent with this comment. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the first and second to last paragraphs of Section&nbsp;7
consistent with the Staff&#146;s comment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to condition (a)&nbsp;on pages <FONT STYLE="white-space:nowrap">17-18</FONT> of the offer to
purchase. This condition permits the Company to abandon the offer if the Company determines that an event has occurred that &#147;may materially impair the contemplated benefits of the Offer to the Company or otherwise make it inadvisable to proceed
with the Offer.&#148; This offer condition as drafted appears to allow the Company to terminate the offer whenever it determines it is &#147;inadvisable&#148; to proceed, which appears to render the offer illusory, in contravention of
Section&nbsp;14(e) of the Exchange Act and Regulation 14E thereunder. Please revise. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company
Response</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has hereby revised condition (a)&nbsp;on pages 17
&#150; 18 of the Offer to Purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to condition (c)&nbsp;on page 18 of the offer to purchase. Revise to clarify what you mean by a
&#147;limitation on prices&#148; for securities on any exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> securities markets in Canada or the United States. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has hereby deleted condition (c)&nbsp;on page 18 of the Offer to
Purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to condition (c)&nbsp;on page 18. Clarify the scope of this condition by quantifying what would
constitute a &#147;significant change&#148; in the market price of the shares since the close of business on May&nbsp;2, 2022.&nbsp;We note the reference to a decrease of more than 10% but we also note the &#147;without limitation&#148; qualifier,
which seems to </B></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>
indicate that a price change of greater or lesser significance could trigger this condition. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has hereby deleted condition (c)&nbsp;on page 18 of the Offer to
Purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to condition (f)&nbsp;on page 18. As noted above, all offer conditions must be objective, clearly
described and outside the control of the bidder. Revise this offer condition to more clearly describe what would &#147;trigger&#148; it and when the determination would be made. As drafted, it appears that the Company could unilaterally decide not
to purchase shares tendered within the specified modified Dutch auction range, if it determined that the offer price that the Company itself established did not represent the fair value of such shares at the time of the acquisition. We believe this
could raise illusory offer concerns under Regulation 14E. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has hereby deleted condition (f)&nbsp;on page 18 of the Offer to
Purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to condition (i)&nbsp;on page 18. Quantify what would constitute a &#147;material tax
liability&#148; for purposes of this offer. In your response letter, tell us when this would be determined, and why it would not be foreseeable before the offer commenced, based on the terms which are already known. We may have further comments,
based on your response. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has hereby deleted condition (i)&nbsp;on page 18 of the Offer to
Purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Extension and Variation of the Offer, page 19 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Refer to the last paragraph on page 19. The disclosure in the first sentence is confusing in that the
reference to &#147;ten Business Days&#148; in the second parenthetical appears to be duplicative. In addition, the qualifier &#147;except as permitted by applicable law&#148; effectively renders the time periods outlined earlier in the sentence
unclear. Please revise to more clearly describe the circumstances under which the offer will be extended upon a &#147;variation.&#148; </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the first sentence of the last paragraph on page 19 of the
Offer to Purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Taking Up and Payment for Deposited Shares, page 20 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The disclosure here and elsewhere in the offer to purchase states that tendered shares will be accepted
for purchase &#147;not later than ten days after the Expiration Date&#148; and payment for accepted shares will occur &#147;not later than three (3)&nbsp;Business Days after they are taken up.&#148; The definition of &#147;Business Day&#148; on page
2 of the offer materials is inconsistent with the definition in Rule <FONT STYLE="white-space:nowrap">14d-1(g)</FONT> (applicable to Regulation 14E as well). Please explain how paying for tendered shares more than 14 U.S. business days after the
Expiration Date of this offer complies with your prompt payment obligations under Rule <FONT STYLE="white-space:nowrap">14e-1(c)</FONT> for an offer that is not eligible to be made under on Schedule <FONT STYLE="white-space:nowrap">13E-4F.</FONT> As
you know, the Company sought and received exemptive relief for other aspects of this offer but did not request prompt payment relief. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 20 of the Offer to Purchase by
reiterating the prompt payment obligations as a new sentence at the end of the first paragraph, as follows: Pursuant to Rule <FONT STYLE="white-space:nowrap">14e-1(c)</FONT> under the Exchange Act, the Company is required to promptly accept for
payment and promptly thereafter pay for all Shares validly tendered and not properly withdrawn prior to the Expiration Date pursuant to the Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">By way of clarification, the existing disclosure simply reiterates the legal requirements under Canadian National Instrument <FONT
STYLE="white-space:nowrap">62-104</FONT> Take-Over Bids and Issuer Bids (&#147;NI <FONT STYLE="white-space:nowrap">62-104&#148;)</FONT> section 2.32, which requires the offeror to <I>both</I> <I><U>take up and pay</U></I> for securities deposited
under the bid not later than 10 calendar days after the expiry of the bid. For a June&nbsp;10 expiry, this means that take up and pay would have to occur no later than 6 business days after expiry, and not 14 U.S. business days. Separately, NI <FONT
STYLE="white-space:nowrap">62-104</FONT> also requires that the offeror must pay for any securities that it takes up <I><U>as soon as possible, and in any event no later than 3 business days after the securities deposited are taken up</U></I>.
However, the Company has revised the disclosure to also specifically reference the prompt payment requirement under Rule <FONT STYLE="white-space:nowrap">14e-1(c).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, although the definition of business days includes holidays in Canada (because as a foreign private issuer in the
US, the offer is also made in the company&#146;s primary jurisdiction of Canada), the current anticipated expiry date is June 10. There are no statutory holidays in Canada until July&nbsp;1, 2022, and this discrepancy is therefore not expected to
impact the timing after expiry as currently contemplated. Regardless, the Company will ensure it meets the timelines set out in NI <FONT STYLE="white-space:nowrap">62-104</FONT> as well as the prompt payment requirements under Rule <FONT
STYLE="white-space:nowrap">14e-1(c).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The fact that the low end of the range for this offer (C$62.00) is below the most recent trading price of
the common shares <FONT STYLE="white-space:nowrap">pre-announcement</FONT> of this offer (C$64.12 </B></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>
on April&nbsp;28, 2022), should be prominently disclosed in the offer materials.&nbsp;See generally, Section II.B in Commission Guidance on Mini-Tender Offers and Limited Partnership Tender
Offers, SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;34-43069</FONT> (July 24, 2000) (&#147;If the price offered is below the market price when the offer commences, the disclosure should clearly explain this prominently in the
document&#148;). </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages iii and 8 of the Offer to Purchase.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The price range in this modified Dutch auction is between C$62.00 &#150; $78.00 per share. The C$16.00
difference between the low and high price in the range represents a difference of over 25% above the lowest end of the range. Please advise us of the authority upon which the Company relied to include a range of this proportion in the offer. In
addition, please advise us, with a view toward revised disclosure, how the Company concluded that the use of such a price range complies with Section&nbsp;14(e), Rule <FONT STYLE="white-space:nowrap">13e-4(d)(1)(ii)</FONT> and Rule <FONT
STYLE="white-space:nowrap">14e-1(b).</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company respectfully acknowledges the Staff&#146;s position regarding the need to use a reasonable price range in a
modified Dutch auction tender offer. Modified Dutch auctions have been permitted by the Commission pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4</FONT> under the Securities Exchange Act of 1934, as amended, subject to meeting certain
conditions, including disclosure in the tender offer materials of the minimum and maximum consideration to be paid. <I>See</I> Release <FONT STYLE="white-space:nowrap">No.&nbsp;34-23421</FONT> (July 1986). While other modified Dutch auction tender
offers have used a price range of approximately 15% of the minimum price, the Company believes that what is a &#147;reasonable&#148; price range must be judged in light of the particular facts and circumstances related to any given offer and
offeror, and that the extraordinary recent volatility, both in the market generally and specifically with respect to the Company&#146;s Shares, justifies the range proposed by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company notes that the upper end of the price range, using the last closing market price prior to the announcement of the
terms of the Offer (C$65.17), is 19.7%. In considering the appropriate price range for the Offer (including a low end that was below the closing market price at the time of determining the final price range), the Company and its financial advisor
performed extensive analysis of the Company&#146;s share price performance and trading volatility in the months and weeks leading up to the announcement of the bid; broad equity markets and market index price performance and volatility; recent
geopolitical events and market disruptions; and relevant precedent Dutch auction tender offer transactions in Canada in both energy and <FONT STYLE="white-space:nowrap">non-energy</FONT> sectors. The Special Committee and Board undertook significant
reviews of this analysis and other factors when considering potential pricing parameters two weeks prior to the Board decision on April&nbsp;15, 2022, and again upon its decision on April&nbsp;28, 2022 to approve the Offer. This analysis was
instructive for the Board when it determined that approval of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-7- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Offer and the specific price range parameters set forth were reasonable and in the best interests of the Company and its shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman"><I><U>Imperial&#146;s recent share price has exhibited significant volatility </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On May&nbsp;2, 2022, the <FONT STYLE="white-space:nowrap">52-week</FONT> trading range for the Company&#146;s Shares was
C$30.64 to C$66.27, a range of approximately 116% of the <FONT STYLE="white-space:nowrap">52-week</FONT> low. Much of this volatility can be ascribed to volatility in oil prices, with a 35% increase in the span of just 11 days from February&nbsp;25,
2022 to March&nbsp;8, 2022. Moreover, over the past year, the Company&#146;s Shares have had an average daily trading range of approximately 2.9% over the day&#146;s low; in other words, every day, on average, the Company&#146;s common stock has
traded in a wide range of 2.9%, even averaging as high as 3.2% for the period between April&nbsp;4, 2022 and May&nbsp;2, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company&#146;s share price was particularly volatile during the time period leading up to the announcement of the terms of
the Offer. In the period from March&nbsp;16, 2022 to April&nbsp;18, 2022 alone, the Company&#146;s Share price <I>increased</I> <I>22%</I>, which was the most recent and relevant period for determining price range and covered a period substantially
the same length as the minimum 35 day requirement under Canadian laws. Looking specifically at the week the Board set the parameters for the price range and announced the Offer (April 25, 2022 to April&nbsp;29, 2022), the difference between the
lowest <FONT STYLE="white-space:nowrap">intra-day</FONT> trading low of C$57.73 (April 25) and highest <FONT STYLE="white-space:nowrap">intra-day</FONT> trading high of C$66.27 (April 29) on the TSX was 15%. Further, looking at the three weeks from
April&nbsp;25, 2022 to May&nbsp;13, 2022, the difference between the lowest <FONT STYLE="white-space:nowrap">intra-day</FONT> trading low of C$57.73 (April 25) and highest <FONT STYLE="white-space:nowrap">intra-day</FONT> trading high of C$69.55
(May 4) on the TSX was 20%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman"><I><U>Imperial&#146;s share price volatility compared to the broader market </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company&#146;s share price has also been significantly more volatile than the broader North American market, in part
driven by significant volatility in global energy markets stemming from recent geopolitical events and market disruptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On May&nbsp;2, 2022, the trailing 10 day volatility for the Company&#146;s shares on the TSX was 40.2% annualized, or an
approximately 2.5% daily, which is double the TSX Composite Index (20.1% annualized or 1.3% daily). As of May&nbsp;16, 2022, the trailing 10 day volatility for the Company&#146;s shares increased to 47.0% annualized or an approximately 2.9% daily,
which again is almost double the TSX Composite Index (26.1% annualized or 1.6% daily). This most recent 10 day trailing volatility figure sits in the 92nd percentile relative to data for the last year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Based on these volatility considerations, the Company and its financial advisor have modelled that the upper end of
approximately 20% above, and the lower end of approximately 5% below, the share price as at the announcement of the terms of the bid would capture a reasonable set of price outcomes and movements during the required
<FONT STYLE="white-space:nowrap">35-day</FONT> bid window period (which is longer than the 20 U.S. business day tender period in the U.S.). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman"><I><U>Comparison to other issuer bids </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The company respectfully submits that its bid price range is reasonable when compared to other Canadian foreign private
issuers. As a Canadian foreign private issuer, the Company believes that in determining what is a &#147;reasonable&#148; range, the specific context of other Canadian foreign private issuers is a relevant criterion. Specifically, in considering the
appropriate price range for the Offer, the Company and its financial advisors also considered the recent modified Dutch auction tender offers completed by other Canadian foreign private issuers. The comparable transactions included the following
offers with price ranges in excess of 15%: (i) West Fraser Timber &#150; filed with the Commission on April&nbsp;26, 2022, with a price range of 18.7%, (ii) BRP Inc. &#150; filed with the Commission on March&nbsp;31, 2022, with a price range of
19.5%, (iii) BRP Inc. &#150; filed with the Commission on June&nbsp;18, 2021, with a price range of 20.1%, (iv) BRP Inc. &#150; filed with the Commission on June&nbsp;13, 2019, with a price range of 18.4%, (v) BRP Inc. &#150; filed with the
Commission June&nbsp;12, 2017, with a price range of 19.0%. The Company believes it is noteworthy that 17 of the 35 modified Dutch auction tenders greater than $100&nbsp;million commenced in Canada since 2011, had a price range greater than 15.0% of
the minimum price and the range in the Company&#146;s Offer is consistent with market practice for modified Dutch auction tender offers in Canada. It is also important to note that Canadian tender bid rules require the company to keep the bid open
for a longer period than US rules (35 days compared to 20 U.S. business days), thereby necessitating a wider range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
Company also notes that a number of transactions have been completed using price ranges of 15% or more, including: (i)&nbsp;Information Services Group, Inc. (III) &#150; filed with the Commission on March&nbsp;10, 2016, with a price range of 21.2%;
(ii) The Hackett Group, Inc. &#150; filed with the Commission on February&nbsp;22, 2012, with a price range of 17.65%; (iii) Cardiome Pharma Corp. &#150; filed with the Commission on September&nbsp;1, 2009, with a price range of 20%; (iv) Emmis
Communications Corporation &#150; filed with the Commission on May&nbsp;13, 2009 with a price range of 24.5%; (v) B+H Ocean Carriers, Ltd. &#150; filed with the Commission on October&nbsp;20, 2008 with a price range of 25%; (vi) Cyberoptics Corp.
&#150; filed with the Commission on June&nbsp;30, 2008 with a price range of 22.9%; (vii) Steven Madden Ltd. &#150; filed with the Commission on February&nbsp;20, 2008 with a price range of 21.2%; and (viii)&nbsp;Looksmart, Ltd. &#150; filed with
the Commission on January&nbsp;15, 2008 with a price range of 22.1%. In that regard, The Hackett Group, Inc. and Cardiome Pharma Corp. (also a Canadian corporation) responded to similar comments from the staff of the SEC regarding their selected
price ranges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As noted above, in light of all of the foregoing, the Board determined that the specific price range
parameters were reasonable and in the best interests of the Company and its shareholders. The Company respectfully submits that the price range it has selected, providing shareholders with the opportunity for a slightly higher maximum price than it
might have offered if it used a 15% range is reasonable and prudent under these particular circumstances and complies with Item 4 of Schedule TO and Item 1004(a)(1)(ii) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>On the cover page and in other places in the offer materials, you state that tenders will not be accepted
from shareholders in certain jurisdictions. However, Rule <FONT STYLE="white-space:nowrap">13e-4(f)(8)(i)</FONT> requires the offer to be open to all holders of the subject securities. While you may reserve the right not to disseminate the offer
materials into jurisdictions where doing so would not be in compliance with the laws of such jurisdiction, revise to remove the implication that you may reject tenders. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Company Response</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised the second paragraph on the cover page and the second
sentence of the fifth paragraph under the subheading &#147;13. Other Terms&#148; on page 19 of the Offer to Purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">May 18, 2022 </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Should any member of the Staff have any questions or comments with respect to
the enclosed materials, please do not hesitate to contact the undersigned at (310) <FONT STYLE="white-space:nowrap">712-6603</FONT> or by email
(<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>brownp@sullcrom.com</U></FONT><FONT STYLE="font-family:Times New Roman">). </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Sincerely,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Patrick S. Brown</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Patrick S. Brown</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Ian Laing </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(Imperial Oil Limited) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
