Advisories

Advisories

Forward-Looking Statements

This presentation contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”), including statements about: Suncor’s purpose, strategy and the business plans to achieve its strategic objectives; expectations for dividends and share repurchases, including that the cash return to shareholders will be 6 to 8%; Suncor’s belief that it will be able to grow free funds flow at a long-term annual growth rate of 3 to 5%, including growth of $2B in annual free funds flow by 2025; Suncor’s expectation that it will be able to increase returns on existing investments and achieve mid-teens + returns for new investments; Suncor’s goal of becoming a net zero greenhouse gas emissions company by 2050 and to substantially contribute to society’s net zero goals; Suncor’s goal, by 2030, to reduce annual emissions by 10 megatonnes across our energy value chain (from approximately 29 megatonnes in 2019); Suncor’s objective to sustain and optimize its base business while improving its cost and carbon competitiveness and the manner in which it plans to achieve this; Suncor’s plan to grow low GHG emissions business that will materially contribute to earnings and cash flow and the components of such plan; and Suncor’s plan to grow its customer connection through new low carbon products and services and the manner in which they intend to do so that are based on Suncor’s current expectations, estimates, projections and assumptions that were made by Suncor in light of its experience and its perception of historical trends. Some of the forward-looking statements may be identified by words such as “grow”, “estimated”, “target”, “goal”, “illustrative”, “strategy”, “expected”, “objectives”, “plans” and similar expressions. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Users of this information are cautioned that actual results may differ materially as a result of, among other things, assumptions regarding: the current and potential adverse impacts of the COVID-19 pandemic; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; assumptions relating to production, funds from operations, free funds flow, utilization, cash operating costs, annual capital expenditures, asset sustainment and maintenance capital, corporate and operating breakeven and the basis for such expectations; Suncor’s capital allocation framework; applicable government policies; the development and execution of projects;  assumptions contained in or relevant to Suncor’s 2021 Corporate Guidance; product supply and demand; market competition; future production rates; assets and facilities not performing as anticipated; expected debottlenecks, cost reductions and margin improvements not being achieved to the extent anticipated; dividends declared and share repurchases; the sufficiency of budgeted capital expenditures in carrying out planned activities; risks inherent in marketing operations (including credit risks); expected synergies and the ability to sustain reductions in costs; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; Suncor’s dependence on pipeline capacity and other logistical constraints, which may affect the company’s ability to distribute products to market; mandatory production curtailments being greater or imposed for longer than anticipated; the timely receipt of regulatory and other approvals; the timing of sanction decisions and Board of Directors’ approval; the availability and cost of labour, services, and infrastructure; the satisfaction by third parties of their obligations to Suncor; the impact of royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; risks associated with existing and potential future lawsuits and regulatory actions; improvements in performance of assets; and the timing and impact of technology development. All dividends are at the discretion of Suncor's Board of Directors.

Although Suncor believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Suncor’s Management’s Discussion & Analysis (MD&A) ended March 31, 2021 and dated May 3, 2021 (the Q1 Report), Annual Report for the year ended December 31, 2020 and its most recently filed Annual Information Form/Form 40-F and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, or by email request to invest@suncor.com or by referring to the company’s profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

Non-GAAP Measures

Free funds flow is not prescribed by GAAP and does not have a standardized meaning and therefore is unlikely to be comparable to similar measures presented by other companies. This non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Free funds flow is included because management uses the information to analyze business performance, leverage and liquidity and therefore may be considered useful information by investors. See the “Non-GAAP Financial Measures Advisory” section of the Q1 Report.