investor information

Advisory

In the interest of providing readers of this report with information regarding Syncrude, including management’s assessment of Syncrude’s future technologies, emissions and production levels and Syncrude operations, certain statements throughout this sustainability report contain “forward looking statements” under applicable securities law. Forward-looking statements in this report include, but are not limited to, statements with respect to: the expectation to grow production to 350,000 barrels per day (“bpd”) and eventually to 500,000 bpd; the expectation of achieving the production design rates and reduced CO₂ emissions from Stage 3; the actual recoverable amounts from any resources; the expected improvement in energy efficiency; the expected timing to fix the design issues around the hydrogen plant; the expectations with respect to In-Pit reducing emissions such as greenhouse gases and oxides of nitrogen; the expected emission reductions and costs relating to the sulphur emissions reduction project; the expected results from the production, safety, water and other initiatives outlined on page 7 of this report; the higher production and lower SO₂ emissions expected from Stage 3; the expected improvement in operations from implementing the global reliability system and other systems provided by ExxonMobil; the ability to attract and retain employees with current and future retention policies and programs at Syncrude; and reclamation plans for Mildred Lake and Aurora. You are cautioned not to place undue reliance on forward looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

By their nature, forward looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Although Syncrude 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. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements contained in this sustainability report include, but are not limited to: the impact of technology on operations and processes and how new complex technology may not perform as expected; risks inherent to the operation of any large, complex refinery units, especially the integration between mining operations and an upgrader facility; regulatory changes which may impact the penalties on greenhouse gas emitters, or the amount of Crown royalty or taxes paid to the government; changes in business strategy; regulatory decisions; the effects of competition and pricing pressures; shifts in market demands; changes in laws and regulations including environmental and regulatory laws; potential increases in costs; timing of completion of capital or maintenance projects; various events which could disrupt operations including severe weather conditions; technological changes and management retention and development; the supply and demand metrics for oil and natural gas; general economic, business and market conditions; and such other risks and uncertainties described from time to time in the reports and filings made with regulatory authorities by Syncrude.

You are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the forward-looking statements contained in this report are made as of the date of this report and unless required by law, Syncrude does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this report are expressly qualified by this cautionary statement. In any reference to resources in this report, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Unless otherwise specified, all dollar amounts are expressed in Canadian dollars, all references to “dollars” or “$” are to Canadian dollars and all references to “US$” are to United States dollars.