<SEC-DOCUMENT>0001104659-21-097348.txt : 20210729
<SEC-HEADER>0001104659-21-097348.hdr.sgml : 20210729
<ACCEPTANCE-DATETIME>20210729100802
ACCESSION NUMBER:		0001104659-21-097348
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210728
FILED AS OF DATE:		20210729
DATE AS OF CHANGE:		20210729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUNCOR ENERGY INC
		CENTRAL INDEX KEY:			0000311337
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12384
		FILM NUMBER:		211125448

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 2844
		STREET 2:		150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3E3
		BUSINESS PHONE:		403-296-8000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 2844
		STREET 2:		150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3E3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUNCOR INC
		DATE OF NAME CHANGE:	19970430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT CANADIAN OIL SANDS & SUN OIL CO LTD
		DATE OF NAME CHANGE:	19791129
</SEC-HEADER>
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<TYPE>6-K
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<DESCRIPTION>FORM 6-K
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">FORM 6-K</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">SECURITIES AND EXCHANGE
COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">WASHINGTON, D.C.
20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a - 16 or 15d - 16 of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">For the month of:&nbsp;&nbsp;July, 2021</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Commission File Number:&nbsp;&nbsp;1-12384</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SUNCOR ENERGY
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150 &#8211; 6th Avenue S.W.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O. Box 2844</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calgary, Alberta</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada, T2P 3E3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

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    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>SUNCOR ENERGY INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date:</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;July 29, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.625in"><I>&#8220;Shawn Poirier&#8221;</I></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;Shawn Poirier<BR>
 &nbsp;&nbsp;Assistant Corporate Secretary</P></TD>
    </TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">News Release dated July 28, 2021, Suncor Energy reports second quarter 2021 results</FONT></A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><FONT STYLE="font-weight: normal">News Release
dated July 28, 2021, Suncor Energy reports second quarter 2021 results</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;<IMG SRC="tm2122178d4ex99-1img_001.jpg" ALT=""></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 50%">News Release</TD></TR>
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<P STYLE="margin: 0pt">&nbsp;</P>



<P STYLE="border-bottom: rgb(0,85,151) 1pt solid; margin: 0pt"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Suncor Energy reports second quarter 2021 results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Unless otherwise noted, all financial figures are unaudited, presented
in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically
International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production
volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations,
which are presented on an economic basis. Certain financial measures referred to in this news release (funds from operations, operating
earnings (loss) and free funds flow) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP
Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.&rsquo;s interest in Fort
Hills and Syncrude.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Calgary, Alberta (July 28, 2021) </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&ndash;
</FONT>&ldquo;Suncor generated $2.4 billion in funds from operations in the quarter while also completing significant turnaround activities
in the upstream and downstream businesses,&rdquo; said Mark Little, president and chief executive officer. &ldquo;The improved cash generation
enabled us to increase shareholder returns to approximately $1.0 billion, representing approximately 40% of our funds from operations
and we&rsquo;re targeting further debt reduction in the latter half of the year in line with our previously announced capital allocation
strategy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Funds from operations increased to $2.362 billion ($1.57 per common share) in the second quarter of 2021, compared to $488 million
($0.32 per common share) in the prior year quarter. Cash flow provided by operating activities, which includes changes in non-cash working
capital, was $2.086 billion ($1.39 per common share) in the second quarter of 2021, compared to cash flow used in operating activities
of $768 million ($0.50 per common share) in the prior year quarter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The company recorded operating earnings<SUP>1</SUP> of $722 million ($0.48 per common share) in the second quarter of 2021 compared
to an operating loss of $1.345 billion ($0.88 per common share) in the prior year quarter. The company had net earnings of $868 million
($0.58 per common share) in the second quarter of 2021, compared to a net loss of $614 million ($0.40 per common share) in the prior year
quarter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Suncor&rsquo;s total upstream production increased to 699,700 barrels of oil equivalent per day (boe/d) in the second quarter of 2021,
compared to 655,500 boe/d in the prior year quarter, due to strong Oil Sands operations production including record In Situ volumes, partially
offset by the impact of planned turnaround maintenance at Syncrude.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Significant turnaround activities were completed at Syncrude, Buzzard and across all of the company&rsquo;s refineries during the
second quarter of 2021.The company exited the quarter with refinery utilization of approximately 94%, and with Syncrude and Buzzard having
returned to production, the company is set up for a strong second half of the year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Canadian gasoline and diesel demand in the second quarter of 2021 is estimated to be 13%<SUP>2</SUP> below the comparable pre-COVID-19
period in 2019, reflecting the continued COVID-19 related restrictions across Canada. With the lifting of many restrictions in July, gasoline
and diesel demand is estimated to have improved to 6%<SUP>2</SUP> below the comparable 2019 levels.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The company shared its updated strategy, which focuses on increasing shareholder returns while accelerating its greenhouse gas (GHG)
emissions reduction targets, growing its business in low GHG fuels, electricity and hydrogen, sustaining and optimizing its base business
and transforming its GHG footprint to be a net-zero company by 2050.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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  <TD STYLE="text-align: left; width: 80%">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; text-align: left; width: 20%">Suncor Energy</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; text-align: left">150 6 Avenue S.W. Calgary, Alberta T2P 3E3</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; text-align: left"><U>suncor.com</U></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Suncor, together with four industry partners representing 90% of Canada&rsquo;s oil sands production, announced the Oil Sands Pathways
to Net Zero alliance whose initiative is aimed at working collectively with the federal and Alberta governments to achieve net-zero GHG
emissions from oil sands operations by 2050.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>In the second quarter of 2021, Suncor remained focused on maximizing the return to its shareholders through the repurchase of approximately
23 million common shares for $643 million under the company&rsquo;s share repurchase program, and payment of $315 million of dividends.
Share repurchases in the quarter represent 1.5% of Suncor&rsquo;s issued and outstanding common shares as at January 31, 2021. Since the
start of the normal course issuer program (NCIB) in February 2021, the company has repurchased $961 million in common shares, representing
approximately 35 million common shares at an average share price of $27.47 per common share, or the equivalent of 2.3% of Suncor&rsquo;s
issued and outstanding common shares as at January 31, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: left">Subsequent to the second quarter of 2021, Suncor&rsquo;s Board
of Directors (the Board) approved an increase to the company&rsquo;s share repurchase program to approximately 5% of the company&rsquo;s
outstanding common shares as at January 31, 2021. Concurrently, the Toronto Stock Exchange (TSX) accepted a notice to increase the maximum
number of common shares the company may repurchase pursuant to its NCIB to approximately 5%. The increase to the program demonstrates
management&rsquo;s confidence in the company&rsquo;s ability to generate cash flow and its commitment to return cash to shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Earnings (Loss)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor&rsquo;s second quarter 2021 operating earnings were $722 million
($0.48 per common share), compared to an operating loss of $1.345 billion ($0.88 per common share) in the prior year quarter. In the second
quarter of 2021, crude oil and refined product realizations increased significantly compared to the prior year quarter, which reflected
the impact of the unprecedented decline in transportation fuel demand, due to the impacts of the COVID-19 pandemic, and the increase in
OPEC+ crude supply. The improving business environment in the second quarter of 2021 also resulted in a net inventory valuation gain,
reflecting a first-in, first-out gain as a result of the increasing value of refinery feedstock. Operating earnings were partially offset
by an increase in royalties and operating expenses associated with Suncor&rsquo;s increased production in the second quarter of 2021 and
reflected lower costs in the prior year quarter related to specific measures taken by the company to reduce operating costs in response
to the COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Earnings (Loss)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor&rsquo;s net earnings were $868 million ($0.58 per common share)
in the second quarter of 2021, compared to a net loss of $614&nbsp;million ($0.40 per common share) in the prior year quarter. In addition
to the factors impacting operating earnings (loss) discussed above, net earnings for the second quarter of 2021 included a $156 million
unrealized after-tax foreign exchange gain on the revaluation of U.S. dollar denominated debt and a $10 million after-tax unrealized loss
on risk management activities. The net loss in the prior year quarter included a $478 million unrealized after-tax foreign exchange gain
on the revaluation of U.S. dollar denominated debt and a $144 million after-tax unrealized loss on risk management activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Funds from Operations and Cash Flow Provided by (Used in) Operating
Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Funds from operations were $2.362&nbsp;billion ($1.57 per common share)
in the second quarter of 2021, compared to $488 million ($0.32 per common share) in the second quarter of 2020. Funds from operations
were influenced by the same factors impacting operating earnings (loss) noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash flow provided by operating activities, which includes changes
in non-cash working capital, was $2.086 billion ($1.39 per common share) for the second quarter of 2021, compared to cash flow used in
operating activities of $768&nbsp;million ($0.50 per common share) in the prior year quarter. In addition to the factors noted above,
cash flow provided by operating activities was further impacted by a use of cash associated with the company&rsquo;s working capital balances
in both periods. The use of cash in the second quarter of 2021 was primarily due to an increase in production and commodity prices at
the end of the quarter, resulting in an increase in accounts receivable and inventory balances, which was partially offset by a decrease
in income tax receivable balances related to the receipt of a portion of the company&rsquo;s 2020 income tax refund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor&rsquo;s total upstream production increased to 699,700 boe/d
in the second quarter of 2021, compared to 655,500 boe/d in the prior year quarter, reflecting strong Oil Sands operations production
during the quarter, partially offset by the impact of planned turnaround maintenance at Syncrude. The prior year quarter was impacted
by the significant decline in crude oil demand due to the impacts of the COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s net synthetic crude oil production increased to
437,200 barrels per day (bbls/d) in the second quarter of 2021 from 436,600 bbls/d in the second quarter of 2020. Strong mining and upgrading
performance at Oil Sands Base resulted in upgrader utilization of 96%, compared to 93% in the prior year quarter. At Syncrude, both periods
were impacted by planned maintenance, and following the completion of planned turnaround activities in the second quarter of 2021, Syncrude
ramped up to full operating rates subsequent to the end of the quarter. Due to the impacts of the COVID-19 pandemic in the Fort McMurray
region, the company staggered its planned turnarounds at Oil Sands Base plant Upgrader 2 and Syncrude, resulting in the deferral of the
Oil Sands Base turnaround to the third quarter of 2021. This decision supported the safe and efficient completion of the Syncrude turnaround
activities and minimized the overlap between the two assets. The deferral of the turnaround activities at Oil Sands Base is not anticipated
to impact annual production volumes and has been reflected in the company&rsquo;s 2021 guidance. Suncor continues to work with the community
of Fort McMurray, various levels of government and other industry stakeholders to accelerate rapid testing and vaccinations in the region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s non-upgraded bitumen production increased to 178,500
bbls/d in the second quarter of 2021 from 117,100 bbls/d in the prior year quarter, which, for the second quarter in a row, included the
best In Situ quarterly production in the company&rsquo;s history. During the quarter, the increase in non-upgraded production to market
was further supported by strong mining performance at Oil Sands Base, which resulted in less Firebag volumes utilized at the upgrader
and overall higher Oil Sands operations production volumes. At MacKay River, production in the prior year quarter was impacted by an outage
that occurred in late 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Production at Fort Hills during the quarter reflected the
previously communicated change in the mine ramp up strategy.&nbsp; This strategy is principally focused on building ore inventory as
appropriate ore inventory levels are required to operate the plant at 90% of nameplate capacity on a two-train operation. By the end
of the quarter, ore inventory build was slower than expected with access to additional contract equipment and labour being more
constrained than expected. Access to additional resources has increased and we anticipate being at expected contractor capacity by
August 2021. Subsequent to the quarter, slope instability on the south side of the mine, which contains the majority of the exposed
ore, will require overburden removal to occur earlier than expected to provide full access to the exposed ore and maintain slope
integrity. This activity is underway and is expected to be completed by the end of 2021. As a result, Fort Hills plans to continue
at the current production level for the remainder of the year, with a transition to both primary extraction trains beginning in late
2021 to enable full production in early 2022. 2021 annual guidance for Fort Hills production and Fort Hills cash operating costs
have been updated to reflect these changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exploration and Production (E&amp;P) production during the second quarter
of 2021 decreased to 84,000 boe/d from 101,800 boe/d in the prior year quarter, primarily due to planned turnaround activities at Buzzard
and natural declines. Both periods were impacted by the absence of production from Terra Nova as the asset has remained off-line since
the fourth quarter of 2019. During the second quarter of 2021, the company announced that the co-owners of the Terra Nova Floating, Production,
Storage and Offloading facility and associated Terra Nova Field have reached an agreement, in principle, to restructure the project ownership
and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction
decision in the third quarter of 2021. The agreement is subject to finalized terms and approval from all parties to the agreement and
is contingent upon the previously disclosed royalty and financial support from the Government of Newfoundland &amp; Labrador.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Refinery crude throughput was 325,300 bbls/d and refinery utilization
was 70% in the second quarter of 2021, compared to refinery crude throughput of 350,400 bbls/d and refinery utilization of 76% in the
prior year quarter, reflecting planned turnaround activities in the current quarter and reduced rates in response to lower demand due
to the COVID-19 pandemic in the prior year quarter. During the second quarter of 2021, the company completed turnaround activities for
the year across all its refineries, enabling them to exit the quarter with a refinery utilization of approximately 94%. Refined product
sales in the second quarter of 2021 increased to 463,300 bbls/d, compared to 438,800 bbls/d in the prior year quarter, due to improved
refined product demand and a draw in product inventory as we strategically built inventory in support of significant planned turnaround
activities and an improving business environment. With the completion of turnarounds across the company&rsquo;s refineries and the phased
lifting of COVID-19-related restrictions, the company is positioned to capture improved margins in the second half of the year as domestic
demand continues to recover towards pre-pandemic levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;In the first half of 2021, we achieved strong Oil Sands Base
mining and upgrading production and consecutive quarterly production records at In Situ leading to the best start to the year in the company&rsquo;s
history at Oil Sands operations,&rdquo; said Little. &ldquo;During the quarter we completed significant turnaround activities at Syncrude
and across all our refineries. Following the quarter, we&rsquo;ve ramped up our assets and are positioned for a strong second half of
2021.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s total operating, selling and general expenses increased
to $2.720 billion in the second quarter of 2021 from $2.129 billion in the prior year quarter due to increased production at Oil Sands
Base, and higher planned maintenance that was conducted at the same time as the planned turnaround activities at Syncrude. These expenses
were partially offset by cost reductions related to digital technology and transformation initiatives. Increased production in the quarter
resulted in higher absolute costs but lower cash operating costs per barrel at Oil Sands operations, despite a significant increase in
natural gas prices compared to the prior year quarter. The prior year quarter reflected lower costs related to specific measures taken
by the company to reduce operating costs in response to the COVID-19 pandemic and was also favourably impacted by the Government of Canada&rsquo;s
Emergency Wage Subsidy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Strategy Update</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In May, Suncor held its investor day event to outline the
company&rsquo;s medium-term corporate outlook, provide an update on the progress made to date on its $2.15 billion incremental free
funds flow target and discuss other strategic objectives. In the near term the company expects to continue to execute its plans to
structurally lower its cost base and improve productivity, including ensuring the smooth transition of Syncrude operatorship and
continuing Suncor&rsquo;s digital transformation. Once Syncrude operatorship is transferred, gross synergies of approximately $100
million are expected for the joint venture owners within the first six months with an additional $200 million through 2022-2023.
Building on the achievements in 2020, which included debottlenecks and tailings management, initiatives in 2021 such as mine
optimization and digital, process and technology projects are expected to contribute to the company's $2.15 billion incremental free
funds flow target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor also announced its new strategic objective to become a net-zero
GHG emissions company by 2050 (on emissions produced from running its facilities, including those it has a working interest in) and to
substantially contribute to society&rsquo;s net-zero ambitions. While Suncor will continue to track and report emissions intensity, the
company has set a more ambitious near-term goal to better align with its objective to reach net-zero emissions and to provide a clearer
way to demonstrate progress: targeting annual emissions reductions of 10 megatonnes across its value chain by 2030. Suncor plans to achieve
this by reducing its base business emissions, investing in profitable low emissions ventures and technologies, taking actions that reduce
others&rsquo; emissions and investing in offsets outside its business. Additionally, Suncor, together with Canadian Natural Resources,
Cenovus Energy, Imperial Oil and MEG Energy &ndash; who together operate 90% of oil sands production &ndash; announced the <U>Oil Sands
Pathways to Net Zero</U> alliance. The goal of this alliance is to work collectively with the federal and Alberta governments to achieve
net-zero GHG emissions from oil sands operations by 2050. The Pathways initiative will explore several parallel pathways to address GHG
emissions, including the creation of a Carbon Capture, Utilization and Storage trunkline connected to a carbon sequestration hub to enable
multi-sector &lsquo;tie-in&rsquo; projects as well as the implementation of other next-generation technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor&rsquo;s new strategic objectives and targets around absolute
GHG emissions reductions will be supported by pragmatic and economic investments that are part of &ndash; or synergistic with &ndash;
the company&rsquo;s core capabilities. This includes investments in the cogeneration facility at Oil Sands and the Forty Mile Wind Power
Project, which are expected to generate mid-teen returns. Additionally, during the second quarter of 2021, Suncor and ATCO Ltd. announced
a partnership on a potential world-scale clean hydrogen project to be developed in Alberta, Canada. A sanctioning decision is expected
in 2024 and the facility could be operational as early as 2028, provided it has the required regulatory and fiscal support to render it
economic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company also recently released its 2021 Report on Sustainability
and Climate Report, marking over 25 years of dedication to improve sustainability performance and increase transparency and reporting.
The details of Suncor&rsquo;s new GHG emissions reductions objectives can be accessed at <U>sustainability.suncor.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We continue to progress on our ambition to be Canada&rsquo;s
leading energy company &ndash; focusing on increasing shareholder returns while accelerating our GHG emissions reduction targets,&rdquo;
said Little. &ldquo;Our strategy will optimize the value of our base business, improving its cost and capital efficiency, while supplementing
it with economically robust energy expansion investments that will contribute to increasing free funds flow. This balance will be critical
to increasing our shareholder returns, fortifying our balance sheet while significantly lowering GHG emissions by 2030 and progressing
to net zero by 2050.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The updated strategy and progress on the company&rsquo;s GHG
emissions reduction objectives will continue to be underpinned by capital discipline. The company has set an annual ceiling for
total capital expenditures of $5 billion, including lowered sustaining and economic capital, to sustain its base business while
investing in energy expansion and building out its low-carbon business. Over the medium-term, Suncor expects to allocate
approximately 10% of its annual capital budget (approximately $500 million per year) on investments that are intended to advance its
lower-carbon energy offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company plans to allocate incremental funds to shareholder returns
in the form of dividends and share buybacks as well as towards debt reduction, with the company targeting absolute net debt, inclusive
of leases, of $12 - $15 billion by 2025. Dividends are expected to increase in line with the $2.15 billion incremental free funds flow
growth, with additional free funds flow being allocated to share buybacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To accelerate reaching these debt reduction targets, in 2021 the company
plans to allocate two-thirds of its annual free funds flow, after its dividend, towards debt reductions and one-third toward shareholder
cash returns through share buybacks.&nbsp;In the second quarter of 2021, the company returned $958 million to shareholders, including
$643 million in common share repurchases and $315 million in dividends paid. Since the start of the NCIB program in February 2021, the
company has repurchased $961 million in common shares, representing approximately 35 million common shares at an average share price of
$27.47 per common share, or the equivalent of 2.3% of Suncor&rsquo;s issued and outstanding common shares as at January 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent to the second quarter of 2021, the Board approved an increase
to the company&rsquo;s share repurchase program to approximately 5% of the company&rsquo;s outstanding common shares as at January 31,
2021. Concurrently, the TSX accepted a notice to increase the maximum number of common shares the company may repurchase pursuant to its
NCIB to approximately 5%. The increase to the program demonstrates management&rsquo;s confidence in the company&rsquo;s ability to generate
cash flow and its commitment to return cash to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent to June 30, 2021, the agreement for the sale of Suncor&rsquo;s
26.69% working interest in the Golden Eagle Area Development was approved by the purchaser&rsquo;s shareholders with financing conditions
met. The effective date of the sale is January 1, 2021 for gross proceeds of US$325 million and contingent consideration up to US$50 million
before closing adjustments and other closing costs and is expected to close in the third quarter of 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Earnings (Loss) Reconciliation</B><SUP>(1)</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Three months<BR>
 ended June 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Six months <BR>
ended June 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">($ millions)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">868</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(614</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;1 689</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(4 139</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(156</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(478</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(337</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">543</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Unrealized loss (gain) on risk management activities<SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">144</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(10</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Restructuring charge<SUP>(3)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">126</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Asset impairment<SUP>(4)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1 798</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Impact of inventory write-down to net realizable value<SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(397</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Operating earnings (loss)<SUP>(1)(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">722</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(1
345</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>1
468</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(1
766</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Operating earnings (loss) is a non&#45;GAAP financial measure. All reconciling items are presented on an after&#45;tax basis. See
the Non&#45;GAAP Financial Measures Advisory section of this news release.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Beginning in the first quarter of 2021, the company has revised its calculation of operating earnings, a non-GAAP financial measure,
to exclude unrealized (gains) losses on derivative financial instruments&nbsp;that are recorded at fair value to better align the earnings
impact&nbsp;of the activity with the underlying items being risk-managed.&nbsp;Prior period comparatives have been restated to reflect
this change.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Restructuring charge in the Corporate segment recorded in the first quarter of 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>During the first quarter of 2020, the company recorded non-cash after-tax impairment charges of $1.376 billion on its share of the
Fort Hills assets, in the Oil Sands segment, and $422 million against its share of the White Rose and Terra Nova assets, in the E&amp;P
segment, due to a decline in forecasted crude oil prices as a result of decreased global demand due to the COVID-19 pandemic and changes
to their respective capital, operating and production plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>During the first quarter of 2020, the company recorded an after-tax hydrocarbon inventory write-down to net realizable value of $177
million in the Oil Sands segment and $220 million in the Refining and Marketing (R&amp;M) segment as a result of a significant decline
in benchmarks and demand for crude oil and refined products due to COVID-19 mitigation efforts. The full hydrocarbon inventory write-down
of $397 million after-tax was excluded from operating earnings and funds from operations in the first quarter of 2020, and realized through
operating earnings and funds from operations in the second quarter of 2020 when the product was sold.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Guidance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor has updated its full-year business environment outlook assumptions
for Brent Sullom Voe from US$63.00/bbl to US$68.00/bbl, WTI at Cushing from US$60.00/bbl to US$65.00/bbl, WCS at Hardisty from US$48.00/bbl
to US$52.00/bbl, New York Harbor 2-1-1 crack from US$17.00/bbl to US$18.00/bbl and AECO-C Spot from $2.50/GJ to $3.50/GJ, due to improvements
in key forward curve pricing for the remainder of the year. As a result of these updates, the full-year current income tax expense range
has increased from $1.0 billion &ndash; $1.3 billion to $1.2 billion &ndash; $1.5 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the production range for Fort Hills has been updated from
65,000 &ndash; 85,000 bbls/d to 45,000 &ndash; 55,000 bbls/d reflecting additional work required to maintain slope integrity on the south
side of the mine. As a result, Fort Hills cash operating costs per barrel have been updated from $25.00 - $29.00 to $37.00 - $42.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suncor has also modified its capital expenditure allocation between
business areas to reflect lower spending at East Coast Canada projects in E&amp;P, offset by increased scope of refinery turnaround activities
in R&amp;M. As a result, Upstream E&amp;P capital expenditure guidance has been reduced from $350 - $450 million to $300 - $400 million,
and Downstream capital expenditure guidance has been increased from $700 - $800 million to $750 - $850 million. The overall capital expenditure
range for the company remains unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further details and advisories regarding Suncor&rsquo;s 2021 annual
guidance, see <U>suncor.com/guidance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Normal Course Issuer Bid</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent to the second quarter of 2021, Suncor received approval
from the TSX to amend its existing NCIB effective as of the close of markets on July 30, 2021, to purchase common shares through the facilities
of the TSX, New York Stock Exchange and/or alternative trading platforms. The notice provides that Suncor may increase the maximum number
of common shares that may be repurchased in the period beginning February 8, 2021, and ending February 7, 2022, from 44,000,000 common
shares, or approximately 2.9% of Suncor&rsquo;s issued and outstanding common shares as at January 31, 2021, to 76,250,000 common shares,
or approximately 5% of Suncor&rsquo;s issued and outstanding common shares as at January 31, 2021. No other terms of the NCIB have been
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Between February 8, 2021 and July 26, 2021 and pursuant to the NCIB,
Suncor has already repurchased approximately $1.142 billion of common shares on the open market, representing 41,501,992 common shares.
Pursuant to the NCIB (as amended), Suncor has agreed that it will not purchase more than 76,250,000 common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The actual number of common shares that may be purchased and the
timing of any such purchases will be determined by Suncor. Suncor believes that, depending on the trading price of its common shares
and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests
of the company and its shareholders. The company does not expect that the decision to allocate cash to repurchase shares will affect
its long-term growth strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-GAAP Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain financial measures referred to in this news release (funds
from operations, operating earnings (loss) and free funds flow) are not prescribed by GAAP. Operating earnings (loss) is defined in the
Non&#45;GAAP Financial Measures Advisory section of Suncor's management's discussion and analysis dated July 28, 2021 (the MD&amp;A) and
reconciled to the most directly comparable GAAP measure in the Consolidated Financial Information and Segment Results and Analysis sections
of the MD&amp;A. Beginning in the first quarter of 2021, the company has revised its calculation of operating earnings to exclude unrealized
(gains) losses on derivative financial instruments that are recorded at fair value to better align the earnings impact of the activity
with the underlying items being risk-managed. Prior period comparatives have been restated to reflect this change. Funds from operations
and free funds flow are defined and reconciled, where applicable, to the most directly comparable GAAP measures in the Non-GAAP Financial
Measures Advisory section of the MD&amp;A. These non-GAAP financial measures are included because management uses this information to
analyze business performance, leverage and liquidity and it may be useful to investors on the same basis. These non-GAAP measures do not
have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies and should
not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Advisory &ndash; Forward-Looking Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This news release contains certain forward-looking information
and forward-looking statements (collectively referred to herein as &ldquo;forward-looking statements&rdquo;) within the meaning of
applicable Canadian and U.S. securities laws. Forward-looking statements in this news release include references to: Suncor&rsquo;s
capital allocation strategy, including that: it is targeting further debt reductions in the latter half of the year, the annual
ceiling Suncor has set with respect to total capital expenditures of $5 billion annually to sustain its base business while
investing in energy expansion and building out its low carbon business, its expectation that over the medium term Suncor will
allocate approximately 10% of its annual capital budget (approximately $500 million per year) on investments that are intended to
advance its lower-carbon energy offering, its plans to allocate incremental funds to shareholder returns in the form of dividends
and share buybacks as well as towards debt reduction with the company targeting absolute net debt (inclusive of capital leases) of
$12 &ndash; $15 billion by 2025, it expects dividends to increase in line with its $2.15 billion incremental free funds flow target
with additional free funds flow being allocated to share buybacks, and the plans the company will take to accelerate reaching its
debt reduction targets; Suncor&rsquo;s updated strategy which focuses on increasing shareholder returns while accelerating its GHG
emissions reduction targets, growing its business in low GHG fuels, electricity, and hydrogen, sustaining and optimizing its base
business and transforming its GHG footprint to be a net-zero company by 2050; statements surrounding Suncor&rsquo;s recently
announced strategic objective to become a net zero GHG emissions company by 2050 on emissions produced from running its facilities,
including those it has a working interest in, and to substantially contribute to society&rsquo;s net zero ambitions and its target
of reducing its annual emissions by 10 megatonnes across its value chain by 2030 and its plans on how to achieve these goals;
Suncor&rsquo;s initiative, together with four industry partners and collectively with the federal and Alberta governments, to
achieve net-zero GHG emissions from oil sands operations by 2050 and the steps this initiative will explore to address GHG
emissions, including the creation of a Carbon Capture, Utilization and Storage trunkline as well as the implementation of other next
generation technologies; Suncor&rsquo;s expectation regarding Fort Hills&rsquo; ramp up strategy, including its belief that it will
be at expected contractor capacity by August 2021, that overburden removal activity will be completed by the end of 2021 and its
plan to continue at the current production level for the remainder of the year, with a transition to both primary extraction trains
beginning in late 2021 to enable full production in early 2022; Suncor&rsquo;s expectations with respect to the Terra Nova Floating,
Production, Storage and Offloading facility and associated Terra Nova Field and the Asset Life Extension Project, including that a
sanction decision will occur in the third quarter of 2021; the company&rsquo;s belief that, with the completion of turnarounds
across all of the company&rsquo;s refineries, Buzzard and Syncrude (and with Syncrude and Buzzard having returned to production),
Suncor will be able to ramp up its assets and position them for a strong second half of 2021 and that, together with the completion
of turnarounds, the phased lifting of restrictions will position Suncor to capture improved margins in the second half of the year
as domestic demand continues to recover towards pre- pandemic levels; Suncor&rsquo;s plan to continue to structurally lower its cost
base and improve productivity, including ensuring the smooth transition of Syncrude operatorship and continue its digital
transformation; the expectation that, once operatorship of Syncrude is transferred, that there will be gross synergies of
approximately $100 million for the joint venture owners within the first six months with an additional $200 million through
2022-2023; Suncor&rsquo;s expectation that initiatives undertaken in 2021 such as mine optimization and digital, process and
technology projects will contribute to the company&rsquo;s $2.15 billion free funds flow target; statements surrounding the
cogeneration project at Oil Sands Base to replace the existing coke-fired boilers, the Forty Mile Wind Power Project and the
recently announced partnership on a potential world-scale clean hydrogen project in Alberta with ATCO Ltd., including expectations
on timing and the impact these projects will have on Suncor&rsquo;s new strategic carbon objectives and targets around absolute
carbon emissions reductions; Suncor&rsquo;s ambition to be Canada&rsquo;s leading energy company by focusing on increasing
shareholder returns while accelerating its GHG emissions reductions target and that its strategy will optimize the value of its base
business and improve its cost and capital efficiency while supplementing it with economically robust energy expansion investments
that will contribute to increasing free funds flow; Suncor&rsquo;s expectation that its updated strategy and progress on its carbon
objectives will continue to be underpinned by capital discipline; Suncor's expectation that the sale of its 26.69% working interest
in the Golden Eagle Area Development will close in the third quarter of 2021; statements with respect to planned maintenance events
and the timing thereof, including the planned maintenance turnaround at Oil Sands Base plant Upgrader 2; and Suncor&rsquo;s
full-year outlook range on Upstream E&amp;P capital expenditures, Downstream capital expenditures, Fort Hills production, Fort Hills
cash operating costs and current income taxes as well as business environment outlook assumptions for Brent Sullom Voe, WTI at
Cushing, WCS at Hardisty, New York Harbor 2-1-1 crack and AECO-C Spot. <FONT STYLE="font-size: 10pt">In addition, all other
statements and information about Suncor&rsquo;s strategy for growth, expected and future expenditures or investment decisions,
commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future
commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like
 &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;will&rdquo;, &ldquo;estimates&rdquo;, &ldquo;plans&rdquo;,
 &ldquo;scheduled&rdquo;, &ldquo;intends&rdquo;, &ldquo;believes&rdquo;, &ldquo;projects&rdquo;, &ldquo;indicates&rdquo;,
 &ldquo;could&rdquo;, &ldquo;focus&rdquo;, &ldquo;vision&rdquo;, &ldquo;goal&rdquo;, &ldquo;outlook&rdquo;, &ldquo;proposed&rdquo;,
 &ldquo;target&rdquo;, &ldquo;objective&rdquo;, &ldquo;continue&rdquo;, &ldquo;should&rdquo;, &ldquo;may&rdquo; and similar
expressions.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Forward-looking statements are based on Suncor&rsquo;s current expectations,
estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was
made and consider Suncor&rsquo;s experience and its perception of historical trends, including expectations and assumptions concerning:
the accuracy of reserves estimates; the current and potential adverse impacts of the COVID-19 pandemic, including the status of the pandemic
and future waves and any associated policies around current business restrictions, shelter-in-place orders or gatherings of individuals;
commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings;
applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned
activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to
Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Forward-looking statements and information 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. Suncor&rsquo;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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Suncor&rsquo;s Annual Information Form and Annual Report to Shareholders,
each dated February 24, 2021, Form 40-F dated February 25, 2021, the MD&amp;A 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 email request to <U>invest@suncor.com</U>; by calling 1-800-558-9071; or by referring to <U>suncor.com/FinancialReports
</U>or to the company&rsquo;s profile on SEDAR at <U>sedar.com</U> or EDGAR at <U>sec.gov</U>. 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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="color: Black; background-color: white"><I>Suncor
Energy is Canada's leading integrated energy company, with a global team of over 30,000 people. Suncor's operations include oil sands
development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro-Canada retail
distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability
indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio
and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncor's common shares
(symbol: SU) are listed on the Toronto and New York stock exchanges.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Advisory &ndash; BOEs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain natural gas volumes have been converted to barrels of oil equivalent
(boe) on the basis of one barrel to six thousand cubic feet. Any figure presented in boe may be misleading, particularly if used in isolation.
A conversion ratio of one bbl of crude oil or natural gas liquids to six thousand cubic feet of natural gas is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value
ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an indication of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&ndash; 30 &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information about Suncor, visit our web site at <U>suncor.com</U>,
follow us on Twitter <U>@Suncor </U>or <U>Living our Purpose</U><FONT STYLE="color: #333333">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A full copy of Suncor's second quarter 2021 Report to Shareholders
and the financial statements and notes (unaudited) can be downloaded at <U>suncor.com/financialreporting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To listen to the conference call discussing Suncor's second quarter
results, visit <U>suncor.com/webcasts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media inquiries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1-833-296-4570</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>media@suncor.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investor inquiries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">800-558-9071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>invest@suncor.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Beginning in the first quarter of 2021, the company has revised its
calculation of operating earnings, a non-GAAP financial measure, to exclude unrealized (gains) losses on derivative financial instruments
that are recorded at fair value to better align the earnings impact of the activity with the underlying items being risk-managed. Prior
period comparatives have been restated to reflect this change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Sources: IHS Markit and Statistics Canada.</P>



<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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