Mr. Rich Kruger of Suncor reports

PETRO-CANADA AND CANADIAN TIRE CORPORATION ANNOUNCE NEW PARTNERSHIP

Petro-Canada, a Suncor Energy Inc. business, and Canadian Tire Corp. Ltd. have entered a new partnership that will enhance the customer experience at their fuel stations across the country. The partnership will drive additional value for millions of loyalty members, establish a competitive fuel source for Canadian Tire and long-term fuel supply arrangement for Suncor, and increase the presence of Petro-Canada branded stations across the country.

The partnership consists of three core areas that will drive value within Canadian Tire's and Petro-Canada's respective networks:

• Loyalty programs: A partnership between two iconic Canadian brands' loyalty programs, Triangle Rewards, with more than 11 million active members, and Petro-Points, with more than three million active members, will deliver expanded benefits to Canadians. Each company will retain full ownership and control of its respective loyalty program.
• Retail fuel network: Over 200 of Canadian Tire's Gas+ retail fuel network sites will be rebranded to Petro-Canada stations while maintaining Canadian Tire ownership. This rebrand is expected to enhance existing site productivity, give Petro-Canada's SuperPass commercial fleet program customers access to Canadian Tire's network of stations, and unlock future opportunities for Canadian Tire to leverage Suncor's scale and operating infrastructure, including providing more products and services to customers, such as low carbon energy alternatives.
• Fuel supply: Suncor will become the primary fuel provider to Canadian Tire's retail fuel network over time, eventually supplying more than one billion litres of fuel to the Canadian Tire retail fuel station network annually. This will result in a 17-per-cent increase in retail fuel sales volume for Petro-Canada compared with 2022 and will allow Canadian Tire to streamline its sourcing of fuel with Suncor, Canada's leading integrated energy company.

"This partnership is a tangible example of our commitment to optimize our retail network and expand strategic partnerships for Petro-Canada. It brings together Petro-Canada, the leading and most trusted gas station brand in Canada, with Canadian Tire Corp., an iconic Canadian retailer," said Rich Kruger, president and chief executive officer, Suncor. "This will provide long-term value to our shareholders by securing a long-term supply relationship for our refineries while continuing to build on our brand.

"Through this new partnership, Canadian Tire Corp. will expand the reach of our Triangle Rewards program from over 200 gas stations to a network of more than 1,800, driving enhanced value for Canadians at the pumps by providing more opportunities for members to earn CT money in a high-frequency category," said Greg Hicks, president and chief executive officer, Canadian Tire. "This is yet another way we're creating valuable relationships through the power of Triangle, which is a key component of our growth strategy."

Canadians can expect to see the launch of the loyalty partnership in the fall of 2023. Gas+ retail fuel stations will be rebranded over the next several years.

Canadian Tire (Toronto Stock Exchange: CTC.A) (TSX: CTC) is a group of companies that includes a retail segment, a financial service division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its living, playing, fixing, automotive, and seasonal and gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The close to 1,700 retail and gasoline outlets are supported and strengthened by Canadian Tire's financial service division and the tens of thousands of people employed across Canada and around the world by Canadian Tire and its local dealers, franchisees and petroleum retailers. In addition, Canadian Tire owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway.

Petro-Canada, a Suncor business, operates more than 1,500 retail stations and 300 Petro-Pass wholesale locations nationwide, including 61 marketing arrangements with indigenous communities. In 2019, Petro-Canada opened Canada's Electric Highway, a coast-to-coast network of electric vehicle chargers. In 2020, the Petro-Canada CareMakers Foundation was launched to help support Canadian caregivers. Petro-Canada's retail loyalty program, Petro-Points, provides Canadians with the opportunity to earn and redeem rewards. Petro-Canada is proud to be a national partner of the Canadian Olympic and Paralympic committees, supporting Canadian athletes, coaches and their families for more than 25 years.

Suncor is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States, and the company's Petro-Canada retail and wholesale distribution networks, including Canada's Electric Highway, a coast-to-coast network of fast-charging electric vehicle stations. Suncor is developing petroleum resources while advancing the transition to a low-emission future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy-trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability Index, FTSE4Good and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto and the New York stock exchanges.

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