Dividend payments are set on a quarterly basis by the Board of Directors in the context of current and expected crude oil prices, economic conditions, Syncrude’s operating performance, and the Corporation’s capacity to finance operating and investing obligations. Dividend levels are established with the intent of absorbing short-term market volatility over several quarters. Dividend levels also recognize our intention to fund the current major projects primarily with cash flow from operations and existing cash balances, while maintaining a strong balance sheet to reduce exposure to potential oil price declines, capital cost increases, or major operational upsets.

Please note that COS has currently suspended its dividend reinvestment program (DRIP). If the DRIP is reinstated, this will be announced via press release.

Dividend amount:	$0.35 per share
Date declared:	April 30, 2013
Shareholders of record on:	May 24, 2013
Date payable:	May 31, 2013
Next dividend declaration:	July 30, 2013
Dividend payment frequency:	Quarterly

Dividend History

For distributions paid by COS as an income trust prior to its conversion to a corporation, please see Historical Distributions.

For period	Record date	Date payable	Dividend per share
Q1 2013	February 22, 2013	February 28, 2013	$0.35
Q4 2012	November 26, 2012	November 30, 2012	$0.35
Q3 2012	August 27, 2012	August 31, 2012	$0.35
Q2 2012	May 25, 2012	May 31, 2012	$0.35
Q1 2012	February 24, 2012	February 29, 2012	$0.30
Q4 2011	November 25, 2011	November 30, 2011	$0.30
Q3 2011	August 25, 2011	August 31, 2011	$0.30
Q2 2011	May 26, 2011	May 31, 2011	$0.30
Q1 2011	February 22, 2011	February 28, 2011	$0.20

Annual Report 2012

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Syncrude upgrades 100% of its production to high-quality, light crude oil

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Alberta Oil Sand(s) Deposits

The four deposits, Athabasca, Peace River, Cold Lake and Wabasca, have total resource in place estimated at 1.7 trillion to 2.5 trillion barrels. The Athabasca Oil Sands deposit, Alberta's largest and most accessible source of bitumen, contains more than one trillion barrels of bitumen over an area encompassing more than 30,000 square kilometers.

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Bitumen

The molasses-like substance that comprises up to 18 per cent of oil sands. Bitumen, in its raw state, is black, asphalt-like oil. It requires upgrading or blending to make it transportable by pipeline and usable by conventional refineries.

Bitumen cracking

A process that breaks large, complex hydrocarbon molecules into smaller, simpler compounds by means of heat.

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Carbon dioxide (CO₂)

A non-toxic gas produced from decaying materials, respiration of animal life, and combustion of organic matter, including fossil fuels; carbon dioxide is the most common greenhouse gas produced by human activities.

Cokers

Vessels in which bitumen is cracked into its fractions and from which coke is withdrawn to start the process of converting bitumen to upgraded crude oil.

Conventional oil

Petroleum found in liquid form, flowing naturally, or capable of being pumped without further processing or dilution.

Cyclofeeder

Specialized equipment that receives oil sand feed and turns it into a slurry form for transport to the pump box.

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Debottleneck

An undertaking to systematically remove plant capacity limitations through modifications of existing facilities and/or addition of capital facilities.

Diesel cetane count

A quality specification important in the production of diesel fuels.

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Extraction

The process of separating bitumen from oil sand.

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Feedstocks

Raw material supplied to refinery, oil sands upgrader, or petrochemical plant.

Flue gas scrubber/desulphurizer

Equipment that removes sulphur dioxide and other emissions.

Fluid coking

A major part of the upgrading process whereby high temperatures in a coker break down the complex bitumen molecules, reject carbon and cause bitumen molecules to reformulate into lighter fractions that become the main ingredients in upgraded crude oil.

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Greenhouse gases

Any of the various gases that contribute to the greenhouse effect.

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LC-Finer hydroprocessor

A major upgrading unit that breaks down bitumen by adding hydrogen with the aid of a catalyst to produce gas oil.

Line-out

The process of optimizing an operational unit or facility to reach its design capacity.

Low-energy extraction

A process for extracting bitumen that uses about one-third of the energy of the traditional process, bringing significant cost and environmental benefits.

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Middle distillates

A classification of refined petroleum products that includes kerosene, diesel, and jet fuel.

Mine train

Modular units for crushing and mixing the oil sands with warm water to facilitate the extraction of bitumen from the oil sands.

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Naphtha

A refined petroleum product in the lighter classification that is often used to make gasoline.

Netback

Average realized selling price, after hedging, less operating costs and Crown royalties.

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Oil sand(s)

A composition of sand, bitumen, mineral-rich clays and water.

Oil sand(s) lease

A long-term agreement with the provincial government that permits the leaseholder to extract bitumen, other metals and minerals contained in the oil sands in the specified lease area.

Ore grade

The percentage of bitumen by weight in the oil sands.

Overburden

Layer of rocky, clay-like material that lies under muskeg and above oil sands deposits.

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Strip ratio

The ratio of waste (overburden material that covers mineable ore) to ore; used to define the quality of an oil sands ore body.

Sulphur dioxide (SO₂)

A compound of sulphur and oxygen produced by burning sulphur.

Synbit

Typically, a synbit blend is a ~50/50 mix of bitumen and synthetic crude oil.

Syncrude Project

Canadian Oil Sands is a pure investment opportunity in light, sweet crude oil. Through our 36.74% interest in the Syncrude project, we offer a solid, robust production stream of fully upgraded crude oil, exposure to future crude oil prices, potential growth through high-quality oil sands leases and an attractive dividend.

Synthetic crude oil (SCO)

A high-quality product resulting from the mining, extraction and upgrading of bitumen.

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Tailings

A combination of water, sand, silt, fine clay particles and residual hydrocarbon that is a by-product of removing bitumen from oil sand.

Tailings systems

Separation of water from sand and clay to enable incorporation of solids into reclamation landscapes and recycling of water back into the operations.

Tar sands

Oil sands are also referred to as tar sands. Oil sands are a naturally occurring combination of clay, sands, water and bitumen (a heavy, black viscous oil), whereas tar is a man-made substance.

Total volume to bitumen in place (TV/BIP)

The ratio of total ore plus overburden volume to total bitumen in place.

Turnaround

A unit shutdown essential for good maintenance of the mining, producing and upgrading facilities. A turnaround reduces production but does not usually halt it entirely as the various operating units are often duplicated.

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Upgrader

A facility that upgrades bitumen (extra heavy oil) into synthetic crude oil.

Upgrading

The conversion of heavy bitumen into a lighter crude oil by increasing the ratio of hydrogen to carbon, either by removing carbon (coking) or adding hydrogen (hydroprocessing).

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Vacuum Distillation Unit (VDU)

Capable of processing 285,000 barrels of bitumen a day, the VDU pulls streams of light and heavy-gas oil from hot bitumen feed delivered by the diluents recovery unit.

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