SNDL Inc.

Performance Graph

The following performance graph illustrates the Corporation’s cumulative total Shareholder return by comparing an investment in the Common Shares listed on the Nasdaq, beginning on January 1, 2021, to the return on the Nasdaq Composite Index and the Horizons Marijuana Life Sciences Index.

As illustrated in the above performance graph, the Common Share price on the Nasdaq experienced a spike in early 2021, but has generally underperformed relative to the Nasdaq Composite Index and marginally outperformed relative to the Horizons Marijuana and Life Sciences Index since January 1, 2021. As described in this Information Circular, the Corporation’s compensation philosophy is to motivate its employees to participate directly in the value that their efforts create for Shareholders. For this reason, the Corporation has focused on using equity-based compensation awards to motivate Executive Officers to achieve strategic business and financial objectives, and to align their interests with the long-term interests of Shareholders.

The performance trends displayed in the above performance graph are based on the Corporation’s relative Shareholder return as compared to a peer index, making direct comparison between NEO compensation and Common Share price performance more difficult.