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Suncor – FMCA PresentationFebruary 25, 2016

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Canada’s largest integrated energy company

Growing oil sands business with complementary upstream & downstream operations

$63B enterprise valueDec 31, 2015

578mboe/d 99% oil production2015 Actuals

refining capacity462mb/d

liquiditycash & cash equivalents ($4.0B) plus available credit facilities as at Dec. 31, 2015

$11B

cash flow from operations2015 Actuals$6.8Bcapital expenditures2015 Actuals excluding capitalized interest$6.2B

35 years 2P reserve life indexas at December 31, 2014

EastCoast

NorthSea Stavanger

London

AberdeenBuzzardGolden Eagle

Denver

SarniaMontreal

St. John’s

HiberniaTerra Nova*HebronWhite RoseFort

McMurray

Base Plant& Mine*

Firebag*

SyncrudeMacKayRiver*

Fort Hills* Oil Sands

Head office

Calgary

Regional office

Upstream facility*operatedDownstream facility

Mississauga

Houston

Circles are scaled to relative net capacities in boe/d

Edmonton

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Oil sands portfolio

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Future opportunitiesLewis (SU WI 100%)Meadow Creek (SU WI 75%)

MacKay River38,000 b/d capacitySuncor working interest 100%542 mmbbls 2P reserves

Base Plant350,000 b/d capacitySuncor working interest 100%1,766 mmbbls 2P reserves

SyncrudeSyncrude operated42,000 b/d capacity (SU WI)Suncor working interest 12%525 mmbbls 2P reserves (SU WI)

Firebag203,000 b/d capacitySuncor working interest 100%2,634 mmbbls 2P reserves

Fort HillsSuncor operated91,000 b/d capacity (planned, SU WI)Suncor working interest 50.8%1,253 mmbbls 2P reserves (SU WI)

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SCO, dieseland bitumen

to market

Oil Sands production up to 600 mb/d before the end of the decade

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Fort Hills• Increased SU WI to 50.8%• Under construction• Capacity2: 91 mb/d (SU WI) PFT bitumen

Base Upgrading Operations• > 10 mb/d in potential reliability improvements• Capacity2: 350 mb/d SCO• 22% shrinkage factor

Firebag• 23 mb/d debottleneck completed in Q4 2015• Capacity2: 203 mb/d bitumen

LogisticsFuture growth projects will be integrated with existing logistics infrastructure

Syncrude• 12% SU WI• Capacity2: 42 mb/d (SU WI) SCO

MacKay River• 8 mb/d debottleneck reached in Q4 2015• Capacity2: 38 mb/d bitumen

Base Mine Extraction• Extraction debottleneck complete• Notional3 Capacity2: 325 to 350 mb/d bitumen

Debottlenecks, expansions and growth projects expected to raise total Oil Sands production from 463 mb/d (2015) up to 600mb/d.

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Market access strategy for inland oil production

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Suncor has over 600 mb/d of near-term access to globally priced markets

Current1

• Existing pipelines and hubs

• 80+ mb/d rail loading and offloading

• Suncor Refinery

• Marine opportunities for inland oil

• Line 9 to Montreal

Denver

Edmonton

Sarnia

Montreal

Upgrader Diesel

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0

20

40

60

80

100

12019

8519

8619

8719

8819

8919

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

15

US$

/bbl

Oil price volatility

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*

* Source EIA

Brent crude oil price: History of volatility

Gulf War 1

Asian financial

crisis

Financial crisis

9/11

OPEC Market Share

OPEC Market Share

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Disciplined capital and operating cost management

SuncorCapex & cash flow from operationsC$ billions

CFOPs1

Capital Expenditures2

Oil SandsPrices and cash operating costsC$/bbl

Oil Sands Average3

Sales Price

Cash Operating Costs1

per barrel

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39.05 37.05 37.00 33.8028.20

0

25

50

75

100

2011 2012 2013 2014 20152011 2012 2013 2014 2015

39.05 37.05 37.0033.80

27.85

6.3 6.4 6.4 6.5 6.2

9.7 9.7 9.49.1

6.8

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Oil Sands Cost Structure Per Barrel – End of 2015

0

5

10

15

20

25

30

35

40

45

Royalties

Reclamation

Capital Expenses

Operating Expenses

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Municipal Costs

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Municipal taxes have increased yearly for industry exacerbating the erosion of industry competitiveness

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Firebag Debottle Update

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Repurpose of Voyageur equipmentFirebag debottleneck - Produced water cooling unit

203mb/d Firebag plant capacity rerate

2.8 current field wide SOR

<$5k/bbl debottleneck cost

3 Years acceleration of debottleneck

95% expected plant reliability

Scope• debottleneck of produced water cooling facilities

• rerate of de-oiling and steam generation units

• reduced field wide SOR

• infill wells continue to outperform

Cost effective debottleneck supported 23 kbpd plant capacity expansion

Forward sustaining capital requirement• sub-surface: alignment of well pad development timing

with increased nameplate capacity

• surface: facility investment planned near 2020 to maintain production capacity at increasing SORs

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2016 Spring Planned Maintenance

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Key dates• Pre-execution: February 1 – March 25• Execution: March 31 – May 17• Post-execution: May 18 – July 31

Scope of workCore Upgrader 2 assets • Regulatory/inspections, catalyst renewal/

regeneration, necessary reliability repairs, and critical project scope

Workforce size • ~2,500 general and specialty contractors,

and maintenance support

Production impact• 250,000 barrels per day

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Fort Hills Development Update

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50.8% Suncor working interestadditional 10% working interest as at November 2015

91mb/dproduction capacitynet to Suncor

21M+ construction hourswithout environmental or regulatory enforcement action

96% engineering completeas at December 31, 2015

51% construction completeas at December 31, 2015

capital cost estimatenet to Suncor from project sanction to first oil$6.5B

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Suncor’s proposed acquisition of Canadian Oil Sands Limited

The Offer COS board supported offer of 0.28 SU shares per COS share. The transaction was valued at $6.6 B at the time of agreement.

Financial 19% net debt to capitalization on a pro-forma basis as at September 30, 2015. Suncor to issue ~136 M shares assuming 100% of COS shares are acquired.

Operating Suncor would increase it’s working interest in Syncrude (capacity 350 mb/d SCO) from 12% to 48.74%. 20% increase in 2P reserves to 9.1 billion barrels.

Synergies Explore regional synergies and efficiencies with respect to operations, capital investment and technology