Suncor Energy Investor Information Published October 25, 2017

Fort Hills haul trucks 2 Canada’s leading integrated energy company

Enterprise value1 2P Reserve life index2 years $86B 35+ September 30, 2017 as at Dec. 31, 2016

Refining capacity 99% Oil production mbpd 668mboepd YTD 2017 462

Product sales Retail sites >530mbpd YTD 2017 >1530 In North America

Oda

1, 2 See Slide Notes and Advisories. 3 Investment proposition – growing shareholder returns Growth Cash generation Strong production1 increase from projects in flight Significant upside FFO3 sensitivity to WTI, based on TTM4 actuals (mbpd) US$49 WTI, 0.76 C$/US$, US$16.39 NYH crack spread (C$ billion) 800 $14 10% $12 700 Planned CAGR2 per share (2016-19) $10 $8 600 6% $6 CAGR2 per share 500 (2012-16) $4 $2 400 $0 2012 2016 2019 $49 $55 $60 $65 $70 Planned TTM Return of cash Resilience Commitment to dividends with >156% five year growth (2012-2017) Managing the balance sheet as a strategic asset Dividend per share5 Buyback per share5,6,7 Liquidity $8.3B $2.8B cash and $5.5B in available lines of credit As at September 30, 2017 1.28 1.14 1.12 1.14 1.16 1.02 — 0.94 A low Credit rating 0.73 Investment grade Baa1 DBRS (A Low) Stable, S&P(A-) stable outlook , Moody’s (Baa1) Stable 0.50 2017 WTI FFO Break-Even 0.60 ~$40 Sustaining capital + dividend8 2012 2013 2014 2015 2016 2017E

1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes and Advisories. 4 The foundation of our strategy Operational excellence Optimizing the base business Suncor’s upgrader reliability journey Multi year journey to reach >90% reliability • Safety as a core value 91% 90% 90% Excluding Alberta • Disciplined cost management 83% forest fire 81% 1 79% impact

• Leader in sustainability 74%

• Industry leading reliability

2012 2013 2014 2015 2016 YTD 2017 Capital discipline

Rigorous capital allocation process Firebag 23 mbpd plant capacity expansion for < $5k/bpd • Vast portfolio of high quality organic growth opportunities Additional 41.74% Syncrude WI for ~ $55k/bpd

• Strategic, counter-cyclical acquisitions & divestments Divestiture of Petro -Canada Lubricants Inc. for $1.125B

• Competitive, sustainable and growing dividends Annual dividend increases for 15 consecutive years

Launched $2B share buyback in May 2017 • Opportunistic share buybacks

1 See Slide Notes and Advisories. 5 Growing production

Suncor’s production growth forecast1,2 (mbpd)

~10% Hebron 3 800 2016-2019 planned CAGR per share E&P 700 Fort Hills 600 Syncrude 500

400

Base Mine 300 U1 U2 200 Base 100 In situ

FB 0 2015 2016 2017 2018 2019 Guidance midpoint Planned Planned

Planned major maintenance4 1, 2, 3,4 See Slide Notes and Advisories. 6$37.05 $37.00 R&M $33.80 Cost reductions across the corporation E&P$37.05 $37.00 $27.85 $27.81 OilR&M $37.05Sands $37.00 $33.80 $26.50 E&PPoly.R&M$37.05 (R&M) $37.00 Consistent reductions in operating costs $33.80 Company OS&G below 2014 levels while production increases ~30% $27.85 R&M $27.81 C$/bbl OilPoly.E&P $37.05Sands (E&P) $37.00 $33.80 $26.50 2 $27.85 E&PPoly.OilOilR&M Sands (Oil(R&M) Sands) $27.81 $33.80$9.78 $9.39 $26.50 40% $8.84 $8.17 $27.85 $8.69 $27.81 OilPoly.E&PPoly.E&P Sands3 (E&P) (R&M) $26.50 $7.19 $37.05 $37.05 $37.00 $37.00 4 $27.85 Poly.R&MPoly.Oil Sands (R&M)(Oil (E&P) Sands) $27.81 $33.80$9.78 $9.39 $26.50 30% $8.84 $8.17 $8.69 $33.80 Poly.E&PPoly.$5.20 (E&P) (Oil(R&M) Sands)$5.30 $6.00 $5.10 $5.10 $7.19$5.04 Production1 $9.78 $9.39 $8.84 $27.85 $8.69 $27.81 Poly.OilPoly. Sands (Oil (E&P) Sands) $8.17 $7.19 $27.85 Q3 2017 $9.78 $9.39 $26.50 20% $8.842012 $8.17 2013 2014 2015$8.69 2016 2017 YTD Poly.$5.20 (R&M)(Oil Sands)$5.30 $6.00 $5.10 $5.10 $7.19$5.04 $26.50 $9.78 $9.39 $23.65 $21.60$8.84 $8.17 $8.69 Poly.$5.20 (E&P) $5.30 $6.00 $5.10 $5.10 $5.04$7.19 10% 2012 2013 2014 2015 2016 2017 YTD Poly.$5.20 (Oil Sands)$5.30 $6.00 $5.10 $5.10 $5.04 535 mbpd 2012 2013$9.78 2014 $9.39 2015 2016 2017 YTD $8.84 $8.17 $8.69 $5.20 $5.30 $6.00 $5.10 $5.10 $7.19$5.04 0% $9.92 $10.03 $9.67 2012 2013 2014 2015 2016 2017 YTD $8.59 $8.32 $9.75B $7.30 $8.572012 2013 2014 2015 2016 2017 YTD $6.00 -10% OS&G1 $5.20 $5.30 $5.10 $5.10 $5.04 $6.00 $5.20 $5.30 $5.10 $5.10 $5.00 $4.502012 2013 2014 2015 2016 2017 YTD -20% 2014 2015 2016 2017E 2012 2013 2014 2015 2016 YTD 2017

>65% of savings attributed to controllable cost

Operational Productivity Business process Supply chain Improved reliability, increased Workforce reduction, Elimination of low-value added work, Sole sourcing, vendor scale, maintenance planning, technology application streamlined processes, lower fly in fly out contract concessions energy inputs

1, 2, 3, 4 See Slide Notes and Advisories. 7 Generating discretionary free cash flow1

FFO2 consistently exceeds sustaining capital, associated 2017 sustaining capital and dividend capitalized interest and dividends (C$ billions) break-even8

$8

~US$ 40.00 WTI $6.8 $6 Break-even $6.0

$4

$1.6 $1.9 $2

$2.7 $2.3 $0 2015 2016 2017 E

WTI US$3 $48.75 $43.35 $50.00 2017 Estimated dividends $2.1B6

NYH 3-2-1 US$4 $19.70 $14.05 $17.50 2017 Estimated sustaining capital $2.7B5

Sustaining capital5 Dividend FFO2 Illustrative 2017 FFO2,7

2017 Estimated sustaining capital5 + dividends6 1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes and Advisories. 8 Near-term flexible capital allocation plan1

Production Production growth Balance sheet Capital1 growth Dividend3 Buybacks3 post 2019 leverage metrics to 20192

Defer $40 WTI $4.0B debottlenecking and Upper range None USD pre -engineering on replication

10% Invest in $50 -$55 Grow with $1- $2B $5.0B CAGR debottlenecking and Mid range WTI pre -engineering on production Annually USD per share replication

Advance Extend $65 WTI $5.5B debottlenecking and Low range buyback USD development on replication program

Focused on near-term production and dividend, while discretionary capital investments and share buybacks are tailored to the business environment

1, 2, 3 See Slide Notes and Advisories. 9 Returning cash to shareholders

15 consecutive years of dividend increases plus opportunistic share buybacks

$120 Buyback per share1,2,3,5 $2.50 Dividend per share1 WTI US$ $100 $2.00

$80

$1.50 Actual buybacks/share as at September 30, 20175 $60 (US$/bbl) (C$/share) (C$/share)

Dividends $1.00 $40 expected to grow in line with 4 production $0.50 $20

$0 $0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018 Forward

Reinvestment into base business Petro-Canada transaction Invest in Hebron & Fort Hills Inflight growth and Focus on shareholder returns Grew production >70% and a focus on reducing debt and building cash reserve opportunistic acquisitions consolidate/integrate growth4

Increasing dividend Increasing dividend Increasing dividend & buying Increasing dividend Opportunity to increase back shares dividends & buy back shares4

1, 2, 3, 4, 5 See Slide Notes and Advisories. 10 Meaningful, growing and sustainable dividend

Dividend growth leader Sustainable dividend growth Five year dividend growth relative to global peers1 (Q3 2012 – Q3 2017) Dividend growth since 2010

200% 200% 120

100 $97.95 $94.90 $94.20

80 100% $79.50 $93.00 100% 60 Suncor Suncor $48.75 40 $43.35 0% 20

0% 0 2010 2011 2012 2013 2014 2015 2016

3 4 -100% Suncor Canadian Peers Large Integrateds E&Ps5 WTI US$

6 10% Dividend increase YTD 2017 25% Dividend CAGR Compared to YTD 2016 Q3 2012 – Q3 2017

7 32₵ Dividend per share 2.9% Dividend yield Q3 2017 As at September 30, 2017

Consecutive annual dividend 5-year total shareholder return 15 increases2 70% Including reinvested dividends 2012-2016 years 2003 to 2017

1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories. 11 Strong balance sheet

Conservative debt targets Debt metrics - as at September 30, 2017

<3x Net debt to FFO1 1.6x Net debt to FFO1

20-30% Total debt to capitalization 26% Total debt to capitalization

Investment grade credit rating $8.3B Liquidity

— DBRS Rating Limited (A Low) Stable Cash & cash equivalents ($2.8B) plus available credit A 2 low Standard and Poor’s Rating Services (A-) Stable Outlook facilities ($5.5B) Baa1 Moody’s Corp (Baa1) Stable

Manageable debt maturity profile2 (C$ billion)

2018-2020 $1.7

2021-2024 $2.6

2025-2028 $1.4

2029-2034 $1.6

2035-2039 $4.8

2040-2046 $0.5

1, 2 See Slide Notes and Advisories. 12 Suncor offers growth comparable to tight oil

Sustainable production growth through the downturn Year-over-year change, oil sands only for Suncor

60% Capital discipline allowed Suncor to 40% consistently grow production through the 14% crude price cycle 9% 20% 6% 9% 7% 10% Weak oil prices limit the ability for 0% tight oil production to grow

-20% 2012 2013 2014 2015 2016 2017E 2 1 Cimarex, Concho, Continental, Pioneer, EOG Suncor

30%

20% 14% Suncor’s production growth exceeded the 9% 7% 10% 9% 10% 6% supermajors in 4 of the 5 recent years

0% Supermajors’ growth limited by their -10% scale and natural production declines

-20% 2012 2013 2014 2015 2016 2017E 2

BP, Chevron, ConocoPhillips, Exxon, Shell, Total Suncor

1, 2 See Slide Notes and Advisories. 13 Returning cash in line with supermajors

Total cash (dividends + buybacks) returned to shareholders US$/bbl

$20 $15 Continued focus on capital discipline $16 $13 $11 allows sustainable cash returns for $12 shareholders through the crude price cycle

$8 $6 $6 Scarce cash returns to shareholders $4 amongst tight oil leaders $- 2012 2013 2014 2015 2016

Cimarex, Concho, Continental, Pioneer, EOG 1 Suncor

$25

$20 Balance sheet strength allows for $15 sustainable dividend, while buyback $13 $15 $11 programs offer flexibility $10 $6 $6 Cash returns to shareholders in line $5 with the supermajors $- 2012 2013 2014 2015 2016

BP, Chevron, ConocoPhillips, Exxon, Shell, Total Suncor

1 See Slide Notes and Advisories. 14 Typical attributes1 of North American oil plays

Initial Decline Sustaining Operating Reservoir Recovery Illustrative annual cash flow profiles2 capital rate costs cost risk factor

Mining High Very low Very low Medium Very low Very high

In situ Medium Low Low Low Low High

Offshore High High Medium Very low Medium Medium

Tight oil Low Very high High Medium High Low

50 Years

1, 2 See Slide Notes and Advisories. 15 Regional synergies for existing assets

100% WI Fort Joint ownership Hills Regional synergy opportunities1

T Upgrader feedstock optionality Syncrude Turnaround planning optimization Joslyn C T Unplanned outage impact mitigations

Firebag In Situ Process and technology sharing MacKay River Syncrude In Situ C T Sparing, warehousing and supply chain U management

Base Mine Regional contracts (lodging, busing, flights, etc.)

Lease development optimization

Base mine upgrader and terminal

U Syncrude upgrader C In situ central processing facility Fort McMurray T Terminal

Pipelines

Proposed bi-directional pipelines 1 See Slide Notes and Advisories. 16 Agile capital deployment – next generation SAGD development

Well pads - saving today CPF - redesigning tomorrow Simplified sustaining well pads, at existing assets, designed with Complete redesign of Central Processing Facility (CPF) for green increased automation field in situ replication

New in situ well pad compared to previous Suncor designs: New in situ CPF compared to industry leading designs expected1:

90% Fewer manual valves Reduced Maintenance & opex 15% Less equipment Reduced Maintenance & opex

70% Less piping Shorter Project execution cycle 20% Less piping Reduced Fugitive emissions

Less construction 50% 60% Smaller footprint 20% Fewer pumps 45% Smaller footprint hours

Firebag equivalency 470 000 m2 Best built 420 000 m2 9100 Best Announced 290 000 m2 230 Replication phase 1&2 Meadow Creek 235 750 m2 3 Expected: 50% smaller than Firebag 3&4 45% smaller than industry best built 20% smaller than best announced 0.7 625 25

Engineering hours Manual valves Number of modules per well pair per well pair per well pair

Previous design New lean pad design

1 See Slide Notes and Advisories. 17 Replication1 – next phase of oil sands organic growth

First energy company to receive approval for multiple in situ development phases under the Alberta Energy Regulator’s trial submission process for Meadow Creek East

Phases of 40 mbpd next generation in situ ~10 facilities (replication)

Phases in regulatory process - 2 approved, 1 7 submitted and an additional 4 to be submitted

360+ Mbpd production growth plans2

2023 Potential first oil from first phase Regulator approved replication facilities

Replication facility application 5+ Locations for replication submitted October 3, 2017

12 to 15 Months between phases

1, 2 See Slide Notes and Advisories. 18 Syncrude – cost management and collaboration underway

Operations

Suncor secondee, Doreen Cole, appointed as Managing Director replacing the CEO/President

Fire learnings addressed with enhanced winterization processes

>$125M/year (gross) expected savings 2018 forward1

Operations optimization

Application of best practices

Corporate & regional services Asset & lease development

Pending Syncrude Calgary office relocation to Suncor Working towards two bi-directional pipelines connecting Energy Center to capture lease efficiencies Syncrude and Suncor’s base mine by 2020

>$30M/year (gross) expected savings 2018 forward1 ~$200M (gross) expected cost for the <15km distance2

Lodging and busing service optimizations Transfer opportunities include sour synthetic and bitumen, ~3.5 mmbbl/yr and ~1.5 mmbbl/yr respectively Turnaround and project execution collaboration Asset optimizations during interruptions Materials & support equipment warehousing/distribution

1, 2 See Slide Notes and Advisories. 19 Fort Hills – transitioning to operations December 2017 First oil1 Operations

5 of 6 Major project areas operating 50.8% Suncor working interest 98% Staff hired

98.5 mbpd 20% Secondary extraction turned over to operations Suncor working interest nameplate capacity1,2

95% Mining & primary extraction assets proven $80-$83 k/bpd Suncor capital intensity1,3 Froth production trials complete >30% $7.9-$8.2B Suncor working interest project capital1,4 Construction

>96% Construction complete

Secondary extraction is the only remaining area in construction

Fort Hills separation cells

1, 2, 3, 4 See Slide Notes and Advisories. 20

Fort Hills – designed for safe, reliable, low-cost ramp-up and operations

Based on regional benchmarking, Suncor has invested significant capital to meet or exceed ramp-up and performance targets

Investments included in pre-sanction design with associated capex1 6- months pre -stripping (~$120M) Ramp- up acceleration Post -sanction enhancements with associated capex1 Second ore preparation train (~$400M) Reliability improvement

Spare ore sizer (~$50M) Reliability improvement

Tailings thickeners (~$50M) Energy intensity & opex reduction

PFT2 enhancements ( ~ $400M) Process safety & technology development

3-train PFT system (~$200M) Reliability improvement

Power and steam cogeneration (~$360M) Energy intensity & opex reduction

Administration building & operations lodge (~$370M) Attraction and retention of quality workforce

1, 2 See Slide Notes and Advisories 21 Fort Hills – de-risking startup and production

Fort Hills froth production 5 of 6 major project areas transitioned to operations Early commissioning of mine, primary extraction and utilities plants

Froth production test runs began in September

Shipment by truck to Suncor’s base plant for further processing

Multiple planned commissioning runs prior to first oil

No major issues during initial froth runs

Fort Hills froth loading facilities 22 Technology development – collaboration is key

Accelerating technology development and commercialization by leveraging external expertise and solutions Venture capital Evok Innovations - cofounder with $100M of available capital Emerald Technology Ventures - 10 years of investing equity in a cleantech portfolio

Direct strategic investments (equity) LanzaTech - developing a proprietary process to convert CO2 waste gas to renewable fuels Benefuel - testing proprietary technology using low cost feedstock to produce high quality biodiesel

Innovation challenges NRG/COSIA Carbon Xprize - Suncor led creation aimed at converting SAGD flue gas GHG emissions into valuable carbon based product; five finalists will compete for a $10M prize in 2018/19

Technology partnerships NSolv, Harris Controls, and others - partnerships and investments on novel in situ non-aqueous recovery processes

Academic partnerships NSERC - research chairs and other program work at leading Canadian Universities; long-term financial supporter

Industry partnerships COSIA - 5 year track record of sharing over $1B in Oil Sands environmental technologies among 10 members CRIN - leading the launch with over 50 companies/institutes, investing in clean technology and economic performance themes 23 ESG leadership

Environment Social Governance

Resilience through strategy Advancing relations with Leading governance Aboriginal Peoples Stress test carbon strategy against three $500 million equity partnership with First 10 of 11 independent Board members energy futures scenarios Nations on East Tank Farm Development1

Each scenario points to long-term resilience $445 million spend with Aboriginal Executive compensation linked to financial, as a function of cost and carbon businesses in 2016; total spend of almost operational, and sustainability metrics competitiveness throughout the value chain $3.9 billion since 1999

GHG reduction 2016 Economic contribution Strength in diversity

>60% reduction in Oil Sands GHG intensity since $6 billion capital and exploration spend Board diversity: 36% Female, 64% Male 1990 with a goal to reduce GHG intensity by an $418 million Government royalties & taxes additional 30% by 20302 4,800+ vendors spanning 10 provinces CEO Steve Williams is a member of 12,800+ Suncor employees Canada’s 30% Club Estimated cost impact of carbon tax legislation on upstream production 2018-27: $0.60/bbl3

1, 2, 3 See Slide Notes and Advisories 24 Appendix 25 2017 Capital and production guidance1

2017 Capital2 Growth capital3 Production4 $ millions percent boepd

Upstream5 4,735 – 4,875 60% 420,000 – 450,000 Oil Sands operations Downstream 625 – 675 0% 130,000 – 145,000 Syncrude Corporate 40 – 50 0% 115,000 – 125,000 E&P 425,000 – 445,000 Refinery throughput

Total $5,400 – $5,600 50% 680,000 – 720,000 Upstream production

2017 Planned maintenance for Suncor operated assets and Syncrude6,7

Upstream Timing Impact on quarter MacKay River Q4 ~8 mbpd*

* Third-party extension of Cogen maintenance

2017 Business Environment

Brent, Sollum Voe WTI, Cushing WCS, Hardisty NY Harbor 3-2-1 crack AECO – C Spot Exchange rate (US$/bbl) (US$/bbl) (US$/bbl) (US$/bbl) (C$/GJ) (C$/US$) 53 50 38 17.50 2.50 0.77

2017 Sensitivities8 +1/bbl Brent +$1/bbl NYH 3-2-1 +$0.01 FX +$1/GJ AECO +$1L/H Diff (US$) (US$) (US$/C$) (C$) (US$) FFO (C$ MM) 205 120 (170) (180) 2

1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes and Advisories. 26 Track record of counter-cyclical acquisitions ( ) and divestments ( )

$100 WTI US$/bbl

$80 Non-core UK offshore Rosebank $60 Total E&P Canada 30% WI Petro-Canada 10% Fort Hills WI $40 Canadian Oil Sands Murphy Oil 37% Syncrude WI 5% Syncrude WI $20

$40 NYH 3-2-1 US$/bbl $30 Pioneer retail network

$20 Valero Commerce City refinery $10 Conoco Commerce City refinery Petro-Canada $0

$8 Colorado, Canadian & AECO US$/gj Trinidad & Tobago $6 gas assets Canadian gas assets $4 Petro-Canada $2

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E1

Other purchases ( ) / divestments ( )

East Tank Farm2 $ Lubricants3 $ Wind Facilities4 $ 1, 2, 3, 4 See Slide Notes and Advisories. 27 Vast portfolio of high quality opportunities1

Continued growth and margin opportunities post 2019

In situ Mining Upgrading/Refining E&P

• Syncrude upgrading reliability Growth, • Meadow Creek • Fort Hills secondary beyond 90% • Oda optimization & • Lewis extraction • Montreal Coker • Rosebank debottlenecks • Mackay River optimization • Refining sour crude processing • Hebron • Base plant upgrading

• Tanker fleet management • Syncrude shared services, • Interconnect synergies • Syncrude hydro-treating across east coast Cost reduction bitumen integration, lease between Firebag phases integration assets development optimization & synergies • Fort Hills upgrader feedstock • East coast • Fort Hills connectivity synergies

• Further reliability improvement • Next generation SAGD • Turnaround optimization facilities (Pads/CPF) • Existing asset • Autonomous hauling • Bitumen partial upgrading Margin • Steam-solvent Injection extensions • Feed fines avoidance • Coke fired boiler replacement • Direct contact steam • West White Rose generation • Non-aqueous extraction • CO capture projects generation 2 project • Renewable fuels & blending • Solvent only recoveries • Refining yield improvement

1 See Slide Notes and Advisories. 28 High quality mining, in situ and upgrading portfolio1

Base Plant Syncrude 350,000 bpd capacity Syncrude operated Suncor working interest 100% 188,000 bpd coking capacity (SU WI) 1,619 mmbbls 2P reserves Suncor working interest 53.74% 1,316 mmbbls 2P reserves (SU WI)

Firebag Fort Hills 203,000 bpd capacity Suncor operated Suncor working interest 100% 98,500 bpd capacity (planned, SU WI) 2,622 mmbbls 2P reserves Suncor working interest 50.8% 1,455 mmbbls 2P reserves (SU WI) First oil expected in late 2017

MacKay River Future opportunities 38,000 bpd capacity Lewis (SU WI 100%) Suncor working interest 100% Meadow Creek (SU WI 75%) 528 mmbbls 2P reserves

1 See Slide Notes and Advisories. 29 Market access for Oil Sands production

Suncor currently has approximately 750 mbpd of near-term market access1 Proposed projects would provide Suncor with expanded pipeline connectivity to markets

Pipeline Current and forecasted gross pipeline capacity2 Gathering lines

TMPL 300 mbpd capacity2 Fort McMurray TMEP (Proposed) 142 +590 mbpd capacity3 Edmonton Rail 30+ Express, Platte and Rocky Hardisty Mountain Vancouver Rail 40+ 280 mbpd capacity2

Regina TransCanada Keystone Quebec 2 Cromer City 590 mbpd capacity

137 St. John Superior Keystone XL (Proposed) Montreal +830 mbpd capacity3 Rail 40+ 85 Enbridge Mainline Sarnia 2600 mbpd capacity2

San Francisco Enbridge Line 3 (Proposed) 3 Steele City +370 mbpd capacity Chicago 98 Denver Enbridge Line 9 Patoka 300 mbpd capacity2 Los Angeles Flanagan South Pipeline Cushing 585 mbpd capacity2 Marine opportunities

mbpd Suncor refinery capacity

mbpd Suncor rail loading capacity St. James Houston/Texas City

1, 2, 3 See Slide Notes and Advisories. 30 Canada’s largest Refining & Marketing business

Edmonton refinery Sarnia refinery 142,000 bpd capacity 85,000 bpd capacity 100% oil sands feedstock1 ~75% oil sands feedstock1

Commerce City refinery Montreal refinery 98,000 bpd capacity 137,000 bpd capacity ~20% oil sands feedstock1 ~30% oil sands feedstock1

Marketing Other Over 500,000 bpd in product sales 4 wind farms3 (111 MW) 1537 North American retail sites (~55% St. Clair Ethanol plant (400 ML/yr) owned) with largest urban share of market 51% interest in Parachem in Canada2 Global sulphur and petroleum coke marketing 275+ wholesale sites

1, 2, 3 See Slide Notes and Advisories. 31 Refining & Marketing – the value of integration

1 R&M annual net earnings Suncor peers1 Refinery utilization vs. US average Suncor US$/bbl of capacity Percent of refining capacity High US Average2 $15 Average Low 100%

$10

90%

$5

$0 80% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 YTD 2017

Price realizations & refinery crude costs3 Realized GM6/bbl vs. NYH 3-2-1 benchmark All Suncor refineries YTD Q3 2017, 38% equity feedstock4 All Suncor refineries Q3 2017

$120 27.95 24.25 $100 22.35 23.80

$80 Brent C$ 67.405 NYH 3-- 2 1 $60 C$ NYH 100 3-- 2 1 $40 US$ 60 53 $20

$0 Benchmark Benchmark Crude Product mix Yield/ Realized FIFO impact Realized OS realization Feedstock cost R&M realization crack crack differential & location feedstock/ GM (LIFO) 7 GM (FIFO) differential other

1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories. 32 Offshore with >410 million barrels of 2P reserves 1

Terra Nova Hibernia Suncor Energy operated ExxonMobil operated Suncor working interest 37.675% Suncor working interest 20.0%2 43 mmboe 2P reserves (SU WI) 88 mmboe 2P reserves (SU WI)

White Rose Buzzard Husky Energy operated Nexen Petroleum UK operated Suncor working interest 27.5%3 Suncor working interest 29.89% 28 mmboe 2P reserves (SU WI) 68 mmboe 2P reserves (SU WI)

Hebron Golden Eagle ExxonMobil operated Nexen Petroleum UK operated Suncor working interest 21% Suncor working interest 26.69% First oil expected in late 2017 23 mmboe 2P reserves (SU WI) 31.6 mboepd planned net capacity 151 mmboe 2P reserves (SU WI) Drilling of first production well began in Q3

Future opportunities: Oda-Norway (30% SU WI) and Rosebank-UK (30% SU WI)

1, 2, 3 See Slide Notes and Advisories. 33 E&P – value over volume $1.3B of FFO1, $515M of operating earnings1 and $487M of capex YTD 2017

2016 East Coast oil production2 Largest East Coast oil producer mboe/d Owner in all regional assets 60 50 $11.20/bbl YTD 2017 operating cost3 40 30 20 $40.35/bbl YTD 2017 operating netback4 10

0 Suncor ExxonMobil Chevron Husky Statoil Murphy Oil Energy Energy

2 th 2016 UK oil producer operating costs 5 largest UK oil producer US$/boe Lowest opex among oil producing peers $40

$30 $4.27/bbl YTD 2017 operating cost3 $20 $10 $58.62/bbl YTD 2017 operating netback4 $0

1, 2, 3,4 See Slide Notes and Advisories. 34 Advisories

Forward-Looking Statements – This presentation contains Suncor; changes in royalty, tax, environmental and other laws or prepared in accordance with GAAP. All non-GAAP measures are certain “forward-looking statements” within the meaning of the regulations or the interpretations of such laws or regulations; included because management uses the information to analyze United States Private Securities Litigation Reform Act of 1995 applicable political and economic conditions; risks associated business performance, leverage and liquidity and therefore may and “forward-looking information” within the meaning of with existing and potential future lawsuits and regulatory actions; be considered useful information by investors. applicable Canadian securities legislation (collectively, “forward- the timing and completion of divestments; improvements in looking statements”), including statements about: future performance of assets; and the timing and impact of technology Annual funds from operations (previously referred to as cash production, compound annual growth rate, funds from development. flow from operations) for 2015 and 2016 are defined and operations, cash flow, expenses, capital expenditures, WTI reconciled to GAAP measures in Suncor’s management’s break even and operating and financial results; expectations for Although Suncor believes that the expectations represented by discussion and analysis for the year ended December 31, 2016 dividends, share re-purchases, production growth and balance such forward-looking statements are reasonable, there can be (2016 MD&A); annual Oil Sands operations cash operating costs sheet position; Suncor’s emissions intensity reduction goal; no assurance that such expectations will prove to be correct. (previously referred to as Oil Sands cash operating costs) for estimated impact of carbon taxes; anticipated proceeds of Suncor’s Management Discussion and Analysis for the quarter 2011, 2012 and 2013 are defined and reconciled to GAAP divestment; Suncor’s strategy, business plans and growth and ended September 30, 2017 and dated October 25, 2017 (the measures in Suncor’s management’s discussion and analysis for margin opportunities; expectations, targets and potential MD&A), Annual Report and its most recently filed Annual the year ended December 31, 2013 (2013 MD&A), and for 2014, opportunities with respect to Syncrude; expectations with respect Information Form/Form 40-F and other documents it files from 2015 and 2016 are defined and reconciled in the 2016 MD&A; to growth projects, including Fort Hills, Meadow Creek East, time to time with securities regulatory authorities describe the funds from operations and Oil Sands operations cash operating Hebron and debottlenecks, including planned capacity, cost and risks, uncertainties, material assumptions and other factors that costs for the nine months ended September 30, 2017 are timing; expectations regarding the East Tank Farm could influence actual results and such factors are incorporated defined and reconciled to GAAP measures in the MD&A; refining Development; anticipated benefits of the next generation SAGD herein by reference. Copies of these documents are available operating expense is defined in the 2016 MD&A, for the years optimized centralized processing facility; expectations regarding without charge from Suncor at 150 6th Avenue S.W., Calgary, 2012 to 2016 is reconciled to GAAP measures in the Operating technologies under development; planned maintenance; Alberta T2P 3E3, by calling 1-800-558-9071, or by email request Metrics Reconciliation in the Supplemental Financial and expectations for renewable energy development; planned to [email protected] or by referring to the company’s profile on Operating Information in Suncor’s annual report for the year technology investment; capital and production guidance; SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except ended December 31, 2016, and for the three and nine months business environment assumptions; and potential future as required by applicable securities laws, Suncor disclaims any ended September 30, 2017 is reconciled to GAAP measures in pipelines that are based on Suncor’s current expectations, intention or obligation to publicly update or revise any forward- the Quarterly Operating Metrics reconciliation in Suncor’s report estimates, projections and assumptions that were made by looking statements, whether as a result of new information, to shareholders for the third quarter of 2017; discretionary free Suncor in light of its experience and its perception of historical future events or otherwise. Suncor’s actual results may differ cash flow for 2015 and 2016 is defined and reconciled in the trends. Some of the forward-looking statements may be materially from those expressed or implied by its forward-looking 2016 MD&A; operating earnings for the nine months ended identified by words such as “planned”, “estimated”, “target”, statements, so readers are cautioned not to place undue September 30, 2017 are defined and reconciled to GAAP “goal”, “illustrative”, “strategy”, “expected”, “focused”, reliance on them. measures in the MD&A; and the estimated impact of the LIFO “opportunities”, “may”, “will”, “outlook”, “anticipated”, “potential”, method for the third quarter of 2017 is defined and reconciled in “guidance”, “predicts”, “aims”, “proposed” and similar Suncor’s corporate guidance includes a planned production the MD&A. expressions. Forward-looking statements are not guarantees of range, planned maintenance, capital expenditures and other future performance and involve a number of risks and information, based on our current expectations, estimates, Reserves– Unless noted otherwise, reserves information uncertainties, some that are similar to other oil and gas projections and assumptions (collectively, the “Factors”), presented herein for Suncor is presented as Suncor’s working companies and some that are unique to Suncor. Users of this including those outlined in our 2017 Corporate Guidance interest (operating and non-operating) before deduction of information are cautioned that actual results may differ materially available on www.suncor.com/guidance, which Factors are royalties, and without including any royalty interests of Suncor, as a result of, among other things, assumptions regarding: incorporated herein by reference. Suncor includes forward- and is at December 31, 2016. For more information on Suncor’s commodity prices; timing of commissioning and start-up, cost, looking statements to assist readers in understanding the reserves, including definitions of proved and probable reserves, characteristics, and capacity of capital projects; assumptions company’s future plans and expectations and the use of such Suncor’s interest, location of the reserves and the product types contained in or relevant to Suncor’s 2017 Corporate Guidance; information for other purposes may not be appropriate. reasonably expected please see Suncor’s most recent Annual fluctuations in foreign exchange and interest rates; product Information Form/Form 40-F dated March 1, 2017 available at supply and demand; market competition; future production rates; Non-GAAP Measures – Certain financial measures in this www.sedar.com and www.sec.gov. Reserves data is based upon the sufficiency of budgeted capital expenditures in carrying out presentation – namely funds from operations, operating evaluations conducted by independent qualified reserves planned activities; risks inherent in marketing operations earnings, Oil Sands operations cash operating costs, cash evaluators as defined in NI 51-101. (including credit risks); imprecision of reserves estimates and operating costs for United Kingdom and East Coast Canada, estimates of recoverable quantities of oil, natural gas and liquids operating netbacks for United Kingdom and East Coast Canada, BOE (Barrels of oil equivalent) – Certain natural gas volumes from Suncor’s properties; expected synergies and the ability to refining operating expense, discretionary free cash flow, free have been converted to barrels of oil on the basis of six sustain reductions in costs; the ability to access external sources cash flow and last in, first out (LIFO) – are not prescribed by thousand cubic feet to one boe. This industry convention is not of debt and equity capital; the timing and the costs of well and GAAP. All non-GAAP measures presented herein do not have indicative of relative market values, and thus may be misleading. pipeline construction; the timely receipt of regulatory and other any standardized meaning and therefore are unlikely to be approvals; the timing of sanction decisions and Board of comparable to similar measures presented by other companies. Directors’ approval; the availability and cost of labour and Therefore, these non-GAAP measures should not be considered services; the satisfaction by third parties of their obligations to in isolation or as a substitute for measures of performance 35 Slide Notes

Slide 2------at the discretion of Suncor’s Board of Directors. Actual results Q3 2017 Quarterly Report to Shareholders and Annual Report for (1) Market capitalization + debt - cash and cash equivalents. may differ materially. See Forward-Looking Statements in the the year ended December 31, 2016. See Non-GAAP Measures (2) As at December 31, 2016 and assumes that approximately 7.96 Advisories. in the Advisories. billion barrels of oil equivalent (boe) of proved and probable Slide 4------(4) Refers to refining operating expense, which is a non-GAAP reserves (2P) are produced at a rate of 622.8 mboe/d, Suncor’s (1) Excludes the impact of operations being shut-in due to forest measure. Did not report R&M opex numbers in 2011. See Non- average daily production rate in 2016. Reserves are working fires in the Fort McMurray region. GAAP Measures in the Advisories. interest before royalties. See Reserves in the Advisories. Slide 5------Slide 7------Slide 3------(1) E&P includes East Coast Canada (ex-Hebron), North Sea and (1) Discretionary free cash flow is calculated by taking funds from (1) Production excludes North America onshore, Libya and Syria for includes pre-sanction offshore projects that are subject to operations (FFO) and subtracting sustaining capital, inclusive of all years including 2019 Planned and includes pre-sanction sanction and Board of Directors’ approval. Production excludes associated capitalized interest, and dividends. Discretionary free offshore projects that are subject to sanction and Board of North America onshore, Libya, and Syria for all years. Syncrude cash flow is a non-GAAP measure. See Non-GAAP Measures in Directors’ approval. Production estimate may vary materially from includes the 36.74% interest in Syncrude acquired on February the Advisories. actual production in the future. See Forward-Looking Statements 5, 2016 and the 5% interest of Syncrude acquired on June 23, (2) Funds from operations (FFO) is defined as cash flow provided by in the Advisories. 2016. Planned production may vary materially from actual operating activities excluding changes in non-cash working (2) Compound annual growth rates (CAGR) are calculated using production in the future. See Forward-Looking Statements in the capital. Funds from operations is a non-GAAP financial combined Offshore and Oil Sands 2012 full year production and Advisories. measure. See Non-GAAP Measures in the Advisories. 2016 full year production and planned volumes for 2019. Actual (2) Bitumen production from Oil Sands Base operations is upgraded, (3) WTI pricing for 2015-2016 are actual averages for each production may vary materially. See Forward-Looking while bitumen production from In Situ operations is either respective year. The WTI pricing for 2017 is based on 2017 Statements in the Advisories. upgraded or sold directly to customers, including Suncor’s own guidance. (3) Funds from operations (FFO) is a non-GAAP financial measure. refineries. Yields of SCO and diesel from Suncor’s upgrading (4) The NYH 3-2-1 benchmark numbers for 2015-2016 are actual See Non-GAAP Measures in the Advisories. Funds from process are approximately 79% of bitumen feedstock input. All of averages for each respective year. The 2017 numbers are operations is calculated as cash flow provided by operating the bitumen produced at Syncrude is upgraded to sweet SCO. based on Suncor’s 2017 guidance numbers. activities excluding changes in non-cash working capital. (3) Compound annual growth rates (CAGR) are calculated using (5) Represents anticipated sustaining capital expenditures (inclusive (4) Refers to Trailing Twelve Month average value as at September combined Offshore and Oil Sands 2016 full year production, mid- of associated capitalized interest) based on the company’s 30, 2017. point of combined offshore and Oil Sands production guidance current business plans. Actual capital expenditures and (5) Based on the average number of shares outstanding in each for full year 2017, and planned volumes for 2018 - 2019. associated capitalized interest along with the company’s year for 2012 to 2015 and as at December 31, 2016 in the case Planned CAGR may vary materially from actual CAGR in the business plans may differ materially from those anticipated and of 2016 and closing number of shares as at September 30, 2017 future. See Forward-Looking Statements in the Advisories. are subject to Board of Directors’ approval. For the definition of in the case of 2017. 2017 dividend amount assumes $0.32/share (4) U1 (Upgrader 1) and U2 (Upgrader 2) and FB (Firebag). See sustaining capital expenditures see the Capital Investment dividend for each quarter. All dividends are at the discretion of 2017 Planned Maintenance for Suncor Operated Assets and Update section of the MD&A. See Forward-Looking Statements Suncor’s Board of Directors. See Forward-Looking Statements in Syncrude on Slide 25. Subject to change. Estimated impacts of in the Advisories. the Advisories. maintenance have been factored into annual guidance. (6) Assumes 2017 quarterly dividend of $0.32/share. All dividends (6) Figure does not include the $43 million worth of shares Slide 6------are at the discretion of Suncor’s Board of Directors. See repurchased in the twelve months ended December 31, 2015 (1) 2017E Represents expected 2017 production based on the mid- Forward-Looking Statements in the Advisories. ($0.03/share repurchased in 2015). point of guidance and expected 2017 operating, selling and (7) Illustrative FFO is not intended to be a forecast of Suncor’s FFO. (7) 2017 buyback per share assumes $1 billion of annual spend general (OS&G) expenses. Actual production and OS&G It is indicative of FFO based on the midpoint of 2017 guidance under the normal course issuer bid (NCIB). Under its NCIB, expenses may differ materially. See Forward-Looking Statements released on October 25, 2017. Also based on continued industry Suncor may purchase up to $2 billion worth of its common in the Advisories. growth fundamentals. Actual results may differ materially. See shares beginning May 2, 2017 and ending May 1, 2018. The (2) Refers to Oil Sands operations cash operating costs per barrel, Forward-Looking Statements in the Advisories. NCIB is opportunistic. The actual number of shares that will be which excludes Syncrude and which is a non-GAAP measure. (8) Refers to estimated average WTI crude oil price for 2017 in US purchased under the NCIB and the timing of any such purchases See Non-GAAP Measures in the Advisories. dollars required for funds from operations for 2017 to equal will be determined by Suncor and will depend on market (3) Refers to cash operating costs for United Kingdom and East anticipated 2017 sustaining capital expenditures inclusive of conditions, cash flow and other factors, and could differ Coast Canada, which is a non-GAAP measure and is calculated associated capitalized interest and dividends. Assumes materially from this assumption. See Forward-Looking by taking the sum of OS&G expenses (a GAAP measure) for the production, sustaining capital and business environment at the Statements in the Advisories. United Kingdom and East Coast Canada, subtracting non- midpoint of 2017 guidance released on October 25, 2017 and a (8) Refers to estimated average WTI crude oil price for 2017 in US production costs for United Kingdom and East Coast Canada and $0.32/share dividend for each quarter in 2017. All dividends are dollars required for funds from operations for 2017 to equal dividing the resulting figure by the sum of the sales volumes for at the discretion of Suncor’s Board of Directors. Actual results anticipated 2017 sustaining capital expenditures inclusive of United Kingdom and East Coast Canada, all as indicated for the may differ materially. See Forward-Looking Statements in the associated capitalized interest and dividends. Assumes applicable year and for the three and nine months ended Advisories. production, sustaining capital and business environment at the September 30, 2017 in the Exploration and Production Netbacks midpoint of 2017 guidance released on October 25, 2017 and a section of the Operating Metrics Reconciliation in the continued … $0.32/share dividend for each quarter in 2017. All dividends are Supplemental Financial and Operating Information in Suncor’s 36 Slide Notes (continued)

Slide 8------(4) Large integrated peers in alphabetical order: BP plc., Chevron Slide 18------(1) Based on current business plans, which are subject to change. Corporation, ExxonMobil Corporation, Royal Dutch Shell plc., (1) Represents current estimates of potential benefits over life of See Forward-Looking Statements in the Advisories. Total S.A. project. Actual results may differ materially. See Forward- (2) Based on 2016 full year production and planned volumes for (5) E&P peer group in alphabetical order: Anadarko Petroleum looking Statements in the Advisories. 2019. Actual production may vary materially. See Forward- Corporation, Apache Corporation, Chesapeake Energy (2) Represents current estimate of cost to build pipeline. Actual Looking Statements in the Advisories. Corporation, ConocoPhillips Co., Devon Energy Corporation, results may differ materially. See Forward-looking Statements (3) Dividends and future normal course issuer bids are at the Encana Corporation, EOG Resources Inc., Hess Corporation, in the Advisories. discretion of Suncor’s Board of Directors. See Forward-Looking Marathon Oil Corporation, Murphy Oil Corporation, Occidental Slide 19------Statements in the Advisories. Petroleum Corporation. (1) First oil, capital intensity, project capital and nameplate capacity Slide 9------(6) Compound annual growth rate (CAGR) is calculated using Q3 based on current expectations. See Forward-Looking (1) Based on the average of shares outstanding in each year for 2012 dividend and Q3 2017 dividend. Statements in the Advisories. 2002 to 2015 and as at December 31, 2016 in the case of 2016 (7) Dividend yield is calculated as annual dividend per share divided (2) Nameplate production capacity, actual results may vary. See and closing number of shares as at September 30, 2017 in the by Suncor closing share price on September 30, 2017. Forward-looking Statements in the Advisories. case of 2017. 2017 dividend amount assumes $0.32/share Slide 11------(3) Suncor’s capital intensity includes the impact of acquiring an dividend for each quarter. All dividends are at the discretion of (1) Funds from operations is a non-GAAP financial measure. See additional 10% working interest in 2015 and may differ from that Suncor’s Board of Directors. See Forward-Looking Statements in Non-GAAP Measures in the Advisories. Funds from operations is of the other project partners. the Advisories. calculated as cash flow provided by operating activities excluding (4) The capital ranges exclude the impact of foreign exchange due (2) Figure does not include the $43 million worth of shares changes in non-cash working capital. to the weakness in the Canadian dollar. F/X is dealt with at the repurchased in the twelve months ended December 31, 2015 (2) All figures are in billions of CAD. U.S dollar facilities converted at individual owner level and not at the project level due to ($0.03/share repurchased in 2015). a rate of $1.2480, the Bank of Canada Day Daily Rate as at individual hedging programs. Suncor did not hedge the US (3) 2017 buyback per share assumes $1 billion of annual spend September 29, 2017. Canadian dollar exchange rate which has resulted in under the normal course issuer bid (NCIB). Under its NCIB, Slide 12------approximately $180M net impact to Suncor. Suncor may purchase up to $2 billion worth of its common (1) Peer group chosen to consist of liquids-weighted and basin- Slide 20------shares beginning May 2, 2017 and ending May 1, 2018. The concentrated U.S. E&P companies. (1) Represents current estimates of potential improvements. Actual NCIB is opportunistic. The actual number of shares that will be (2) Represents expected 2017 production growth. Actual production results may differ materially. See Forward-looking Statements purchased under the NCIB and the timing of any such purchases growth may vary materially. See Forward-Looking Statements in in the Advisories. will be determined by Suncor and will depend on market the Advisories. (2) PFT refers to Paraphinic Froth Treatment conditions, cash flow and other factors, and could differ Slide 13------Slide 23 ------materially from this assumption. See Forward-Looking (1) Peer group chosen to consist of liquids-weighted and basin- (1) Refers to estimated proceeds from the sale of a combined 49% Statements in the Advisories. concentrated U.S. E&P companies. interest in the East Tank Farm development to the Fort McKay (4) Based on the company’s current business plans, which are Slide 14------First Nation and the Mikisew Cree First Nation. The transactions subject to change. All dividends are at the discretion of Suncor’s (1) Attributes are generalizations based on Suncor’s analysis of its are subject to closing conditions, including financing. See Board of Directors. See Forward-Looking Statements in the own projects and industry data. Forward-looking Statements in the Advisories. Advisories. (2) Annual cash flow profiles are based on representative project (2) See Suncor’s 2017 Report on Sustainability for further details on (5) Current amount of NCIB spent YTD is $578M. economics (development capital, operating and sustaining costs) the methodologies used to calculate GHG emission intensities. Slide 10------using consistent assumptions for future oil prices (including (3) Actual cost impact may differ materially. See Forward-looking (1) Global peers in alphabetical order, not necessarily as they adjustments for quality, transportation and marketing costs), tax Statements in the Advisories. appear in the chart: Anadarko Petroleum Corporation, Apache and royalty rates. Actual cash flows may differ materially. See Corporation, BP plc, Cenovus Energy Inc., Chesapeake Energy Forward-Looking Statements in the Advisories. continued … Corporation, Chevron Corporation, Canadian Natural Resources Slide 15------Limited, ConocoPhillips Co., Devon Energy Corporation, Encana (1) Represents possible future opportunities currently being Corporation, EOG Resources Inc., ExxonMobil Corporation, evaluated. There can be no assurance these opportunities will Hess Corporation, Husky Energy Inc., Imperial Oil Limited, be pursued. See Forward-Looking Statements in the Advisories. Marathon Oil Corporation, Murphy Oil Corporation, Occidental Slide 16------Petroleum Corporation, Royal Dutch Shell plc, and Total S.A. (1) Expected benefits based on design specifications. Actual (2) Assumes an expected 2017 quarterly dividend of $0.32/share. performance may differ materially. See Forward Looking All dividends are at the discretion of Suncor’s Board of Directors. Statements in the Advisories. See Forward-Looking Statements in the Advisories. Slide 17------(3) Canadian peers in alphabetical order: Canadian Natural (1) Based on current plans which are subject to change. See Resources Ltd., Cenovus Energy Inc., Husky Energy Inc., Forward-looking Statements in the Advisories. Imperial Oil Limited. (2) Gross project volume including Nexen’s interest 37 Slide Notes (continued)

Slide 25------level as estimates of reserves for all properties due to the effects (FIFO) basis consistent with IFRS accounting policy. See Non- (1) Full guidance is available at suncor.com/guidance. See Forward- of aggregation. Suncor’s total 2P Reserves (gross) for Canada GAAP Measures in the Advisories. Looking Statements in the Advisories. are 7,855 mmboe as at Dec. 31, 2016. Slide 32------(2) Capital expenditures exclude capitalized interest of Slide 29------(1) Reserves are working interest before royalties. See Reserves in approximately $750 million (1) Based on inland crude oil sold to markets based on pipeline and the Advisories. The estimates of reserves for individual properties (3) Balance of capital expenditures represents sustaining capital. For rail logistics or processed at Suncor’s refineries. provided herein may not reflect the same confidence level as definitions of growth and sustaining capital expenditures, see the (2) Approximate total pipeline capacities based on publically sourced estimates of reserves for all properties due to the effects of Capital Investment Update section of the MD&A. information available at www.capp.ca and www.enbridge.com aggregation. Suncor’s 2P Reserves (gross) for total Canada, (4) At the time of publication, production in Libya continues to be North Sea UK and Norway North Sea, respectively are 7,855 (3) Proposed future pipeline. There can be no assurance this affected by political unrest and therefore no forward looking mmboe, 91 mmboe and 11 mmboe as at Dec. 31, 2016. pipeline will be built with the capacity indicated or at all. See production for Libya is factored into the Exploration and Forward-Looking Statements in the Advisories. (2) Suncor’s 20.0% working interest is for the Hibernia base project. Production and Suncor Total Production guidance. Production Slide 30------Effective May 1, 2017, Suncor’s working interest in Hibernia ranges for Oil Sands operations, Syncrude and Exploration and (1) Percentages indicate processing capabilities Southern Extension Unit (HSEU) increased by 0.058% to Production (E&P) are not intended to add to equal Suncor total (2) Based on Kent survey results for year-end 2016. 19.19%. production. (3) Wind farm capacities are gross. Includes working interests in (3) Suncor’s 27.5% working interest is for the White Rose base (5) The upstream capital spending outlook includes approximately five operating wind farms with gross installed capacity of 111 project. Suncor’s working interest in the White Rose growth $335 million of sustaining capital for Suncor’s 53.74% share of MW. As at September 30, 2016, Suncor reclassified certain lands is 26.125%. Syncrude. assets and liabilities related to its renewable energy business as Slide 33------(6) Subject to change. Estimated impacts have been factored into assets held for sale. The sale of Suncor’s interest in the Cedar (1) Funds from operations (FFO) and operating earnings are non- annual guidance. Point wind facility closed on January 24, 2017. The sale of GAAP financial measures. See Non-GAAP Measures in the (7) Syncrude is operated by Syncrude Canada Limited. Suncor’s interest in the Ripley wind facility closed on July 10, Advisories. TM (8) Baseline FFO has been derived from midpoint of 2017 guidance 2017. See Forward-Looking Statements in the Advisories. (2) Data was sourced from the Upstream Data Tool , a product of and the associated business environment. Sensitivities are based Slide 31------Wood Mackenzie. Cash operating costs as calculated by Suncor on changing a single factor by its indicated range while holding (1) Net earnings per barrel of capacity. Peers include: Alon, CVR may not be comparable to similar measures presented by other the rest constant. Funds from operations is a non-GAAP financial Refining, the US downstream divisions of Chevron and companies. See Non-GAAP Measures in the Advisories. measure. See Non-GAAP Measures in the Advisories. Funds ExxonMobil, HollyFrontier, the downstream divisions of Imperial (3) Refers to cash operating costs, which is a non-GAAP measure from operations is calculated as cash flow provided by operating Oil and Husky, Marathon Petroleum, PBF Energy, Phillips 66, and is calculated by taking operating, selling and general activities excluding changes in non-cash working capital. Tesoro, United Refining, Valero, and Western Refining. Suncor, expenses (a GAAP measure), subtracting non-production costs Slide 26------CVR Refining and Husky report net earnings on a FIFO inventory and dividing the resulting figure by the sales volumes for each (1) Full year pricing assumptions taken from Suncor’s 2017 valuation basis, while other peers report on a Last in, first out region, all as indicated for the nine months ended September 30, guidance. See Forward-Looking Statements in the Advisories. (LIFO) basis, and therefore Suncor’s net earnings in a given 2017 in the Exploration and Production Netbacks section of the (2) Refers to estimated proceeds from the sale of a combined 49% period may not be comparable to those peers. Net earnings Operating Metrics Reconciliation in the Supplemental Financial interest in the East Tank Farm development to the Fort McKay converted to USD at the average exchange rate for the and Operating Information in Suncor’s Q3 2017 Quarterly Report First Nation and the Mikisew Cree First Nation. The transactions applicable year. to Shareholders. See Non-GAAP Measures in the Advisories. are subject to closing conditions, including financing. See (2) Source: US Energy Information Administration (4) Netbacks are non-GAAP measures that are used by Forward-looking Statements in the Advisories. (3) OS realization is the average sales price for Oil Sands (includes management to measure asset profitability by location on a sales (3) Refers to sale of Suncor lubricants business to a subsidiary of Syncrude), before royalties and net of transportation costs. barrel basis and are derived from net earnings after adjusting for HollyFrontier Corporation, which closed on February 1, 2017. Feedstock cost is the average crude oil purchase price including items not directly attributable to the costs associated with (4) As at September 30, 2016, Suncor reclassified certain assets transportation costs for Suncor’s Edmonton, Denver, Sarnia and production and delivery. Netbacks are reconciled to GAAP and liabilities related to its renewable energy business as assets Montreal refineries. R&M realization price represents revenue for measures in the Operating Metrics Reconciliation section of the held for sale. The sale of Suncor’s interest in the Cedar Point all products across all channels for full year 2016. Q3 2017 Quarterly Report to Shareholders. See Non-GAAP wind facility closed on January 24, 2017 and sale of Suncor’s (4) Equity feedstock refers to refinery feedstock derived from Measures in the Advisories. interest in the Ripley wind facility closed on July 10, 2017. Suncor’s upstream production. Slide 27------(5) Brent averaged $51.90 USD for the period ended September 30, (1) Represents potential opportunities being evaluated. Actual 2017 and was converted at $1.30 USD/CAD, the average results may differ materially. See Forward-Looking Statements in exchange rate for the period. the Advisories. (6) Gross Margins (GM) per barrel is defined as difference between Slide 28------the total value of petroleum products produced at a refinery less (1) Reserves are working interest before royalties. See Reserves in the cost of the feedstock, divided by total throughput. the Advisories. The estimates of reserves for individual (7) Last in first out (LIFO) refers to the non-GAAP method of properties provided herein may not reflect the same confidence inventory accounting, while Suncor reports on a first in first out 38 Notes 39 Notes Investor Relations contacts Steve Douglas David Burdziuk Valerie Roberts Ever Motis

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