SUNCOR ENERGY Investor Information Q2 2021 Published July 28, 2021

SUNCOR ENERGY Integrated Model 2019 / 2020 AVERAGES OF PRODUCTS SOLD TO MARKET

REFINED PRODUCTS ~50% FFO1 456 kbpd2 SYNTHETIC CRUDE OIL OFFSHORE ~25% FFO1 GASOLINE (45%) BITUMEN ~15% FFO1 315 kbpd2 DISTILLATES (45%) ~10% FFO1 104 kbpd2 ASPHALT (5%) OTHER (5%) 138 kbpd2

HIGH BASE VALUE PROCESSING, ENERGY ENERGY INFRASTRUCTURE CONSUMER SOURCES4 6 SOURCES3 & LOGISTICS5 CHANNELS Sale of Processing & using extensive Refining hydrocarbons into Sale of unprocessed infrastructure, logistics & trading consumer products & marketing unprocessed energy products, to optimize product movement to wholesale & retail consumers energy products majority at US across value chain at Brent pricing to Gulf Coast global markets heavy pricing

PHYSICAL INTEGRATION STRATEGY

Agile & informed model to capture margin by processing & moving energy across the value chain

SUNCOR ENERGY 1, 2, 3, 4, 5, 6 See Slide Notes & Advisories 2 500 Converting $150.00 Asset Value Maximization hydrocarbons into 2019 / 2020 AVERAGES1 ($CAD) consumer products (Refer to pages 40 - 42 in Supplemental IR Deck for full reconciliation) 456 Product Value Transportation Cost kbpd2 Product Margin Processing Cost 400 Royalty Cost Feedstock Cost $120.00

Upgrading bitumen to ~1/3 margin from higher value product physical integration, marketing & logistics 300 315 $90.00 kbpd $89 Globally priced per bbl offshore production $32 per bbl $69 $53 200 $60.00 per bbl per bbl Minimizing $62 $25 exposure to low per bbl per bbl value bitumen

$43 $18 138 $57/bbl per bbl per bbl 100 kbpd $30.00 104 Majority $37/bbl

kbpd sold at $25/bbl US Gulf

$16/bbl Coast at global heavy pricing 0 $- OFFSHORE SALES BITUMEN SALES SYNTHETIC CRUDE OIL REFINED PRODUCT to market to market SALES SALES to market to market

MAJORITY OF PHYSICALLY INTEGRATED VOLUMES

SUNCOR ENERGY 1, 2 See Slide Notes & Advisories 3 Operations & Consumer Network

29 year Oil Sands Reserve Life Index1 ~25 mmbbl storage Western Canada ~1875 Petro Canada sites2 ~15 mmbbl storage Eastern Canada

Only refinery in Colorado

~10 mmbbl storage Central US & Gulf Coast

3

Oil & Refined product storage (SU operated) SUNCOR ENERGY 1, 2, 3 See Slide Notes & Advisories 4 The Suncor Advantage1

LEADING SUSTAINABILITY TRACK RECORD ACROSS BUSINESS

ENERGY PROCESSING, SOURCES INFRASTRUCTURE CONSUMER & LOGISTICS CHANNELS Access global markets through sale of unprocessed energy Processing & using extensive Refining hydrocarbons into products infrastructure, logistics & trading consumer products & marketing to optimize product movement to wholesale & retail consumers Bitumen: Majority US Gulf Coast heavy pricing across value chain Offshore: Brent pricing

ENERGY PROCESSING, CONSUMER SOURCES INFRASTRUCTURE CHANNELS & LOGISTICS

• Long life, low decline assets with • Upgrading improves value & • ~20% Canadian retail market share2 operational connectivity & flexibility marketability of products • 1st cross-Canada EV charging network • Newest oil sands asset (Fort Hills) • Asset flexibility • Canada’s largest ethanol producer has carbon intensity equivalent to • Base Plant upgrader tied into Edmonton average U.S. refined barrel Refinery, optimizing upgrading capabilities • ~466 kbpd refining capacity3 • Interconnect pipelines construction completed (refer to page 34 in Supplemental IR deck) and in-service in Q4 2020, connecting Base • Refineries & associated product market • Produce bitumen to keep upgraders Plant & Syncrude upgrading complexes • Edmonton – across Canada, northwest US & full to support the value chain export markets • Capitalize on price dislocations through • Sarnia & Montreal – Toronto, Midwest US • Commerce City – Colorado • Partnering with First Nations in alignment of upstream operations & risk • Refinery product mix flexibility4 responsible resource development management activities • Diesel: ~35 – 45% • Target to reduce 10Mt emissions • International presence through supply & • Gasoline: ~35 – 45% across our value chain by 2030 trading office locations in • Jet Fuel: ~0 – 5% (refer to page 12) London & Houston • Asphalt / Chemicals / Other: ~10 – 15% • Significant storage (~50 mmbbls), infrastructure & logistics, including 5,600 • Investing in low carbon technologies to rail cars to move reduce emissions of products (refer to page 28-31 in Supplemental IR deck) refined products

SUNCOR ENERGY 1, 2, 3, 4 See Slide Notes & Advisories 5 Capital Allocation in US$55 WTI Scenario1

2

2 5-year plan shows FFO3 growth & resilience1,2

~25% dividend2 CAGR at $US35 WTI breakeven4

• Disciplined share buybacks ($B) 3 3 • Combined (dividends and buybacks), ~40% of FFO3 allocated to shareholder cash returns

Targeted debt reduction • Absolute net debt target ranges: $12 – 15 billion by 2025 & flowfundsfreeUsesof $9 – 12 billion by 2030

$5 billion capital ceiling 5

SUNCOR ENERGY 1, 2, 3, 4, 5 See Slide Notes & Advisories 6 Financial Strength

1,2 Net debt to FFO Supermajor Peer4 Oil Sands Peer4 Suncor demonstrates financial responsibility among peers Net debt to FFO1,2 is 2.7x as of June 30, 2021. Target: ≤ 2x by 2025; ≤ 1.5x by 20303 Suncor

PEER 1x RANGE 10x

Peer Peer Oil Sands Min Max Peer Median Supermajor Peer Median TTM as of March 31, 2021 Manageable debt maturity profile5 (C$ billion – as of June 30, 2021) Additional short-term debt (commercial paper) of $2.6 billion

2021-2022 $0.6 ALow Investment grade credit rating 2023-2024 $1.5 DBRS Rating Limited (A Low) BBB+ Standard & Poor’s Rating Services (BBB+) Baa1 Moody’s Corp (Baa1) 2025-2029 $2.9

2030-2034 $2.9

2035-2039 $4.8

2040-2051 $2.8

SUNCOR ENERGY 1, 2, 3, 4, 5 See Slide Notes & Advisories 7 Breakeven Sensitivities & Cost Management1,2,3

2021E FFO4 breakeven on $USD WTI pricing5 Assumes USD WTI/bbl ~$30/bbl WTI ~$35/bbl WTI covers total enterprise covers total enterprise operating costs operating costs + sustaining capital6 + sustaining capital6 + dividend

Sustainably lowering operating breakeven

Lowering operating breakeven: • ~$US 4.50/bbl by 2023 & • ~$US 8.00/bbl by 2025

Realizing cash operating cost4 targets: • Syncrude by the end of 2023 • Fort Hills by 2024 • Oil Sands Operations by 2025

SUNCOR ENERGY 1, 2, 3, 4, 5, 6 See Slide Notes & Advisories 8 $2.15B Free Funds Flow Growth Update1,2 Structural and sustained free funds flow1 for years 2021 – 2025 inclusive3, through margin improvements, operating & sustaining capital cost reductions, & growth opportunities

Projects Implemented by 2023 2024 – 2025 Deployment Value Drivers

Coke Fired Boiler Replacement Operating Supply & Trading ~45% (2023 - $0M; 2025 – $250M) costs (2023 – $90M; 2025 – $135M) Lower cost, high efficiency, power revenue upside; Value chain optimization (Refer to page 35 in Supplemental IR deck) Margin/ ~40% revenue Suncor / Syncrude Interconnecting Pipelines Forty Mile Wind Project (2023 – $100M; 2025 – $150M) (2023 – $50M; 2025 – $50M) Sustaining ~10% Optimizing margins & improved reliability/flexibility Low carbon power generation & retaining carbon credits capital Digital Technology Adoption Cash ARO Tailings Management ~5% (2023 – $175M; 2025 – $400M) (2023 – $215M; 2025 – $325M) Advanced process analytics and automation Implementation of PASS4 (Refer to page 25 in Supplemental IR deck)

Debottlenecks (2023 – $60M; 2025 – $90M) Firebag & Edmonton refinery, Burrard Terminal Mine Optimization (2023 – $215M; 2025 – $250M) AHS5, digital mine, etc. (Refer to page 34 in Supplemental IR deck) Supply Chain Management (2023 – $160M; 2025 – $225M) Reduce & integrate across supply chains; regionalization of services Business Process Transformation (2023 – $250M; 2025 – $275M) SAP S4 digital process transformation

~$1.30B Free Funds Flow1,2 ~$0.85B Free Funds Flow1,2

SUNCOR ENERGY 1, 2, 3, 4, 5 See Slide Notes & Advisories 9 2021 Capital Allocation1,2

ECONOMIC INVESTMENT ($ millions) Q1 Q2 Rem 2021 2021 Total CAPITAL3 Decline Mitigation 133 116 300 – 400 ~550 – 650 ~$1.15 - $1.35B E&P 62 57 230 – 280 ~350 – 400 In-Situ Well Pads 71 59 70 – 120 ~200 – 250 High grading capital spend on quick payout, $2.15B Free Funds 3,4 135 134 230 – 280 ~500 – 550 top quartile IRR projects Flow Growth to improve efficiency, Other Economic 3 31 45 25 – 75 ~100 – 150 flexibility & resilience Investment Total 299 295 555 – 755 ~1,150 – 1,350

ASSET ($millions) Q1 Q2 Rem 2021 2021 Total SUSTAINMENT & MAINTENANCE3 Oil Sands 360 626 940 – 1,290 ~1,925 – 2,275 ~$2.65 - $3.15B Refining & 112 363 175 – 250 ~650 – 725 Marketing Investing in base E&P - 0 0 – 25 ~0 – 25 business & regular maintenance Corporate 1 26 50 – 100 ~75 – 125 Total 473 1,015 1,165 – 1,665 ~2,650 – 3,150

SUNCOR ENERGY 1, 2, 3 See Slide Notes & Advisories 10 Our Sustainability Journey

2020 investment breakdown $535M New technologies3 $195M Low carbon power5 $5M Renewable energy6 (~50% capitalized4) (Base Plant Cogeneration capital spend) (Forty Mile Wind Project capital spend)

In situ optimization, Low joint Mining & Emissions carbon ventures, Digital transformation extraction reductions fuels etc. 7 e.g. AHS e.g. solvents e.g. Biofuels Tailings & mine closure

SUNCOR ENERGY 1, 2, 3, 4, 5, 6, 7 See Slide Notes & Advisories 11 Our Carbon Objective – net zero by 20501,2

Mt per year 10 reduction by 20301,2

Reduce our own emissions through energy efficiency, fuel switching and CCUS

Help reduce others’ emissions through low-carbon power, renewable fuels and hydrogen

SUNCOR ENERGY 1, 2 See Slide Notes & Advisories 12 GHG Regulatory Cost Sensitivities1

To help investors and analysts model the potential impact of current and future carbon pricing, Suncor has put forward a simplified model for our Canadian assets (excluding Exploration & Production), on a working interest basis.

Estimated Variable 2020 ‘baseline’ scenario2 $170/t carbon tax scenario

Emissions (Mt)3 a 28 28 (Oil Sands: 24MT; Downstream: 4MT) b Carbon tax ($/tonne) $30 $1704 Approximate emissions subject to carbon tax (%)5 c 7% 7% (Oil Sands: ~8%; Downstream: ~2%) d = a×b×c Compliance cost, before offsets ($M) $59 $333 e Value of offsets from new cogeneration & wind ($M)6 - $147 f = d – e Net cost, after applying offsets ($M) $59 $185 Production (mboe/d)7 g 1,020 1,020 (Oil Sands – 680 mboe/d; Downstream – 340 mboe/d) Cost per barrel ($/boe)8 $0.16 $0.50 h = f / (g*365/1000) Oil Sands ($/boe) $0.23 $0.68 Downstream ($/boe) $0.02 $0.12

SUNCOR ENERGY 1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes & Advisories 13 Growth & resilience through the cycle1

2015 – 2019 Average 2021 – 2025 Average Growth Phase Optimization Phase

Increased cash ~25% shareholder returns Higher shareholder returns2,3 $2.20/sh ~$2.80/sh ~15% Lower share count Cash return includes dividends and share repurchases

~$8B Debt repaid ~$1.10/sh Fortified balance sheet 2021-2025 (net debt to FFO4) 1.5x Stronger with significantly ~1.1x (2018-19 average) ~25% lower pricing (2025E) Net debt to FFO includes cap leases of ~$3B US $61 WTI; $20NYH; 0.76FX US $55 WTI; $17 NYH; 0.76FX Average annual debt repayment reflected over average share count

Lower Corporate 5 $35/bbl Lower Corporate Breakeven $45/bbl ~$10/b WTI Breakeven (US$WTI/bbl)

Capital Discipline Lower economic $2.9B ~40% capital ~$1.8B (Average annual economic capital)

SUNCOR ENERGY 1, 2, 3, 4, 5 See Slide Notes & Advisories 14 2021 Capital & Production Guidance1

CAPITAL EXPENDITURES PRODUCTION & OPERATING COSTS

5 Capital2 Economic Production4 Cash Operating Costs ($ millions) Investment3 (boepd) ($/bbl) Oil Sands 2,550 – 2,950 25% Oil Sands Operations 410,000 – 445,000 $26.00 – $28.50 E&P 300 – 400 95% Fort Hills (54.11% WI) 45,000 – 55,000 $37.00 – $42.00 Downstream 750 – 850 10% Syncrude (58.74% WI) 170,000 – 185,000 $32.00 – $35.00 Corporate 200 – 300 60% E&P 80,000 – 95,000 - Total 3,800 – 4,500 30% Total Upstream Production 740,000 – 780,000 - Refinery throughput 415,000 – 445,000 - Refinery utilization 90% – 96% - Refined product sales 535,000 – 575,000 BUSINESS ENVIRONMENT

Oil Prices ($US/bbl) PLANNED MAINTENANCE6 (Suncor operated assets & Syncrude7) Brent (Sullom Voe) $68.00 Upstream Timing Impact on quarter WTI (Cushing) $65.00 (mbpd) WCS (Hardisty) $52.00 U2 Q3 ~125

Refining Margin ($US/bbl) NYH 2-1-1 $18.00

Natural Gas Price ($/GJ) AECO – C Spot $3.50

Exchange Rate (CAD/USD) $0.80

2021 SENSITIVITIES8 +$1/bbl Brent +$1/bbl NYH 2-1-1 +$0.01 FX +$1/GJ AECO +$1L/H Diff +$1L/L Diff (US$) (US$) (US$/C$) ($) (US$) (US$) FFO ($ millions) ~225 ~140 ~(160) ~(240) ~(25 - 30) ~(30 - 50)

SUNCOR ENERGY 1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes & Advisories 15 Advisories

Forward-Looking Statements – Forward-Looking Statements – This savings; applicable laws and government policies; future production All non-GAAP measures presented herein do not have any standardized presentation contains certain “forward-looking statements” within the rates; the development and execution of projects; assumptions meaning and therefore are unlikely to be comparable to similar measures meaning of the United States Private Securities Litigation Reform Act of contained in or relevant to Suncor’s 2021 Corporate Guidance; product presented by other companies. Therefore, these non-GAAP measures 1995 and “forward-looking information” within the meaning of applicable supply and demand; market competition; future production rates; assets should not be considered in isolation or as a substitute for measures of Canadian securities legislation (collectively, “forward-looking and facilities not performing as anticipated; expected debottlenecks, cost performance prepared in accordance with GAAP. All non-GAAP statements”), including statements about: Suncor’s strategy, objectives reductions and margin improvements not being achieved to the extent measures are included because management uses the information to and business plans; expectations for dividends, share repurchases, anticipated; dividends declared and share repurchases; the sufficiency of analyze business performance, leverage and liquidity and therefore may production growth, funds from operations, free funds flow, product budgeted capital expenditures in carrying out planned activities; risks be considered useful information by investors. See the “Non-GAAP outlook, upgrader utilization, cash operating costs, inland and equity inherent in marketing operations (including credit risks); imprecision of Financial Measures Advisory” section of the Q2 MD&A. feedstock, refinery utilization, annual capital, OS&G, asset sustainment reserves estimates and estimates of recoverable quantities of oil, natural and maintenance capital, corporate and operating breakeven and the gas and liquids from Suncor’s properties; expected synergies and the Funds from operations is defined in the Q2 MD&A and is reconciled to basis for such expectations; expectations about planned capital ability to sustain reductions in costs; the ability to access external the GAAP measure in the Q2 MD&A, and in Suncor's Investor expenditures and Suncor’s capital allocation framework; expectations for sources of debt and equity capital; the timing and the costs of well and Information Supplemental published July 28, 2021. Oil Sands cash refinery feedstock mix and refined products mix, including gasoline, pipeline construction; Suncor’s dependence on pipeline capacity and operating costs, Fort Hills cash operating costs, Syncrude cash operating diesel, jet fuel, distillates and asphalt; expectations about planned capital other logistical constraints, which may affect the company’s ability to costs, free funds flow and discretionary free funds flow are defined and expenditures and Suncor’s 2021 capital allocation framework; FFO distribute products to market; the timely receipt of regulatory and other reconciled, as applicable, in the Q2 MD&A. break-even on US$ WTI pricing, balance sheet leverage metrics, cost approvals; the timing of sanction decisions and Board of Directors’ reductions, FFO allocation, and operating and financial results; 2021 approval; the availability and cost of labour, services, and infrastructure; Reserves – Unless noted otherwise, reserves information presented estimated operating expenses; expectations regarding proposed the satisfaction by third parties of their obligations to Suncor; the impact herein for Suncor is presented as Suncor’s working interest (operating pipelines; reserves estimates and reserve life indices; expected utilization of royalty, tax, environmental and other laws or regulations or the and non-operating) before deduction of royalties, and without including of assets; expectations for dividends, share repurchases, production interpretations of such laws or regulations; applicable political and any royalty interests of Suncor, and is at December 31, 2020. For more growth, funds from operations, free funds flow growth and the basis for economic conditions; risks associated with existing and potential future information on Suncor’s reserves, including definitions of proved and such expectations; Suncor's debt maturity profile; statements about lawsuits and regulatory actions; improvements in performance of assets; probable reserves, Suncor’s interest, location of the reserves and the Suncor’s absolute net debt target ranges, net debt to FFO targets and $5 and the timing and impact of technology development. product types reasonably expected please see Suncor’s most recent billion capital ceiling; Suncor's $2.15 billion free funds flow target, Annual Information Form dated February 24, 2021 available at including the timing thereof and the projects which are expected to Although Suncor believes that the expectations represented by such www.sedar.com or Form 40-F dated February 21, 2021 and available at achieve it and the values expected from each project; Suncor’s targets forward-looking statements are reasonable, there can be no assurance www.sec.gov. Reserves data is based upon evaluations conducted by with respect to operating breakevens and cash operating costs targets that such expectations will prove to be correct. Suncor’s Management’s independent qualified reserves evaluators as defined in NI 51-101. including the timing thereof; statements about Suncor’s GHG reduction Discussion and Analysis for the second quarter ended June 30, 2021 and objective including the expected impact of identified opportunities; dated July 28, 2021 (the Q2 MD&A), Annual Report for the year ended BOE (Barrels of oil equivalent) – Certain natural gas volumes have nameplate capacities; expectations for and potential benefits of the coke December 31, 2020 (the 2020 Annual Report) and its most recently filed been converted to barrels of oil on the basis of six thousand cubic feet to fired boiler replacement, business process transformation, debottlenecks, Annual Information Form/Form 40-F and other documents it files from one boe. This industry convention is not indicative of relative market mine optimization, digital technology adoption, Forty Mile Wind Project, time to time with securities regulatory authorities describe the risks, values, and thus may be misleading. tailings management, Suncor/Syncrude interconnecting pipelines, supply uncertainties, material assumptions and other factors that could influence chain management, supply & trading value chain optimization and AHS actual results and such factors are incorporated herein by reference. Impact of the COVID-19 Pandemic – The COVID-19 pandemic is an deployment; statements about Suncor’s investments in its lower-carbon Copies of these documents are available without charge from Suncor at evolving situation that will continue to have widespread implications for technology portfolio and in technologies, including the expected benefits 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558- our business environment, operations and financial condition. Actions therefrom; expectations about Fort Hills extraction technology; Suncor’s 9071, or by email request to [email protected] or by referring to the taken around the world to help mitigate the spread of COVID-19 have expectation that the 2020 ‘baseline’ scenario for GHG regulatory cost company’s profile on SEDAR at www.sedar.com or EDGAR at and will continue to have significant disruption to business operations sensitivities will accurately reflect the impact of various carbon tax levels www.sec.gov. Except as required by applicable securities laws, Suncor and a significant increase in economic uncertainty. Our operations and and the expected impact of the offsets associated with new projects; disclaims any intention or obligation to publicly update or revise any business are particularly sensitive to a reduction in the demand for, and capital and production guidance; and planned maintenance and the forward-looking statements, whether as a result of new information, prices of, commodities that are closely linked to Suncor’s financial timing thereof that are based on Suncor’s current expectations, future events or otherwise. Suncor’s actual results may differ materially performance, including crude oil, refined petroleum products (such as jet estimates, projections and assumptions that were made by Suncor in from those expressed or implied by its forward-looking statements, so fuel and gasoline), natural gas and electricity. The timing of an economic light of its experience and its perception of historical trends. Some of the readers are cautioned not to place undue reliance on them. recovery is currently uncertain. This could result in reduced utilization forward-looking statements may be identified by words such as and/or the suspension of operations at certain of our facilities, buyers of “planned”, “estimated”, “target”, “goal”, “illustrative”, “strategy”, Suncor’s corporate guidance includes a planned production range, our products declaring force majeure or bankruptcy, the unavailability of “expected”, “focused”, “opportunities”, “may”, “will”, “outlook”, planned maintenance, capital expenditures and other information, based storage, and disruptions of pipeline and other transportation systems for “anticipated”, “potential”, “guidance”, “predicts”, “aims”, “proposed”, on our current expectations, estimates, projections and assumptions our products, which would further negatively impact Suncor’s production “seeking” and similar expressions. Forward-looking statements are not (collectively, the Factors), including those outlined in our 2021 Corporate or refined product volumes, and could adversely impact our business, guarantees of future performance and involve a number of risks and Guidance available on www.suncor.com/guidance, which Factors are financial condition and results of operations. The recent resurgence of uncertainties, some that are similar to other oil and gas companies and incorporated herein by reference. Suncor includes forward-looking COVID-19 cases in certain geographic areas, the possibility that a some that are unique to Suncor. Users of this information are cautioned statements to assist readers in understanding the company’s future plans resurgence may occur in other areas, and the uncertainty surrounding that actual results may differ materially as a result of, among other things, and expectations and the use of such information for other purposes may new variations or mutations of the COVID-19 virus, has resulted in the re- assumptions regarding: the current and potential adverse impacts of the not be appropriate. imposition of certain restrictions by local authorities. This further COVID-19 pandemic, including the status of the pandemic and future increases the risk and uncertainty as to the extent and duration of the waves and any associated relaxations (or tightening) of current business Non-GAAP Measures – Certain financial measures in this presentation – COVID-19 pandemic and the resultant impact on commodity demand and restrictions, shelter-in-place orders or gatherings of individuals; namely funds from operations, free funds flow, discretionary free funds prices. commodity prices and interest and foreign exchange rates; the flow, Oil Sands operations cash operating costs, Fort Hills cash operating performance of assets and equipment; capital efficiencies and cost- costs and Syncrude cash operating costs – are not prescribed by GAAP.

SUNCOR ENERGY 16 Slide Notes Slide 2------19 Pandemic in the Advisories. BP plc., Chevron Corporation, ExxonMobil Corporation, (1) Funds from operations (FFO) is a non-GAAP financial (4) Reflects the aggregated product mix from Suncor's refineries Royal Dutch Shell plc., Total S.A. Source of information: measure. See Non-GAAP Measures in the Advisories. and may not be indicative of the product mix available at a Factset. Funds from operations is calculated as cash flow provided single refinery. Refinery product mix flexibility is based on (5) All figures are in billions of CAD. U.S dollar facilities by operating activities excluding changes in non-cash historical results and may not be reflective of future converted at a USD/CAD rate of $0.80, the exchange rate working capital. Refers to average annual calculated values performance. See Forward-Looking Statements and Impact as at June 30, 2021. as at December 31, 2019 and December 31, 2020. of the COVID-19 Pandemic in the Advisories. Slide 8 ------(2) Refers to average annual calculated values as at December Slide 6 ------(1) Breakeven figures include assumptions for production, 31, 2019 and December 31, 2020. Actual results going (1) Based on company’s current business plans and the current dividend, sustaining capital and business environment. All forward may differ materially. See Forward-Looking business environment, which are subject to change as well dividends are at the discretion of Suncor’s Board of Statements and Impact of the COVID-19 Pandemic in the as possible future opportunities which may be subject to Directors. Actual results may differ materially. See Forward- Advisories. Board of Directors, counterparty and regulatory approval. Looking Statements and Impact of the COVID-19 Pandemic (3) Refers to Exploration and Production (E&P) sales volumes Actual results may differ materially. There can be no in the Advisories. and associated costs, sales and margin. assurance these opportunities and targets will be pursued or (2) Based on company’s current business plans and the current (4) Refers to bitumen sales volumes to market and associated if pursued that they will result in the expected benefits. See business environment, which are subject to change. Actual costs and margin. Excludes internally transferred volumes. Forward-Looking Statements and Impact of the COVID-19 results may differ materially. See Forward-Looking (5) Refers to Synthetic Crude Oil sales volumes to market and Pandemic in the Advisories. Statements in the Advisories. associated costs and margin. Excludes internally transferred (2) All dividends are at the discretion of Suncor’s Board of (3) All dividends are at the discretion of Suncor’s Board of volumes. Directors. Actual results may differ materially. See Forward- Directors. See Forward-Looking Statements in the (6) Refers to refined product sales volumes to market and Looking Statements and Impact of the COVID-19 Pandemic Advisories. associated costs and margin. Excludes third party in the Advisories. (4) Funds from operations (FFO), Oil Sands operations cash purchased refined product and associated costs. (3) Funds from operations (FFO) and free funds flow are non- operating costs, Syncrude cash operating costs and Fort Slide 3 ------GAAP financial measures. See Non-GAAP Measures in the Hills cash operating costs are non-GAAP financial measures. (1) Values based on actual averages for 2019 and 2020. Actual Advisories. FFO is calculated as cash flow provided by See Non-GAAP Measures in the Advisories. results may differ materially. See Forward-Looking operating activities excluding changes in non-cash working (5) Refers to estimated average WTI crude oil price for 2020 in Statements and Impact of the COVID-19 Pandemic in the capital. US dollars required for funds from operations for 2020 to Advisories. (4) Breakeven figures include assumptions for production, equal estimated 2021 total enterprise operating costs; (2) Refined product sales average of 456 kbpd excludes third dividend, sustaining capital and business environment. All sustaining capital expenditures inclusive of associated party purchased refined product. dividends are at the discretion of Suncor’s Board of capitalized interest and dividends. Sustaining capital Slide 4 ------Directors. Actual results may differ materially. See Forward- represents anticipated asset sustainment and maintenance (1) As at December 31, 2020 and assumes that approximately Looking Statements and Impact of the COVID-19 Pandemic capital expenditures plus well pad spend (inclusive of 7.04 billion barrels of oil equivalent (boe) of proved and in the Advisories. associated capitalized interest) based on the company’s probable reserves (2P) are produced at a rate of 590.3 (5) 2021 free funds flow excludes tax receivables and the current business plans. Assumes production, sustaining mboe/d, Suncor’s average daily production rate in 2020. anticipated GEAD disposition proceeds. See Appendix and capital and business environment at the midpoint of 2021 Reserves are working interest before royalties. See Forward-Looking Statements in the Advisories. guidance released on November 30, 2020 (as updated on Reserves in the Advisories. Slide 7 ------May 3, 2021), a $0.21/share dividend for each quarter in (2) 1,877 retail and wholesale sites are operated under the (1) Funds from operations (FFO) is a non-GAAP financial 2021 and a 0.75$US/$CAD foreign exchange rate and Petro-Canada brand as of December 31, 2020. measure. See Non-GAAP Measures in the Advisories. FFO $13.50/bbl NYH 2-1-1 refining crack. All dividends are at the (3) Proposed future pipelines. There can be no assurance this is calculated as cash flow provided by operating activities discretion of Suncor’s Board of Directors. Actual results may pipeline will be built with the capacity indicated or at all. See excluding changes in non-cash working capital. differ materially. FFO is a non-GAAP financial measure. See Forward-looking Statements in the Advisories. (2) Net debt is equal to total debt less cash and cash Forward-Looking Statements and Impact of the COVID-19 Slide 5 ------equivalents. Funds from operations (FFO) and metrics that Pandemic in the Advisories. (1) Based on company’s current business plans and the current use FFO are non-GAAP financial measures. See Non-GAAP (6) Sustaining capital represents anticipated asset sustainment business environment, which are subject to change. Actual Measures in the Advisories. and maintenance capital expenditures (inclusive of results may differ materially. See Forward-Looking (3) Based on company’s current business plans and the current associated capitalized interest) based on the company’s Statements in the Advisories. business environment, which are subject to change. Actual current business plans. (2) Based on Kent (a Kalibrate company) survey data for year- results may differ materially. See Forward-Looking end 2019. Statements in the Advisories. (3) Nameplate capacities as at January 1, 2021. Nameplate (4) Oil Sands peers in alphabetical order: Canadian Natural continued … capacities may not be reflective of actual utilization rates. Resources Ltd., Cenovus Energy Inc., Imperial Oil Limited, See Forward-Looking Statements and Impact of the COVID- MEG Energy Corp. Supermajors peers in alphabetical order:

SUNCOR ENERGY 17 Slide Notes Slide 9 ------carbon tax in Canada, all of which are subject to change. in the Advisories. (1) Free funds flow is calculated by taking funds from operations Excludes impact of Canada’s proposed Clean Fuel Standard. (3) All per share numbers herein are based on the relevant year- (FFO) and subtracting capital expenditures, including capitalized Numbers may not add up exactly to due rounding. Actual results end share count after share buybacks or anticipated share interest. Free funds flow and FFO are non-GAAP measures. See may differ materially. See Forward-Looking Statements in the buybacks. Future share repurchase amounts are determined Non-GAAP Measures in the Advisories. Advisories. by the expected share buyback amount, in dollars, divided by (2) Based on possible future opportunities, including examples shown (2) Figures in the 2020 ‘baseline’ scenario are estimated based on the assumed share price for the relevant period. The on the slide, currently being evaluated and which may be subject historical data and are being presented for illustrative purposes. assumed share price is determined by the pricing scenario to Board of Directors’, counterparty and regulatory approval. There Actual results may vary and such differences may be material. can be no assurance these opportunities will be pursued or if See Forward-Looking Statements in the Advisories. corporate funds from operations per share, multiplied by a pursued that they will result in the expected benefits. See (3) Based on estimated 2020 GHG emissions (2019 Report on 7.7x funds from operations valuation multiple. The valuation Forward-Looking Statements and Impact of the COVID-19 Sustainability), held constant across the scenarios for illustrative of 7.7x equates to the simple average of Suncor’s annual Pandemic in the Advisories. purposes. multiple for the 5-year period of 2015-2019 inclusive. (3) Based on company’s current business plans and the current (4) Based on Canada’s proposed Healthy Environment and a Healthy (4) Net debt is equal to total debt less cash and cash business environment, which are subject to change. Actual results Economy Plan (December 2020). equivalents. Funds from operations (FFO) and metrics that may differ materially. There can be no assurance these (5) Represents Suncor’s estimate based on estimated 2020 use FFO are is a non-GAAP financial measures. See Non- opportunities will be pursued or if pursued that they will result in compliance costs, held constant across the scenarios for GAAP Measures in the Advisories. FFO is calculated as cash the expected benefits. See Forward-Looking Statements and illustrative purposes. For 2017-2020, Suncor’s emissions subject flow provided by operating activities excluding changes in non Impact of the COVID-19 Pandemic in the Advisories. to carbon costs were approximately 10%, on average, under cash working capital. (4) Refers to Permanent Aquatic Storage Structure (PASS). various regulatory regimes and stringencies. Provincial GHG (5) Breakeven figures include assumptions for production, (5) Refers to Autonomous Haulage Systems (AHS). policies are a combination of baseline and credit, performance- dividend, sustaining capital and business environment. All based standards and cap and trade. The rate of carbon tax, as dividends are at the discretion of Suncor’s Board of Directors. Slide 10 ------well as the volume of emissions subject to the carbon tax, may (1) Full guidance is available at suncor.com/guidance. See Forward- change over time and such change may be material. See Actual results may differ materially. See Forward-Looking Looking Statements and Impact of the COVID-19 Pandemic in the Forward-Looking Statements in the Advisories. Statements and Impact of the COVID-19 Pandemic in the Advisories. (6) Value represents Suncor's estimates of the value of offsets Advisories. (2) Based on company’s current business plans and the current attributable to Suncor's planned cogeneration facility and Forty Slide 15 ------business environment, which are subject to change. Actual results Mile Wind project and assumes capacity factors of ~80% and (1) Full guidance is available at suncor.com/guidance. See Forward- may differ materially. See Forward-Looking Statements and ~30%, respectively, and an AB provincial electricity grid GHG Looking Statements and Impact of the COVID-19 Pandemic in the Impact of the COVID-19 Pandemic in the Advisories. intensity of 0.37 tonnes/MWh. These assumptions are based on Advisories (3) For a description of asset sustainment and maintenance capital Government of Alberta data, the company’s current business (2) Capital expenditures exclude capitalized interest of approximately expenditures and economic investment capital see the Capital plans and the current business environment, which are subject to $120 million. Investment Update section of the Q2 MD&A. change. Actual results may differ materially. The value of offsets (3) Balance of capital expenditures represents Asset Sustainment and (4) Free funds flow is calculated by taking funds from operations from existing projects is not shown but is factored into the Maintenance capital expenditures. For a description of asset (FFO) and subtracting capital expenditures, including capitalized estimated compliance cost for 2020. See Forward-Looking sustainment and maintenance capital expenditures see the interest. Free funds flow is a non-GAAP measure. See Non-GAAP Statements in the Advisories. Capital Investment Update section of the Q2 MD&A. Measures in the Advisories. (7) Represents the midpoint of 2021 production guidance, held (4) At the time of publication, production in Libya continues to be Slide 11 ------constant across the scenarios for illustrative purposes. This data affected by political unrest and therefore no forward looking (1) COSIA refers to Canadian Oil Sands Innovation Alliance. was used in favour of 2020 production due to the production production for Libya is factored into the Exploration and (2) TCFD refers to Task Force on Climate-related Financial impacts of the 2020 business environment. Production and Suncor Total Production guidance. Production Disclosures. (8) Cost per barrel estimates differ from those published in Suncor’s ranges for Oil Sands operations, Fort Hills, Syncrude and (3) 2020 figures include digital technology spend. 2020 Report on Sustainability due to different timelines, scopes Exploration and Production are not intended to add to equal (4) Capitalization percentage based on internal accounting treatment. and assumptions. See Forward-Looking Statements in the Suncor total production. (5) Capital refers to investment in Base Plant Cogeneration Facility Advisories. (5) Oil Sands operations cash operating costs, Fort Hills cash Project spent in 2020. Slide 14 ------operating costs and Syncrude cash operating costs are non-GAAP (6) Capital refers to investment in Forty Mile Wind Project spent in (1) Based on company’s current business plans and the current financial measures. See Non-GAAP Measures in the Advisories. 2020. business environment, which are subject to change as well (6) Subject to change. Estimated impacts have been factored into (7) Refers to Autonomous Haulage Systems (AHS). as possible future opportunities which may be subject to annual guidance. (7) Syncrude is operated by Syncrude Canada Limited. Slide 12 ------Board of Directors’, counterparty and regulatory approval. (1) See Suncor’s 2020 Report on Sustainability for further details (8) Baseline funds from operations (FFO) has been derived from Actual results may differ materially. There can be no midpoint of 2021 guidance and the associated business on the methodologies used to calculate GHG emissions. assurance these opportunities will be pursued or if pursued (2) There can be no assurance that these objectives will result in environment. Sensitivities are based on changing a single factor that they will result in the expected benefits. See Forward- by its indicated range while holding the rest constant. FFO is a the expected benefits. See Forward-Looking Statements and Looking Statements and Impact of the COVID-19 Pandemic non-GAAP financial measure and is calculated as cash flow Impact of the COVID-19 Pandemic in the Advisories. in the Advisories. provided by operating activities excluding changes in non-cash Slide 13 ------(2) All dividends are at the discretion of Suncor’s Board of working capital. See Non-GAAP Measures in the Advisories. (1) Based on company’s current business plans, the current business Directors. Actual results may differ materially. See Forward- environment and the expected regulatory regime governing Looking Statements and Impact of the COVID-19 Pandemic

SUNCOR ENERGY 18 Investor Relations Contacts

Trevor Muhammad Kinga Stacey Bell Usman Uto Hunter Vice President IR Director IR Senior ESG Analyst IR Coordinator IR [email protected] [email protected] [email protected] [email protected]

Visit us at the Investor Centre on suncor.com 1-800-558-9071 [email protected]

SUNCOR ENERGY 19