INVESTOR INFORMATION Q3 2019 Published October 30, 2019 2 A resilient business focused on shareholder returns Cash generation Funds flow growth progress Significant upside FFO1 sensitivity to WTI, based on TTM2 actuals Strong potential FFO1 increase largely independent of market conditions (C$ billion) $14 FFO1 sensitivity to WTI based on TTM2 operating $12 and market conditions2 $10 TTM2 FFO1 +$2B FFO1 by 2023 $8 ~$10B 4 ~5% CAGR $6 Based on 2019 price guidance $5.5B Sustaining capital3 + dividend (Refer to slide 8) $4 $2 $2.9B Sustaining capital3 $0 1 1 $50 $55 $58 $65 $70 2018 FFO Execution Scoping Identification 2023E FFO WTI ($USD) Project Phase Shareholder returns Resilience Commitment to reliable returns through the commodity cycles Managing the balance sheet as a strategic asset Dividend per share5 Liquidity Buyback per share5,6 8 Anticipated buyback per share5,7 7% $7.4B $2.1B cash and $5.3B in available lines of credit Dividend + buyback yield As of September 30, 2019 — 5% 5% low Credit rating A Investment grade 0.85 1.88 DBRS (A Low) Stable, S&P(A-) stable, Moody’s (Baa1) Stable 1.14 3% 3% Baa1 WTI FFO Break-Even9 (USD) 1.02 1.14 1.16 1.28 1.44 1.68 ~$45 Sustaining capital3 + dividend 2019E 2014 2015 2016 2017 2018 2019E 1, 2, 3, 4, 5, 6, 7, 8, 9 See Slide Notes and Advisories. 3 Integrated across the value chain Long life, low decline assets 100% oil production High margin barrels Strong downstream markets Iconic Canadian retail brand 28+ years ~940 mbpd ~600 mbpd ~460 mbpd ~1750 2P Reserve Life Index1 Oil production nameplate Heavy upgrading nameplate Refining nameplate capacity2 Petro-Canada retail sites3 capacity2 capacity2 1, 2, 3 See Slide Notes and Advisories 4 Multi-year focus on structural free funds flow growth1,2 Increasing FFO3 ~5% CAGR4 anticipated (2019 – 2023) Production High return growth opportunities growth6 Free funds In situ replication Opportunistic share buybacks flow growth projects1,6 Production Maintain and grow the dividend Debottlenecks, cost growth reductions & margin Fort Hills, Syncrude improvements Sustain the business ~4% anticipated and Hebron ~5% anticipated production CAGR ~10% anticipated FFO CAGR (Refer to slide 27) Leading balance sheet strength production growth 5 (Refer to slide 8) 2024 forward2 per share 2020 – 2023 Structural FFO3 growth 2019 – 2020 (Refer to slide 7) 1, 2, 3, 4, 5, 6 See Slide Notes and Advisories. 5 Suncor’s competitive advantage Long life, low decline Unique business Financial strength and low cost integration through market cycles ~785 mbpd 2019 production guidance midpoint5 ~1,000 mbpd of conversion capacity6 8 ~600 mbpd of heavy upgrading capacity7 Resilient free funds flow ~31yrs ~$93 Oil Sands 2P ~$65 ~$49 ~$43 ~$51 Reserve Life Index1 Oil E&P Sands ~$10.2B Resources ~$9.0B ~$9.1B ~$6.8B Suncor’s ~560mbpd ~$6.0B Minimal Fort McMurray upgrading ear decline planned ~1% anticipated near term oil 2 Major Major turnaround y sands decline rate Fort McMurray forest fires 2014 2015 2016 2017 2018 Dividends Sustaining Capital Suncor’s 8 ~460mbpd Discretionary Free Funds Flow WTI Average Price (USD) refining network ~$30 Capital discipline 2018 Oil Sands operations 9 sustaining capital + cash cost 1.5x Net debt to FFO 3 1.3x under the previous leasing standard10 USD / bbl Global Global Target < 3x markets markets 28% Total debt to capitalization 26% under the previous leasing standard10 Target 20-35% Suncor and 3rd party ~$45 global markets $7.4B Liquidity 2019 break-even4 WTI (USD) Cash & cash equivalents ($2.1B) plus sustaining capital + dividend available credit facilities ($5.3B)11 1, 2, 3, 4, 5, 6, 7, 8, 9, 10,11 See Slide Notes and Advisories. 6 The foundation of our business Operational excellence Personal and Process Safety Journey to Zero – goal to eliminate all workplace incidents RELIABLE Reliability Continuously improve the reliability of our business Cost Management Continuous focus on structural cost reduction initiatives Environmental Excellence and Sustainability Aiming to improve environmental performance; go beyond compliance in key areas SUSTAINABLE Capital discipline Flexible Capital Allocation Plan Significant portfolio of high quality assets across the business Balance Sheet Strength Liquidity and strong investment-grade credit rating Shareholder Returns Competitive and sustainable dividends; opportunistic share buybacks PROFITABLE Profitable Growth Strategic acquisitions and divestments; high-quality organic growth potential See Advisories. 7 Capital discipline – flexible capital allocation plan1 US$10/bbl increase in Brent price would generate ~$2.4 billion of additional FFO2 Capital commitment Discretionary capital (C$) Sustained Balance Production price sheet growth to outlook* leverage Sustaining 3 Buyback4 2020 Dividend4 Capital1,6 Growth Capital1 WTI USD metrics target (C$) Invest <$0.5B in cost reduction <$45 Upper range None Annually and efficiency projects ~10% Invest in value driven growth per Continually <$1.5B $1 - $2B $50 - $60 Mid range projects and Annually Annually share driven grow with production growth by Fort sustainable ~$3 - 4B developments Hills, FFO5 Syncrude increases and Hebron $1.5 - $3B $2 - $3B $60 - $80 Low range Annually Advance Annually value driven projects and production growth Low range & <$3B developments $3B+ >$80 increasing Annually Annually cash position * Assumes a constant Brent–WTI price differential of +US$5 1, 2, 3, 4, 5, 6 See Slide Notes and Advisories. 8 Free funds flow1 growth – Medium-term investment proposition2 Free funds flow1 improvement potential for years 2020 - 2023 inclusive3 Excluding commodity price changes & largely independent of production growth Identification Scoping structural free funds flow1 growth $2.0B through margin improvements, Total $2B operating & sustaining capital cost reductions, Execution & pragmatic growth opportunities Examples of current & prospective initiatives in various project phases Execution Scoping Identification Supply & Trading Value chain optimization Debottlenecks Fort Hills, MacKay River & Suncor / Syncrude Interconnecting Pipelines Firebag processing facilities Optimizing Syncrude assets & Suncor sour SCO margins; anticipated in-service 2H 2020 Coke Fired Boiler Replacement (cogen) Asset Synergies Refinery Optimization Coordinated maintenance Lower cost, high efficiency steam, power revenue upside; Product mix & turnaround optimization strategies, sharing of knowledge sanctioned September 2019; in-service Q4 2023 & best practices, etc. AHS Deployment4 Fully deployed at North Steepbank mine; Fort Hills & Millennium estimated 2020 – 2023 Process Transformation Tailings Management – Implementation of PASS5 Supply chain optimization, SAP S4 utilization, etc. ~$4/bbl expected savings (Refer to slide 20 & 23) Digital Technology Adoption Wireless employee badges (worker safety & optimization), advanced process analytics (operational optimization), robotic process automation (cost reduction), rotating equipment sensoring & remote monitoring, etc. Opex & sustaining capital savings Margin Improvements Growth 1, 2, 3, 4, 5 See Slide Notes and Advisories. 9 New Cogeneration Facility Sanctioning1 Heat required for mining operations Economically Robust HIGH IRR2 independent of oil price & pipeline egress TEEN % Natural gas Water Capital investment over 4 years INPUTS $1.4B Increase revenue from power sales 0 Lower sustaining capital by replacing aging asset Sustainably Minded Annual emission reductions3 2.5MT ~25% progress toward GHG goal Electricity Steam Vehicle emissions equivalent4 550K ~15% of Alberta’s vehicles5 OUTPUTS Low-carbon power sold to grid, displacing coal fired power Technologically Progressive Low-carbon power added to Alberta grid 800MW Displacing higher intensity coal power Power consumed by retail and wholesale customers 1, 2, 3, 4, 5 See Slide Notes and Advisories. 10 Disciplined cost management History of structural cost reductions Medium-term cash operating Consistent reduction in Oil Sands operations cash operating costs (C$/bbl) 4 (Fort Hills and Syncrude cash operating costs are not included) cost targets (C$/bbl) $40 Oil Sands1 Oil Sands ≤ $20/bbl $37.00 Fort Hills ≤ $20/bbl Reflects a heavy Syncrude ≤ $30/bbl maintenance year Mining2 $27.55 Enterprise-wide $25.55 cost reduction initiatives $25.25 Operational Improved reliability across assets $20 through sharing technology and In situ3 procedures, coordinated maintenance $16.50 planning and asset connectivity Technology Technology applications such as robotic process automation, advanced analytics, Autonomous Haul Systems $8.45 and Artificial Intelligence Supply chain & business processes Improved cost and efficiency across assets $0 through contractor and parts 2013 2014 2015 2016 2017 2018 standardization, bulk procurement and streamlined processes 1, 2, 3, 4 See Slide Notes and Advisories. 11 Generating discretionary free funds flow1 FFO2 consistently exceeds sustaining capital, associated capitalized interest and dividends (C$ billions) $12 $10 $10.2 $8 $9.1 $6 $6.8 $6.0 $2.3 $4 $2.1 $1.6 $1.9 $2 $3.9 $3.0 $2.7 $2.3 $0 2015 2016 2017 2018 2019E WTI US$3 $48.75 $43.35 $50.95 $64.80 $56.00 NYH 2-1-1 US$4 $19.95 $13.90 $17.90 $19.30 $20.00 Sustaining capital Dividend FFO2 Illustrative 2019 FFO2,5 2019 Estimated sustaining capital6 + dividends7 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories. 12 Returning value to shareholders Dividend increases1 for 17 consecutive years & opportunistic share buybacks2 17% $0.42 ~$5 billion ~$1.8 billion $2 billion Share repurchases Share