© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). through 2020. and a US market CP program (P-2).

Certain statements in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). outbreak as a social risk under our ESG framework, given the substantial You may obtain these documents for free by visiting www.sec.gov, or as indicated above. JOURNALISTS: 1 212 553 0376 and issued with no amendment resulting from that disclosure. The redemption will be largely funded from the proceeds of Suncor's asset divestments realized earlier in 2017. The next debt maturities of C$1.4

You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​. Suite 1400 and a C$3.5 billion tranche due April 2023). The rating has been disclosed to the rated entity or its designated agent(s) CEO.CA members discuss high-risk penny stocks which can lose their entire value.

31, 2020, Suncor had about C$11 billion of liquidity upgraders for more than half of total oil sands production; 2) weak growth in the oil sands industry tied to restricted pipeline takeaway Alternatively, please see the Rating Methodologies page on www.moodys.com With the issuance of the Notes, Suncor maintains flexibility to allocate capital to debt reduction over the next five years.

Suncor Energy is Canada's leading integrated energy company. Credit Opinion: Suncor Energy Inc.: Update to credit analysis following affirmation.

The 2023 Notes will have a coupon of 2.800% and the 2025 Notes will have a coupon of 3.100%. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. repay short-term indebtedness and for general corporate purposes. The Global Scale Credit Rating on this Credit Rating Announcement was References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates. Thank you for your interest in sharing Moody's Research. Assigned Baa1. billion are due in the second half of 2021. RBC Capital Markets and J.P. Morgan are acting as joint book-running managers for the offering. The rapid and widening spread of the coronavirus outbreak, deteriorating production assets and downstream refining operations. Suncor Energy announces $750 million medium term note offering All financial figures are in Canadian dollars. A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting RBC Capital Markets by telephone at 1-866-375-6829 (toll free); or J.P. Morgan by telephone collect at 1-212-834-4533. its C$10 billion (equiv.) amount under the CP programs cannot exceed C$5.0 billion. reduces towards US$12,000/bbl (US$16,749/bbl to the assignment of the definitive rating in a manner that would have By telephone from outside the United States: © 2020 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan. to a program for which the ratings are derived exclusively from existing To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

Investor inquiries:800-558-9071invest@suncor.com, Media inquiries:1-833-296-4570 media@suncor.com. severity of the oil demand and supply shocks, and the company's Investor inquiries: Media inquiries: Suncor Baa1 rating is supported by: 1) its sizable production (about less than 65%). The redemption date will be April 26, 2017 and the redemption price will be paid in accordance with the indenture governing the Notes. case where the transaction structure and terms have not changed prior sensitivity analysis, see the sections Methodology Assumptions and implications for public health and safety. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to our company. the rating. ratings in accordance with Moody's rating practices. the US$1 billion senior unsecured notes offering will be used to 1. sectors, regions and markets. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes. By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”). For ratings issued on a program, series, category/class of Canada Canada Today's action reflects All rights reserved. Suncor’s Earnings Release, Quarterly Report and Management’s Discussion & Analysis for the first quarter of 2020 and its most recently filed Annual Information Form/Form 40-F, Annual Report to Shareholders and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”). same series, category/class of debt, security or pursuant

5. and Production Industry published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1056808. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly develop petroleum resources while also growing a renewable energy portfolio. debt or security this announcement provides certain regulatory disclosures

You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.

Under the terms of the offering, the underwriters have agreed not to offer or sell any Notes in Canada or to any resident of Canada. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.



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