Canada’s Oil Sands: Challenges and Opportunities Mike Ashar Executive Vice President Suncor Energy Inc. Woodrow Wilson Forum October 17, 2005 Washington DC

Legal Notice  This presentation contains certain forward-looking statements, including statements about Suncor's growth strategy and expected and future production, operating and financial results that are based on Suncor's current expectations and assumptions. The forward-looking statements, identified by words such as “vision”, “goal”, “targets”, “estimates”, “plans” and “objectives”, are not guarantees of future performance. Actual results may differ materially as a result of risks, uncertainties and other factors, such as changes in general economic, market, regulatory and business conditions; fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of capital projects; the accuracy of cost estimates and uncertainties resulting from potential delays or changes in plans, among others. See Suncor's current Annual Report and other documents Suncor files with securities regulatory authorities for further details, copies of which are available from the company. The forward-looking statements speak only as of the date hereof, and Suncor undertakes no duty to update these statements to reflect subsequent changes in assumptions (or the trends or factors underlying them) or actual events or experience.  Unless noted otherwise, financial information is for the most recent quarter or year end.  A boe conversion ratio of six thousand cubic feet of natural gas: one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Accordingly, boe’s may be misleading if used in isolation.

Suncor Energy at a Glance  Integrated energy company with more than 4,500 employees  Crude oil production capacity of 260,000 barrels/day  Refining capacity of 160,000 barrels/day  Market capitalization about US$24 billion

All company data, except Suncor, is based on 2003 year-end proved reserves. Under U.S. reporting requirements, companies cannot disclose resources. Accordingly, Suncor’s reserve and resource estimate will not be comparable to those made by U.S. companies. Source: Oil and Gas Journal 11 billion barrels reserves and resources Resources

Comparative Advantages  No exploration costs  High recovery rates  Competitive fiscal regimes  Secure connection to North American markets

Suncor Oil Sands Production Growth Thousands of barrels per day *Production capacity targets **Includes in-situ bitumen production **

Challenges  Costs – operating, capital and labor  Environmental impacts  Pipeline capacity  Refinery capability

Operating costs  Industry average about US$20 for upgraded product  Constant cost pressure  Natural gas a major cost component risk

Capital Costs  US$35 billion planned in next five years  Industry working to manage project costs and infrastructure impacts  Peak labor force of 25,000

Environmental Issues  Must manage impacts to air land and water  Collaboration is key  Progress is being made

Cushing Fort McMurray Montreal Toronto Gretna Regina Hardisty Kerrobert Catlettsburg Casper Clearbrook Superior Salt Lake City Sinclair Cheyenne Denver McPherson Ponca City Tulsa El Dorado Coffeyville Ardmore Memphis Billings Great Falls Toledo Canton Detroit Chicago Corpus Christi Houston Port Arthur New Orleans Lake Charles Texas City Freeport Puget Sound San Francisco Bakersfield Los Angeles Borger/Sunray Artesia El Paso Big Spring Buffalo Vancouver Edmonton Wood River Patoka Robinson Lima St. Paul Mandan Cromer Canadian Supplied Not Canadian Supplied Source: Enbridge, Terasen, ExxonMobil Pipeline Access

Refinery Capability: Heavy/Sour Crudes Processed in the U.S.

Canada’s Oil Sands: Challenges and Opportunities Mike Ashar Executive Vice President Suncor Energy Inc. Woodrow Wilson Forum October 17, 2005 Washington DC