Suncor Energy and Canadian Oil Sands mail and file documents for amended offer for COS shares

CALGARY, Jan. 22, 2016- Suncor Energy Inc. (TSX: SU; NYSE: SU) and Canadian Oil Sands Limited (TSX: COS) today announced the filing and mailing of a notice of variation and change to Suncor’s offer and a notice of change to the COS directors’ circular. These changes relate to the previously announced increase in the original offer to COS shareholders to 0.28 of a Suncor share for each COS share (the “Amended Offer”). The Amended Offer also provides for, among other things, an extension of the expiration time for the offer to 4:00 p.m. (MT) on Friday, February 5, 2016.

The COS Board has received a fairness opinion from its financial advisor, RBC Capital Markets, that, as of the date thereof and based upon and subject to the assumptions, qualifications and limitations stated in the opinion, the amended consideration to be offered under the Offer is fair, from a financial point of view, to COS shareholders. The COS Board unanimously recommends that COS shareholders accept and tender their shares to the Amended Offer.

Suncor’s notice of variation and change with respect to the Amended Offer has been mailed to registered security holders of COS and has been filed on COS’ SEDAR profile. In addition, COS’ notice of change to its directors’ circular with respect to the Amended Offer has been mailed by COS to registered security holders of COS and has been filed on COS’ SEDAR profile. COS shareholders are urged to review this document carefully and in its entirety.

About Suncor’s Offer to COS shareholders

Full details of the Amended Offer and the related documents including the notice of variation and change and the COS notice of change are available under the COS profile at sedar.com, through Suncor’s website at suncorofferforcanadianoilsands.com and through COS’ website at cdnoilsands.com.

To accept this Amended Offer, COS shareholders must tender their shares. Please contact D.F. King, who has been retained as Suncor’s information agent for instructions at:

Toll Free in North America: 1-866-521-4427
Banks, Brokers and Collect Calls: 1-201-806-7301
Toll Free Facsimile: 1-888-509-5907
Email: inquiries@dfking.com

Canadian Oil Sands shareholders with questions should contact Kingsdale Shareholder Services , COS’ information agent and strategic shareholder services and communications advisor:

Toll Free in North America: 1-866-851-3215
Outside North America, Banks and Brokers Call Collect: 1-416-867-2272
Facsimile: 1-416-867-2271
Email: mailto:contactus@kingsdaleshareholder.com

NT3