Suncor Energy, Canadian Oil Sands Announce Agreement to Support Offer by Suncor

Suncor Energy Inc.

and Canadian Oil Sands Limited

are pleased to announce that they have reached an agreement to support the offer by Suncor to purchase all of the shares of COS.Under the terms of the support agreement (the "Agreement") Suncor has agreed to amend its offer (the "Amended Offer") to provide for an increase in the original offer to COS shareholders to 0.28 of a Suncor share for each COS share. The Amended Offer, with a total aggregate transaction value of approximately $6.6 billion including COS' estimated debt of $2.4 billion, has the support of the Boards of Directors of both companies. The COS Board has received an opinion from its financial advisor, RBC Capital Markets, that, as of January 17, 2016, the consideration under the Amended Offer is fair, from a financial point of view, to COS shareholders. The COS Board has determined that the Amended Offer is in the best interests of COS and recommends that shareholders tender to the Amended Offer. "We are pleased to have the support of the COS Board of Directors and shareholders, including Seymour Schulich, and have been advised of their