Sunshine Oilsands Ltd. — AGM Information 2016

Jun 1, 2016

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [153 x 136] intentionally omitted <==

SUNSHINE OILSANDS LTD. 陽光油砂有限公司 *****

(a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability)

(HKEX: 2012)

CLARIFICATION ANNOUNCEMENT CIRCULAR AND NOTICE OF ANNUAL GENERAL MEETING

Reference is made to the circular of Sunshine Oilsands Ltd. (the " Corporation ") dated May 31, 2016 (the " Circular ") and the notice of annual general meeting of the Corporation dated May 31, 2016 (the " AGM Notice ").

The Corporation noted an error in Proposal No. 3(k) of the Chinese version of the AGM Notice (which has also been included in the Circular) in that Xijuan Jiang has inadvertently been described for election as an independent non-executive director of the Corporation. The Corporation wishes to clarify that Xijuan Jiang has been proposed for election at the annual general meeting of the shareholders of the Corporation on June 30, 2016 as a non-executive director of the Corporation, instead of an independent non-executive director of the Corporation as stated in the Chinese version of the AGM Notice.

Save for the aforesaid, all other information in the Chinese version of the Circular and the AGM Notice and the English version of the Circular and the AGM Notice remain unchanged.

By Order of the Board of Sunshine Oilsands Ltd.

Sun Kwok Ping Executive Chairman

Hong Kong, June 1, 2016 Calgary, June 1, 2016

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun, Mr. Hong Luo and Dr. Qi Jiang as executive directors; Mr. Michael John Hibberd, Mr. Hok Ming Tseung, Mr. Chen Jianzhong and Mr. Jin Hu as non-executive directors; and Mr. Raymond Shengti Fong, Mr. Robert John Herdman, Mr. Gerald Franklin Stevenson and Mr. Zhefei Song as independent non-executive directors. *For identification purposes only