Sunshine Oilsands Ltd. — AGM Information 2016

May 18, 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.

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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 DATE OF ANNUAL GENERAL MEETING OF THE CORPORATION

Reference is made to the announcement of Sunshine Oilsands Ltd. (“ Sunshine ” or the " Corporation ") dated May 16, 2016 in relation to, among others, the results for the first quarter ended March 31, 2016 (the " Announcement ").

The Corporation noted an inadvertent error on page 2 of the Announcement and wishes to clarify that Sunshine's annual general meeting of the shareholders should be held on June 30 , 2016 in Hong Kong instead of June 23, 2016. Save for the aforesaid, all the information in the Announcement remains unchanged.

By Order of the Board of Sunshine Oilsands Ltd.

Sun Kwok Ping Executive Chairman

Hong Kong, May 18, 2016 Calgary, May 17, 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