Sunshine Oilsands Ltd. — Board/Management Information 2019

Jan 30, 2019

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)

INSIDE INFORMATION

ADOPTION OF DIVIDEND POLICY

This announcement is made by the Board of Directors (the “ Board ”) of Sunshine Oilsands Ltd. (the “ Corporation ”, together with its subsidiaries, the “ Group ”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Corporation would like to announce that the Board has approved and adopted a dividend policy (the “ Dividend Policy ”).

According to the Dividend Policy, in deciding whether to propose a dividend and in determining the dividend amount, the Board shall take into account, among others, the following factors:

(a) the Group’s operations and earnings;

(b) the general financial conditions of the Group;

(c) cash requirements and capital expenditures;

• (d) any restrictions on payment of dividends; and

(e) any other factors that the Board may consider relevant.

*For identification purposes only

The declaration and payment of dividends by the Corporation shall be determined at the sole discretion of the Board and shall be subject to the Corporation’s Articles of Incorporation and By-Laws, Business Corporations Act and any applicable laws, rules and regulations. The Dividend Policy will continue to be reviewed by the Board from time to time and there can be no assurance that dividends will be proposed or declared in any particular amount for any given period.

Shareholders of the Corporation and potential investors are reminded to exercise caution when dealing in the securities of the Corporation.

CHANGE OF SENIOR MANAGEMENT

The Board further announces that Mr. Henry DeLong Miao (“ Mr. Miao ”) will cease to be the Chief Operating Officer of the Corporation with effect from February 1, 2019 due to resource allocation.

Mr. Miao has confirmed that he has no disagreement with the Board and there is no matter in respect of his departure that needs to be brought to the attention of the shareholders of the Corporation.

By Order of the Board of Sunshine Oilsands Ltd. Kwok Ping Sun Executive Chairman

Hong Kong, January 30, 2019 Calgary, January 30, 2019

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Mr. Hong Luo, Ms. Linna Liu and Ms. Xijuan Jiang as non-executive directors; and Mr. Raymond Shengti Fong, Mr. Jeff Jingfeng Liu, Ms. Joanne Yan and Mr. Yi He as independent non-executive directors.