Sunshine Oilsands Ltd. Corporate PresentationSunshine Oilsands Ltd. January 2013 Confidential 1 Forward-Looking Information and Disclaimer This presentation (the “Presentation”)

Sunshine Oilsands Ltd.January 2013

TSX Symbol: SUO

HKSE Stock Code: 2012

Sunshine Oilsands Ltd. ConfidentialJanuary 2013 1

Forward-Looking Information and Disclaimer

This presentation (the “Presentation”) contains forward-looking information relating to, among other things: (a) the

future financial performance and objectives of Sunshine Oilsands Ltd. (“Sunshine” or the “Corporation”); and (b)

the plans and expectations of the Corporation. Such forward-looking information is subject to various risks,

uncertainties and other factors. All statements other than statements and information of historical fact are forward-

looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”,

“goal”, “outlook”, “may”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are

intended to identify forward-looking statements. Forward-looking statements are based on Sunshine’s experience,

current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject

to a variety of risks and uncertainties including, but not limited to those associated with resource definition and

expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses,

regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient

capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including

changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas,

carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although

Sunshine believes that the expectations represented by such forward-looking statements are reasonable, there

can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions

and factors discussed in this Presentation are not exhaustive and readers are not to place undue reliance on

forward-looking statements as our actual results may differ materially from those expressed or implied. Sunshine

disclaims any intention or obligation to update or revise any forward-looking statements as a result of new

information, future events or otherwise, subsequent to the date of this Presentation, except as required under

applicable securities legislation. The forward-looking statements speak only as of the date of this announcement

and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not

exhaustive and are made as at the date hereof. For a full discussion of our material risk factors, see “Risk

Factors” in our most recent Annual Information Form, “Risk Management” in our current MD&A for the year ended

December 31, 2011 and risk factors described in other documents we file from time to time with securities

regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the

SEDAR website at www.sedar.com or our website at www.sunshineoilsands.com

Sunshine Oilsands Ltd. ConfidentialJanuary 2013

The contingent resources estimates, effective May 31, 2012, and the discovered bitumen initially-in-place estimates, effective May 31, 2012, were prepared by GLJ Petroleum Consultants

Limited and DeGolyer and McNaughton Canada Limited, independent qualified reserves evaluators, and are based on definitions contained in the Canadian Oil and Gas Evaluation

Handbook (COGEH). For further discussion regarding our: (i) contingent resources, see our current Annual Information Form; and (ii) our total bitumen initially-in-place and all

subcategories thereof, see our July 5, 2012 news release, both available on SEDAR at www.sedar.com and at www.sunshineoilsands.com. Actual resources may be greater than or less

than the estimates provided.

Discovered Bitumen Initially-In-Place is that quantity of bitumen that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion

of discovered bitumen initially-in-place includes production, reserves, and contingent resources; the remainder is categorized as unrecoverable. BIIP estimates include unrecoverable

volumes and are not an estimate of the volume of the substances that will ultimately be recovered. There is no certainty that it will be commercially viable to produce any portion of the

estimate.

Contingent Resources are those quantities of bitumen estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology

under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include such factors as economic, legal,

environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated

with a project in the early evaluation stage. The estimate of contingent resources has not been adjusted for risk based on the chance of development.

Economic contingent resources are those contingent resources that are currently economically recoverable based on specific forecasts of commodity prices and costs. In Sunshine’s

case, contingent resources were evaluated using commodity price assumptions dated April, 2012, which comply with NI 51-101 requirements. Best estimate is considered to be the best

estimate of the quantity of resources that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those

resources that fall within the best estimate have a 50% confidence level that the actual quantities recovered will equal or exceed the estimate.

Contingent resources are estimated using volumetric calculations of the in-place quantities, combined with performance from analog reservoirs. Contingencies which must be overcome to

enable the reclassification of contingent resources as reserves can be categorized as economic, non-technical and technical. The COGEH handbook identifies non-technical

contingencies as legal, environmental, political and regulatory matters or a lack of markets. The contingencies applicable to our contingent resources are not categorized as economic and

for the most part are due to regulatory approval of development projects at our properties, partner sanction and adequate capital funding within five years.

To the extent that PV10% values are presented herein, only positive PV10% values and the associated resource barrels are reported herein for each region and classification category. In

some scenarios, the low case estimate indicates a 0 value indicating that there are uneconomic results (negative PV10%) and the company would not proceed with development. This is

consistent with reporting in the company’s independent resource reports and COGEH guidelines that specify that contingent resources must be economic under current pricing.

Additional information relating to our oil sands reserves and resources is presented in our current AIF, available at www.sedar.com and on our website at www.sunshineoilsands.com.

RESERVOIR CHARACTERISTICS: The reservoir characteristics of our properties vary among the different properties and in comparison to other producing projects in McMurray or other

formations. The reservoir we are proposing to produce has had little thermally stimulated production to date, although there are several commercial projects announced or in early stage of

development. There is no guarantee that our steam oil ratio will be equivalent to those ratios in the McMurray or other formations which are currently producing. There is a risk that the

recovery of bitumen will be lower in our projects than in projects in other reservoirs that have been used as analogues to produce the contingent resources in our technical report, because

the reservoir characteristics are different although management believes that these differences have been taken into account.

NET ASSET VALUE: With respect to the particular month being valued, the net asset value (NAV) disclosed herein is based on the number of issued and outstanding Sunshine common

shares adjusted for the dilutive effect of stock options or other contracts as at the specified month. We calculate NAV as an average of: (i) our average trading price for the specific month;

(ii) an average of net asset values; and (iii) an average of two net asset values based primarily on discounted cash flows of independently evaluated reserves, resources and using internal

corporate costs, with one based on constant prices and costs and one based on forecast prices and costs.

NON-GAAP MEASURES: This presentation may contain references to non-GAAP measures as identified herein. These measures have been described and presented in order to provide

shareholders and potential investors with additional information regarding Sunshine liquidity and its ability to generate funds to finance its operations. Readers are encouraged to review

our most recent Management’s Discussion and Analysis, available at www.sedar.com or on our website at www.sunshineoilsands.com for a full discussion of the use of each measure.

2

OIL & GAS INFORMATION


One of the largest holders of Oil Sands Leases in the Athabasca Region with 1.2 million acres and

~70 Billion Barrels of Total Petroleum-Initially-in-Place

We are a Major Developer of Oil Sands Resources, targeting 300,000 bbl/d Production from our

first three project areas and >1 million bbl/d Capability

Our Management and Technical Teams Have Extensive Experience in Oil Sands Project

Development and Execution to Production

We are Supported by Several Prominent Asian Entities such as Sinopec, China Investment

Corporation, Bank of China, China Life and Orient Group, as well as North American Institutions

such as EIG and Retail

Pure play focused on Insitu Oil Sands

Canada Holds the 3rd Largest Oil Reserves in World – Represents ~52% of the World’s

Investible and Accessible Oil Reserves

Canada’s Oil Sands Have Attracted Significant Investment due to its Low Geopolitical Risk,

Stable Fiscal Regime and Welcoming Investment Policies

Oil Sands are Expected to be a Major Contributor to Global Oil Supply – ~4.2 Million Barrels

per Day of Production Expected by 2025

The Alberta Government has initiated the “Lower Athabasca Regional Plan 2012” that would see

Sunshine and other oil sands lease holders releasing land and leases for current and future

environmental management. Release criteria and compensation to be determined.

3

Highlights


Founded in Alberta in 2007

Dual Listing in Hong Kong and Toronto(1)

Shares Outstanding(1): 2,823,880,881

C$ HK$

Market Cap: 0.9 billion 7.6 billion

Enterprise Value(2): 0.7 billion 5.2 billion

PV10 P+P: 0.9 billion 7.1 billion

PV10 Best Estimate

Contingent Resources: 6.9 billion 53 billion

Value Opportunity: C$/sh HK$/sh

PV10(3) Recoverable

Resource2.75 21.51

Current Trading Price(4) 0.40 3.30

Price/NAV 14.5%

4

Corporate Profile

Notes

1. Stock price and shares outstanding can be found on the Stock Exchange of Hong Kong Limited website: www.hkex.com.hk 2012 or

on the Toronto Stock Exchange website: www.tmx.com SUO

2. Enterprise Value = Market Capitalization + Debt – Cash

3. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 All figures are denominated in C$ millions; Recoverable

Resources defined as 2P Reserves + Best Estimate Contingent Resources

4. As Jan 3, 2013 – Closing Price (HKD Exchange rate of 7.8565)

Ownership of Major Shareholders

CDN $200 million syndicated credit facility closed on

October 11, 2012.

Oversubscribed and increased by an additional

CDN$75 million

The co-lead institutions that arranged the credit facility

were Alberta Treasury Branches and Bank of China,

supported by Bank of America, HSBC, Morgan Stanley,

Scotiabank, Toronto-Dominion, UBS and Industrial

Commercial Bank of China

CDN $200 Million Syndicated Credit Facility

EIG Management Company

Cross-Strait Common Development Fund

China Life Insurance

Bank of China

China Investment Corporation

Sinopec

Orient International Resources

Other

3%3%

6%7%

8.5%

8.5%

10%

54%


Resource Base Provides Significant Growth Opportunity

Notes

1. With the exception of shared formations which represent 0.7% of total land holdings

~70 Billion Barrels of Total Oil in Place;

1.2 MM acres;

P+P Reserves 445 million bbls

+Best Estimate Contingent 4.96 billion bbls

Production Capacity of >1MM bbls per day

~100% Ownership in All Leases (1)

High Growth Portfolio of Assets Composed

of Clastic and Carbonate Oil Sands

Assets Located Close to Several High

Profile International Oil Companies

Sunshine’s Oil Sands Leases Represent ~7% of Granted

Leases in the Athabasca Oil Sands Region

Cc

Ch

T

Su

Sy

B

Cp

I

Ce H

A

Sh

Cn

K

Plans to Develop at Prudent Pace

Reflecting a Strong Balance Sheet

Currently Less Than One Year From First

Steam on First Commercial Development


1.3 1.3

2.2

3.1

5.0

107,840

1,000,640 1,000,640

1,085,747

1,156,377 1,189,762

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

0

1

2

3

4

5

6

2007 2008 2009 2010 2011 2012

Best Estimate Contingent 2P Reserves Land Position

6

Recoverable Resources

(Bn bbl) (1)

Source Sunshine Oilsands Ltd.

Recent Developments

Acres (2)

Track Record of Building Scale

Note

1. Recoverable resource defined as 2P Reserves + Best Estimate Contingent Resources

2. 1 Hectare = 2.47105381 acres; we currently hold 467,969 hectares of leases (including all Oil Sands Leases

and PNG Licenses)

First 10,000 bbl/d SAGD phase at West Ells approved and under construction

Filed regulatory application for a

10,000 bbl/d SAGD phase at Thickwood

Filed regulatory application for a

10,000 bbl/d SAGD phase at Legend Lake

Progressing alliance / joint venture arrangements with Sinopec/China Investment Corp and others

Progressing carbonate development plans for commercial applications

Updated Reserve/Resource Report (May 31, 2012)

West Ells under construction as at June 30, 2012Procurement of long lead equipment 100% completeSecondary equipment >90% complete

Operational Accomplishments

Pursuing cold flow developments at Muskwa, Harper, Goffer, Godin and others

Project Area Environmental Impact Assessments for

West Ells, Legend Lake & Thickwood are underway, and

detailed baseline environmental data collection is

expected to be complete by Q4 2012

Planning two commercial applications to be filed in 2013 to expand capacity to an estimate of 300,000 bbl/d


0

2000

4000

6000

8000

10000

12000

2009 2010 2011 2012Low Best High

0

50

100

150

200

250

300

350

400

450

500

2009 2010 2011 2012

7

Reserves and Resources Progression

MM

P+P Reserves Progression

Contingent Resource Progression

CAGR* = 40%(Best Estimate Contingent)

MM/Bbl

Notes

1. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012

2. As at Jan 3, 2013 – Closing Price (HKD Exchange rate of 7.8565)

CAGR* = 101%(2P Resources)

*CAGR calculated from 2010 to 2012

*CAGR calculated from 2009 to 2012

Reserves and Resources

PV10(1) PV10/sh(2)

1P Reserves 80 million C$312 million C$0.11

2P Reserves 445 million C$918 million C$0.33

3P Reserves 603 million C$1.6 billion C$0.57

Low Estimate

Contingent Resource1.9 billion C$2.5 billion C$0.89

Best Estimate


High Estimate


2P+ Best Estimate

Contingent Resource5.4 billion C$7.8 billion

C$2.75

HK$21.51


Hold ~70 Billion Barrels of Total Petroleum-Initially-in-Place

Property / Asset Type First Steam *

Ultimate

Capacity *

(bbl/d)

Total Petroleum-

Initially-in-Place (1)

(MMbbl) (MMbbl) PV10 (C$MM)(2)

West Ells 2013 120,000 1,981 796 2,248

Thickwood 2015 70,000 1,403 504 756

Legend Lake 2016 110,000 1,505 598 855

Other Clastics 200,000 17,806 2,152 2,163

Total Clastics 400,000 22,695 4,050 6,022

Harper Carbonates 200,000 10,556 371 140

Other Carbonates 400,000 35,574 974 1,599

Total Carbonates 2017 600,000 46,130 1,345 1,739

Muskwa Cold FlowCurrently

Producing70 5 14

Total Combined 1,100,000 68,894 5,400 7,775

Summary of Our Asset Portfolio(1)

Base Case Clastic Assets * Management Estimates for First Steam and CapacityNote

1. Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 All figures are denominated in C$ millions; Recoverable Resources

defined as 2P Reserves + Best Estimate Contingent Resources

2. Pre-Tax PV10% incorporate GLJ’s April 2012 commodity price forecast s and D&M’s April 2012 commodity price forecast

Recoverable Resources


2012 Reserves and Resource Assessment

Note

• Based on Sunshine’s Competent Persons’ Reports dated May 31 2012 . All “Pre Tax PV10” figures are in C$ millions;

• Pre-Tax PV10% incorporate GLJ’s April 2012 commodity price forecasts and D&M’s April 2012 commodity price forecast

• All Reserves and Resources are in MMbbls


Clastic and Carbonate Combined Capacity

Note: Recoverable Resources defined as 2P Reserves + Best Estimate Contingent Resources as per GLJ and D&M May 31 2012

The above “Combined Capacity and Production Curves” are defined as follows:

•Sunshine has identified development potential for an estimated 1,100,000 bopd production capacity by 2026, each project type is identified as either accelerated base case clastics, other additional clastics or carbonates. The

colored segments show the production capacity of the assets;

•The Base Case Clastics at West Ells, Legend Lake and Thickwood are based on accelerated corporate development plan to reach production capacity of an estimated 300,000 bopd by 2025;

•Additional Clastic Development Assets are based on the Competent Persons best estimate contingent resource development plans, with an additional production capacity potential of 190,000 bopd by 2026;

•The Carbonate unconstrained development plan reaches production capacity of an estimated 580,000 bopd by 2025.

Carb

on

ate

sA

dd

itio

na

l

Cla

sti

c

Assets

Accele

rate

d

Base C

lasti

c

Assets

Pro

du

ctio

n C

ap

acity (

bo

pd

)


$(3,000)

$(2,000)

$(1,000)

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Accelerated ~1,000,000 BPD Cash Flow

Combined Cash Flow Forecast – Full Development Plan

11

Millions

Years

Notes

1. Assumes a US$/C$ exchange rate of 0.98

2. Crown royalties are based on net revenue royalty on a post-payout basis, including an average sustaining capital cost of

C$8.75/bbl

3. GLJ April 1, 2012 price deck used

4. Heavy oil difference18.5%

Assumptions:WTI - US$ $ 90.00

Natural gas - AECO CAD$ $ 5.10

Cash flow netbacks - $/bbl:

- pre-payout $ 41.37

- post-payout $ 29.72

Capital expenditures ($/boe/d):

Clastics $ 33,766

Carbonates $ 35,608

Sustaining Capital (per bbl) $ 10.19

Peak daily production (boe/d):

West Ells, Thickwood & Legend Lake 200,000

Other Clastics 195,000

Carbonates 581,336

976,336


West Ells, Thickwood & Legend Lake Base Case

Delineation Drilling & Regulatory Preparation ConstructionRegulatory Approval First Steam

Capacity 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

SAGD Facilities bbl/d

West Ells A1 5,000

West Ells A2 5,000

West Ells A3 30,000

West Ells C1 30,000

West Ells C2 30,000

West Ells B 20,000

Thickwood A1 10,000

Thickwood A2 30,000

Thickwood B 30,000

Legend Lake A1 20,000

Legend Lake A2 30,000

Legend Lake B1 30,000

Legend Lake B2 30,000

Total 300,000

Project Schedule (Base Case Clastic Assets) – 300,000 bbl/d Installed Capacity by 2025 (1)

1. “Base Case Clastic Assets” defined as West Ells, Thickwood and Legend Lake


West Ells, Thickwood & Legend Lake – Base Case & Accelerated


Source Sunshine Oilsands Ltd. (as of July 2012)

10+m Net Continuous

Bitumen

20m Net Continuous

BitumenSAGD Facility

14

West Ells Development

15+m Net Continuous

Bitumen


West Ells Initial Development Area796 million barrels of 2P + Best

Estimate Contingent Resources

~24,000 acres capable of 120,000

bbl/d production rate

Regulatory approval received and

construction commenced on 10,000

bbl/d project

First steam expected mid-year 2013

Using a 5th generation SAGD plant

design

Close to other oil sands leases

including Athabasca / CNPC Dover

Steam Chief and key operators

employed – developing

Commissioning, Start Up &

Operation Procedures completed

Engineering, Design, Equipment

procurement & fabrication on

schedule


Steam Generator Building

Boiler Feed Water Pump Building

Co-generation Building

Evaporator Building

Fuel Gas

Building

Water Building’s

South Inlet Building

North Inlet Building

Motor Control Centre Building

Produced Water Exchange Building West Tank Building

East Tank Building

FWKO 1 & 2 Building’s

Treater Building

West Ells Development

Site office complex in place

Sunshine’s first horizontal SAGD

producer was finished on December

10th

The Heat Recovery Steam Generator

(HRSG) was delivered to site

Free Water Knockouts (FWKOs) are

onsite

Approximately 1800 piles have been

installed out of 5500

Evaporator tower block poured and

ready for standing of the Evaporator

Tower

Project on time and on budget

Project schedule/spend on track

SAGD Well Pairs: 10 surface

casing sections, 4 intermediate

casing sections and 2 horizontal

sections have been drilled

7 out of 11 Observation wells

have been drilled

Procured >90% of the secondary

equipment

Engineering Schematic

West Ells SAGD Facility


Thickwood Development



10+m Net Continuous

Bitumen

20m Net Continuous


Thickwood Initial Development Area

R18W4M

T90

T91

15m Net Continuous

Bitumen

2P + Best Estimate Contingent

Resources: ~504 MMbbl

~19,600 acres capable of

70,000 bbl/d production rate

Approximately 90 km from Fort

McMurray and 40 km from

West Ells

Application to construct an

initial 10,000 bbl/d facility at

Thickwood submitted on 31

October 2011

Complete regulatory approval

expected prior to Q2 2013

First steam expected mid-year

2015

SAGD plant design similar to

West Ells

Front End Engineering Design

(FEED) initiated with AMEC-

BDR

Sunshine Oilsands Ltd. ConfidentialJanuary 2013R18W4M

T96

17

Legend Lake Development



10m Net Continuous

Bitumen

20m Net Continuous


Legend Lake Initial Development Area

15m Net Continuous

Bitumen

2P + Best Estimate Contingent

Resources: ~598 MMbbl

~21,500 acres capable of

110,000 bbl/d production rate

Application to construct an initial

10,000 bbl/d facility at Legend

Lake was submitted on 25

November 2011

Complete regulatory approval

expected in Q2 2013

First steam expected early 2016

SAGD plant design similar to

West Ells

Design Base Memorandum

(DBM) initiated


Other Clastics

Property

Total PIIP

(MMbbls)

Best Estimate

Contingent

Resources

(MMbbls)

Pelican Lake* 1,561 908

Opportunity 2,905 167

Muskwa/Godin 1,624 251

Harper 8,711 751

Portage* 2,493 46

East Long Lake 178 30

TOTAL 17,472 2,153

* Pelican Lake and Portage resources are from the Grand Rapids formation while

development of all other clastic properties is from the Wabiskaw/McMurray formations


Tremendous Upside Potential from Our Carbonate Properties


Property Formation

Total PIIP

(MMbbls)

Contingent Resources (MMbbls)

Low Est Best Est High Est

Harper Grosmont 10,556 0 371 1,356

Ells Leduc Leduc 921 0 158 336

Goffer Nisku 4,777 0 215 1,018

MuskwaWabamun

/Nisku22,925 0 180 1,183

PortageGrosmont

/Nisku6,070 300 421 1,358

Saleski Grosmont 596 0 0 125

South

ThickwoodGrosmont 287 0 0 57

TOTAL 46,132 300 1,345 5,433

Sunshine carbonate leases cover key formations: Grosmont, Leduc, Nisku, Wabamun, Blueridge and Ireton

Sunshine’s carbonate development plan has been created forecasting 580,000 bbl/d production capacity from Sunshine’s carbonate assets

Preparing for submission of pilot application, currently selecting pilot location and defining execution plan

Carbonate Bitumen Bearing Formations


Current Carbonate Bitumen Pilots

Sunshine Oilsands Harper CSS Pilot

Total Carbonate Resource Estimate for all

formations is over 500 Billion bbls

Location of Carbonate Pilots

There are currently 4 carbonate pilots in various stages of operation

Sunshine’s carbonate development plan created

580,000 bbl/d production forecast from Sunshine’s carbonate assets

Working on selection and location of regulatory pilot applications

Athabasca Leduc TAGD Pilot

Shell Upper Ireton Horizontal Heater Pilot

Laricina/OSUM Saleski Grosmont SAGD Pilot

UNOCAL Buffalo Creek Grosmont SAGD Pilot


Cold Flow Assets

Location of Potential Cold Flow Assets

HarperLower Viscosities with Cold Flow Potential Identified in the

Wabiskaw

Further Production Testing Required

GofferLight Oil Keg River Formation Potential Identified

Further Exploration Drilling and Production Testing Required

Muskwa NorthLower Viscosities with Cold Flow Potential Identified offsetting

Woodenhouse Development

Further Exploration Drilling and Production Testing Required

Extension of Muskwa Cold Flow Development in the Wabiskaw

MuskwaCurrent Heavy Oil Production and Field Development in the

Wabiskaw

Optimization of Production and Cost Base

Godin/GoodlowFurther Exploration Drilling and Production Testing Required

Extension of Muskwa Cold Flow Development in the Wabiskaw

PortageFurther Exploration Drilling and Production Testing Required

Offsets Pelican Lake Cold Flow Oil Development in the Wabiskaw


Muskwa is in “Active Area” for

Cold flow heavy oil development

Reservoir

Zone: Wabiskaw

Depth: ~325-350 meters

Development: CHOPS

75 km North of Pelican Lake

2012 Activity

Conducting single well

enhanced production

techniques for improved

recovery

Future Development

Strat well drilling to expand

delineation potential

Leverage industry

infrastructure as it is built

22

Muskwa and Area Development

CNRL Oil Sands

CNRL

Woodenhouse

CNRL Livock/

Woodenhouse


Management and Directors

Management Team

John Zahary, M.Phil, P.EngPresident and CEO

Robert Pearce, BASc, MBACFO and Senior VP Finance

David Sealock, BA, RETExecutive VP, Corporate Operations

Tony Sabelli, CETSenior VP, Operations

Laura Sullivan, P.EngSenior VP, Engineering and Geosciences

Dong LiuSenior VP, Hong Kong and Canada

Dr. Songbo Cong, PhD, P.EngVP, Facilities Engineering

Daniel DugasVP, Field Operations

Jason HancherukVP, Land and Regulatory Affairs

Christine Profili, CAController

Al Stark, BComm, CGATreasurer

Board of Directors

Michael J. Hibberd, BA, MBA, LLBExecutive, Co-Chairman

Songning Shen, BSc, MSc, P.GeolExecutive, Co-Chairman

Raymond Fong, P. EngIndependent Non-Executive Director

Robert Herdman, FCAIndependent Non-Executive Director

Haotian Li, MBA, BA Sc. EngineeringBank of China Group Investment Limited

Anton T.A. Liu, MBA EconomicsChina Life Insurance Co. Ltd.

Mike Seth, BA Sc, P.EngIndependent Non-Executive Director

Gerald Stevenson, BSc, MSc, P.EngIndependent Non-Executive Director

Hok Ming Tseung, Postgraduate of Int’l Econmics &

TradeOrient Holdings International Group

Greg Turnbull, BA, LLB, Q.C.McCarthy Tètrault LLP


One of the largest holders of Oil Sands Leases in the Athabasca Region with 1.2 million acres and

~70 Billion Barrels of Total Petroleum-Initially-in-Place

We are a Major Developer of Oil Sands Resources, targeting 300,000 bbl/d Production from our

first three project areas and >1 million bbl/d Capability

Our Management and Technical Teams Have Extensive Experience in Oil Sands Project

Development and Execution to Production

We are Supported by Several Prominent Asian Entities such as Sinopec, China Investment

Corporation, Bank of China, China Life and Orient Group, as well as North American Institutions

such as EIG and Retail

Pure play focused on Insitu Oil Sands

Canada Holds the 3rd Largest Oil Reserves in World – Represents ~52% of the World’s

Investible and Accessible Oil Reserves

Canada’s Oil Sands Have Attracted Significant Investment due to its Low Geopolitical Risk,

Stable Fiscal Regime and Welcoming Investment Policies

Oil Sands are Expected to be a Major Contributor to Global Oil Supply – ~4.2 Million Barrels

per Day of Production Expected by 2025

24

Highlights

www.sunshineoilsands.com

AUDITORS Deloitte & Touche LLP

LEGAL COUNSEL McCarthy Tetrault LLP (Canada)

Freshfields Bruckhaus Deringer (HK)

EVALUATION ENGINEERS GLJ Petroleum Consultants Limited

DeGolyer and McNaughton Canada Limited

REGISTRAR & TRANSFER AGENT Alliance Trust Company (Canada)

Computershare Hong Kong Investor

Services Limited (HK)

INVESTOR CONTACTS John Zahary, President & CEO

David Sealock, Executive VP,

Corporate Operations

Suite 1020, 903, 8 Avenue SW, Calgary, Alberta, Canada T2P 0P7

403.984.1450 403.455.7674


Appendix

26


Oil Sands Region Map Canada’s resource industry features a

unique combination of characteristics that

make it very attractive to international

energy consumers

Large reserves base with significant

growth opportunities

Regulated and safe work environment

creates low political and fiscal risk

Close proximity to growing

undersupplied global demand markets

International investment in Canada’s oil

sands to-date has been significant, and

this trend is expected to continueEdmonton

Calgary

COLD LAKE

ATHABASCA

PEACE RIVER

WABISKAW-

MCMURRAY

DEPOSIT

CLEARWATER

DEPOSIT

Fort

McMurray

Canada

United States650 Km0 Km

Source Canadian Association of Petroleum Producers

Canada’s Oil Sands are a Natural Fit for Global Energy Demand


Canada’s oil reserves represent ~52% of the world’s investible and accessible reserves

Aside from Saudi Arabia and Venezuela, Canada holds the largest oil reserves in the world

Relative to other resource rich global supply regions, Canada offers a high degree of geopolitical security and a significantly more attractive fiscal regime

Distribution of Global Oil Reserves

State

Owned

78%

Investible and

Accessible

22%


Canada’s Oil

Sands 52%

Other Investible

/ Accessible

Reserves 48%

260

211175

137115 102 92

60 46 37 30 25 20 19

0

50

100

150

200

250

300

Bn bbl

Ranking of World Oil Reserves

Source Oil & Gas Journal (December 2010)

Oil Sands Represent

~97% of Canada’s

Total Reserves

Canada’s Oil Sands Hold the 3rd Largest Oil Reserves Globally,

Representing ~52% of Total Investible/Accessible Reserves


40

50

60

70

80

90

0

1

2

3

4

5

2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

Mining Oil SandsWestern Canadian Conventional Oil Production

In Situ Oil Sands Oil Sands % of Total Production

(%)

Demand for global oil resources is

expected to reach ~112 MMbbl/d

by 2035

Conventional supply is in decline,

and global production is expected

to transition towards non-

conventional sources

As a result of its tremendous

growth trajectory, Canada’s oil

sands will play a major role in

meeting the needs of the world’s

growing crude demandChina / India

OECD ex. North America Non-OECD ex. China / IndiaNorth America

MMbbl/d

Western Canadian Oil Production Forecast

Source EIA International Energy Outlook 2011 and CAPP Crude Oil Forecast June 2012 excludes pentanes/condensates

MMbbl/d 2011A 2020E CAGR

Conventional 1.26 1.43 1%

Mining Oil Sands 0.77 1.33 6%

In Situ Oil Sands 0.84 1.84 9%

Total Oil Sands 1.62 3.17 8%

Total 2.88 4.59 5%


Crude Oil Production Forecast June 2012

MMbbl/d

22 22 23 23 24 23

23 25 25 26 26 27

2730 30 32 35 37

1116 19 22 23 25

0

20

40

60

80

100

120

2009 2015 2020 2025 2030 2035

8493 98 103

108 112

Primary Global Oil Demand by Region

Canada’s Oil Sands Can Meet the Needs of Undersupplied

Growing Demand Markets in Asia and Other Key Regions


Proposed Pipeline Expansions

Source: CAPP Crude Oil Forecast, Markets & Pipeline Expansions – June 2012

Source: TransCanada – Grand Rapids Pipeline project

Sunshine Facility

Sunshine Legend Lake

Sunshine West Ells

Enbridge Edmonton Terminal

Sunshine Thickwood


Asian demand relatively close to Canadian supply

Canada’s

Oil Sands

United States

Canada

Japan

Korea

China

PersianGulf

South America


7.818.8

USA

8.1

28.3

China

Supply Demand

1.9 MMbbl/d Mid East

Competitive Proximity to Major Global Crude Demand Markets

Canada is located within close proximity to the world’s largest crude demand region – the United States

The Canadian Government is highly supportive of expanding its export markets

Initiatives are underway to export crude to Asia from Canada’s west coast


Our 100% Non-Partnered Oil Sands Position Offers Strategic

Value at a Time of Increasing Global Interest in the Region

4.0

10.1

2.1 1.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012

Operators, owners and buyers from all

over the world have invested billions of

dollars over the last several years to

gain access to Canada’s oil sands

As a result, a large portion of the

acreage in the Athabasca region has

been acquired

Therefore, those holding large, high-

quality non-partnered lands in the

region are significantly advantaged

Our 100% (1) owned oil sands position

is of considerable strategic value

We own ~7% of all granted

leases in the Athabasca oil sands

region

Source Publicly Disclosed Press Releases

Evolution of Lease Positions in the Athabasca Region

Recent Canadian Oil Sands M&A Activity

(C$ Bn)

YTD

Asian acquirors have

been extremely active

in Canada’s oil sands.

2005 Current

Oil Sands Mineral Rights

Source GeoScout December 2011

Notes

1. With the exception of shared formations which represent 0.7% of total land holdings

Other AcquirorsAsian Acquirors

CNOOC/Nexen deal of $15.1B

not included in 2012


Projects Company Porosity

Bitumen

Saturation

Reservoir

Depth (m)

SOR (1)

(bbl/bbl)

Production

Per Well (bbl/d)

West Ells (2) 31% 76% 255 2.7 808

Thickwood (2) 32% 73% 190 3.6 653

Legend Lake (2) 32% 69% 430 2.9 604

Great Divide (3) 32% 85% 400 3.6 414

Christina Lake (3) 35% 81% 400 2.2 945

Hangingstone (3) 33% 80% 350 3.5 525

MacKay River (3) 34% 74% 137 2.5 657

Christina Lake (3) 31% 77% 370 2.4 906

Surmount (3) 32% 78% 375 2.6 813

Foster Creek (3) 33% 85% 450 2.6 795

Firebag (3) 34% 78% 300 3.2 1,689

Reservoir Parameters Compare Favorably to those of Several

Producing Oil Sands Project Areas

Source All information from IHS Inc. systems data or Energy Resources Conservation Board published In Situ Progress reports

Notes1. Production and SOR inputs based on analysis of public data up to December 2010 (average steady state performance since inception), except for our properties that are based on internal development models including plant build SORs and

expected well peak production rates2. Management development plans, including plant build SORs and expected well peak production rates 3. Production and SOR inputs based on analysis of IHS Inc. public industry data up to December 2010 (average steady state performance since inception). Project data based on ERCB’s published In Situ Progress reports

Comparison of Sunshine’s Clastic Reservoir Characteristics to Producing Project Areas


Land, Reserves and Resources

0

200

400

600

800

1,000

1,200

1,400

1,600

thousand a

cre

sOil Sands Lease Holdings

0

500

1,000

1,500

2,000

2,500

3,000

mm

bbls

2P Reserves - Oil Sands & Heavy Oil

0

2,000

4,000

6,000

8,000

10,000

12,000

mbbls

2P Reserves & Best Estimate Contingent Resources Oil Sands & Heavy Oil

2P Reserves 2C Resources 2C Bitumen Carbonates

Source: Company Reports and RBCCM Research Report 12 Nov 2012


Comparative Industry Valuations

$1.48$1.39

$1.31$1.20

$0.40

$0.21 $0.17

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

EV

/bb

l

Oil Sands & Heavy Oil EV/bbl$6.64


0.24

0.00

1.00

2.00

3.00

4.00

5.00

Sunshin

e

Ath

abasca

Ivanhoe

ME

G

Bla

ckpearl

connacher

South

ern

P

acific

Suncor

Imperial O

il

Cenovus

Canadia

n O

il S

ands

C$/bblEv per contingent resource

Developers Producers Senior producers

avg = C$3.41/bbl

avg = C$1.35/bbl

avg = C$0.52/bbl

Source: Company Reports and Morgan Stanley Research 14 Nov 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

Pri

ce/N

AV

Price / NAV Multiples

Price/Base NAV Price/Unrisked NAV



Our Oil Sands Assets will Benefit from Favourable Economics

Supplemented by Strong Project Execution

15.24 23.61

30.76 1.69

1.69

1.69

4.76

7.09

9.41

6.25

6.25

6.25

2.16

6.01

11.09

1.38

1.38

1.38

7.75

9.63

11.51

10.78

14.35

17.92

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

50.00 70.00 90.00

(C$/bbl unless noted – Illustrative Netback at West Ells (2011 Dollars))

Our oil sands project economics will

benefit from the following:

Strong oil prices

Narrow heavy to light oil differentials

Low natural gas prices

Favorable royalty / fiscal regime

Based on our current operating

projections, we expect that our Clastic

oil sands assets will be cash flow

positive at WTI oil prices as low as

US$50/bblNotes

1. Assumes a US$/C$ exchange rate of 0.98

2. Carbon emissions based on 25 kilograms of carbon dioxide emitted per barrel of steam, and the costs of carbon is

assumed to be C$25.00 per tonne of carbon dioxide emitted

3. Fuel operating costs assume a plant build SOR of 2.70x. The natural gas required to produce one barrel of steam

is assumed to be 0.407 Mcf/bbl of steam (or 1.099 Mcf/bbl of bitumen). We also plan to inject non-condensable

gas at a rate of 0.219 Mcf/bbl of bitumen produced. The 0.219 of bitumen intensity is inclusive of minor additions

related to plant fuel and fuel for re-pressurisation of compressor units. Total natural gas required to extract one

barrel of bitumen is 1.318 Mcf/bbl. Henry Hub natural gas price assumption based on a 13.8:1 US$ WTI to US$

Henry Hub price based on Gilbert Laustsen Jung Associates Ltd. (“GLJ”) November 2011 commodity price

forecast, which assumes an AECO price discount of US$0.66 per MMbtu to Henry Hub. Fuel gas used at the

SAGD project site is priced at 98% of the AECO Canadian dollar price

4. Non-fuel operating costs include a fixed portion composed of labour, property taxes, insurance, shutdown and

maintenance operating costs. Variable non-fuel component includes well workovers and chemicals

5. Crown royalties are based on net revenue royalty on a post-payout basis, including an average sustaining capital

cost of C$8.75/bbl

6. Condensate price is based on a 2.0% premium over Edmonton Par price with an additional premium of $4.73/bbl at

the project site, which is inclusive of transportation costs. One barrel of the dilbit (defined as a blend of bitumen and

condensate) is composed of 30% condensate and 70% bitumen (or 0.43 barrel of condensate per barrel of

bitumen)

7. Edmonton Par differential of C$0.86 discount to WTI, and a heavy oil discount of 19.5% (to Edmonton Par) for

Lloydminster heavy oil at Hardisty. Also assumes a blend quality differential of C$1.16 per barrel representing the

differential between Ells Legend Lake bitumen blend and Bow River at Hardisty

Cash Operating Netback Carbon Emissions (2)

Fuel Opex (3) Non-Fuel Opex (4)

Post-Payout Royalties (5) Transportation

Diluent (6) Differential and Other (1) (7)

Source GLJ Report, November 2011 for pricing forecast, Sunshine estimates for operating assumptions,

2011 Constant Dollars

US$90 WTI

US$70 WTI

US$50 WTI

C$91.84 (1)

C$71.43 (1)

C$51.02 (1)

Cash Flow

Positive at

US$50/bbl Oil

Prices

Illustrative Long-Term Netbacks per Barrel

www.sunshineoilsands.com

Suite 1020

903, 8 Avenue SW

Calgary, Alberta, Canada

T2P 0P7

403.984.1450

403.455.7674

Documents

Sunshine Oilsands Ltd. Corporate PresentationSunshine Oilsands Ltd. January 2013 Confidential 1 Forward-Looking Information and Disclaimer This presentation (the “Presentation”)