Sunshine Oilsands Ltd.

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Description

Through the IPO, Sunshine secured significant investment from cornerstone investors such as Premium Investment Corporation, a wholly-owned subsidiary of China Investment Corporation, EIG Management Company and Sinopec Century Bright Capital Investment Limited, a wholly-owned subsidiary of China Petrochemical Corporation, otherwise known as the Sinopec Group.

Sunshine's growth is being led by an experienced team with strong corporate governance and capital cost discipline. This team has a proven record of creating significant value in managing successful large projects. Our management and employees have proven operations experience in numerous hydrocarbon plays including conventional heavy oil, cretaceous sandstone and carbonate reservoirs.

There is no service contract between the Corporation and Mr. Hu and he has not been appointed for a specific term and he is currently not entitled to receive any director’s emolument (such emolument is subject to revision by the compensation committee of the Corporation). In accordance with the Corporation’s articles of incorporation and by-laws, Mr. Hu shall hold office as a director subject to re-election at the next annual general meeting of the Corporation. Save as disclosed above, as at the date of this announcement, Mr. Hu has not held any directorships in other listed public companies in the last three years and do not hold any other positions in the Corporation nor in any other subsidiaries of the Corporation. Mr. Hu does not have any relationship with any directors, supervisors, senior management, substantial or controlling shareholder of the Corporation, nor does he have any interests in the securities of the Corporation within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Sunshine is a Calgary-based public company, listed on the HKEX and TSX, dedicated to delivering on our plans of providing sustainable, predictable oil growth.

The Audit Committee is a committee of independent directors appointed by the Board of Directors of the Corporation (the "Board of Directors"). The Audit committee's mandate is to provide recommendations to the Board of Directors in fulfilling its financial reporting and control responsibility to the shareholders and the investment community. The committee is, however, independent of the Board of Directors and the Corporation and in carrying out their role shall have the ability to determine its own agenda and any additional activities that the Audit Committee shall carry out.

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