Alberta Oilsands Inc. Responds to Smoothwater Capital Corporation and Announces Postponement of Annual General Meeting - Seite 2

Smoothwater has taken comments in the context of a negotiation of a confidentiality agreement, and spun them for its own self-serving purpose.

3. Smoothwater seeks to continue to speak for Shareholders that Disagree with its Position

The Smoothwater Press Release implies greater support for its so-called "Capital Dividend Plan" than actually exists. In addition, Smoothwater's website continues to misrepresent to the public that a significant shareholder supports its short-term profit-taking proposal, when this is no longer correct.

In particular, a large shareholder of AOS and shareholder of Marquee, Mr. Bruce Mitchell, who based on the Smoothwater Press Release is known by Smoothwater to support the proposed transaction with Marquee, has sent a letter of clarification to Smoothwater containing the following:

"As you are aware from public disclosure, I am a large significant shareholder of Alberta Oilsands Inc. ("AOS"). As disclosed in the joint news release of AOS and Marquee Energy Ltd. ("Marquee") dated August 19, 2016, I am fully supportive of the proposed acquisition of Marquee by AOS.

You and I have had prior discussions concerning the so-called "Capital Dividend Plan" for AOS as being advanced by Smoothwater and another individual shareholder with whom Smoothwater is acting jointly and in concert, a proposal of which I was formerly supportive. However, upon agreeing to a standard form confidentiality agreement with AOS and Marquee, my discussions with AOS and Marquee have demonstrated the value which I believe will be unlocked for all AOS shareholders as a result of the proposed acquisition. I would encourage Smoothwater to also consider the possibility that the proposed transaction is financially superior to AOS shareholders relative to a short-term arbitrage play.

Having regard to my support of the transaction, I would respectfully request that Smoothwater remove all references to my name or correspondence from its website and future public communications, unless such references correctly refer to my support of the transaction. I fear it is a misrepresentation to the public to continue to refer to my prior position prior to the arrival of the Marquee transaction. I would ask that Smoothwater also relay my views to others with whom it is acting jointly and in concert."