Annual General Meeting

April 30, 2014

Ryan Kubik

President & Chief Executive Officer Canadian Oil Sands Limited

Forward-looking Information In the interest of providing you with information regarding Canadian Oil Sands Limited (the “Corporation”), including management’s assessment of the Corporation’s future plans and operations, certain

statements and graphs throughout this presentation contain forward-looking information and forward-looking statements (collectively referred to as “forward-looking statements”) under applicable securities

laws. Forward-looking statements are typically identified by words such as “anticipate”, “expect”, “believe”, “plan”, “intend” or similar words suggesting future outcomes. Forward-looking statements in this

presentation include, but are not limited to, statements and graphs with respect to: the estimated value and amount of reserves recoverable and the time frame to recover such reserves; the estimated

resources; plans regarding crude oil hedges in the future; the expected impact on cash flow from operations and cash flow from operations per share from increasing/decreasing crude oil prices; future

dividends and any increase or decrease from current payment amounts; the expected sales volume in 2014; the expected operating expenses in 2014; the expected cash flow from operations and cash flow

from operations per share in 2014; the expected realized selling price for the Corporation’s product in 2014; the belief that Syncrude production can grow from demonstrated levels through improved reliability

initiatives, while at the same time reducing maintenance and repair costs; the expected impact on cash flow from operations from increasing Syncrude production; the anticipated benefits of wet crushing

technology; the belief that retrofitting Syncrude’s centrifuges should improve bitumen quality and extraction capacity; the plans to improve the run length of the hydrotreaters; the views on future additional

utilities at Syncrude; the expected amount of total major project costs, anticipated target in-service dates and estimated completion percentages for the Mildred Lake mine train replacements and the

centrifuge plant at the Mildred Lake mine; the expectation that capital expenditures will significantly decline post 2014; the anticipated reliability improvements resulting from the Mildred Lake mine train

replacements; the expectations regarding the timing of planned/announced market access pipelines; the Corporation’s views on future oil prices; the views on future demand for oil and global energy use; all

expectations regarding the synthetic crude oil (“SCO”) and West Texas Intermediate (“WTI”) and Brent differentials; the expectations regarding the 2014 annual Syncrude forecasted production range of 95

million barrels to 105 million barrels and the single-point Syncrude production estimate of 100 million barrels (36.7 million barrels net to the Corporation); the timing of the Coker 8-2 turnaround; and the

expectations regarding the maintenance on Coker 8-1.

You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature,

forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections

and other forward-looking statements will not occur. Although the Corporation believes that the assumptions and expectations represented by such forward-looking statements are reasonable and reflect the

current views of the Corporation with respect to future events, there can be no assurance that such assumptions and expectations will prove to be correct.

The factors or assumptions on which the forward-looking statements are based include, but are not limited to: the assumptions outlined in the Corporation’s guidance document as posted on the Corporation’s

website at www.cdnoilsands.com as of the date hereof and as subsequently amended or replaced from time to time, including without limitation, the assumptions as to production, operating expenses and oil

prices; the successful and timely implementation of capital projects; Syncrude’s major project spending plans; the ability to obtain regulatory and joint venture owner approval; our ability to either generate

sufficient cash flow from operations to meet our current and future obligations or obtain external sources of debt and equity capital; the continuation of assumed tax, royalty and regulatory regimes and the

accuracy of the estimates of our reserves and resources volumes.

Some of the risks and other factors which could cause actual results or events to differ materially from current expectations expressed in the forward-looking statements contained in this presentation include,

but are not limited to: volatility of crude oil prices; volatility of the SCO to WTI differential; the impact that pipeline capacity and apportionment and refinery demand have on prices for SCO; the impacts of

regulatory changes especially those which relate to royalties, taxation, tailings, water and the environment; the impact of new technologies on the cost of oil sands mining; the impacts of rising costs

associated with tailings and water management; the inability of Syncrude to obtain required consents, permits or approvals, including without limitation, the inability of Syncrude to obtain approval to release

water from its operations; the impact of Syncrude being unable to meet the conditions of its approval for its tailings management plan under Directive 074; various events which could disrupt operations

including fires, equipment failures and severe weather; unsuccessful or untimely implementation of capital or maintenance projects; the impact of technology on operations and processes and how new

complex technology may not perform as expected; the obtaining of required joint venture owner approvals from the Syncrude owners for expansions, operational issues and contractual issues; labour turnover

and shortages and the productivity achieved from labour in the Fort McMurray area; uncertainty of estimates with respect to reserves and resources; the supply and demand metrics for oil and natural gas; the

variances of stock market activities generally; currency and interest rate fluctuations; volatility of natural gas prices; the Corporation’s inability to either generate sufficient cash flow from operations to meet our

current and future obligations or obtain external sources of debt and equity capital; general economic, business and market conditions and such other risks and uncertainties described in the Corporation’s

Annual Information Form dated February 20, 2014 and in the reports and filings made with securities regulatory authorities from time to time by the Corporation which are available on the Corporation’s profile

on SEDAR at www.sedar.com and on the Corporation’s website at www.cdnoilsands.com.

You are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the forward-looking statements contained in this presentation are made as of the date of this presentation and

unless required by law, the Corporation does not undertake any obligation to update publicly or revise any of the included forward-looking statements, whether as a result of new information, future events or

otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.

In this presentation we refer to additional GAAP and non-GAAP financial measures that do not have any standardized meaning as prescribed by Canadian Generally Accepted Accounting Principles

(“GAAP”). We refer to additional GAAP financial measures such as cash flow from operations, cash flow from operations on a per share basis and net debt. For more information on additional GAAP financial

measures please refer to our 2013 Annual Management’s Discussion and Analysis which is available on the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at

www.cdnoilsands.com. In this presentation we also refer to non-GAAP financial measures such as free cash flow and return on equity. For more information on free cash flow and return on equity (referred to

as return on average shareholders’ equity in our 2013 Annual Report) please refer to our 2013 Annual Report, which is available on the Corporation’s profile on SEDAR at www.sedar.com and on the

Corporation’s website at www.cdnoilsands.com.

Third party information: To the extent that information contained in this presentation, forward-looking or otherwise, has been derived from third party sources such as Bloomberg, the International Energy

Agency and the US Energy Information Administration, the Corporation makes no representations or warranties, express or implied, as to the quality, accuracy and completeness of such information.

1. Our Strategic Focus

2. Results and 2014 Outlook

3. COS Investment Catalysts

Presentation Overview

STRATEGIC FOCUS

Syncrude: A High Quality Resource

• Established production base

• Long-life reserves

• Fully upgraded light, sweet

crude oil

• Proven operator and proven

technology

• Predictable reservoir recovery

– over 90%

Highly Leveraged to Increasing Crude Oil Prices1

0.00

1.00

2.00

3.00

4.00

$70 $80 $90 $100 $110

Illustrative cash flow from operations ($/share)2

WTI (US$/bbl)

2014 estimate

All figures in Canadian dollars unless otherwise noted.

1. Every US $1.00/bbl WTI increase/decrease in crude oil price increases/reduces cash flow from operations/share by $0.05 after tax; see April 30/14 Guidance

for other sensitivities; this assumes no other changes to operating expenses or other assumptions from the April 30/14 Guidance; see the risk factors outlined in

our Annual Information Form dated Feb. 20/14 as to other risks; for illustrative purposes only – COS is not expressing a particular view on crude oil prices.

2. Additional GAAP measure; assumes April 30/14 Guidance of: $0.92 US$/Cdn$ FX, $4/bbl SCO discount to Cdn$WTI, $46.08/bbl operating expenses and

sales of approximately 100,700 bbl/d net to COS.

Dividends Reflect Free Cash Flow Over Time (1,2)

(1) Includes distributions on trust units prior to Dec. 31/10 (2) Free cash flow (FCF) is cash flow from operations less capital expenditures and is a non-GAAP measure

Cumulative Dividends/FCF Annual Total Dividends

$ millions

$(1,000)

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$(300)

$-

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividends

Cumulative Dividends

Cumulative FCF

RESULTS & OUTLOOK

2013 Results

• Cash flow from operations of $1.3

billion

• Completed two major capital

projects, ahead of schedule and

$250 million under budget

• Paid quarterly dividends of

$0.35/share, or $678 million

• Sales volumes of 98,000 bbl/d at an

average operating cost of $42/bbl

• Achieved 18% return on equity1

All amounts as reported in COS’ 2013 Annual Report.

1) Non-GAAP measure. Defined as net income divided by

average shareholders’ equity.

Sales volume (bbl/d) 105,300 95,700

Realized SCO selling price ($/bbl) 105.73 96.11

Operating expenses ($/bbl) 46.91 41.20

Net income ($/share) 0.35 0.37

Cash flow from operations ($/share)3 0.74 0.57

Capital expenditures ($ millions) 217 268

1. Unaudited results as at March 31/14.

2. Unaudited results as at March 31/13.

3. Additional GAAP measure.

Q1 2014

Actual 1

Q1 2013

Actual 2

First Quarter Results

Announced quarterly dividend of $0.35 per share

Sales volume (bbl/d)2 100,700

Realized selling price ($/bbl) 96.00

Operating expenses ($/bbl) 46.08

Cash flow from operations ($millions)3 1,194

Cash flow from operations ($/share)3 2.46

2014 Outlook

20141

1. 2014 Outlook as at April 30/14.

2. Sales after crude oil purchases and transportation expense.

3. Additional GAAP measure.

COS INVESTMENT CATALYSTS

Syncrude’s path to

PRODUCTION GROWTH

Operating Leverage

0

50

100

150

200

250

300

350

400

2007 2008 2009 2010 2011 2012 2013 2014F

Syncrude production

Thousand barrels per day

2014F based on April 30/14 Outlook.

Average production of 287,000 bbl/d since 2007

Every 2 million bbl change in 2014 Syncrude production

impacts cash flow from operations by $44 million

Reliability Initiatives Across The Operation

Froth Production

Issues with crushers and conveyors contributed to approximately

3 MBbl production restriction in 2013

Actions taken include:

• Aurora Mine Relocation in 2013

– Comprehensive rebuild of trains 2 and 3

• Mildred Lake Mine Train Replacement

– New design includes wet crushers for increased recovery

– Increases unit capacity by 20%

Froth Treatment and Distillation

High solids in the bitumen feed causing furnace tube leaks downstream in distillation

units contributed to approximately 2 - 4 MBbl production restriction.

Actions taken include:

• Improved product quality of feed to upgrader

• Reconfigured centrifuge process design to

increase feed capacity

• Retrofitting bitumen centrifuges

Hydro Processing

Fouled hydrogen plant exchanger Reliability issues in hydro processing have led to as much as

5 MBbls/yr of lost production

Actions taken include:

• Program to replace the waste heat recovery exchangers in all

four hydrogen plants planned to be completed in the Q2 2014

turnaround

• Plan to improve run length of hydrotreaters

Utilities

Additional steam and power utilities planned in 2017

Gas Turbine Generator

Completing Syncrude’s

MAJOR PROJECTS

0

100

200

300

400

500

600

700

800

900

1000

2011 2012 2013 2014 2015

Centrifuge Tailings Management

Mildred Lake Mine Train Replacement

Aurora North Tailings Management

Aurora North Mine Relocation

Major Projects Capital Expenditure Profile

$ millions, net to Canadian Oil Sands

Capital costs only; excludes capitalized interest and certain development costs.

Mildred Lake Mine Train Replacements (MLMR)

Currently 85% complete

Expected in-service date of

Q4 2014

Cost estimates revised

downward from $4.2 billion to

$3.9 billion (gross to Syncrude)

Tightened range around cost

estimate to +5% / -10%

(1) Total project costs are net COS’ 36.74% working interest and include both capital and certain development expenses; costs

exclude capitalized interest.

(2) The estimated percentage complete is based on hours spent as a percentage of total forecasted hours to project completion.

Centrifuge Tailings Management Project

Currently 75% complete

Expected in-service date of first

half of 2015

Cost estimate remains at $1.9

billion (gross to Syncrude)

Range around the cost estimate

remains at +15% / -15%

(1) Total project costs are net COS’ 36.74% working interest and include both capital and certain development expenses; costs

exclude capitalized interest.

(2) The estimated percentage complete is based on hours spent as a percentage of total forecasted hours to project completion.

MARKETS Accessing new

Quality and Location Differentials

Cdn $/bbl

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

Trailing 3-Month Average

Brent

WTI

WCS

Bitumen

Quality and Location Differentials

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

Trailing 3-Month Average

Brent

SCO

WTI

WCS

Bitumen

Cdn $/bbl

Kitimat

Hardisty

Edmonton

Burnaby

Cushing

Montreal

Houston

Sarnia

Patoka

Quebec City

Markets for COS’ Syncrude Production

Chicago

Syncrude

Current synthetic crude oil markets

Potential new markets

LONG-TERM OIL PRICES The market’s view of

$75

$80

$85

$90

$95

$100

$105

Ju

n-1

4

Au

g-1

4

Oct-

14

Dec-1

4

Fe

b-1

5

Ap

r-1

5

Ju

n-1

5

Au

g-1

5

Oct-

15

Dec-1

5

Fe

b-1

6

Ap

r-1

6

Ju

n-1

6

Au

g-1

6

Oct-

16

Dec-1

6

Fe

b-1

7

Ap

r-1

7

Ju

n-1

7

Au

g-1

7

Oct-

17

Dec-1

7

Fe

b-1

8

Ap

r-1

8

Ju

n-1

8

Au

g-1

8

Oct-

18

Dec-1

8

Fe

b-1

9

Ap

r-1

9

Ju

n-1

9

Au

g-1

9

Oct-

19

Dec-1

9

WTI Forward Prices

Source: Bloomberg, April 23, 2014

World Energy Demand by Fuel Type

Source: International Energy Agency, World Energy Outlook 2013

Global energy needs expected to increase by 30%

Oil use is expected to increase 13% to 101 million barrels per day

Oil as a Transportation Fuel

Source: International Energy Outlook 2013; US Energy Information Administration

Globally, liquids (mostly crude oil) meet 95% of transportation needs

Production Declines Dramatically

Without Further Investment

Source: International Energy Agency, World Energy Outlook 2013;

Production declines from all currently producing fields in the absence of further investment.

COS Investment Catalysts

1. Production growth through improved reliability

2. Completion of remaining major projects

• Mildred Lake Mine Replacement (MLMR)

• Tailings Centrifuge Project

3. Market access

• Narrowing of SCO-WTI-Brent differentials

4. Market view of long-term oil prices

These four catalysts

represent potential to

improve total shareholder

return

Plus, COS offers:

Solid finance plan and

a strong balance

sheet

Currently,

approximately 6%

yield

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