Albertan Canada Economic and Pipeline Update

Assumptions 18 Appendix Q1 fiscal Actual Budget 2017 Update Fiscal Year (Apr- Mar 31) 2015-16 2016-17 2017-18 2017-18 2018-19 2019-20 WTI Oil (US$/bbl) 45 48 49 55 59 68 Light-Heavy Differential 13.40 13.93 12.20 16.00 18.00 18.60 (US$/bbl) Natural Gas (CDN$/GJ) 2.21 2.01 2.60 2.90 2.90 3.00 Exchange Rate 76.3 76.2 77.0 76.0 77.5 78.0 (US/CDN$) 2016 Calendar year 2017 Calendar year 2018 Calendar year Q1 fiscal Q1 fiscal Q1 fiscal Budget Budget Budget Calendar year Update Update Update Real GDP Growth (%) -3.5 -2.8 3.1 2.6 2.3 2.2 Employment Growth (%) -1.6 -1.6 1.3 0.9 1.6 1.4 Unemployment Rate (%) 8.1 8.1 7.8 8.0 7.3 7.6 Albertan Canada

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