Albertan Canada Economic and Pipeline Update

Economic structure Market access Appendix Pipeline and Refinery Capacity and Western Canada Heavy Oil Production 4,000 3,500 3,000 2,500 2,000 Total Western Canada Heavy Oil Production Kinder Morgan Trans Mountain Expansion Enbridge Line 3 Expansion + Clipper (Mbpd) 1,500 1,000 Current Pipeline Capacity 500 Western Canada Refinery Capacity Rail Commitment 0 2014 2015 2016e 2017f 2018f 2019f 2020f 2021f 2022f TMX and Line 3 to ease pipeline constraints 22 22 Albertan Canada

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