Investor Presentaiton

(Thousands) 80 70 Economic structure Appendix Housing activity remains sluggish Annualized AB housing starts, existing home sales and the average resale home price* 60 50 40 30 20 Oct-13 Dec-13 Feb-14 Jun-14 Apr-14 Oct-14 Aug-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 -Housing starts -Existing home sales -Average Resale Price Home prices have held up despite the decline in activity Sources: Canadian Real Estate Association, Canada Mortgage and Housing Corporation *3-month moving average Alberta Apr-16 Aug-16 Jun-16 Oct-16 30 $420 $400 $380 $360 (Thousands)

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