Investor Presentaiton

Fiscal management Budget 2016 sensitivities 2016-17 (1) Net Impact 2016/17 Non-Renewable Resource Change (2016-17) Revenue $2.1F Land Other Sales $135 $132 Oil Price (WTI US$/bbl) -$1.00 -$130M Light/Heavy Oil Price Differential +$1.00 -$70M Natural Gas Price -10 Cents -$25M Natural Gas & Byproducts $362 (Cdn$/GJ) Exchange Rate +1 Cent -$85M (US¢/Cdn$) Crude Oil $395 Bitumen $1,084 Interest Rates +1% -$230M Primary -1% -$170M Household Income (1) Based on current price and rate assumptions, show effect for a full 12-month period and can vary significantly at different price and rate levels. Energy price sensitivities do not include potential impact of price changes on revenue from land sales. Alberta 17

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