Albertan Canada Economic and Pipeline Update

Budget 2017 Sensitivities Appendix Fiscal Sensitivities to Key Assumption, Budget 2017-18(1) Net Impact (2017-2018) Change Oil Price (WTI US$/bbl) -$1.00 -310 Light-Heavy Differential (US$/bbl) +$1.00 -285 Natural Gas Price (Cdn$/GJ) -10 Cents -45 Exchange Rate (US¢/Cdn$) +1 cent -215 Interest Rates +1% -230 Primary Household Income -1 % -160 (1) Sensitivities are based on current assumptions of prices and rates and show the effect for a full 12 month period. Sensitivities can vary significantly at different price and rate levels. The energy price sensitivities do not include the potential impact of price changes on the revenue from land lease sales. 19 Albertan Canada

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