Investor Presentaiton

GETTING THE JOB DONE BUDGET 2019 Mandate to Restore Credit Rating "The gradual pace of deficit reduction reflects the government's objective of balancing the budget in a measured and responsible fashion without jeopardizing service delivery, while reducing the overall tax burden and making life more affordable for Manitobans." (Paul LeBane - DBRS - March 8, 2019) "This "bending" of the capital cost curve has resulted in strategic infrastructure spending returning to "sustainable levels", (Catherine Maltais - National Bank of Canada - March 8, 2019) Moody's Credit Ratings S&P Credit Ratings BC Aaa SK Aaa AB Aa1 MB Aa2 ос Aa2 MB ON Aa2 NS Aa2 ON NB Aa2 382 2 2 3 2 BC AAA SK AA Qc AA - NS A + A + AB A + A+ NB A+ PE Aa2 PE A NL Aa3 NL A Manitoba

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