Investor Presentaiton

Economic structure Oil production growing despite price drop AB Oil Production and Western Canadian Select Heavy Oil Benchmark Price (US$/bbl) 100 80 60 40 20 20 0 2005 2006 -Western Canada Select (Left) -Alberta Oil Production (Right) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f (Q1) (Million bpd) 4.0 3.5 3.0 2.5 2.0 1.5 2017f (Q1) 2018f (B) 2019f (B) Despite the downturn, production continues to rise Sources: Alberta Energy and Statistics Canada, f-forecast, Q1-first quarter update, B-2016 Budget Alberta 6 1.0

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