Investor Presentaiton

Q1 Update Assumptions¹ Actual Budget Q1 Forecast Budget 2016 Targets Fiscal Year (Apr- Mar 31) 2015-16 2016-17 2016-17 2017-18 2018-19 WTI Oil (US$/bbl) 45.00 42.00 45.00 54.00 64.00 Light-Heavy Differential 13.40 15.20 14.10 17.50 18.50 (US$/bbl) Natural Gas (CDN$/GJ) 2.21 2.40 1.90 2.80 3.00 Exchange Rate 76.3 73.5 77.0 75.5 77.5 (US cents/CDN$) Calendar year 2015E 2016B 2016F 2017T 2018T Real GDP Growth (%) -3.7 -1.4 -2.7 1.9 2.8 Employment Growth (%) 1.2 -1.7 -1.7 0.9 2.1 Unemployment Rate (%) 6.0 8.0 8.0 7.5 6.5 Population Growth (%) 1.8 1.2 1.5 1.0 1.3 (1) A Actual, B=Budget, T=Target, F= Q1 Forcast. Source: Statistics Canada, Alberta Energy, Alberta Treasury Board and Finance Alberta 14

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