Investor Presentaiton

Economic structure Appendix Oil and gas investment to remain lower AB oil and gas investment has shifted towards sustaining capital ($ Billion) Conventional Oil Sands 70 60 50 40 30 20 10 0 2014 2015e 2016f 2017f Approximate breakeven Oil sands projects 2018f 2019f Surface mine ~$80 - $85 full cycle 2005 2006 2007 2008 • Enhanced $50-$60 USD/barrel 2009 2010 2011 2012 2013 Conventional oil projects • ~$25-$55 USD/barrel • SAGD $45-$65 USD/barrel full cycle Sources: Alberta Treasury Board and Finance, e-estimate, f-forecast, Budget 2016 and 2nd quarter update Alberta 26

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