Investor Presentaiton

Economic structure Outlook for oil prices WTI Oil Price (US$/bbl) 120 100 80 60 40 20 Alberta 2004 2005 2006 2007 2008 2009 WTI Oil Forecast for 2016-17F to be US$45/bbl Source: Alberta Energy, f-forecast 2010 2011 2012 2013 2014 2015 2016f 2017f 2018f October 2015 Outlook Budget 2016 Outlook March 2014 Outlook August 2016 Outlook 5

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