Albertan Canada Economic and Pipeline Update

Economic structure Energy investment stabilizing, production continuing to grow 70 60 4,000 ($billion) 50 650 430 20 10 0 2009 2010 2011 2012 Oil Sands Investment (Left) -Production (Right) • ~$25-$55 USD/barrel T 2013 2014 2015 2016 2017f 2018f 2019f 2020f 0 3,000 2,000 1,000 Conventional Oil and Gas Investment (Left) Approximate breakeven Conventional oil projects • Enhanced $50-$60 USD/barrel Oil sands projects • Surface mine -$80 - $85 full cycle SAGD $45-$65 USD/barrel full cycle Sources: Alberta Treasury Board and Finance, e-estimate, f-forecast, Budget 2017. Albertan Canada (Mbpd) 3

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