INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE

BOARD OF DIRECTORS Efficient and Independent Board Complementary Skills Suited to Govern the Combined Business Eric T. Greager President and CEO Mark R. Bly Chair of the Board Tiffany ("T.J.") Cepak Trudy M. Curran Don G. Hrap Angela Lekatsas Jennifer A. Maki Dave L. Pearce Steve D.L. Reynish Jeffrey E. Wojahn 10 board members, 9 of which are independent Two independent board members added from the Ranger Board - Tiffany ("T.J.") Cepak and Jeffrey Wojahn BAYTEX ENERGY NYSE TSX BTE 27

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