Albertan Canada Economic and Pipeline Update

21 Economic structure 3rd Largest reserves & production growing Alberta's oil reserves are massive and open to private investment(1) Canada Oil sands 171 Saudi Arabia Venezuela Despite price declines, production continues to rise (2) (US$/bbl) 120 80 40 -Western Canadian Select (left) Western Texas Intermediate (left) Oil Production (right) 0 2009 2010 2011 2012 2013 2014 (1) 2016 Global reserves: U.S. Energy Information Administration, Alberta Energy Regulator (2) Statistics Canada, Alberta Energy and Baytex Energy (August 24, 2017), f-forecast 267 300 2 1 2015 2016 2017f 2018f Albertan Canada 3 4 (million bpd) (Billions bbl)

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