Albertan Canada Economic and Pipeline Update

Financial management Borrowing platform • Ensure domestic liquidity and control supply - Maintain larger domestic benchmark sized issues ($3-$5B) Target issuance of 30%-40% or more to international markets - More frequent large US$ benchmarks - Opportunistic multi-currency issues. Foreign currency borrowing • • Liquid US$ Global Issues in 3, 5, 7, and 10 years - SEC Registered, large US$ benchmarks US$ CP program launched in September 2017 Sterling Benchmarks across curve driven by investor demand Targeting Euro benchmark for 2017-18 • MTN and structured issues in other currencies, including under the new AUD program as opportunities arise 14 Albertan Canada

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