Investor Presentaiton

Economic structure Oil and gas investment to remain lower Alberta oil and gas investment ($Billion) 70 60 50 40 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 2012 Conventional Oil Sands 2013 2014 Investment in oil has shifted towards maintenance Source: Statistics Canada, e-estimate, f-forecast, Q1-first quarter update, B-2016 Budget Alberta 2015e 2016f (Q1) 2017f (Q1) 2018f (B) 2019f (B) 7

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