Alberta Economic Forecast

Economic structure 3rd Largest reserves & production growing AB's oil reserves are massive and open to private investment (1) Canada Oil sands Saudi Arabia Venezuela 0 50 100 171 150 200 250 269 300 300 350 Despite price declines, production continues to rise (2) 120 -Western Canada Select (Left) -Alberta Oil Production (Right) (US$/bbl) 80 60 40 40 0 2005 2007 2009 2011 2013 (1) 2015 Global reserves: U.S. Energy Information Administration, Alberta Energy Regulator (2) Statistics Canada, Alberta Energy and Baytex Energy, f-forecast Alberta 4 (Billions bbl) 3 2 1 2015 2017f 2019f (Million bpd) 5

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