Deloitte Resource Evaluation & Advisory Canadian Domestic Forecast Base Case Forecast Effective September 30 2015

Crude Oil Pricing Natural Gas Liquids Pricing Edmonton Par Prices Natural Gas Pricing Sulphur

Price Inflation

Rate Cost Inflation

Rate CAD to USD Exchange

Rate WTI at Cushing Oklahoma US$/bbl Real WTI at Cushing Oklahoma US$/bbl Current Edmonton City Gate

C$/bbl Real Edmonton City Gate

C$/bbl Current WCS 20.5 Deg. API

Hardisty C$/bbl Current Bow River 25 Deg. API

Hardisty C$/bbl Current Heavy Oil 12 Deg. API

Hardisty C$/bbl Current Ethane C$/bbl CurrentPropane C$/bbl CurrentButane C$/bbl CurrentPentanes + Condensate

C$/bbl Current Alberta Ref

erence Average

Price C$/mcf Current Alberta AECO Average

Price C$/mcf Real Alberta AECO Average

Price C$/mcf Current B.C. Direct Stn. 2 Sales C$/mcf CurrentNYMEX Henry Hub US$/Mcf

Real NYMEX Henry Hub US$/Mcf Current Alberta Plant Gate

C$/lt Current H i

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a l 2005 2.2% 2.2% 0.826 $67.93 $56.56 $83.21 $69.29 $44.60 $45.62 $33.70 $23.78 $43.19 $51.88 $74.72 $8.30 $10.53 $8.76 $8.22 $10.58 $8.81 $40.99 2006 2.0% 2.0% 0.882 $77.51 $66.02 $86.04 $73.28 $51.22 $51.90 $39.53 $19.83 $44.07 $58.16 $78.18 $6.56 $7.68 $6.54 $6.58 $7.92 $6.75 $19.53 2007 2.1% 2.1% 0.935 $83.19 $72.32 $88.64 $77.05 $52.90 $53.87 $39.76 $18.42 $49.75 $59.35 $81.64 $6.20 $7.42 $6.45 $6.40 $8.03 $6.98 $38.02 2008 2.4% 2.4% 0.943 $112.10 $99.57 $115.73 $102.80 $82.95 $83.90 $73.08 $22.59 $56.96 $83.54 $109.82 $7.88 $9.18 $8.16 $8.20 $9.98 $8.86 $303.83 2009 0.3% 0.3% 0.880 $67.76 $61.65 $72.64 $66.10 $58.66 $59.80 $54.40 $11.61 $34.62 $56.21 $69.52 $3.85 $4.35 $3.96 $4.17 $4.34 $3.95 ($5.08) 2010 1.8% 1.8% 0.971 $86.99 $79.40 $85.25 $77.80 $67.22 $68.18 $60.62 $11.53 $45.19 $68.79 $84.06 $3.76 $4.39 $4.01 $4.01 $4.81 $4.39 $56.94 2011 2.9% 2.9% 1.012 $102.13 $94.88 $102.84 $95.54 $77.12 $78.42 $69.60 $10.30 $52.41 $86.98 $105.29 $3.46 $3.91 $3.63 $3.34 $4.31 $4.00 $101.60 2012 1.5% 1.5% 1.001 $98.34 $94.11 $90.47 $86.57 $73.10 $74.41 $64.07 $6.73 $30.80 $75.47 $99.71 $2.25 $2.50 $2.39 $2.29 $2.88 $2.75 $126.81 2013 0.9% 0.9% 0.972 $100.76 $97.91 $96.08 $93.36 $74.97 $76.29 $65.49 $8.68 $38.54 $77.44 $103.57 $2.98 $3.27 $3.17 $3.08 $3.84 $3.73 $62.17 2014 1.9% 1.9% 0.906 $95.07 $93.26 $97.36 $95.50 $81.06 $81.49 $73.70 $12.46 $38.38 $57.08 $100.95 $4.22 $4.59 $4.50 $4.34 $4.48 $4.39 $88.99 2 0 1 59 Mths H 1.2% 1.2% 0.795 $51.16 $51.16 $60.21 $60.21 $48.68 $49.22 $43.42 $7.69 $1.65 $25.83 $55.36 $2.63 $2.77 $2.77 $2.62 $2.82 $2.82 $114.27

3 Mths F 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $46.25 $47.25 $41.25 $8.00 $2.85 $22.90 $54.40 $2.75 $2.90 $2.90 $2.75 $2.80 $2.80 $100.00

Avg. N/A N/A 0.786 $50.24 $50.24 $59.47 $59.47 $48.07 $48.73 $42.88 $7.77 $1.95 $25.10 $55.12 $2.66 $2.80 $2.80 $2.65 $2.81 $2.81 $110.70 F

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s t 2015 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $46.25 $47.25 $41.25 $8.00 $2.85 $22.90 $54.40 $2.75 $2.90 $2.90 $2.75 $2.80 $2.80 $100.00 2016 2.0% 2.0% 0.760 $52.50 $53.55 $63.80 $65.10 $50.80 $51.80 $44.70 $9.30 $9.75 $32.55 $65.10 $3.20 $3.30 $3.35 $3.20 $3.10 $3.15 $102.00 2017 2.0% 2.0% 0.780 $55.00 $57.20 $65.40 $68.05 $53.50 $54.50 $47.25 $10.15 $17.00 $40.85 $68.05 $3.55 $3.55 $3.70 $3.55 $3.35 $3.50 $104.05 2018 2.0% 2.0% 0.800 $60.00 $63.65 $70.00 $74.30 $59.45 $60.50 $53.05 $10.65 $22.30 $44.55 $74.30 $3.70 $3.65 $3.85 $3.70 $3.50 $3.70 $106.10 2019 2.0% 2.0% 0.800 $65.00 $70.35 $76.25 $82.55 $67.40 $68.45 $60.90 $11.65 $24.80 $49.50 $82.55 $4.05 $3.90 $4.20 $4.05 $3.70 $4.00 $108.25 2020 2.0% 2.0% 0.800 $70.00 $77.30 $82.50 $91.10 $75.65 $76.75 $69.00 $12.30 $27.35 $54.65 $91.10 $4.30 $4.05 $4.45 $4.30 $3.85 $4.25 $110.40 2021 2.0% 2.0% 0.800 $75.00 $84.45 $88.75 $99.95 $84.20 $85.30 $77.40 $13.20 $30.00 $59.95 $99.95 $4.60 $4.25 $4.80 $4.60 $4.00 $4.50 $112.60 2022 2.0% 2.0% 0.800 $80.00 $91.90 $95.00 $109.15 $93.05 $94.20 $86.15 $13.90 $32.75 $65.50 $109.15 $4.90 $4.40 $5.05 $4.90 $4.10 $4.70 $114.85 2023 2.0% 2.0% 0.800 $80.00 $93.75 $95.00 $111.30 $94.90 $96.10 $87.85 $14.65 $33.40 $66.80 $111.30 $5.15 $4.55 $5.35 $5.15 $4.25 $5.00 $117.15 2024 2.0% 2.0% 0.800 $80.00 $95.60 $95.00 $113.55 $96.80 $98.00 $89.65 $15.30 $34.05 $68.10 $113.55 $5.40 $4.65 $5.55 $5.40 $4.30 $5.15 $119.50 2025 2.0% 2.0% 0.800 $80.00 $97.50 $95.00 $115.80 $98.75 $99.95 $91.40 $15.80 $34.75 $69.50 $115.80 $5.55 $4.70 $5.75 $5.55 $4.35 $5.30 $121.90 2026 2.0% 2.0% 0.800 $80.00 $99.45 $95.00 $118.10 $100.70 $101.95 $93.25 $16.40 $35.45 $70.85 $118.10 $5.80 $4.80 $5.95 $5.80 $4.45 $5.55 $124.35 2027 2.0% 2.0% 0.800 $80.00 $101.45 $95.00 $120.50 $102.75 $104.00 $95.10 $17.25 $36.15 $72.30 $120.50 $6.10 $4.95 $6.30 $6.10 $4.55 $5.75 $126.80 2028 2.0% 2.0% 0.800 $80.00 $103.50 $95.00 $122.90 $104.80 $106.10 $97.00 $17.60 $36.85 $73.75 $122.90 $6.20 $4.95 $6.40 $6.20 $4.55 $5.90 $129.35 2029 2.0% 2.0% 0.800 $80.00 $105.55 $95.00 $125.35 $106.90 $108.20 $98.95 $17.95 $37.60 $75.20 $125.35 $6.35 $4.95 $6.55 $6.35 $4.55 $6.00 $131.95 2030 2.0% 2.0% 0.800 $80.00 $107.65 $95.00 $127.85 $109.00 $110.35 $100.95 $18.30 $38.35 $76.70 $127.85 $6.45 $4.95 $6.65 $6.45 $4.55 $6.10 $134.60 2031 2.0% 2.0% 0.800 $80.00 $109.80 $95.00 $130.40 $111.20 $112.55 $102.95 $18.65 $39.10 $78.25 $130.40 $6.60 $4.95 $6.80 $6.60 $4.55 $6.25 $137.30 2032 2.0% 2.0% 0.800 $80.00 $112.00 $95.00 $133.00 $113.40 $114.80 $105.00 $19.05 $39.90 $79.80 $133.00 $6.70 $4.95 $6.95 $6.70 $4.55 $6.35 $140.00 2033 2.0% 2.0% 0.800 $80.00 $114.25 $95.00 $135.70 $115.70 $117.10 $107.10 $19.40 $40.70 $81.40 $135.70 $6.85 $4.95 $7.05 $6.85 $4.55 $6.50 $142.80 2034 2.0% 2.0% 0.800 $80.00 $116.55 $95.00 $138.40 $118.00 $119.45 $109.25 $19.80 $41.50 $83.05 $138.40 $7.00 $4.95 $7.20 $7.00 $4.55 $6.65 $145.70 2034+ 2.0% 2.0% 0.800 0.0% 2.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 0.0% 2.0% 2.0% 0.0% 2.0% 2.0%

Notes: -All prices are in Canadian dollars except WTI and NYMEX gas which are in U.S. dollars

-Edmonton city gate prices based on historical light oil par prices posted by the government of Alberta and Net Energy differential futures (40 Deg. API < 0.5% Sulphur)

-Natural Gas Liquid prices are forecasted at Edmonton therefore an additional transportation cost must be included to plant gate sales point

-1 Mcf is equivalent to 1 mmbtu

-Real prices listed in 2015 dollars with no escalation considered

-Alberta gas prices, except AECO, include an average cost of service to the plant gate

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part.This price forecast is not for dissemination in the United States or for distribution to United States wire services.

### Deloitte Resource Evaluation & Advisory Canadian Domestic Forecast - Additional Crude Reference Prices Base Case Forecast Effective September 30 2015

Crude Oil Pricing Natural Gas

Price Inflation

Rate Cost Inflation

Rate CAD to USD Exchange

Rate WTI at Cushing Oklahoma

US$/bbl

Real WTI at Cushing Oklahoma

US$/bbl Current Edmonton City Gate

C$/bbl Real Edmonton City Gate

C$/bbl Current Lt. Sour 35 Deg. API Cromer, SK

C$/bbl Current MSO 31 Deg. API

Hardisty C$/bbl Current Bow River 25 Deg. API

Hardisty C$/bbl Current WCS 20.5 Deg. API

Hardisty C$/bbl Current Heavy Oil 12 Deg. API

Hardisty C$/bbl Current Synbit (AWB) 70% Bitumen 30% Cond. 21 Deg. API

C$/bbl Current Delivered to Sarnia MSW C$/bbl Current Ontario Dawn Reference

Point C$/mcf Current H i

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a l 2005 2.2% 2.2% 0.826 $67.93 $56.56 $83.21 $69.29 $62.31 $56.26 $45.62 $44.60 $33.70 $46.01 $71.30 $10.67 2006 2.0% 2.0% 0.882 $77.51 $66.02 $86.04 $73.28 $66.08 $61.45 $51.90 $51.22 $39.53 $51.12 $75.37 $7.76 2007 2.1% 2.1% 0.935 $83.19 $72.32 $88.64 $77.05 $70.06 $64.87 $53.87 $52.90 $39.76 $52.33 $78.48 $7.43 2008 2.4% 2.4% 0.943 $112.10 $99.57 $115.73 $102.80 $95.28 $92.40 $83.90 $82.95 $73.08 $84.10 $109.21 $9.88 2009 0.3% 0.3% 0.880 $67.76 $61.65 $72.64 $66.10 $64.04 $63.76 $59.80 $58.66 $54.40 $58.94 $69.29 $4.80 2010 1.8% 1.8% 0.971 $86.99 $79.40 $85.25 $77.80 $76.40 $72.32 $68.18 $67.22 $60.62 $67.65 $81.48 $4.79 2011 2.9% 2.9% 1.012 $102.13 $94.88 $102.84 $95.54 $92.13 $83.39 $78.42 $77.12 $69.60 $80.30 $99.26 $4.34 2012 1.5% 1.5% 1.001 $98.34 $94.11 $90.47 $86.57 $84.27 $77.53 $74.41 $73.10 $64.07 $74.76 $90.36 $3.11 2013 0.9% 0.9% 0.972 $100.76 $97.91 $96.08 $93.36 $91.76 $82.65 $76.29 $74.97 $65.49 $76.91 $97.33 $4.13 2014 1.9% 1.9% 0.906 $95.07 $93.26 $97.36 $95.50 $92.91 $89.39 $81.49 $81.06 $73.70 $81.87 $98.19 $5.76 2 0 1 59 Mths H 1.2% 1.2% 0.795 $51.16 $51.16 $60.21 $60.21 $57.03 $56.66 $49.22 $48.68 $43.42 $47.00 $67.20 $3.86 3 Mths F 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $53.75 $54.25 $47.25 $46.25 $41.25 $45.20 $64.25 $4.00

Avg. N/A N/A 0.786 $50.24 $50.24 $59.47 $59.47 $56.21 $56.06 $48.73 $48.07 $42.88 $46.55 $66.46 $3.89 F

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s t 2015 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $53.75 $54.25 $47.25 $46.25 $41.25 $45.20 $64.25 $4.00 2016 2.0% 2.0% 0.760 $52.50 $53.55 $63.80 $65.10 $61.50 $58.95 $51.80 $50.80 $44.70 $50.80 $70.20 $4.50 2017 2.0% 2.0% 0.780 $55.00 $57.20 $65.40 $68.05 $64.40 $61.80 $54.50 $53.50 $47.25 $53.50 $73.25 $4.85 2018 2.0% 2.0% 0.800 $60.00 $63.65 $70.00 $74.30 $70.55 $67.90 $60.50 $59.45 $53.05 $59.45 $79.60 $5.05 2019 2.0% 2.0% 0.800 $65.00 $70.35 $76.25 $82.55 $78.75 $76.05 $68.45 $67.40 $60.90 $67.40 $87.95 $5.40 2020 2.0% 2.0% 0.800 $70.00 $77.30 $82.50 $91.10 $87.20 $84.45 $76.75 $75.65 $69.00 $75.65 $96.60 $5.70 2021 2.0% 2.0% 0.800 $75.00 $84.45 $88.75 $99.95 $96.00 $93.20 $85.30 $84.20 $77.40 $84.20 $105.60 $6.00 2022 2.0% 2.0% 0.800 $80.00 $91.90 $95.00 $109.15 $105.10 $102.25 $94.20 $93.05 $86.15 $93.05 $114.85 $6.30 2023 2.0% 2.0% 0.800 $80.00 $93.75 $95.00 $111.30 $107.20 $104.30 $96.10 $94.90 $87.85 $94.90 $117.15 $6.60 2024 2.0% 2.0% 0.800 $80.00 $95.60 $95.00 $113.55 $109.35 $106.35 $98.00 $96.80 $89.65 $96.80 $119.50 $6.85 2025 2.0% 2.0% 0.800 $80.00 $97.50 $95.00 $115.80 $111.55 $108.50 $99.95 $98.75 $91.40 $98.75 $121.90 $7.05 2026 2.0% 2.0% 0.800 $80.00 $99.45 $95.00 $118.10 $113.75 $110.65 $101.95 $100.70 $93.25 $100.70 $124.35 $7.35 2027 2.0% 2.0% 0.800 $80.00 $101.45 $95.00 $120.50 $116.05 $112.85 $104.00 $102.75 $95.10 $102.75 $126.80 $7.65 2028 2.0% 2.0% 0.800 $80.00 $103.50 $95.00 $122.90 $118.35 $115.15 $106.10 $104.80 $97.00 $104.80 $129.35 $7.85 2029 2.0% 2.0% 0.800 $80.00 $105.55 $95.00 $125.35 $120.75 $117.45 $108.20 $106.90 $98.95 $106.90 $131.95 $8.00 2030 2.0% 2.0% 0.800 $80.00 $107.65 $95.00 $127.85 $123.15 $119.80 $110.35 $109.00 $100.95 $109.00 $134.60 $8.15 2031 2.0% 2.0% 0.800 $80.00 $109.80 $95.00 $130.40 $125.60 $122.20 $112.55 $111.20 $102.95 $111.20 $137.30 $8.30 2032 2.0% 2.0% 0.800 $80.00 $112.00 $95.00 $133.00 $128.10 $124.60 $114.80 $113.40 $105.00 $113.40 $140.00 $8.45 2033 2.0% 2.0% 0.800 $80.00 $114.25 $95.00 $135.70 $130.70 $127.10 $117.10 $115.70 $107.10 $115.70 $142.80 $8.65 2034 2.0% 2.0% 0.800 $80.00 $116.55 $95.00 $138.40 $133.30 $129.65 $119.45 $118.00 $109.25 $118.00 $145.70 $8.80 2034+ 2.0% 2.0% 0.800 0.0% 2.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Notes: -All prices are in Canadian dollars except WTI and NYMEX gas which are in U.S. dollars

-Edmonton city gate prices based on historical light oil par prices posted by the government of Alberta and Net Energy differential futures (40 Deg. API < 0.5% Sulphur)

-1 Mcf is equivalent to 1 mmbtu

-Real prices listed in 2015 dollars with no escalation considered

‐Sarnia price is Edmonton Sweet (MSW) delivered to Sarnia, Ontario

‐Synbit is a combined bitumin (70%) and Condensate (30%) stream equivelent to the Acces Western Blend (AWB).

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part.This price forecast is not for dissemination in the United States or for distribution to United States wire services.

### Deloitte Resource Evaluation & Advisory

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2034+ F

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s t International Forecast Base Case Forecast Effective September 30 2015 RealPrices

Crude Oil Pricing

Natural Gas Pricing Ethanol

Average

WTI Spot US$/bbl

Real Alaskan North Slope US$/bbl

Real California Kern River US$/bbl

Real Louisiana Heavy Sweet US$/bbl

Real Louisiana Light Sweet US$/bbl

Real MARS Blend

US$/bbl

Real Wyoming Sweet

US$/bbl

Real Brent Spot US$/bbl

Real Gulf Coast Argus Sour Crude Index

ASCI US$/bbl

Real A verage OPEC Basket US$/bbl

Real Venezuelan Merey US$/bbl

Real Nigerian BonnyLight

US$/bbl

Real Arabia UAE Dubai Feteh

US$/bbl

Real Mexico Maya US$/bbl

Real Russia Urals US$/bbl

Real Indonesia Minas US$/bbl

Real

USD to GBP Exchange

Rate USD to EUR Exchange

Rate NYMEX Henry Hub US$/Mcf

Real Permian Waha US$/Mcf

Real San Juan Ignacio US$/Mcf

Real Gulf Coast (onshore) US$/Mcf

Real Louisiana EastTexas US$/Mcf

Real Rocky Mtn. Opal US$/Mcf

Real UK NBP US$/Mcf

Real India Domestic Gas

US$/Mcf

Real U.S. CBOT Ethanol US$/gal.

Real F

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s t 2015 $47.50 $43.50 $44.50 $47.50 $48.50 $45.50 $39.00 $52.50 $45.50 $49.50 $42.50 $53.00 $51.00 $44.50$51.50 $51.00

1.550 1.100 $2.80 $2.60 $2.60 $2.70 $2.75 $2.65 $6.40 $4.00 $1.45 2016 $52.50 $48.50 $49.50 $52.50 $53.50 $50.50 $44.00 $57.50 $50.50 $54.50 $47.50 $58.00 $56.00 $49.50 $56.50 $56.00

1.550 1.100 $3.10 $2.90 $2.90 $3.00 $3.05 $2.95 $6.50 $3.15 $1.45 2017 $55.00 $51.00 $52.00 $55.00 $56.00 $53.00 $46.50 $60.00 $53.00 $57.00 $50.00 $60.50 $58.50 $52.00 $59.00 $58.50

1.550 1.100 $3.35 $3.15 $3.15 $3.25 $3.30 $3.20 $6.55 $3.35 $1.45 2018 $60.00 $56.00 $57.00 $60.00 $61.00 $58.00 $51.50 $65.00 $58.00 $62.00 $55.00 $65.50 $63.50 $57.00$64.00 $63.50

1.550 1.100 $3.50 $3.30 $3.30 $3.40 $3.45 $3.35 $6.60 $3.45 $1.45 2019 $65.00 $61.00 $62.00 $65.00 $66.00 $63.00 $56.50 $70.00 $63.00 $67.00 $60.00 $70.50 $68.50 $62.00$69.00 $68.50

1.550 1.100 $3.70 $3.50 $3.50 $3.60 $3.65 $3.55 $6.70 $3.55 $1.45 2020 $70.00 $66.00 $67.00 $70.00 $71.00 $68.00 $61.50 $75.00 $68.00 $72.00 $65.00 $75.50 $73.50 $67.00$74.00 $73.50

1.550 1.100 $3.85 $3.65 $3.65 $3.75 $3.80 $3.70 $6.85 $3.70 $1.45 2021 $75.00 $71.00 $72.00 $75.00 $76.00 $73.00 $66.50 $80.00 $73.00 $77.00 $70.00 $80.50 $78.50 $72.00$79.00 $78.50

1.550 1.100 $4.00 $3.80 $3.80 $3.90 $3.95 $3.85 $7.00 $3.85 $1.45 2022 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00$84.00 $83.50

1.550 1.100 $4.10 $3.90 $3.90 $4.00 $4.05 $3.95 $7.10 $4.00 $1.45 2023 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.25 $4.05 $4.05 $4.15 $4.20 $4.10 $7.25 $4.10 $1.45 2024 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.30 $4.10 $4.10 $4.20 $4.25 $4.15 $7.30 $4.25 $1.45 2025 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.35 $4.15 $4.15 $4.25 $4.30 $4.20 $7.35 $4.30 $1.45 2026 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.45 $4.25 $4.25 $4.35 $4.40 $4.30 $7.45 $4.35 $1.45 2027 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00$84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.45 $1.45 2028 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2029 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2030 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2031 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2032 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2033 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2034 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 2034+ 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

1.550 1.100 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Notes: Venezuelan Merey replaced BCF-17 in the OPEC basket March 1, 2009.

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document doesnot constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part.This price forecast is not for dissemination in the United States or for distribution to United States wire services.Deloitte Resource Evaluation & Advisory International Forecast Base Case Forecast Effective September 30 2015 Escalated Prices

Crude Oil Pricing Natural Gas Ethanol

USD to GBP Exchange

Rate USD to EUR Exchange

Rate Average WTI Spot US$/bbl EscalatedAlaska North Slope US$/bbl EscalatedCalifornia Kern River US$/bbl EscalatedLouisiana Heavy Sweet US$/bbl EscalatedLouisiana Light Sweet US$/bbl Escalated MARS Blend

US$/bbl EscalatedWyoming Sweet

US$/bbl Escalated Brent Spot US$/bbl EscalatedGulf Coast Argus Sour Crude Index

US$/bbl Escalated Average OPEC Basket US$/bbl EscalatedVenezuelan Merey US$/bbl Escalated Nigerian Bonny Light

US$/bbl Escalated Arabia UAE DubaiFeteh

US$/bbl Escalated Mexico Maya US$/bbl Escalated Russia Urals US$/bbl EscalatedIndonesia Minas US$/bbl EscalatedNYMEX Henr

y Hub US$/Mcf EscalatedPermian Waha US$/Mcf EscalatedSan Juan Ignacio US$/Mcf EscalatedGulf Coast (Onshore) US$/Mcf EscalatedLouisiana EastTexas US$/Mcf EscalatedRocky Mtn. Opal US$/Mcf Escalated UK NBP US$/Mcf Escalated U.S. CBOT Ethanol US$/gal. Escalated H i

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a l 2005 1.820 1.245 $56.56 $47.31 $44.73 $52.91 $52.81 $48.68 $54.01 $54.57 N/A $50.71 N/A $55.60 $49.32 $40.91 $50.75 $53.93 $8.81 $7.58 $7.23 $7.85 $8.72 $7.19 3.672869 N/A 2006 1.843 1.256 $66.02 $56.97 $55.00 $63.31 $63.64 $57.15 $60.41 $65.15 N/A $61.08 N/A $66.81 $61.51 $51.20 $61.34 $65.20 $6.75 $5.90 $5.81 $6.36 $6.72 $5.35 4.955439 N/A 2007 2.002 1.371 $72.32 $63.80 $62.49 $70.20 $72.34 $63.80 $64.36 $72.47 N/A $69.08 N/A $75.15 $68.40 $59.85 $69.54 $73.55 $6.98 $6.24 $6.13 $6.56 $6.99 $4.01 2.932821 N/A 2008 1.852 1.470 $99.57 $91.24 $87.20 $103.62 $100.82 $94.61 $88.38 $96.85 N/A $94.43 N/A $100.24 $93.48 $83.83 $94.51 $100.25 $8.86 $7.44 $7.20 $8.48 $8.89 $6.52 $6.14 N/A 2009 1.565 1.393 $61.65 $54.84 $53.09 $58.78 $60.29 $56.51 $51.73 $61.49 N/A $61.06 N/A $53.01 $61.65 $56.41 $60.70 $58.84 $3.95 $3.43 $3.34 $3.76 $3.96 $3.14 $4.53 $1.72 2010 1.546 1.328 $79.40 $72.17 $72.83 $78.16 $79.32 $75.60 $70.44 $79.68 $75.60 $77.45 $69.68 $70.70 $78.04 $70.07 $78.01 $0.00 $4.39 $4.16 $4.09 $4.29 $4.38 $3.94 $6.41 $1.80 2011 1.604 1.392 $94.88 $98.47 $103.11 $107.12 $108.03 $105.37 $87.41 $111.26 $105.37 $107.51 $97.88 $88.28 $106.19 $98.95 $109.19 $0.00 $4.00 $3.88 $3.82 $3.90 $3.98 $3.80 $9.03 $2.51 2012 1.586 1.286 $94.11 $98.35 $103.69 $107.18 $107.19 $104.82 $85.04 $111.99 $104.82 $109.46 $100.11 $111.61 $109.11 $99.74 $110.50 $110.64 $2.75 $2.64 $2.64 $2.68 $2.74 $2.67 $9.47 $2.31 2013 1.565 1.329 $97.91 $95.85 $101.38 $105.80 $106.19 $101.80 $89.97 $108.64 $101.80 $105.47 $96.71 $111.41 $105.51 $98.06 $108.05 $107.54 $3.73 $3.62 $3.64 $3.64 $3.68 $3.64 $10.66 $2.04 2014 1.647 1.329 $93.26 $86.45 $90.38 $96.16 $94.25 $92.95 $83.50 $99.02 $92.95 $96.29 $86.79 $100.77 $96.61 $85.81 $98.01 $98.63 $4.39 $4.28 $4.28 $4.31 $4.04 $4.34 $8.24 $1.93 F

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s t 2015 1.550 1.100 $47.50 $43.50 $44.50 $47.50 $48.50 $45.50 $39.00 $52.50 $45.50 $49.50 $42.50 $53.00 $51.00 $44.50 $51.50 $51.00 $2.80 $2.60 $2.60 $2.70 $2.75 $2.65 $6.40 $1.45 2016 1.550 1.100 $53.55 $49.45 $50.50 $53.55 $54.55 $51.50 $44.90 $58.65 $51.50 $55.60 $48.45 $59.15 $57.10 $50.50 $57.65 $57.10 $3.15 $2.95 $2.95 $3.05 $3.10 $3.00 $6.65 $1.50 2017 1.550 1.100 $57.20 $53.05 $54.10 $57.20 $58.25 $55.15 $48.40 $62.40 $55.15 $59.30 $52.00 $62.95 $60.85 $54.10 $61.40 $60.85 $3.50 $3.30 $3.30 $3.40 $3.45 $3.35 $6.80 $1.50 2018 1.550 1.100 $63.65 $59.45 $60.50 $63.65 $64.75 $61.55 $54.65 $69.00 $61.55 $65.80 $58.35 $69.50 $67.40 $60.50 $67.90 $67.40 $3.70 $3.50 $3.50 $3.60 $3.65 $3.55 $7.00 $1.55 2019 1.550 1.100 $70.35 $66.05 $67.10 $70.35 $71.45 $68.20 $61.15 $75.75 $68.20 $72.50 $64.95 $76.30 $74.15 $67.10 $74.70 $74.15 $4.00 $3.80 $3.80 $3.90 $3.95 $3.85 $7.25 $1.55 2020 1.550 1.100 $77.30 $72.85 $73.95 $77.30 $78.40 $75.10 $67.90 $82.80 $75.10 $79.50 $71.75 $83.35 $81.15 $73.95 $81.70 $81.15 $4.25 $4.05 $4.05 $4.15 $4.20 $4.10 $7.55 $1.60 2021 1.550 1.100 $84.45 $79.95 $81.10 $84.45 $85.60 $82.20 $74.90 $90.10 $82.20 $86.70 $78.85 $90.65 $88.40 $81.10 $88.95 $88.40 $4.50 $4.30 $4.30 $4.40 $4.45 $4.35 $7.90 $1.65 2022 1.550 1.100 $91.90 $87.30 $88.45 $91.90 $93.05 $89.60 $82.15 $97.65 $89.60 $94.20 $86.15 $98.20 $95.90 $88.45 $96.50 $95.90 $4.70 $4.50 $4.50 $4.60 $4.65 $4.55 $8.15 $1.65 2023 1.550 1.100 $93.75 $89.05 $90.20 $93.75 $94.90 $91.40 $83.75 $99.60 $91.40 $96.10 $87.85 $100.20 $97.85 $90.20 $98.40 $97.85 $5.00 $4.75 $4.75 $4.85 $4.90 $4.80 $8.50 $1.70 2024 1.550 1.100 $95.60 $90.85 $92.00 $95.60 $96.80 $93.20 $85.45 $101.60 $93.20 $98.00 $89.65 $102.20 $99.80 $92.00 $100.40 $99.80 $5.15 $4.90 $4.90 $5.00 $5.10 $4.95 $8.70 $1.75 2025 1.550 1.100 $97.50 $92.65 $93.85 $97.50 $98.75 $95.10 $87.15 $103.60 $95.10 $99.95 $91.40 $104.20 $101.80 $93.85 $102.40 $101.80 $5.30 $5.05 $5.05 $5.20 $5.25 $5.10 $8.95 $1.75 2026 1.550 1.100 $99.45 $94.50 $95.75 $99.45 $100.70 $97.00 $88.90 $105.70 $97.00 $101.95 $93.25 $106.30 $103.80 $95.75 $104.45 $103.80 $5.55 $5.30 $5.30 $5.40 $5.45 $5.35 $9.25 $1.80 2027 1.550 1.100 $101.45 $96.40 $97.65 $101.45 $102.75 $98.90 $90.70 $107.80 $98.90 $104.00 $95.10 $108.45 $105.90 $97.65 $106.55 $105.90 $5.75 $5.50 $5.50 $5.65 $5.70 $5.60 $9.60 $1.85 2028 1.550 1.100 $103.50 $98.30 $99.60 $103.50 $104.80 $100.90 $92.50 $109.95 $100.90 $106.10 $97.00 $110.60 $108.00 $99.60 $108.65 $108.00 $5.90 $5.65 $5.65 $5.75 $5.80 $5.70 $9.75 $1.90 2029 1.550 1.100 $105.55 $100.30 $101.60 $105.55 $106.90 $102.90 $94.35 $112.15 $102.90 $108.20 $98.95 $112.80 $110.20 $101.60 $110.85 $110.20 $6.00 $5.75 $5.75 $5.85 $5.95 $5.80 $9.95 $1.90 2030 1.550 1.100 $107.65 $102.30 $103.65 $107.65 $109.00 $105.00 $96.25 $114.40 $105.00 $110.35 $100.95 $115.05 $112.40 $103.65 $113.05 $112.40 $6.10 $5.85 $5.85 $6.00 $6.05 $5.90 $10.15 $1.95 2031 1.550 1.100 $109.80 $104.35 $105.70 $109.80 $111.20 $107.10 $98.15 $116.70 $107.10 $112.55 $102.95 $117.35 $114.65 $105.70 $115.30 $114.65 $6.25 $5.95 $5.95 $6.10 $6.20 $6.05 $10.35 $2.00 2032 1.550 1.100 $112.00 $106.40 $107.80 $112.00 $113.40 $109.20 $100.10 $119.00 $109.20 $114.80 $105.00 $119.70 $116.90 $107.80 $117.60 $116.90 $6.35 $6.10 $6.10 $6.25 $6.30 $6.15 $10.55 $2.05 2033 1.550 1.100 $114.25 $108.55 $109.95 $114.25 $115.70 $111.40 $102.10 $121.40 $111.40 $117.10 $107.10 $122.10 $119.25 $109.95 $119.95 $119.25 $6.50 $6.20 $6.20 $6.35 $6.45 $6.30 $10.80 $2.05 2034 1.550 1.100 $116.55 $110.70 $112.15 $116.55 $118.00 $113.65 $104.15 $123.85 $113.65 $119.45 $109.25 $124.55 $121.65 $112.15 $122.35 $121.65 $6.65 $6.35 $6.35 $6.50 $6.55 $6.40 $11.00 $2.10 2034+ 1.550 1.100 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Notes: Venezuelan Merey replaced BCF-17 in the OPEC basket March 1, 2009.

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part.This price forecast is not for dissemination in the United States or for distribution to United States wire services.