----

|     |   | $ Thousands |     |
|----------|--------|-------------|----------|
| NOL Pool |   | $           | 1,695.28 |   |
| Total    |   | $           | 1,695.28 |   |

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| PERMIT TO PRACTICE AJM Petroleum ConsultantsPermit Number: P-7149 The Association of Professional Engineers, Geologists and Geophysicists of Alberta |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | I am an associate of AJM Petroleum Consultants, which company did prepare a detailed analysis of certain United States oil and gas assets of the interests of Delta Oil & Gas, Inc. The effective date of this evaluation is December 31, 2010. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Delta Oil & Gas, Inc. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | I attended the University of Calgary and graduated with a Bachelor of Science Degree in Chemical Engineering in 1992; that I am a Registered Professional Engineer in the Province of Alberta; and I have in excess of nineteen years of experience in engineering in Western Canadian oil and gas fields. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of the interest owners of the properties and the appropriate provincial regulatory authorities. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | I am an associate of AJM Petroleum Consultants, which company did prepare a detailed analysis of certain United States oil and gas assets of the interests of Delta Oil & Gas, Inc. The effective date of this evaluation is December 31, 2010. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Delta Oil & Gas, Inc. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | I attended the University of Calgary and graduated with a Bachelor of Science Degree in Geology in 1999; that I am a Registered Professional Geologist in the Province of Alberta; and I have in excess of twelve years experience in geological evaluations of Western Canadian oil and gas fields. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of the interest owners of the properties and the appropriate provincial regulatory authorities. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | I am an employee of AJM Petroleum Consultants, which company did prepare a detailed analysis of certain United States oil and gas assets of the interests of Delta Oil & Gas, Inc. The effective date of this evaluation is December 31, 2010. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Delta Oil & Gas, Inc. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | I attended the University of Calgary and graduated with a Bachelor of Science in Geology in 2006; that I am a Registered Professional Geologist in the Province of Alberta; and I have in excess of five years of experience in geological exploration and evaluations of Western Canadian and International oil and gas fields. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of the interest owners of the properties and the appropriate provincial regulatory authorities. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.   | We have evaluated the Company's reserves data as at December 31, 2010. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2010 estimated using forecast prices and costs. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The following table sets forth the estimated future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated by us for the year end December 31, 2010 and identifies the respective portions thereof that we have evaluated and reported on to the Company's management/Board of Directors: |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Independent              |                      |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------|---------------------------|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Qualified                | Delta Oil & Gas, Inc. |                 | Net Present Value of Future Net Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Reserves                 | Reserve Estimation and    | Location of Reserves | ($M, before income taxes, 10% discount rate)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Evaluator or             | Economic Evaluation       | (Country or Foreign  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Auditor                  |                      | Geographic Area)     | Audited                             Evaluated                      Reviewed                   Total                                                                                                                                                                          |
| AJM PetroleumConsultants | March 2, 2011             | United States        | $4,885.2                                                                                                      $4,885.2 |

| 5.   | In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | We have no responsibility to update our reports referred to in paragraph 4 for events and circumstances occurring after their respective preparation dates. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Because the reserves data are based on judgments regarding future events, actual events will vary and the variations may be material. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

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| Effective December 31, 2010 | United States | Page 1 of 1 |
|-----------------------------|---------------|-------------|
|                        |          |        |   |   |   |   |   |
|                        |          | PDP         | PDNP | PUD | TP | PB | P+P |
| Light and Medium Oil        | Mbbl          |        |   |   |   |   |   |
| Ultimate Remaining          |          | 65.0        | 0.0 | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |          | 14.1        | 0.0 | 51.7 | 65.8 | 137.5 | 203.4 |
| WI After Royalty            |          | 10.6        | 0.0 | 38.8 | 49.4 | 103.2 | 152.5 |
| Royalty Interest            |          | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |          | 10.6        | 0.0 | 38.8 | 49.4 | 103.2 | 152.5 |
| Total Oil                   | Mbbl          |        |   |   |   |   |   |
| Ultimate Remaining          |          | 65.0        | 0.0 | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |          | 14.1        | 0.0 | 51.7 | 65.8 | 137.5 | 203.4 |
| WI After Royalty            |          | 10.6        | 0.0 | 38.8 | 49.4 | 103.2 | 152.5 |
| Royalty Interest            |          | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |          | 10.6        | 00 | 38.8 | 49.4 | 103.2 | 152.5 |
| Sales Gas                   | MMcf          |        |   |   |   |   |   |
| Ultimate Remaining          |          | 0.0         | 0.0 | 122.2 | 122.2 | 640.9 | 763.1 |
| WI Before Royalty           |          | 0.0         | 0.0 | 39.1 | 39.1 | 181.2 | 220.3 |
| WI After Royalty            |          | 0.0         | 0.0 | 29.3 | 29.3 | 135.9 | 165.2 |
| Royalty Interest            |          | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |          | 0.0         | 0.0 | 29.3 | 29.3 | 135.9 | 165.2 |
| NGLs                        | Mbbl          |        |   |   |   |   |   |
| Ultimate Remaining          |          | 0.0         | 0.0 | 0.6 | 0.6 | 3.2 | 3.8 |
| WI Before Royalty           |          | 0.0         | 0.0 | 0.2 | 0.2 | 0.9 | 1.1 |
| WI After Royalty            |          | 0.0         | 0.0 | 0.1 | 0.1 | 0.7 | 0.8 |
| Royalty Interest            |          | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |          | 0.0         | 0.0 | 0.1 | 0.1 | 0.7 | 0.8 |
| MBOE                        | Mboe          |        |   |   |   |   |   |
| Ultimate Remaining          |          | 65.0        | 0.0 | 182.5 | 247.5 | 551.4 | 798.9 |
| WI Before Royalty           |          | 14.1        | 0.0 | 58.4 | 72.6 | 168.6 | 241.2 |
| WI After Royalty            |          | 10.6        | 0.0 | 43.8 | 54.4 | 126.5 | 180.9 |
| Royalty Interest            |          | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |          | 10.6        | 0.0 | 43.8 | 54.4 | 126.5 | 180.9 |
| Net Present Values - BTAX   | 1111$         |        |   |   |   |   |   |
| Undiscounted                |          | 775.5       | 0.0 | 2,867.8 | 3,643.3 | 4,449.0 | 8,092.3 |
| Discounted at 5%            |          | 704.7       | 0.0 | 2,176.9 | 2,881.5 | 3,082.5 | 5,964.1 |
| Discounted at 10%           |          | 647.0       | 0.0 | 1,830.2 | 2,477.2 | 2,408.0 | 4,885.2 |
| Discounted at 15%           |          | 599.3       | 0.0 | 1,573.9 | 2,173.2 | 1,892.8 | 4,066.0 |
| Discounted at 20%           |          | 559.2       | 0.0 | 1,368.5 | 1,927.7 | 1,499.2 | 3,426.9 |

| Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Effective December 31, 2010     |            |         |   |   | Proved Developed Producing |                                                                                 |   |   |   |   |   |   | Page 1 of 1 |                                                                                     |
|---------------------------------|-----------------|--------------|--------|--------|----------------------------|--------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|-------------|------------------------------------------------------------------------------------------|
|                            |            |         |   | Oil    |                       | Sales Gas                                                                            |   |   | NGL    |   |   | BOE    |        | Present Value                                                                            |   |
|                            |            | Avg          |   |   |                       |                                                                                 |   |   |   |   |   |   |        |                                                                                     |   |
| Location                        | Formation       | Int Category | WI     | RI     | Net                        | WI             RI   | Net    | WI     | RI     | Net    | WI     | RI     | Net         | 0%              5% | 10% |
|                            |            | %            | Mstb   | Mstb   | Mstb                       | MMcf            MMcf     | MMcf   | Mstb   | Mstb   | Mstb   | Mstb   | Mstb   | Mstb        | M$              M$ | M$ |
| United States                   |            |         |   |   |                       |                                                                                 |   |   |   |   |   |   |        |                                                                                     |   |
| Texas                           |            |         |   |   |                       |                                                                                 |   |   |   |   |   |   |        |                                                                                     |   |
| Hartburg                        |            |         |   |   |                       |                                                                                 |   |   |   |   |   |   |        |                                                                                     |   |
| Nadsoil Donner #1 - L Hackberry | Lower Hackbetry | 21.75 POP    | 14.1   | 0.0    | 10.6                       | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1   | 0.0    | 10.6        | 775.5             704.7 | 647.0 |
| Hartburg                        |            |         | 14.1   | 0.0    | 10.6                       | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1   | 0.0    | 10.6        | 775.5             704.7 | 647.0 |
| Texas                           |            |         | 14.1   | 0.0    | 10.6                       | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1   | 0.0    | 10.6        | 775.5             704.7 | 647.0 |
| United States                   |            |         | 14.1   | 0.0    | 10.6                       | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1   | 0.0    | 10.6        | 775.5             704.7 | 647.0 |
| Total                           |            |         | 14.1   | 0.0    | 10.6                       | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1   | 0.0    | 10.6        | 775.5             704.7 | 647.0 |

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| Effective December 31, 2010 |   | United States | Page 1 of 1 |
|-----------------------------|--------|---------------|-------------|
|                        |   | PDP           | PDNP        | PUD | TP | PB | P+P |
| Light and Medium Oil        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.1          | 0.0         | 51.7 | 65.8 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.5 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.5 |
| Total Oil                   | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.1          | 0.0         | 51.7 | 65.8 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.5 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 00          | 38.8 | 49.4 | 103.2 | 152.5 |
| Sales Gas                   | MMcf   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 122.2 | 122.2 | 640.9 | 763.1 |
| WI Before Royalty           |   | 0.0           | 0.0         | 39.1 | 39.1 | 181.2 | 220.3 |
| WI After Royalty            |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| NGLs                        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 0.6 | 0.6 | 3.2 | 3.8 |
| WI Before Royalty           |   | 0.0           | 0.0         | 0.2 | 0.2 | 0.9 | 1.1 |
| WI After Royalty            |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| MBOE                        | Mboe   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 182.5 | 247.5 | 551.4 | 798.9 |
| WI Before Royalty           |   | 14.1          | 0.0         | 58.4 | 72.6 | 168.6 | 241.2 |
| WI After Royalty            |   | 10.6          | 0.0         | 43.8 | 54.4 | 126.5 | 180.9 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 43.8 | 54.4 | 126.5 | 180.9 |
| Net Present Values - BTAX   | 1111$  |          |        |   |   |   |   |
| Undiscounted                |   | 795.8         | 0.0         | 3,010.3 | 3,806.1 | 4,681.4 | 8,487.5 |
| Discounted at 5%            |   | 721.9         | 0.0         | 2,284.2 | 3,006.1 | 3,243.1 | 6,249.2 |
| Discounted at 10%           |   | 661.9         | 0.0         | 1,920.2 | 2,582.1 | 2,533.3 | 5,115.4 |
| Discounted at 15%           |   | 612.3         | 0.0         | 1,651.3 | 2,263.6 | 1,991.1 | 4,254.7 |
| Discounted at 20%           |   | 570.7         | 0.0         | 1,435.8 | 2,006.5 | 1,576.8 | 3,583.3 |

| Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Effective December 31, 2010     |            |         | Proved Developed Producing |   |   |                                                                                 |   |   |   |   | Page 1 of 1 |   |
|---------------------------------|-----------------|--------------|----------------------------|--------|--------|--------------------------------------------------------------------------------------|--------|--------|--------|--------|-------------|--------|
|                            |            |         |                       | Oil    |   | Sales Gas                                                                            |   |   | NGL    |   |        | BOE    |   | Present Value |   |
|                            |            | Avg          |                       |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Location                        | Formation       | Int Category | WI                         | RI     | Net    | WI             RI   | Net    | WI     | RI     | Net    | WI          | RI     | Net | 0%              5% | 10% |
|                            |            | %            | Mstb                       | Mstb   | Mstb   | MMcf            MMcf     | MMcf   | Mstb   | Mstb   | Mstb   | Mstb        | Mstb   | Mstb | M$              M$ | M$ |
| United States                   |            |         |                       |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Texas                           |            |         |                       |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Hartburg                        |            |         |                       |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Nadsoil Donner #1 - L Hackberry | Lower Hackbeiry | 21.75 POP    | 14.1                       | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1        | 0.0    | 106 | 795.8             721.9 | 661.9 |
| Hartburg                        |            |         | 14.1                       | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1        | 0.0    | 10.6 | 795.8             721.9 | 661.9 |
| Texas                           |            |         | 14.1                       | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1        | 0.0    | 10.6 | 795.8             721.9 | 661.9 |
| United States                   |            |         | 14.1                       | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1        | 0.0    | 10.6 | 795.8             721.9 | 661.9 |
| Total                           |            |         | 14.1                       | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.1        | 0.0    | 10.6 | 795.8             721.9 | 661.9 |

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| Effective December 31, 2010 |   | United States | Page 1 of 1 |
|-----------------------------|--------|---------------|-------------|
|                        |   | PDP           | PDNP        | PUD | TP | PB | P+P |
| Light and Medium Oil        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 51.7 | 65.9 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Total Oil                   | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 51.7 | 65.9 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 00          | 38.8 | 49.4 | 103.2 | 152.6 |
| Sales Gas                   | MMcf   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 122.2 | 122.2 | 640.9 | 763.1 |
| WI Before Royalty           |   | 0.0           | 0.0         | 39.1 | 39.1 | 181.2 | 220.3 |
| WI After Royalty            |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| NGLs                        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 0.6 | 0.6 | 3.2 | 3.8 |
| WI Before Royalty           |   | 0.0           | 0.0         | 0.2 | 0.2 | 0.9 | 1.1 |
| WI After Royalty            |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| MBOE                        | Mboe   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 182.5 | 247.5 | 551.4 | 798.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 58.4 | 72.6 | 168.6 | 241.3 |
| WI After Royalty            |   | 10.6          | 0.0         | 43.8 | 54.5 | 126.5 | 180.9 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 43.8 | 54.5 | 126.5 | 180.9 |
| Net Present Values - BTAX   | 1111$  |          |        |   |   |   |   |
| Undiscounted                |   | 682.4         | 0.0         | 2,125.8 | 2,808.2 | 1,855.9 | 4,664.1 |
| Discounted at 5%            |   | 626.2         | 0.0         | 1,745.8 | 2,372.0 | 1,847.4 | 4,219.4 |
| Discounted at 10%           |   | 579.5         | 0.0         | 1,491.3 | 2,070.8 | 1 599 2 | 3,670.0 |
| Discounted at 15%           |   | 540.4         | 0.0         | 1,290.3 | 1,830.7 | 1,318.5 | 3,149.2 |
| Discounted at 20%           |   | 507.1         | 0.0         | 1,126.2 | 1,633.3 | 1,076.2 | 2,709.5 |

| Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Effective December 31, 2010 |   | United States | Page 1 of 1 |
|-----------------------------|--------|---------------|-------------|
|                        |   | PDP           | PDNP        | PUD | TP | PB | P+P |
| Light and Medium Oil        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 51.7 | 65.9 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Total Oil                   | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 161.6 | 226.6 | 441.3 | 667.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 51.7 | 65.9 | 137.5 | 203.4 |
| WI After Royalty            |   | 10.6          | 0.0         | 38.8 | 49.4 | 103.2 | 152.6 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 00          | 38.8 | 49.4 | 103.2 | 152.6 |
| Sales Gas                   | MMcf   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 122.2 | 122.2 | 640.9 | 763.1 |
| WI Before Royalty           |   | 0.0           | 0.0         | 39.1 | 39.1 | 181.2 | 220.3 |
| WI After Royalty            |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 29.3 | 29.3 | 135.9 | 165.2 |
| NGLs                        | Mbbl   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 0.0           | 0.0         | 0.6 | 0.6 | 3.2 | 3.8 |
| WI Before Royalty           |   | 0.0           | 0.0         | 0.2 | 0.2 | 0.9 | 1.1 |
| WI After Royalty            |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 0.0           | 0.0         | 0.1 | 0.1 | 0.7 | 0.8 |
| MBOE                        | Mboe   |          |        |   |   |   |   |
| Ultimate Remaining          |   | 65.0          | 0.0         | 182.5 | 247.5 | 551.4 | 798.9 |
| WI Before Royalty           |   | 14.2          | 0.0         | 58.4 | 72.6 | 168.6 | 241.3 |
| WI After Royalty            |   | 10.6          | 0.0         | 43.8 | 54.5 | 126.5 | 180.9 |
| Royalty Interest            |   | 0.0           | 0.0         | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Net                   |   | 10.6          | 0.0         | 43.8 | 54.5 | 126.5 | 180.9 |
| Net Present Values - BTAX   | 1111$  |          |        |   |   |   |   |
| Undiscounted                |   | 698.8         | 0.0         | 2,231.6 | 2,930.5 | 1,952.0 | 4,882.4 |
| Discounted at 5%            |   | 640.3         | 0.0         | 1,832.6 | 2,472.9 | 1,943.2 | 4,416.1 |
| Discounted at 10%           |   | 591.9         | 0.0         | 1,565.5 | 2,157.4 | 1,682.0 | 3,839.4 |
| Discounted at 15%           |   | 551.3         | 0.0         | 1,354.7 | 1,906.0 | 1,386.6 | 3,292.6 |
| Discounted at 20%           |   | 516.8         | 0.0         | 1,182.6 | 1,699.3 | 1,131.6 | 2,830.9 |

| Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Effective December 31, 2010      |            |         | Proved Developed Produang |   |   |                                                                                 |   |   |   |   | Page 1 of 1 |   |
|----------------------------------|-----------------|--------------|---------------------------|--------|--------|--------------------------------------------------------------------------------------|--------|--------|--------|--------|-------------|--------|
|                             |            | Avg          |                      | Oil    |   | Sales Gas                                                                            |   |   | NGL    |   |        | BOE    |   | Present Value |   |
|                             |            |         |                      |   |   |                                                                                 |   |   |   |   |        |   |
| Location                         | Formation       | Int Category | WI                        | RI     | Net    | WI             RI   | Net    | WI     | RI     | Net    | WI          | RI     | Net | 0%              5% | 10% |
|                             |            | %            | Mstb                      | Mstb   | Mstb   | MMcf            MMd      | MMcf   | Mstb   | Mstb   | Mstb   | Mstb        | Mstb   | Mstb | M$              M$ | M$ |
| United States                    |            |         |                      |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Texas                            |            |         |                      |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Hartburg                         |            |         |                      |   |   |                                                                                 |   |   |   |   |        |   |   |   |   |
| Nadsoil Donner tii - L Hackberry | Lower Hackberry | 21.84 PUP    | 14.2                      | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.2        | 0.0    | 10.6 | 698.8             640.3 | 591.9 |
| Hartburg                         |            |         | 14.2                      | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.2        | 0.0    | 10.6 | 698.8             640.3 | 591.9 |
| Texas                            |            |         | 14.2                      | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 142         | 0.0    | 10.6 | 698.8             640.3 | 591.9 |
| United States                    |            |         | 14.2                      | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 14.2        | 0.0    | 10.6 | 698.8             640.3 | 591.9 |
| Total                            |            |         | 14.2                      | 0.0    | 10.6   | 0.0             0.0 | 0.0    | 0.0    | 0.0    | 0.0    | 142         | 0.0    | 10.6 | 698.8             640.3 | 591.9 |

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| ·   | at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves;  |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   |   |   |      |   |      |   |   |      |   |   |      |   |   | Crude Oil Pricing     |   |   |                  |   |   |              |   |   |              |   |   |                           |   |   |                         |   |   | Natural Gas Liquids Pricing   |   |   |                |   |   | Natural Gas Pricing |   |   |     |   |   |                 |   |   |                 |   |   |            |   |   |            |   |   | Sulphur               |   |
|--------|--------|--------|--------|-----------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------------------|--------|--------|-----------------------|--------|--------|-------------------|--------|--------|-------------------|--------|--------|--------------------------------|--------|--------|------------------------------|--------|--------|-------------------------------|--------|--------|---------------------|--------|--------|---------------------|--------|--------|----------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------------|--------|
|   |   |   |   |      |   |      |   |   |      |   |   |      |   |   |                  |   |   |                  |   |   |              |   |   |              |   |   |                           |   |   |                         |   |   |                          |   |   | Edmonton Par Prices |   |   | Alberta             |   |   | Alberta  |   |   | Alberta              |   |   | Alberta              |   |   | Alberta         |   |   | B.C.            |   |   | Sask.                 |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |      |   | Rice      |   |   | Cost      |   |   | Cdn to US |   |   | WTI atCushingOklahoma |   |   | WTI atCushingOklahoma |   |   | EdmontonCity Gate |   |   | EdmontonCity Gate |   |   | Med. 01129 Deg. APICromer, Sic |   |   | Bow River25 Deg. APIHardisty |   |   | Heavy 01112 Deg. APIHa rdisty |   |   | Ethane              |   |   | Propane             |   |   | Butane   |   |   | Pentanes +Condensate |   |   | ReferenceAverageRice |   |   | AECOAverageRice |   |   | AECOAverageRice |   |   | SystemPlant GateSales |   |   | DirectPlant GateSales |   |   | DirectStn. 2Sales |   |   | DirectPlant GateSales |   |   | NYMEX |   |   | NYMEX |   |   | AlbertaPlant Gate |   |
|   |   |   |   |      |   | Inflation |   |   | Inflation |   |   | Exchange  |   |   | US$/bbl               |   |   | US$/bbl               |   |   | Cdn$/bbl          |   |   | Cdn$/bbl          |   |   | Cdn$/bbl                       |   |   | Cdn$/bbl                     |   |   | Cdn$/bbl                      |   |   | Cdn$/bbl            |   |   | Cdn$/bbl            |   |   | Cdn$/bbl |   |   | Cdn$/bbl             |   |   | CdnS/Ind             |   |   | CdnS/Ind        |   |   | CdnS/Ind        |   |   | CdnS/Ind              |   |   | CdnS/Ind |   |   | CdnS/Ind |   |   | CdnS/Ind |   |   | ISS/Md |   |   | ISS/Md |   |   | CdnS/It |   |
|   |   |   |   |      |   | Rate      |   |   | Rate      |   |   | Rate      |   |   | Real                  |   |   | Current               |   |   | Real              |   |   | Current           |   |   | Current                        |   |   | Current                      |   |   | Current                       |   |   | Current             |   |   | Current             |   |   | Current  |   |   | Current              |   |   | Current              |   |   | Real            |   |   | Current         |   |   | Current               |   |   | Current |   |   | Current |   |   | Current |   |   | Real |   |   | Current |   |   | Current |   |
|   | H      |   |   |      | 1997   |      |   |   | 1.6       | %      |   |      | 1.6    | %      |                  |   | 0.722  |                  |   | $      | 26.56             |   |   | $                 | 20.60  |   |                           | $      | 36.08  |                         |   | $      | 27.98                         |   |   | $                   | 23.71  |   |                | $      | 21.26  |     |   | $      | 14.35                |   |   |                 | n/a    |   |            | $      | 19.41  |            |   | $      | 19.02                 |   |   | $ | 30.85 |   |   | $ | 1.87 |   |   | $ | 2.21 |   |   | $ | 1.71 |   |   | $ | 1.78 |   |   | $ | 1.69 |   |   | $ | 1.98 |   |   | $ | 1.74 |   |   | $ | 3.34 |   |   | $ | 2.59 |   |   | $ | 11.50 |   |
|   | I      |   |   |      | 1998   |      |   |   | 0.7       | %      |   |      | 0.7    | %      |                  |   | 0.675  |                  |   | $      | 18.25             |   |   | $                 | 14.38  |   |                           | $      | 25.49  |                         |   | $      | 20.08                         |   |   | $                   | 16.94  |   |                | $      | 14.63  |     |   | $      | 9.43                 |   |   |                 | n/a    |   |            | $      | 11.97  |            |   | $      | 12.92                 |   |   | $ | 22.35 |   |   | $ | 1.94 |   |   | $ | 2.63 |   |   | $ | 2.07 |   |   | $ | 1.90 |   |   | $ | 1.95 |   |   | $ | 2.00 |   |   | $ | 2.13 |   |   | $ | 2.68 |   |   | $ | 2.11 |   |   | $ | (6.51 | ) |
|   | s      |   |   |      | 1999   |      |   |   | 1.8       | %      |   |      | 1.8    | %      |                  |   | 0.648  |                  |   | $      | 24.32             |   |   | $                 | 19.29  |   |                           | $      | 34.54  |                         |   | $      | 27.41                         |   |   | $                   | 21.72  |   |                | $      | 20.29  |     |   | $      | 17.62                |   |   | $                    | 8.09   |   |            | $      | 13.21  |            |   | $      | 14.39                 |   |   | $ | 20.94 |   |   | $ | 2.48 |   |   | $ | 3.47 |   |   | $ | 2.75 |   |   | $ | 2.22 |   |   | $ | 2.50 |   |   | $ | 2.52 |   |   | $ | 2.61 |   |   | $ | 2.64 |   |   | $ | 2.10 |   |   | $ | 6.93 |   |
|   | t      |   |   |      | 2000   |      |   |   | 2.6       | %      |   |      | 2.6    | %      |                  |   | 0.674  |                  |   | $      | 37.41             |   |   | $                 | 30.22  |   |                           | $      | 54.89  |                         |   | $      | 44.33                         |   |   | $                   | 39.89  |   |                | $      | 34.46  |     |   | $      | 28.57                |   |   | $                    | 14.10  |   |            | $      | 32.59  |            |   | $      | 36.51                 |   |   | $ | 46.30 |   |   | $ | 4.51 |   |   | $ | 6.20 |   |   | $ | 5.01 |   |   | $ | 4.84 |   |   | $ | 4.86 |   |   | $ | 4.89 |   |   | $ | 5.05 |   |   | $ | 5.35 |   |   | $ | 4.32 |   |   | $ | 13.59 |   |
|   | o      |   |   |      | 2001   |      |   |   | 2.5       | %      |   |      | 2.5    | %      |                  |   | 0.646  |                  |   | $      | 31.19             |   |   | $                 | 25.87  |   |                           | $      | 47.22  |                         |   | $      | 39.17                         |   |   | $                   | 31.54  |   |                | $      | 25.12  |     |   | $      | 18.07                |   |   | $                    | 17.20  |   |            | $      | 30.62  |            |   | $      | 30.49                 |   |   | $ | 43.03 |   |   | $ | 5.39 |   |   | $ | 7.56 |   |   | $ | 6.27 |   |   | $ | 5.42 |   |   | $ | 6.11 |   |   | $ | 6.26 |   |   | $ | 6.10 |   |   | $ | 4.74 |   |   | $ | 3.93 |   |   | $ | (14.50 | ) |
|   | r      |   |   |      | 2002   |      |   |   | 2.3       | %      |   |      | 2.3    | %      |                  |   | 0.636  |                  |   | $      | 30.68             |   |   | $                 | 26.11  |   |                           | $      | 47.39  |                         |   | $      | 40.33                         |   |   | $                   | 35.52  |   |                | $      | 31.89  |     |   | $      | 27.63                |   |   | $                    | 11.21  |   |            | $      | 20.92  |            |   | $      | 27.78                 |   |   | $ | 41.22 |   |   | $ | 3.88 |   |   | $ | 4.79 |   |   | $ | 4.07 |   |   | $ | 3.85 |   |   | $ | 3.91 |   |   | $ | 3.93 |   |   | $ | 4.08 |   |   | $ | 3.94 |   |   | $ | 3.36 |   |   | $ | 12.74 |   |
|   | I      |   |   |      | 2003   |      |   |   | 2.8       | %      |   |      | 2.8    | %      |                  |   | 0.710  |                  |   | $      | 35.62             |   |   | $                 | 31.01  |   |                           | $      | 49.97  |                         |   | $      | 43.51                         |   |   | $                   | 37.47  |   |                | $      | 32.96  |     |   | $      | 27.35                |   |   | $                    | 18.43  |   |            | $      | 32.31  |            |   | $      | 36.03                 |   |   | $ | 45.18 |   |   | $ | 6.12 |   |   | $ | 7.69 |   |   | $ | 6.70 |   |   | $ | 6.11 |   |   | $ | 6.53 |   |   | $ | 6.32 |   |   | $ | 6.67 |   |   | $ | 6.29 |   |   | $ | 5.48 |   |   | $ | 40.99 |   |
|   | c      |   |   |      | 2004   |      |   |   | 1.8       | %      |   |      | 1.8    | %      |                  |   | 0.770  |                  |   | $      | 46.28             |   |   | $                 | 41.45  |   |                           | $      | 59.13  |                         |   | $      | 52.96                         |   |   | $                   | 45.76  |   |                | $      | 38.01  |     |   | $      | 30.44                |   |   | $                    | 19.04  |   |            | $      | 35.20  |            |   | $      | 44.07                 |   |   | $ | 55.49 |   |   | $ | 6.31 |   |   | $ | 7.34 |   |   | $ | 6.57 |   |   | $ | 6.32 |   |   | $ | 6.40 |   |   | $ | 6.44 |   |   | $ | 6.84 |   |   | $ | 6.98 |   |   | $ | 6.25 |   |   | $ | 40.82 |   |
|   | a      |   |   |      | 2005   |      |   |   | 2.2       | %      |   |      | 2.2    | %      |                  |   | 0.823  |                  |   | $      | 62.05             |   |   | $                 | 56.61  |   |                           | $      | 75.99  |                         |   | $      | 69.33                         |   |   | $                   | 57.39  |   |                | $      | 45.68  |     |   | $      | 33.77                |   |   | $                    | 23.80  |   |            | $      | 43.23  |            |   | $      | 51.91                 |   |   | $ | 74.67 |   |   | $ | 8.31 |   |   | $ | 9.63 |   |   | $ | 8.78 |   |   | $ | 8.56 |   |   | $ | 8.61 |   |   | $ | 8.13 |   |   | $ | 8.51 |   |   | $ | 9.77 |   |   | $ | 8.91 |   |   | $ | 40.99 |   |
|   | I      |   |   |      | 2006   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.882  |                  |   | $      | 70.78             |   |   | $                 | 66.06  |   |                           | $      | 78.58  |                         |   | $      | 73.34                         |   |   | $                   | 62.42  |   |                | $      | 52.04  |     |   | $      | 39.68                |   |   | $                    | 19.81  |   |            | $      | 44.11  |            |   | $      | 58.16                 |   |   | $ | 78.19 |   |   | $ | 6.56 |   |   | $ | 7.01 |   |   | $ | 6.54 |   |   | $ | 6.63 |   |   | $ | 6.35 |   |   | $ | 6.45 |   |   | $ | 7.11 |   |   | $ | 7.23 |   |   | $ | 6.75 |   |   | $ | 19.51 |   |
|   |   |   |   |      | 2007   |      |   |   | 2.1       | %      |   |      | 2.1    | %      |                  |   | 0.921  |                  |   | $      | 76.00             |   |   | $                 | 72.38  |   |                           | $      | 80.94  |                         |   | $      | 77.09                         |   |   | $                   | 65.18  |   |                | $      | 53.86  |     |   | $      | 39.75                |   |   | $                    | 18.41  |   |            | $      | 49.77  |            |   | $      | 59.40                 |   |   | $ | 81.67 |   |   | $ | 6.20 |   |   | $ | 6.76 |   |   | $ | 6.44 |   |   | $ | 6.31 |   |   | $ | 6.22 |   |   | $ | 6.02 |   |   | $ | 6.54 |   |   | $ | 7.32 |   |   | $ | 6.97 |   |   | $ | 38.32 |   |
|   |   |   |   |      | 2008   |      |   |   | 2.4       | %      |   |      | 2.4    | %      |                  |   | 0.951  |                  |   | $      | 10232             |   |   | $                 | 99.58  |   |                           | $      | 105.66 |                         |   | $      | 102.83                        |   |   | $                   | 93.26  |   |                | $      | 83.97  |     |   | $      | 73.17                |   |   | $                    | 22.61  |   |            | $      | 56.94  |            |   | $      | 83.56                 |   |   | $ | 109.80 |   |   | $ | 7.88 |   |   | $ | 8.40 |   |   | $ | 8.18 |   |   | $ | 8.13 |   |   | $ | 7.94 |   |   | $ | 8.09 |   |   | $ | 8.19 |   |   | $ | 9.12 |   |   | $ | 8.88 |   |   | $ | 304.51 |   |
|   |   |   |   |      | 2009   |      |   |   | 0.3       | %      |   |      | 0.3    | %      |                  |   | 0.874  |                  |   | $      | 61.98             |   |   | $                 | 61.78  |   |                           | $      | 66.41  |                         |   | $      | 66.21                         |   |   | $                   | 62.77  |   |                | $      | 59.90  |     |   | $      | 54.49                |   |   | $                    | 11.60  |   |            | $      | 34.56  |            |   | $      | 56.29                 |   |   | $ | 69.59 |   |   | $ | 3.84 |   |   | $ | 3.97 |   |   | $ | 3.96 |   |   | $ | 3.94 |   |   | $ | 3.74 |   |   | $ | 4.03 |   |   | $ | 4.14 |   |   | $ | 3.92 |   |   | $ | 3.90 |   |   | $ | (4.97 | ) |
|   |   |   |   |      | 2010   |      |   |   | 1.7       | %      |   |      | 1.7    | %      |                  |   | 0.966  |                  |   | $      | 79.35             |   |   | $                 | 79.35  |   |                           | $      | 77.77  |                         |   | $      | 77.77                         |   |   | $                   | 73.48  |   |                | $      | 68.07  |     |   | $      | 60.46                |   |   | $                    | 11.50  |   |            | $      | 45.62  |            |   | $      | 69.45                 |   |   | $ | 84.95 |   |   | $ | 3.80 |   |   | $ | 4.01 |   |   | $ | 4.01 |   |   | $ | 4.08 |   |   | $ | 3.73 |   |   | $ | 3.88 |   |   | $ | 3.87 |   |   | $ | 4.40 |   |   | $ | 4.40 |   |   | $ | 53.67 |   |
|   | 2      |   |   |      |   |      |   |   |      |   |   |      |   |   |                  |   |   |                  |   |   |              |   |   |              |   |   |                           |   |   |                         |   |   |                          |   |   |                |   |   |                |   |   |     |   |   |                 |   |   |                 |   |   |            |   |   |            |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | 0      |   |   | 0 Mths H  |   |      |   | 0.0    | %         |   |   | 0.0       | %      |   |                  | 0.000  |   |                  | $      | 0.00   |              |   | $      | 0.00              |   |   | $                              | 0.00   |   |                         | $      | 0.00   |                          |   | $      | 0.00                |   |   | $                   | 0.00   |   |     | $      | 0.00   |                 |   | $      | 0.00                 |   |   | $               | 0.00   |   |            | $      | 0.00   |                  |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | 0.00 |   |
|   | 1      |   |   | 12 Mths F |   |      |   | 0.0    | %         |   |   | 0.0       | %      |   |                  | 1.000  |   |                  | $      | 85.00  |              |   | $      | 85.00             |   |   | $                              | 82.80  |   |                         | $      | 82.80  |                          |   | $      | 76.55               |   |   | $                   | 71.10  |   |     | $      | 64.80  |                 |   | $      | 11.40                |   |   | $               | 45.55  |   |            | $      | 70.40  |                  |   | $ | 86.95 |   |   | $ | 3.85 |   |   | $ | 4.10 |   |   | $ | 4.10 |   |   | $ | 3.80 |   |   | $ | 3.90 |   |   | $ | 3.80 |   |   | $ | 4.05 |   |   | $ | 4.50 |   |   | $ | 4.50 |   |   | $ | 50.00 |   |
|   | 1      |   |   | Avg.      |   |      |   | n/a    |      |   |   | n/a       |   |   |                  | 0.000  |   |                  | $      | 85.00  |              |   | $      | 85.00             |   |   | $                              | 82.80  |   |                         | $      | 82.80  |                          |   | $      | 76.55               |   |   | $                   | 71.10  |   |     | $      | 64.80  |                 |   | $      | 11.40                |   |   | $               | 45.55  |   |            | $      | 70.40  |                  |   | $ | 86.95 |   |   | $ | 3.85 |   |   | $ | 4.10 |   |   | $ | 4.10 |   |   | $ | 3.80 |   |   | $ | 3.90 |   |   | $ | 3.80 |   |   | $ | 4.05 |   |   | $ | 4.50 |   |   | $ | 4.50 |   |   | $ | 50.00 |   |
|   | F      |   |   |      | 2011   |      |   |   | 0.0       | %      |   |      | 0.0    | %      |                  |   | 1.000  |                  |   | $      | 85.00             |   |   | $                 | 85.00  |   |                           | $      | 82.80  |                         |   | $      | 82.80                         |   |   | $                   | 76.55  |   |                | $      | 71.10  |     |   | $      | 64.80                |   |   | $                    | 11.40  |   |            | $      | 45.55  |            |   | $      | 70.40                 |   |   | $ | 86.95 |   |   | $ | 3.85 |   |   | $ | 4.10 |   |   | $ | 4.10 |   |   | $ | 3.80 |   |   | $ | 3.90 |   |   | $ | 3.80 |   |   | $ | 4.05 |   |   | $ | 4.50 |   |   | $ | 4.50 |   |   | $ | 50.00 |   |
|   | o      |   |   |      | 2012   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.980  |                  |   | $      | 87.50             |   |   | $                 | 89.25  |   |                           | $      | 87.05  |                         |   | $      | 88.80                         |   |   | $                   | 81.65  |   |                | $      | 75.50  |     |   | $      | 68.80                |   |   | $                    | 12.90  |   |            | $      | 48.85  |            |   | $      | 75.50                 |   |   | $ | 93.25 |   |   | $ | 4.35 |   |   | $ | 4.50 |   |   | $ | 4.60 |   |   | $ | 4.30 |   |   | $ | 4.40 |   |   | $ | 4.30 |   |   | $ | 4.55 |   |   | $ | 5.00 |   |   | $ | 5.10 |   |   | $ | 51.00 |   |
|   | r      |   |   |      | 2013   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 88.00             |   |   | $                 | 91.55  |   |                           | $      | 90.40  |                         |   | $      | 94.05                         |   |   | $                   | 85.95  |   |                | $      | 79.05  |     |   | $      | 71.95                |   |   | $                    | 14.70  |   |            | $      | 51.75  |            |   | $      | 79.95                 |   |   | $ | 98.75 |   |   | $ | 4.95 |   |   | $ | 5.00 |   |   | $ | 5.20 |   |   | $ | 4.90 |   |   | $ | 5.00 |   |   | $ | 4.90 |   |   | $ | 5.15 |   |   | $ | 5.50 |   |   | $ | 5.70 |   |   | $ | 52.00 |   |
|   | e      |   |   |      | 2014   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 90.00             |   |   | $                 | 95.50  |   |                           | $      | 92.50  |                         |   | $      | 98.15                         |   |   | $                   | 89.05  |   |                | $      | 81.35  |     |   | $      | 73.85                |   |   | $                    | 15.60  |   |            | $      | 54.00  |            |   | $      | 83.45                 |   |   | $ | 103.05 |   |   | $ | 5.25 |   |   | $ | 5.20 |   |   | $ | 5.50 |   |   | $ | 5.20 |   |   | $ | 5.30 |   |   | $ | 5.20 |   |   | $ | 5.45 |   |   | $ | 5.75 |   |   | $ | 6.10 |   |   | $ | 53.05 |   |
|   | c      |   |   |      | 2015   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 95.00             |   |   | $                 | 102.85 |   |                           | $      | 97.75  |                         |   | $      | 105.80                        |   |   | $                   | 95.30  |   |                | $      | 87.10  |     |   | $      | 79.20                |   |   | $                    | 16.35  |   |            | $      | 58.20  |            |   | $      | 89.95                 |   |   | $ | 111.10 |   |   | $ | 5.50 |   |   | $ | 5.30 |   |   | $ | 5.75 |   |   | $ | 5.45 |   |   | $ | 5.55 |   |   | $ | 5.45 |   |   | $ | 5.70 |   |   | $ | 6.00 |   |   | $ | 6.50 |   |   | $ | 54.10 |   |
|   | a      |   |   |      | 2016   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 110.40 |   |                           | $      | 103.00 |                         |   | $      | 113.70                        |   |   | $                   | 102.45 |   |                | $      | 93.90  |     |   | $      | 85.70                |   |   | $                    | 17.70  |   |            | $      | 62.55  |            |   | $      | 96.65                 |   |   | $ | 119.40 |   |   | $ | 5.95 |   |   | $ | 5.60 |   |   | $ | 6.20 |   |   | $ | 5.90 |   |   | $ | 6.00 |   |   | $ | 5.90 |   |   | $ | 6.15 |   |   | $ | 6.10 |   |   | $ | 6.75 |   |   | $ | 55.20 |   |
|   | s      |   |   |      | 2017   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 112.60 |   |                           | $      | 103.05 |                         |   | $      | 116.05                        |   |   | $                   | 104.05 |   |                | $      | 95.15  |     |   | $      | 88.05                |   |   | $                    | 18.75  |   |            | $      | 63.85  |            |   | $      | 98.65                 |   |   | $ | 121.85 |   |   | $ | 6.30 |   |   | $ | 5.80 |   |   | $ | 6.55 |   |   | $ | 6.25 |   |   | $ | 6.35 |   |   | $ | 6.25 |   |   | $ | 6.50 |   |   | $ | 6.25 |   |   | $ | 7.05 |   |   | $ | 56.30 |   |
|   | t      |   |   |      | 2018   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 114.85 |   |                           | $      | 103.05 |                         |   | $      | 118.35                        |   |   | $                   | 104.85 |   |                | $      | 96.35  |     |   | $      | 90.35                |   |   | $                    | 20.10  |   |            | $      | 65.10  |            |   | $      | 100.60                |   |   | $ | 124.25 |   |   | $ | 6.75 |   |   | $ | 6.10 |   |   | $ | 7.00 |   |   | $ | 6.70 |   |   | $ | 6.80 |   |   | $ | 6.70 |   |   | $ | 6.95 |   |   | $ | 6.40 |   |   | $ | 7.35 |   |   | $ | 57.45 |   |
|   |   |   |   |      | 2019   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 117.15 |   |                           | $      | 103.05 |                         |   | $      | 120.75                        |   |   | $                   | 105.75 |   |                | $      | 98.75  |     |   | $      | 92.75                |   |   | $                    | 21.00  |   |            | $      | 66.40  |            |   | $      | 102.65                |   |   | $ | 126.80 |   |   | $ | 7.05 |   |   | $ | 6.25 |   |   | $ | 7.30 |   |   | $ | 7.00 |   |   | $ | 7.10 |   |   | $ | 7.00 |   |   | $ | 7.25 |   |   | $ | 6.50 |   |   | $ | 7.60 |   |   | $ | 58.60 |   |
|   |   |   |   |      | 2020   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 119.50 |   |                           | $      | 103.05 |                         |   | $      | 123.15                        |   |   | $                   | 108.15 |   |                | $      | 101.15 |     |   | $      | 95.15                |   |   | $                    | 21.45  |   |            | $      | 67.75  |            |   | $      | 104.70                |   |   | $ | 129.30 |   |   | $ | 7.20 |   |   | $ | 6.25 |   |   | $ | 7.45 |   |   | $ | 7.15 |   |   | $ | 7.25 |   |   | $ | 7.15 |   |   | $ | 7.40 |   |   | $ | 6.60 |   |   | $ | 7.90 |   |   | $ | 59.75 |   |
|   |   |   |   |      | 2021   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 121.90 |   |                           | $      | 103.05 |                         |   | $      | 125.60                        |   |   | $                   | 110.60 |   |                | $      | 103.60 |     |   | $      | 97.60                |   |   | $                    | 21.90  |   |            | $      | 69.10  |            |   | $      | 106.75                |   |   | $ | 131.90 |   |   | $ | 7.35 |   |   | $ | 6.25 |   |   | $ | 7.60 |   |   | $ | 7.30 |   |   | $ | 7.40 |   |   | $ | 7.30 |   |   | $ | 7.55 |   |   | $ | 6.75 |   |   | $ | 8.25 |   |   | $ | 60.95 |   |
|   |   |   |   |      | 2022   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 10000             |   |   | $                 | 124.35 |   |                           | $      | 103.05 |                         |   | $      | 128.15                        |   |   | $                   | 113.15 |   |                | $      | 10615  |     |   | $      | 100.15               |   |   | $                    | 22.35  |   |            | $      | 70.50  |            |   | $      | 108.95                |   |   | $ | 134.55 |   |   | $ | 7.50 |   |   | $ | 6.25 |   |   | $ | 7.75 |   |   | $ | 7.45 |   |   | $ | 7.55 |   |   | $ | 7.45 |   |   | $ | 7.70 |   |   | $ | 6.75 |   |   | $ | 8.40 |   |   | $ | 62.15 |   |
|   |   |   |   |      | 2023   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 126.80 |   |                           | $      | 103.05 |                         |   | $      | 130.70                        |   |   | $                   | 115.70 |   |                | $      | 108.70 |     |   | $      | 102.70               |   |   | $                    | 22.95  |   |            | $      | 71.90  |            |   | $      | 111.10                |   |   | $ | 137.25 |   |   | $ | 7.70 |   |   | $ | 6.25 |   |   | $ | 7.95 |   |   | $ | 7.65 |   |   | $ | 7.75 |   |   | $ | 7.65 |   |   | $ | 7.90 |   |   | $ | 6.75 |   |   | $ | 8.55 |   |   | $ | 63.40 |   |
|   |   |   |   |      | 2024   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 129.35 |   |                           | $      | 103.05 |                         |   | $      | 133.30                        |   |   | $                   | 118.30 |   |                | $      | 111.30 |     |   | $      | 105.30               |   |   | $                    | 23.40  |   |            | $      | 73.30  |            |   | $      | 113.30                |   |   | $ | 139.95 |   |   | $ | 7.85 |   |   | $ | 6.25 |   |   | $ | 8.10 |   |   | $ | 7.80 |   |   | $ | 7.90 |   |   | $ | 7.80 |   |   | $ | 8.05 |   |   | $ | 6.75 |   |   | $ | 8.75 |   |   | $ | 64.65 |   |
|   |   |   |   |      | 2025   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 131.95 |   |                           | $      | 103.05 |                         |   | $      | 135.95                        |   |   | $                   | 120.95 |   |                | $      | 113.95 |     |   | $      | 107.95               |   |   | $                    | 23.85  |   |            | $      | 74.75  |            |   | $      | 115.55                |   |   | $ | 142.75 |   |   | $ | 8.00 |   |   | $ | 6.25 |   |   | $ | 8.25 |   |   | $ | 7.95 |   |   | $ | 8.05 |   |   | $ | 7.95 |   |   | $ | 8.20 |   |   | $ | 6.75 |   |   | $ | 8.90 |   |   | $ | 65.95 |   |
|   |   |   |   |      | 2026   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 134.60 |   |                           | $      | 103.05 |                         |   | $      | 138.70                        |   |   | $                   | 123.70 |   |                | $      | 116.70 |     |   | $      | 110.70               |   |   | $                    | 24.30  |   |            | $      | 76.30  |            |   | $      | 117.90                |   |   | $ | 145.65 |   |   | $ | 8.15 |   |   | $ | 6.25 |   |   | $ | 8.40 |   |   | $ | 8.10 |   |   | $ | 8.20 |   |   | $ | 8.10 |   |   | $ | 8.35 |   |   | $ | 6.75 |   |   | $ | 9.10 |   |   | $ | 67.25 |   |
|   |   |   |   |      | 2027   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 137.30 |   |                           | $      | 103.05 |                         |   | $      | 141.45                        |   |   | $                   | 126.45 |   |                | $      | 119.45 |     |   | $      | 113.45               |   |   | $                    | 24.90  |   |            | $      | 77.80  |            |   | $      | 120.25                |   |   | $ | 148.50 |   |   | $ | 8.35 |   |   | $ | 6.25 |   |   | $ | 8.60 |   |   | $ | 8.30 |   |   | $ | 8.40 |   |   | $ | 8.30 |   |   | $ | 8.55 |   |   | $ | 6.75 |   |   | $ | 9.25 |   |   | $ | 68.60 |   |
|   |   |   |   |      | 2028   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 140.00 |   |                           | $      | 103.05 |                         |   | $      | 144.30                        |   |   | $                   | 129.30 |   |                | $      | 122.30 |     |   | $      | 116.30               |   |   | $                    | 25.35  |   |            | $      | 79.35  |            |   | $      | 122.65                |   |   | $ | 151.50 |   |   | $ | 8.50 |   |   | $ | 6.25 |   |   | $ | 8.75 |   |   | $ | 8.45 |   |   | $ | 8.55 |   |   | $ | 8.45 |   |   | $ | 8.70 |   |   | $ | 6.75 |   |   | $ | 9.45 |   |   | $ | 69.95 |   |
|   |   |   |   |      | 2029   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 142.80 |   |                           | $      | 103.05 |                         |   | $      | 147.20                        |   |   | $                   | 132.20 |   |                | $      | 125.20 |     |   | $      | 119.20               |   |   | $                    | 25.95  |   |            | $      | 80.95  |            |   | $      | 125.10                |   |   | $ | 154.55 |   |   | $ | 8.70 |   |   | $ | 6.25 |   |   | $ | 8.95 |   |   | $ | 8.65 |   |   | $ | 8.75 |   |   | $ | 8.65 |   |   | $ | 8.90 |   |   | $ | 6.75 |   |   | $ | 9.65 |   |   | $ | 71.35 |   |
|   |   |   |   |      | 2030   |      |   |   | 2.0       | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   | $      | 100.00            |   |   | $                 | 145.70 |   |                           | $      | 103.05 |                         |   | $      | 150.10                        |   |   | $                   | 135.10 |   |                | $      | 128.10 |     |   | $      | 122.10               |   |   | $                    | 26.40  |   |            | $      | 82.55  |            |   | $      | 127.60                |   |   | $ | 157.60 |   |   | $ | 8.85 |   |   | $ | 6.25 |   |   | $ | 9.10 |   |   | $ | 8.80 |   |   | $ | 8.90 |   |   | $ | 8.80 |   |   | $ | 9.05 |   |   | $ | 6.75 |   |   | $ | 9.85 |   |   | $ | 72.80 |   |
|   |   |   |   |      | 2029   | +         |   |   | 20        | %      |   |      | 2.0    | %      |                  |   | 0.950  |                  |   |   | 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 | % |   |   | 2.0 | % |   |   | 2.0 | % |   |   | 2.0 | % |   |   | 0.0 | % |   |   | 2.0 | % |   |   | 2.0 | % |

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