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|   |                                                                                      | Page                 |
|--------|-------------------------------------------------------------------------------------------|----------------------|
|   | Province of Saskatchewan                                                                  | 1               |
|   | Overview of the Economy                                                                   | 3               |
|   | Finances of the Government                                                                | 16              |
|   | Summary Financial Statement Supplementary Financial Information                           | 28              |
|   | Crown Corporations                                                                        | 37              |
|   | Government of Saskatchewan Summary Financial Statements (Volume 1 of the Public Accounts) | Exhibit E  |
|   | Sources of Information                                                                    | 45              |

|                                           |   | 2009                                                  |   | 2010                                                  |   | 2011                                                  |   | 2012                                                  |   | 2013                                                  |   | 2014                                       |
|------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|--------------------------------------------|
|                                           |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                       |
| High                                           |   |         97.16 |   |       100.54            |   |       105.83            |   |       102.99            |   |       105.99            |   |       116.72 |
| Low                                            |   |         76.92 |   |         92.78 |   |         94.30 |   |         95.99 |   |         98.39 |   |       106.32 |
|                                           |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                       |
| Source:  Bank of Canada - noon rate. |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |
|                                           |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                       |

----

|                                                                    |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      | Compound                                                  |
|-------------------------------------------------------------------------|---------------------------------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------------------------|-----------|-----------------------------------------------------------|
|                                                                    | Calendar Year Ended December 31 |                                                  | Annual |
|                                                                    |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      | Growth Rate                                               |
|                                                                    |                            | 2009                                                  |   | 2010                                                  |   | 2011                                                  |   | 2012                                                  |   | 2013                                                  |      | 2009-2013                                                 |
|                                                                    | (Millions)                      |                                                  |   |                                                  |
| Economy                                                                 |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      |                                                      |   |
| Gross Domestic Product at Current                                       |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      |                                                      |
|    Market Prices                                         |                            |  $   60,019                       |   |  $   63,396                       |   |  $   74,457                       |   |  $   78,767                       |   |  $   83,121                       |      |          8.5 | % |
| Farm Cash Receipts                                                      |                            |  $     9,244            |   |  $     9,117            |   |  $   11,043                       |   |  $   11,801                       |   |  $   12,178                       |      |          7.1 |   |
| Mineral Sales                                                           |                            |  $   15,720                       |   |  $   17,985                       |   |  $   21,290                       |   |  $   19,835                       |   |  $   20,821                       |      |          7.3 |   |
| Manufacturing Shipments                                                 |                            |  $   11,269                       |   |  $   10,830                       |   |  $   12,720                       |   |  $   14,306                       |   |  $   15,697                       |      |          8.6 |   |
| Exports                                                                 |                            |  $   39,896                       |   |  $   43,022                       |   |  $   51,674                       |   |  $   53,090                       |   |  $   55,266                       |      |          8.5 |   |
| Primary Household Income                                                |                            |  $   31,723                       |   |  $   32,863                       |   |  $   36,143                       |   |  $   38,388                       |   |  $   41,616                       |      |          7.0 |   |
| Population at July 1 (Thousands)                                        |                            |         1,035 |   |         1,051 |   |         1,066 |   |         1,087 |   |         1,106 |      |          1.7 |   |
| Unemployment Rate                                                       |                            | 4.8%                                                  |   | 5.2%                                                  |   | 5.0%                                                  |   | 4.7%                                                  |   | 4.0%                                                  |      |  n/a                                                 |   |
| Change in Consumer Price Index 1                                        | 1.1%                            |                                                  | 1.4%   |                                                  | 2.8%   |                                                  | 1.6%   |                                                  | 1.5%   |                                                  |  n/a |                                                      |
| 1 2002 = 100                                                            |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      |                                                      |   |
| n.a. = not applicable                                                   |                            |                                                  |   |                                                  |   |                                                  |   |                                                  |   |                                                  |      |                                                      |   |
| Source:  Saskatchewan Bureau of Statistics, Statistics Canada |                            |                                                  |   |                                                  |   |                                                  |   |

|                                                                      | Fiscal Year Ended March 31                                            |
|---------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                                      |                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                      |                                                                  | 2010 |   | 2011 |   | 2012 |   | 2013 |   | 2014 |   |
|                                                                      | (Millions)                                                            |
| Government Finances - Summary Financial Statements                        |                                                                  |   |   |   |   |   |   |
| Surplus (deficit)                                                         |                                                                  |  $    (409) |   |  $      (13) |   |  $    (105) |   |  $        37  |   |  $      589  |   |
| Add (deduct) non-cash items                                               |                                                                  |   |   |   |   |   |   |   |   |   |   |
|    Net income from government business enterprises         |        (834)                       |   |        (970) |   |        (789) |   |     (1,120) |   |     (1,052) |   |
|    Dividends received from government business enterprises |          639        |   |          688  |   |          784  |   |          673  |   |          645  |   |
|    Other non-cash items included in the surplus/deficit    |            (5) |   |          306  |   |          296  |   |          368  |   |          138  |   |
|    Amortization of capital assets                          |                                                                  |          416  |   |          451  |   |          471  |   |          485  |   |          502  |   |
|    (Gain) Loss on loans and investments                    |                                                                  |          (20) |   |              8  |   |            (2) |   |            (3) |   |          (56) |   |
|    Net change in non-cash operating activities             |          568        |   |          (36) |   |        (499) |   |          (62) |   |          (12) |   |
|    Earnings retained in sinking funds                      |                                                                  | (161) |   | (151) |   | (170) |   | (112) |   | (42) |   |
| Capital Activities                                                        |                                                                  |   |   |   |   |   |   |   |   |   |   |
|    Cash used for acquisition of capital assets             | (670)                                                                 |   | (784) |   | (878) |   | (961) |   | (1,007) |   |
| Investing Activities                                                      |                                                                  |   |   |   |   |   |   |   |   |   |   |
|    Cash provided by investing activities                   |                                                                  |          499  |   |               491  |   |          265  |   |          688  |   |          709  |   |
| Cash provided (required)                                                  |                                                                  |  $        23  |   |  $      (10) |   |  $    (627) |   |  $        (7) |   |  $      414  |   |
|                                                                      |                                                                  |   |   |   |   |   |   |   |   |   |   |

----

|                                                       | Fiscal Year Ended March 31 |
|------------------------------------------------------------|----------------------------|
|                                                       |                       | 2010 |   | 2011 |   | 2012 |   | 2013 |   | 2014 |   |
|                                                       | (Millions)                 |
| Debt - Summary Financial Statements                        |                       |   |   |   |   |   |   |   |   |   |   |
|    Gross Debt                               |                       |  $  10,924  |   |  $  10,780  |   |  $  11,143  |   |  $  11,282  |   |  $  12,479  |   |
|    Less:  Equity in Sinking Funds |                       |       (2,697) |   |       (2,432) |   |       (2,641) |   |       (1,835) |   |       (1,734) |   |
|    Guaranteed Debt                          |                       |             23  |   |             29  |   |             28  |   |             19  |   |             16  |     |
| Summary Financial Statements Total Debt                    |                       |  $    8,250  |   |  $    8,377  |   |  $    8,530  |   |  $    9,466  |   |  $  10,761  |   |
|                                                       |                       |   |   |   |   |   |   |   |   |   |   |

----

| Population                       |                             |                        | Area                     |                      |
|----------------------------------|----------------------------------|-----------------------------|--------------------------|---------------------------|
|                             | 1,125,410 (July 1, 2014)         |                        |                     | Land:                     |
|                             |                             |                        |                     |                      |   | • | 570,700 square kilometres |
| Major Urban Centres              |                             |                        |                     |                      | (220,350 square miles) |
|                             | Regina                           |                        |                     |                      | Fresh Water: |
|                             | •                          | Capital of Saskatchewan     |                     |                      | • | 81,630 square kilometres |
|                             | •                          | 232,090 (July 1, 2013)*     |                     |                      |   | (31,520 square miles) |
|                             | Saskatoon                        |                        |                     |                      | Total: |
|                             | •                          | Centre of Saskatchewan's    |                     |                      | • | 652,330 square kilometres |
|                             |                             | resource-based and advanced |                     |                      |   | (251,870 square miles) |
|                             |                             | technology industries       |                     |                      | Farm Land: |
|                             | •                          | 292,597 (July 1, 2013)*     |                     |                      | • | 268,655 square kilometres |
|                             |                             |                        |                     |                      |   |   | (103,730 square miles) |
| Population Density               |                             |                        |                     | Cultivated Farm Land:     |
|                             | 1 person per 0.66 square         |                        |                     | •                   | 202,470 square kilometres |
|                             | kilometre (0.25 per square mile) |                        |                     |                      | (78,170 square miles) |
|                             |                             |                        |                     |                      |   | Commercial Forests: |
| Mean Temperatures Range (Regina) |                             |                        | •                  | 126,300 square kilometres |
|                             | January                          | -11 to -22 degrees Celsius  |                     |                      |   | (48,760 square miles) |
|                             | July                             |                        | 26 to 12 degrees Celsius |                      |   |   |   |
|                             |                             |                        |                     |                      |   |   |   |
| Mean Precipitation (Regina)      |                             |                        |                     |                      |
|                             | January                          | 15 millimetres              |                     |                      |   |   |
|                             | July                             |                        | 59 millimetres           |                      |   |   |   |
|                             | Year                             | 364 millimetres             |                     |                      |   |   |
|                        |                             |                        |                     |                      |   |   |   |

| *  | Data for 2014 for Regina and Saskatoon are not yet available. |
|---------|---------------------------------------------------------------|

----

----

----

| Summary of Economic Indicators                                     |   |                            |      |              |
|--------------------------------------------------------------------|--------|---------------------------------|-----------|-------------------|
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |  Annual |
|                                                               |   | Calendar Year Ended December 31 |      |  Growth Rate |
|                                                               |   | 2009                            |      |              | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   |   | 2009-2013 |   |
| Gross Domestic Product - Saskatchewan                              |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |
|    Current Market Prices (Millions)                 |   | $                               | 60,019    |              |   | $ | 63,396 |   |   | $ | 74,457 |   |   | $ | 78,767 |   |   | $ | 83,121 |   |   |   | 8.5 | % |
|    Annual Rate of Change                            |   |                            | (11.2     | )%                |   |   | 5.6 | % |   |   | 17.4 | % |   |   | 5.8 | % |   |   | 5.5 | % |   | n.a. |   |
|    Per Capita                                       |   | $                               | 58,002    |              |   | $ | 60,295 |   |   | $ | 69,824 |   |   | $ | 72,440 |   |   | $ | 75,138 |   |   |   | 6.7 | % |
|    Chained 2007 Dollars (Millions)                  |   | $                               | 51,035    |              |   | $ | 53,290 |   |   | $ | 56,426 |   |   | $ | 58,226 |   |   | $ | 61,094 |   |   |   | 4.6 | % |
|    Annual Rate of Change                            |   |                            | (5.0      | )%                |   |   | 4.4 | % |   |   | 5.9 | % |   |   | 3.2 | % |   |   | 4.9 | % |   | n.a. |   |
|    Per Capita                                       |   | $                               | 49,320    |              |   | $ | 50,684 |   |   | $ | 52,915 |   |   | $ | 53,549 |   |   | $ | 55,226 |   |   |   | 2.9 | % |
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product - Canada                                    |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Current Market Prices (Millions)                 |   | $                               | 1,567,007 |              |   | $ | 1,662,757 |   |   | $ | 1,770,014 |   |   | $ | 1,831,228 |   |   | $ | 1,893,759 |   |   |   | 4.8 | % |
|    Annual Rate of Change                            |   |                            | (4.8      | )%                |   |   | 6.1 | % |   |   | 6.5 | % |   |   | 3.5 | % |   |   | 3.4 | % |   | n.a. |   |
|    Per Capita                                       |   | $                               | 46,597    |              |   | $ | 48,897 |   |   | $ | 51,540 |   |   | $ | 52,694 |   |   | $ | 53,870 |   |   |   | 3.7 | % |
|    Chained 2007 Dollars (Millions)                  |   | $                               | 1,541,348 |              |   | $ | 1,593,357 |   |   | $ | 1,640,522 |   |   | $ | 1,672,067 |   |   | $ | 1,705,567 |   |   |   | 2.6 | % |
|    Annual Rate of Change                            |   |                            | (2.7      | )%                |   |   | 3.4 | % |   |   | 3.0 | % |   |   | 1.9 | % |   |   | 2.0 | % |   | n.a. |   |
|    Per Capita                                       |   | $                               | 45,834    |              |   | $ | 46,856 |   |   | $ | 47,769 |   |   | $ | 48,114 |   |   | $ | 48,517 |   |   |   | 1.4 | % |
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Price Index 1                                             |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (Annual Percentage Change)                       |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |                            | 1.1       | %                 |   |   | 1.4 | % |   |   | 2.8 | % |   |   | 1.6 | % |   |   | 1.5 | % |   | n.a. |   |
|       Canada                         |   |                            | 0.3       | %                 |   |   | 1.8 | % |   |   | 2.9 | % |   |   | 1.5 | % |   |   | 0.9 | % |   | n.a. |   |
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Population (July 1)(Thousands)                                     |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |                            | 1,035     |              |   |   | 1,051 |   |   |   | 1,066 |   |   |   | 1,087 |   |   |   | 1,106 |   |   |   | 1.7 | % |
|       Canada                         |   |                            | 33,629    |              |   |   | 34,005 |   |   |   | 34,343 |   |   |   | 34,752 |   |   |   | 35,154 |   |   |   | 1.1 | % |
|                                                               |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unemployment Rate                                                  |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |                            | 4.8       | %                 |   |   | 5.2 | % |   |   | 5.0 | % |   |   | 4.7 | % |   |   | 4.0 | % |   | n.a. |   |
|       Canada                         |   |                            | 8.3       | %                 |   |   | 8.0 | % |   |   | 7.5 | % |   |   | 7.2 | % |   |   | 7.1 | % |   | n.a. |   |
| 1 2007 = 100                                                       |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n.a. = not applicable                                              |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sources: Saskatchewan Bureau of Statistics, Statistics Canada |   |                            |      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Gross Domestic Product                                                                                                                     |                   |                                  |         |
|--------------------------------------------------------------------------------------------------------------------------------------------|------------------------|---------------------------------------|--------------|
|                                                                                                                                       |                   |                                  |         |   |   |   |   |   |   |   |   |   | Compound |
|                                                                                                                                       |                   |                                  |         |   |   |   |   |   |   |   |   |   | Annual |
|                                                                                                                                       | Year Ended December 31 |                                  | Growth Rate  |
|                         |                   | 2009                                  |         | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                                                                                                       | (Millions)             |                                  |         |   |
|                                                                                                                                       |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product                                                                                                                     |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
|    Current Market Prices                                                                                                    |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
| Final Consumption Expenditures                                                                                                             |                   |  $   39,972  |         |  $   42,113  |   |  $   44,281  |   |  $   46,295  |   |  $   48,451  |   |   |                 4.9 | % |
| Gross Fixed Capital Formation                                                                                                              |                   | 15,582                           |         | 18,146  |   | 20,531  |   | 22,798  |   | 22,901  |   |   |               10.1 | % |
| Investment in Inventories                                                                                                                  |                   | (881)                                 |         | (793) |   | 501  |   | 609  |   | 3,219  |   |   |  n.a. |   |
|       Non-Farm                                                                                               |                   | (1,199)                               |         | (268) |   | 575  |   | 580  |   | 573  |   |   |  n.a. |   |
|       Farm                                                                                                   |                   | 318                              |         | (525) |   | (74) |   | 29  |   | 2,646  |   |   |  n.a. |   |
| Exports of Goods and Services                                                                                                              |                   | 39,896                           |         | 43,022  |   | 51,739  |   | 53,078  |   | 54,492  |   |   |                 8.1 | % |
|       Less:  Imports of Goods and Services                                                         | 34,932            |                                  | 39,077  |   | 42,756  |   | 44,219  |   | 46,072  |   |   |                 7.2 | % |
| Total                                                                                                                                      |                   |  $   60,019  |         |  $   63,396  |   |  $   74,457  |   |  $   78,767  |   |  $   83,121  |   |   |                 8.5 | % |
|                                                                                                                                       |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product                                                                                                                     |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
|     Constant Chained 2007 Dollars                                                                                      |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
| Final Consumption Expenditures                                                                                                             |                   |  $   38,050  |         |  $   39,206  |   |  $   39,930  |   |  $   41,220  |   |  $   42,196  |   |   |                 2.6 | % |
| Gross Fixed Capital Formation                                                                                                              |                   | 14,288                           |         | 16,563  |   | 18,369  |   | 19,845  |   | 19,667  |   |   |                 8.3 | % |
| Investment in Inventories                                                                                                                  |                   | (450)                                 |         | (1,036) |   | 237  |   | (124) |   | 3,028  |   |   |  n.a. |   |
|     Non-farm                                                                                                           |                   | (1,042)                               |         | (85) |   | 575  |   | 401  |   | 595  |   |   |  n.a. |   |
|     Farm                                                                                                               |                   | 517                              |         | (890) |   | (246) |   | (370) |   | 1,949  |   |   |  n.a. |   |
| Exports of Goods and Services                                                                                                              |                   | 33,062                           |         | 36,796  |   | 38,719  |   | 39,588  |   | 40,144  |   |   |                 5.0 | % |
|        Less:  Imports of Goods and Services                                                   | 34,934            |                                  | 38,440  |   | 41,957  |   | 43,430  |   | 44,914  |   |   |                 6.5 | % |
| Total                                                                                                                                      |                   |  $   51,035  |         |  $   53,290  |   |  $   56,426  |   |  $   58,226  |   |  $   61,094  |   |   |                 4.6 | % |
| n.a. = not applicable                                                                                                                      |                   |                                  |         |   |   |   |   |   |   |   |   |   |   |   |
| Note:      Components may not add due to use of chained fisher price methodology.                            |                   |                                  |         |
| Source:  Saskatchewan Bureau of Statistics.                                                                                      |                   |                                  |         |   |   |   |   |   |   |   |   |

----

| Gross Fixed Capital Formation                                                             |                   |                                 |
|-------------------------------------------------------------------------------------------|------------------------|--------------------------------------|
|                                                                                      |                   |                                 |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                                                      |                   |                                 |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                                                      | Year Ended December 31 | Growth Rate                          |
|                                                                                      |                   | 2009                                 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                                                      | (Millions)             |                                 |   |   |
|                                                                                      |                   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture 1                                                                             |                   |  $    1,399 |   |  $    1,464 |   |  $    1,240 |   |  n.a. |   |  n.a. |   |   |  n.a. |   |
| Mining and Oil and Gas Extraction 2                                                  |                   | 4,865                                |   | 6,691 |   | 8,387 |   | 9,316 |   | 8,929 |   |   |               16.4 |   |
| Construction                                                                              |                   | 197                                  |   | 254 |   | 256 |   | 261 |   | 279 |   |   |                 9.1 |   |
| Manufacturing 4                                                                           |                   | n.a.                                 |   | n.a. |   | n.a. |   | n.a. |   | n.a. |   |   | n.a. |   |
| Transportation & Warehousing 4                                                        |                   | n.a.                                 |   | n.a. |   | n.a. |   | n.a. |   | n.a. |   |   | n.a. |   |
| Information and Cultural Services                                                         |                   | n.a.                                 |   | n.a. |   | n.a. |   | n.a. |   | n.a. |   |   | n.a. |   |
| Utilities                                                                                 |                   | 759                                  |   | 886 |   | 1,070 |   | 1,153 |   | 1,151 |   |   |               11.0 |   |
| Retail and Wholesale Trade                                                                |                   | 461                                  |   | 461 |   | 525 |   | 575 |   | 592 |   |   |                 6.5 |   |
| Finance and Insurance 3                                                                   |                   | 3,028                                |   | 3,246 |   | 3,894 |   | 4,606 |   | 4,747 |   |   |               11.9 |   |
| Commercial Services 4                                                                     |                   | n.a.                                 |   | n.a. |   | n.a. |   | n.a. |   | n.a. |   |   | n.a. |   |
| Institutions 4                                                                            |                   | n.a.                                 |   | n.a. |   | n.a. |   | n.a. |   | n.a. |   |   | n.a. |   |
| Public Administration                                                                     |                   | 1,870                                |   | 2,106 |   | 2,258 |   | 2,370 |   | 2,644 |   |   |                 9.0 |   |
| Total                                                                                     |                   |  $  15,582            |   |  $  18,146 |   |  $  20,531 |   |  $  22,798 |   |  $  22,901 |   |   |               10.1 | % |
| 1  Includes forestry, fishing, trapping and hunting.                            |                   |                                 |   |   |   |   |   |   |   |   |   |   |
| 2  Includes oil and natural gas extraction, potash, uranium and other minerals. |                   |                                 |   |   |   |   |   |   |
| 3  Includes real estate and other services not shown above.                     |                   |                                 |   |   |   |   |   |   |   |   |   |   |
| 4  Data are not available due to confidential nature of the information.        |                   |                                 |   |   |   |   |   |   |   |   |
| Components will not add to total.                                                         |                   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:  Saskatchewan Bureau of Statistics.                                     |                   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Trade with the Rest of Canada and Abroad              |                   |                                       |
|-------------------------------------------------------|------------------------|--------------------------------------------|
|                                                  |                   |                                       |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                  |                   |                                       |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                  | Year Ended December 31 |                                       | Growth Rate |
|                                                  |                   | 2009                                       |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                  | (Millions)             |                                       |   |   |
|                                                  |                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Exports                                               |                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|    Grain                               |                   |  $     6,412 |   |  $     5,034 |   |  $     8,298 |   |  $     8,288 |   |  $     8,315 |   |   |          6.7  | % |
|    Oil                                 |                   | 8,978                                      |   | 10,262 |   | 12,585 |   | 12,976 |   | 14,496 |   |   |        12.7  |   |
|    Potash                              |                   | 3,068                                      |   | 5,581 |   | 6,853 |   | 5,970 |   | 5,609 |   |   |        16.3  |   |
|    Manufactured Goods                  |                   | 5,891                                      |   | 5,745 |   | 5,019 |   | 4,872 |   | 5,224 |   |   |         (3.0) |   |
|    Other                               |                   | 15,548                                     |   | 16,400 |   | 18,919 |   | 20,984 |   | 21,622 |   |   |          8.6  |   |
| Total Exports                                         |                   |  $   39,896            |   |  $   43,022 |   |  $   51,674 |   |  $   53,090 |   |  $   55,266 |   |   |          8.5  | % |
|                                                  |                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Imports                                               |                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil                                 |                   |  $     2,347 |   |  $     3,170 |   |  $     3,270 |   |  $     3,043 |   |  $     3,768 |   |   |        12.6  | % |
|    Manufactured Goods                  |                   | 6,380                                      |   | 6,949 |   | 7,367 |   | 7,245 |   | 7,378 |   |   |          3.7  |   |
|    Other                               |                   | 26,206                                     |   | 28,957 |   | 32,120 |   | 33,932 |   | 34,926 |   |   |          7.4  |   |
| Total Imports                                         |                   |  $   34,932            |   |  $   39,077 |   |  $   42,756 |   |  $   44,219 |   |  $   46,072 |   |   |          7.2  | % |
| Source:  Saskatchewan Bureau of Statistics. |                   |                                       |   |   |   |   |   |   |   |   |   |
|                                                  |                   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Labour Force Statistics               |                            |   |        |
|---------------------------------------|---------------------------------|--------|-------------|
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   | Compound |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   | Annual |
|                                  | Year Ended December 31          |   | Growth Rate |
|                                  |                            | 2009   |        | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                  | (Thousands, Except Percentages) |   |        |   |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Labour Force                          |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |                            | 546    |        | 553 |   | 553 |   | 564 |   | 578 |   |   |          1.5  | % |
|    Canada              |                            | 18,329 |        | 18,525 |   | 18,699 |   | 18,876 |   | 19,079 |   |   |          1.0  | % |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Employed                              |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |                            | 519    |        | 524 |   | 526 |   | 537 |   | 555 |   |   |          1.7  | % |
|    Canada              |                            | 16,813 |        | 17,041 |   | 17,306 |   | 17,508 |   | 17,731 |   |   |          1.3  | % |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Unemployed                            |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |                            | 26     |        | 29 |   | 28 |   | 27 |   | 23 |   |   | (3.1) | % |
|    Canada              |                            | 1,516  |        | 1,484 |   | 1,393 |   | 1,368 |   | 1,348 |   |   | (2.9) | % |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Unemployment Rate                     |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |                            | 4.8%   |        | 5.2% |   | 5.0% |   | 4.7% |   | 4.0% |   |   | n.a. |   |
|    Canada              |                            | 8.3%   |        | 8.0% |   | 7.5% |   | 7.2% |   | 7.1% |   |   | n.a. |   |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Participation Rate                    |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |                            | 70.0%  |        | 69.9% |   | 69.2% |   | 69.5% |   | 70.0% |   |   | n.a. |   |
|    Canada              |                            | 67.1%  |        | 67.0% |   | 66.8% |   | 66.7% |   | 66.5% |   |   | n.a. |   |
| n.a. = not applicable                 |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Source:  Statistics Canada. |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |
|                                  |                            |   |        |   |   |   |   |   |   |   |   |   |   |   |

----

| Employment by Industry                                               |                   |                                                                  |
|----------------------------------------------------------------------|------------------------|-----------------------------------------------------------------------|
|                                                                 |                   |                                                                  |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                                 |                   |                                                                  |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                                 | Year Ended December 31 |                                                                  | Growth Rate |
|                                                                 |                   | 2009                                                                  |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                                 | (Thousands)            |                                                                  |   |   |
|                                                                 |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Goods-Producing Industries                                           |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|    Agriculture                                        |                   | 43                                                                    |   | 42 |   | 40 |   | 39 |   | 43 |   |   |          0.0  | % |
|    Mining                                             |                   | 24                                                                    |   | 26 |   | 25 |   | 26 |   | 24 |   |   |          0.3  |   |
|    Construction                                       |                   | 38                                                                    |   | 40 |   | 40 |   | 44 |   | 48 |   |   |          5.7  |   |
|    Manufacturing                                      |                   | 29                                                                    |   | 31 |   | 27 |   | 27 |   | 28 |   |   |         (0.6) |   |
| Subtotal                                                             |                   |            135 |   |            138 |   |            132 |   |            136 |   |            144 |   |   |          1.7  |   |
|                                                                 |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Service Industries                                                   |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|    Transportation, Communication,                     |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|       Utilities and Storage            |                   | 30                                                                    |   | 31 |   | 32 |   | 32 |   | 33 |   |   |          2.6  |   |
|    Wholesale and Retail Trade                         |                   | 80                                                                    |   | 80 |   | 82 |   | 81 |   | 83 |   |   |          1.0  |   |
|    Finance, Insurance and Real Estate                 | 29                     |                                                                  | 31 |   | 31 |   | 30 |   | 29 |   |   |          0.1  |   |
|    Business and Community Services                    | 215                    |                                                                  | 216 |   | 219 |   | 227 |   | 236 |   |   |          2.3  |   |
|    Public Administration                              |                   | 31                                                                    |   | 29 |   | 30 |   | 31 |   | 30 |   |   |         (0.6) |   |
| Subtotal                                                             |                   |            385 |   |            386 |   |            394 |   |            401 |   |            412 |   |   |          1.7  |   |
| Total                                                                |                   |            519 |   |            524 |   |            526 |   |            537 |   |            555 |   |   |          1.7  | % |
| Note:    Components may not add due to rounding. |                   |                                                                  |   |   |   |   |   |   |   |   |
| Source: Saskatchewan Bureau of Statistics                            |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                 |                   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Household Income                                          |
|-----------------------------------------------------------|
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                      | Year Ended December 31 |   | Growth Rate |
|                                                      |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                      | (Millions) |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Household Income                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Compensation of Employees               |   |  $   23,507 |   |  $   24,530 |   |  $   26,730 |   |  $   28,501 |   |  $   30,124 |   |   |          6.4 | % |
|    Net Mixed Income                        |   | 5,308 |   | 5,250 |   | 6,123 |   | 6,265 |   | 7,568 |   |   |          9.3 |   |
|    Net Property Income 1                   |   | 2,908 |   | 3,083 |   | 3,290 |   | 3,622 |   | 3,924 |   |   |          7.8 |   |
| Primary Household Income                                  |   |  $   31,723 |   |  $   32,863 |   |  $   36,143 |   |  $   38,388 |   |  $   41,616 |   |   |          7.0 | % |
|    Plus: Current Transfers Received        |         5,203 |   |         5,369 |   |         5,372 |   |         5,623 |   |         5,752 |   |   |          2.5 |   |
|    Less:  Current Transfers Paid |   |         8,644 |   |         8,855 |   |         9,613 |   |       10,344 |   |       10,806 |   |   |          5.7 |   |
| Household Disposable Income                               |   |  $   28,282 |   |  $   29,377 |   |  $   31,902 |   |  $   33,667 |   |  $   36,562 |   |   |          6.6 | % |
| 1  Includes rent.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n.a. = not applicable                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:  Saskatchewan Bureau of Statistics.     |   |   |   |   |   |   |   |   |   |   |   |

| Gross Domestic Product at Basic Prices by Industry in Millions of Chained 2008 Dollars |
|----------------------------------------------------------------------------------------|
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                                                   |   | Year Ended December 31 |   Per Cent | Annual |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   | of 2013 |   | Growth Rate |
|                                                                                   |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | Total |   | 2009-2013 |
|                                                                                   |   | (Millions) |   |   |   |   |   |   |
| Goods-Producing Industries                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Agriculture, forestry, fishing                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       and hunting                                        |   |  $     3,607 |   |  $     2,920 |   |  $     3,383 |   |  $     3,480 |   |  $     4,676 |   |   |       7.9 | % |   |         6.7 | % |
|    Mining 1                                                             |   | 9,741 |   | 11,406 |   | 12,064 |   | 12,141 |   | 12,289 |   |   |     20.7 | % |   |         6.0 | % |
|    Utilities                                                            |   | 1,119 |   | 1,204 |   | 1,217 |   | 1,181 |   | 1,230 |   |   |       2.1 | % |   |         2.4 | % |
|    Manufacturing                                                        |   | 3,297 |   | 3,232 |   | 3,389 |   | 3,555 |   | 3,858 |   |   |       6.5 | % |   |         4.0 | % |
|    Construction                                                         |   | 3,962 |   | 4,287 |   | 4,560 |   | 5,029 |   | 4,858 |   |   |       8.2 | % |   |         5.2 | % |
| Subtotal                                                                               |   |      $   21,725 |   |  $   23,049 |   |  $   24,613 |   |  $   25,384 |   |  $   26,912 |   |   | 45.4 | % |   |         5.5 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Services Industries                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Transportation and Warehousing                                       |   |  $     2,495 |   |  $     2,465 |   |  $     2,609 |   |  $     2,652 |   |  $     2,733 |   |   |       4.6 | % |   |         2.3 | % |
|    Finance, Insurance and                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Real Estate                                        |   | 6,671 |   | 6,849 |   | 7,169 |   | 7,431 |   | 7,711 |   |   |     13.0 | % |   |         3.7 | % |
|    Wholesale and Retail Trade                                           |   | 4,992 |   | 5,316 |   | 5,893 |   | 6,100 |   | 6,557 |   |   |     11.1 | % |   |         7.1 | % |
|    Business Services                                                    |   | 4,925 |   | 5,148 |   | 5,439 |   | 5,594 |   | 6,033 |   |   |     10.2 | % |   |         5.2 | % |
|    Institutions                                                         |   | 5,739 |   | 5,820 |   | 5,877 |   | 5,995 |   | 6,025 |   |   |     10.2 | % |   |         1.2 | % |
|    Public Administration                                                |   | 3,111 |   | 3,204 |   | 3,255 |   | 3,298 |   | 3,304 |   |   |       5.6 | % |   |         1.5 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtotal                                                                               |   |  $   27,932 |   |  $   28,801 |   |  $   30,241 |   |  $   31,071 |   |  $   32,362 |   |   | 54.6 | % |   | 3.7 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Crop Production  |                            |
|------------------|---------------------------------|
|             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2004-2013 |
|             | Calendar Year Ended December 31 |   |   | 10 year |   |
|             |                            | 2004 |   |   | 2005 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Average |   |
|             |                            | (Millions of Tonnes) |   |
|             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wheat            |                            |   | 7.8 |   |   |   | 8.1 |   |   |   | 8.4 |   |   |   | 6.1 |   |   |   | 7.9 |   |   |   | 8.6 |   |   |   | 7.0 |   |   |   | 8.0 |   |   |   | 8.8 |   |   |   | 12.7 |   |   |   | 8.3 |   |
| Durum            |                            |   | 3.8 |   |   |   | 4.9 |   |   |   | 2.7 |   |   |   | 3.0 |   |   |   | 4.4 |   |   |   | 4.4 |   |   |   | 2.6 |   |   |   | 3.6 |   |   |   | 3.9 |   |   |   | 5.6 |   |   |   | 3.9 |   |
| Barley           |                            |   | 4.7 |   |   |   | 5.0 |   |   |   | 3.4 |   |   |   | 3.9 |   |   |   | 4.6 |   |   |   | 4.1 |   |   |   | 1.9 |   |   |   | 2.4 |   |   |   | 2.4 |   |   |   | 3.4 |   |   |   | 3.6 |   |
| Canola           |                            |   | 2.9 |   |   |   | 4.5 |   |   |   | 3.7 |   |   |   | 4.2 |   |   |   | 5.6 |   |   |   | 6.3 |   |   |   | 5.7 |   |   |   | 7.3 |   |   |   | 6.5 |   |   |   | 8.9 |   |   |   | 5.6 |   |
| Specialty Crops1 | 3.7                             |   |   |   | 3.8 |   |   |   | 2.8 |   |   |   | 3.3 |   |   |   | 4.1 |   |   |   | 4.5 |   |   |   | 4.2 |   |   |   | 3.4 |   |   |   | 3.8 |   |   |   | 4.9 |   |   |   | 3.8 |   |
| Other2           |                            |   | 1.9 |   |   |   | 2.6 |   |   |   | 2.9 |   |   |   | 3.2 |   |   |   | 3.2 |   |   |   | 2.6 |   |   |   | 1.5 |   |   |   | 2.1 |   |   |   | 2.2 |   |   |   | 3.6 |   |   |   | 2.6 |   |
| Total            |                            |   | 24.8 |   |   |   | 28.9 |   |   |   | 23.8 |   |   |   | 23.6 |   |   |   | 29.9 |   |   |   | 30.4 |   |   |   | 22.9 |   |   |   | 26.8 |   |   |   | 27.6 |   |   |   | 39.1 |   |   |   | 27.8 |   |
|             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Source: | Statistics Canada. |
|---------|--------------------|

| Note: | Components may not add due to rounding. |
|-------|-----------------------------------------|

----

| Farm Cash Receipts                                                                              |
|-------------------------------------------------------------------------------------------------|
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                                                            | Year Ended December 31 |   | Growth Rate |
|                                                                                            |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                                                            | (Millions) |   |   |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crop Cash Receipts                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Wheat and Durum                                                               |   |  $     2,323 |   |  $     1,705 |   |  $     2,372 |   |  $     2,970 |   |  $     3,256 |   |   |          8.8  | % |
|    Canola                                                                        |   | 2,348 |   | 2,719 |   | 3,872 |   | 4,056 |   | 4,056 |   |   |        14.6  |   |
|    Barley                                                                        |   | 425 |   | 287 |   | 293 |   | 360 |   | 352 |   |   |         (4.6) |   |
|    Other Crops                                                                   |   | 2,203 |   | 1,964 |   | 1,651 |   | 1,778 |   | 1,957 |   |   |         (2.9) |   |
| Total Crop Receipts                                                                             |   |  $     7,298 |   |  $     6,675 |   |  $     8,189 |   |  $     9,164 |   |  $     9,620 |   |   |          7.1  |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Livestock Cash Receipts                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Cattle & Calves                                                           |   |  $        945 |   |  $        950 |   |  $        985 |   |  $     1,014 |   |  $     1,177 |   |   |          5.6  |   |
|    Hogs                                                                          |   |            174 |   |            218 |   |            261 |   |            265 |   |            288 |   |   |        13.4  |   |
|    Other2                                                                        |   | 365 |   | 363 |   | 391 |   | 409 |   | 437 |   |   | 4.6  |   |
| Total Livestock                                                                                 |   |  $     1,484 |   |  $     1,530 |   |  $     1,637 |   |  $     1,688 |   |  $     1,902 |   |   | 6.4  |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplementary, Deficiency, Stabilization                                                        |  $        462 |   |  $        912 |   |  $     1,218 |   |  $        949 |   |  $        655 |   |   | 9.1  |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Farm Cash Receipts                                                                        |   |  $     9,244 |   |  $     9,117 |   |  $   11,043 |   |  $   11,801 |   |  $   12,178 |   |   | 7.1  |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1  Includes net Deferments                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2  Includes sheep, lambs, dairy products, poultry, eggs and other livestock products. |   |   |
| Note:     Components may not add due to rounding.                      |   |   |   |   |   |   |   |   |   |   |
| Source:  Statistics Canada.                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Mineral Sales                                                                                                |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                                                                         | Year Ended December 31 |   | Growth Rate |
|                                                                                                         |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                                                                                         |   | (Millions of Dollars Unless Otherwise Indicated) |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value of Mineral Sales                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil                                                                                        |   |  $     8,987 |   |  $   10,324 |   |  $   12,369 |   |  $   12,412 |   |  $   13,669 |   |   |        11.1  | % |
|    Natural Gas                                                                                |   | 745 |   | 639 |   | 491 |   | 385 |   | 480 |   |   |       (10.4) | % |
|    Potash                                                                                     |   | 3,067 |   | 5,582 |   | 6,853 |   | 5,972 |   | 5,609 |   |   |        16.3  | % |
|    Other 1                                                                                    |   | 2,921 |   | 1,440 |   | 1,577 |   | 1,065 |   | 1,063 |   |   |       (22.3) | % |
| Total                                                                                                        |   |  $   15,720 |   |  $   17,985 |   |  $   21,290 |   |  $   19,835 |   |  $   20,821 |   |   |          7.3  | % |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume of Mineral Sales                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil (millions of barrels)                                                                  |   | 155 |   | 154 |   | 158 |   | 173 |   | 178 |   |   |          3.5  | % |
|    Natural Gas (millions of cubic metres)                                                     | 5,459 |   | 4,629 |   | 3,942 |   | 4,776 |   | 5,516 |   |   |          0.3  | % |
|    Potash (thousands of tonnes)                                                               |   | 3,715 |   | 9,733 |   | 10,009 |   | 8,280 |   | 9,626 |   |   |        26.9  | % |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1   Other includes Uranium, Gold, Sodium Sulphate, Salt, Coal, and Base Metals and Bentonite. |
| Note:     Components may not add due to rounding.                                   |   |   |   |   |   |   |   |   |   |
| Source:  Saskatchewan Bureau of Statistics and Saskatchewan Ministry of Energy and Resources.      |

----

----

| Other Indicators                          |
|-------------------------------------------|
|                                      |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   | Annual |
|                                      | Year Ended December 31 |   | Growth Rate |
|                                      |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   |   | 2009-2013 |
|                                      | (Millions) |   |   |   |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retail Sales                              |   |  $   14,605 |   |  $   15,103 |   |  $   16,199 |   |  $   17,405 |   |  $   18,301 |   |   |          5.8 | % |
| Wholesale Trade                           |   |  $   16,043 |   |  $   17,532 |   |  $   21,422 |   |  $   21,948 |   |  $   23,972 |   |   |        10.6 | % |
| Value of Building Permits                 |   |  $     1,890 |   |  $     2,077 |   |  $     2,614 |   |  $     3,114 |   |  $     3,174 |   |   |        13.8 | % |
| Manufacturing Sales                       |   |  $   11,269 |   |  $   10,830 |   |  $   12,720 |   |  $   14,306 |   |  $   15,697 |   |   |          8.6 | % |
| New Housing Starts (Number of Units)      |         3,866 |   |         5,907 |   |         7,031 |   |         9,968 |   |         8,290 |   |   |        21.0 | % |
| New Motor Vehicle Sales (Number of Units) |       44,893 |   |       47,599 |   |       51,078 |   |       56,517 |   |       59,137 |   |   |          7.1 | % |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:  Statistics Canada      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

----

| Summary Revenue1                                                                          |   |
|-------------------------------------------------------------------------------------------|--------|
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                      |   | Fiscal Year Ended March 31 |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Percentage |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Budget |   |   | of Total |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   | Actual |   |   | Estimate |   |   | Revenue |   |
|                                                                                      |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   |  20152 |   |   |  2015 |   |
|                                                                                      |   | (Thousands) |   |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxation                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individual income                                                                         |   | $ | 1,890,848 |   |   | $ | 1,795,788 |   |   | $ | 1,897,409 |   |   | $ | 2,406,254 |   |   | $ | 2,470,056 |   |   |   |   |   |   |   |   |   |
| Provincial Sales                                                                          |   |   | 1,084,001 |   |   |   | 1,186,992 |   |   |   | 1,322,161 |   |   |   | 1,284,893 |   |   |   | 1,326,403 |   |   |   |   |   |   |   |   |   |
| Corporation income                                                                        |   |   | 881,424 |   |   |   | 1,155,273 |   |   |   | 793,790 |   |   |   | 838,275 |   |   |   | 1,017,188 |   |   |   |   |   |   |   |   |   |
| Property                                                                                  |   |   | 595,150 |   |   |   | 605,495 |   |   |   | 590,786 |   |   |   | 586,274 |   |   |   | 605,027 |   |   |   |   |   |   |   |   |   |
| Fuel                                                                                      |   |   | 441,533 |   |   |   | 463,147 |   |   |   | 475,452 |   |   |   | 495,955 |   |   |   | 509,814 |   |   |   |   |   |   |   |   |   |
| Tobacco                                                                                   |   |   | 196,868 |   |   |   | 237,507 |   |   |   | 242,853 |   |   |   | 253,353 |   |   |   | 276,234 |   |   |   |   |   |   |   |   |   |
| Other                                                                                     |   |   | 237,599 |   |   |   | 292,935 |   |   |   | 303,642 |   |   |   | 327,796 |   |   |   | 345,952 |   |   |   |   |   |   |   |   |   |
| Total Taxation                                                                            |   | $ | 5,327,423 |   |   | $ | 5,737,137 |   |   | $ | 5,626,093 |   |   | $ | 6,192,800 |   |   | $ | 6,550,674 |   |   | $ | 6,820,300 |   |   |   | 48.5 | % |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-renewable Resources                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil                                                                                       |   | $ | 1,294,670 |   |   | $ | 1,274,053 |   |   | $ | 1,528,808 |   |   | $ | 1,283,877 |   |   | $ | 1,513,835 |   |   |   |   |   |   |   |   |   |
| Resource surcharge                                                                        |   |   | 475,632 |   |   |   | 360,848 |   |   |   | 452,807 |   |   |   | 627,675 |   |   |   | 436,868 |   |   |   |   |   |   |   |   |   |
| Potash                                                                                    |   |   | (183,887 | ) |   |   | 262,540 |   |   |   | 438,372 |   |   |   | 364,490 |   |   |   | 346,030 |   |   |   |   |   |   |   |   |   |
| Crown land sales                                                                          |   |   | 151,455 |   |   |   | 466,993 |   |   |   | 235,507 |   |   |   | 89,060 |   |   |   | 106,730 |   |   |   |   |   |   |   |   |   |
| Natural gas                                                                               |   |   | 40,078 |   |   |   | 29,741 |   |   |   | 17,389 |   |   |   | 11,354 |   |   |   | 16,455 |   |   |   |   |   |   |   |   |   |
| Other                                                                                     |   |   | 132,676 |   |   |   | 133,624 |   |   |   | 149,074 |   |   |   | 139,413 |   |   |   | 101,046 |   |   |   |   |   |   |   |   |   |
| Total Non-renewable Resources                                                             | $      | 1,910,624 |   |   | $ | 2,527,799 |   |   | $ | 2,821,957 |   |   | $ | 2,515,869 |   |   | $ | 2,520,964 |   |   | $ | 2,694,400 |   |   |   | 19.1 | % |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Own-Source Revenue                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fees                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Health care                                                             |   |   | 153,240 |   |   |   | 230,135 |   |   |   | 249,334 |   |   |   | 252,383 |   |   |   | 235,864 |   |   |   |   |   |   |   |   |   |
|    Motor vehicle licensing                                                 |   |   | 158,303 |   |   |   | 161,093 |   |   |   | 173,151 |   |   |   | 183,121 |   |   |   | 188,428 |   |   |   |   |   |   |   |   |   |
|    Education                                                               |   |   | 125,271 |   |   |   | 137,035 |   |   |   | 137,283 |   |   |   | 137,249 |   |   |   | 137,967 |   |   |   |   |   |   |   |   |   |
|    Subsidized housing rental                                               |   | 94,777 |   |   |   | 96,817 |   |   |   | 100,325 |   |   |   | 103,894 |   |   |   | 108,184 |   |   |   |   |   |   |   |   |   |
|    Real property sales and leases                                          |   | 0 |   |   |   | 106,707 |   |   |   | 115,000 |   |   |   | 97,299 |   |   |   | 87,402 |   |   |   |   |   |   |   |   |   |
|    Registry                                                                |   |   | 58,548 |   |   |   | 66,385 |   |   |   | 75,124 |   |   |   | 79,988 |   |   |   | 44,051 |   |   |   |   |   |   |   |   |   |
|    Other                                                                   |   |   | 303,592 |   |   |   | 241,335 |   |   |   | 293,279 |   |   |   | 294,452 |   |   |   | 317,600 |   |   |   |   |   |   |   |   |   |
| Insurance                                                                                 |   |   | 213,921 |   |   |   | 177,617 |   |   |   | 231,948 |   |   |   | 275,433 |   |   |   | 320,280 |   |   |   |   |   |   |   |   |   |
| Commodity Sales                                                                           |   |   | 82,931 |   |   |   | 19,331 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment income                                                                         |   |   | 303,793 |   |   |   | 261,639 |   |   |   | 276,201 |   |   |   | 219,066 |   |   |   | 191,320 |   |   |   |   |   |   |   |   |   |
| Gain on sale of Information Services                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Corporation shares                                                      |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 141,243 |   |   |   |   |   |   |   |   |   |
| Transfers from other governments                                                          |   | 0 |   |   |   | 0 |   |   |   | 25,081 |   |   |   | 93,056 |   |   |   | 116,992 |   |   |   |   |   |   |   |   |   |
| Other                                                                                     |   |   | 507,304 |   |   |   | 459,803 |   |   |   | 477,837 |   |   |   | 443,430 |   |   |   | 382,614 |   |   |   |   |   |   |   |   |   |
| Total Other Own-source Revenue                                                            |   | $ | 2,001,680 |   |   | $ | 1,957,897 |   |   | $ | 2,154,563 |   |   | $ | 2,179,371 |   |   | $ | 2,271,945 |   |   | $ | 1,863,800 |   |   |   | 13.2 | % |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfers from the Federal Government                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada Health Transfer                                                                    |   |   | 819,262 |   |   |   | 795,422 |   |   |   | 846,771 |   |   |   | 933,400 |   |   |   | 960,348 |   |   |   |   |   |   |   |   |   |
| Canada Social Transfer                                                                    |   |   | 334,976 |   |   |   | 342,626 |   |   |   | 352,420 |   |   |   | 366,968 |   |   |   | 388,877 |   |   |   |   |   |   |   |   |   |
| Crop insurance contributions                                                              |   | 158,855 |   |   |   | 147,866 |   |   |   | 197,945 |   |   |   | 235,731 |   |   |   | 268,608 |   |   |   |   |   |   |   |   |   |
| Housing subsidy                                                                           |   |   | 77,642 |   |   |   | 83,322 |   |   |   | 91,485 |   |   |   | 177,233 |   |   |   | 58,419 |   |   |   |   |   |   |   |   |   |
| Agricultural stability contributions                                                      |   | 138,779 |   |   |   | 273,461 |   |   |   | 203,531 |   |   |   | 230,592 |   |   |   | 54,077 |   |   |   |   |   |   |   |   |   |
| Other                                                                                     |   |   | 473,533 |   |   |   | 462,156 |   |   |   | 522,410 |   |   |   | 370,747 |   |   |   | 291,870 |   |   |   |   |   |   |   |   |   |
| Total Transfers from the Federal Government                                               | $      | 2,003,047 |   |   | $ | 2,104,853 |   |   | $ | 2,214,562 |   |   | $ | 2,314,671 |   |   | $ | 2,022,199 |   |   | $ | 2,026,400 |   |   |   | 14.4 | % |
| Net income from government business                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    enterprises                                                             |   | $ | 833,599 |   |   | $ | 969,913 |   |   | $ | 789,278 |   |   | $ | 1,119,836 |   |   | $ | 1,052,179 |   |   | $ | 668,200 |   |   |   | 4.8 | % |
| Total Revenue                                                                             |   | $ | 12,076,373 |   |   | $ | 13,297,599 |   |   | $ | 13,606,453 |   |   | $ | 14,322,547 |   |   | $ | 14,417,961 |   |   | $ | 14,073,100 |   |   |   | 100.0 | % |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 See "Summary Statement of Operations" commencing on page 30.                       |   |   |   |   |   |
| 2 Budget estimates do not provide the same level of detail as available for actuals. |   |   |   |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Summary Expense                    |
|------------------------------------|
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                               | Fiscal Year Ended March 31 |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Percentage |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Budget |   |   | of Total |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   | Actual |   |   | Estimate |   |   | Expense |   |
|                               |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | 2015 |   |
|                               | (Thousands) |   |   |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                        |   | $ | 627,774 |   |   | $ | 1,134,690 |   |   | $ | 1,058,638 |   |   | $ | 1,107,553 |   |   | $ | 520,489 |   |   | $ | 681,200 |   |   |   | 4.9 | % |
| Community Development              |   |   | 576,005 |   |   |   | 532,166 |   |   |   | 528,019 |   |   |   | 553,624 |   |   |   | 537,799 |   |   |   | 589,000 |   |   |   | 4.2 |   |
| Debt Charges                       |   |   | 773,892 |   |   |   | 709,275 |   |   |   | 682,385 |   |   |   | 642,775 |   |   |   | 580,072 |   |   |   | 546,300 |   |   |   | 3.9 |   |
| Economic Development               |   |   | 279,196 |   |   |   | 291,552 |   |   |   | 273,021 |   |   |   | 323,944 |   |   |   | 343,555 |   |   |   | 288,600 |   |   |   | 2.1 |   |
| Education                          |   |   | 2,910,231 |   |   |   | 2,997,736 |   |   |   | 2,959,902 |   |   |   | 3,364,958 |   |   |   | 3,568,643 |   |   |   | 3,675,000 |   |   |   | 26.2 |   |
| Environment and Natural Resources  | 225,195 |   |   |   | 241,247 |   |   |   | 255,994 |   |   |   | 221,093 |   |   |   | 231,084 |   |   |   | 232,500 |   |   |   | 1.7 |   |
| Health                             |   |   | 4,519,904 |   |   |   | 4,676,530 |   |   |   | 4,891,671 |   |   |   | 5,060,841 |   |   |   | 5,146,447 |   |   |   | 5,355,900 |   |   |   | 38.3 |   |
| Protection of persons and property | 480,166 |   |   |   | 537,419 |   |   |   | 686,542 |   |   |   | 724,978 |   |   |   | 661,630 |   |   |   | 593,700 |   |   |   | 4.2 |   |
| Social services and assistance     | 1,032,358 |   |   |   | 1,079,279 |   |   |   | 1,146,893 |   |   |   | 1,071,831 |   |   |   | 1,142,121 |   |   |   | 1,172,400 |   |   |   | 8.4 |   |
| Transportation                     |   |   | 499,618 |   |   |   | 505,754 |   |   |   | 536,859 |   |   |   | 533,066 |   |   |   | 536,902 |   |   |   | 539,300 |   |   |   | 3.9 |   |
| Other                              |   |   | 561,279 |   |   |   | 605,243 |   |   |   | 691,492 |   |   |   | 680,436 |   |   |   | 560,353 |   |   |   | 327,800 |   |   |   | 2.3 |   |
| Total Expense                      |   | $ | 12,485,618 |   |   | $ | 13,310,891 |   |   | $ | 13,711,416 |   |   | $ | 14,285,099 |   |   | $ | 13,829,095 |   |   | $ | 14,001,700 |   |   |   | 100.0 |   |

----

----

----

|                                                                                                                                                       |   | Total Debt1 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   | At March 31 |
|                                                                                                                                                       |   | 2010        |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                                                                                                                       |   | (Thousands) |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Promissory Notes                                                                                                                                           |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)                                                                                                                     |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Debt                                                                                                                             |   | $           | 650,000 |   |   | $ | 446,400 |   |   | $ | 268,000 |   |   | $ | 709,500 |   |   | $ | 431,000 |   |
|    Government Business Enterprise Debt                                                                                                      |   |        | 0 |   |   |   | 139,893 |   |   |   | 424,657 |   |   |   | 676,477 |   |   |   | 872,886 |   |
| Total                                                                                                                                                      |   | $           | 650,000 |   |   | $ | 586,293 |   |   | $ | 692,657 |   |   | $ | 1,385,977 |   |   | $ | 1,303,886 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debentures                                                                                                                                                 |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)                                                                                                                     |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Debt                                                                                                                             |   | $           | 6,622,673 |   |   | $ | 6,308,638 |   |   | $ | 6,239,209 |   |   | $ | 5,243,172 |   |   | $ | 5,134,839 |   |
|    Government Business Enterprise Debt                                                                                                      |   |        | 3,417,352 |   |   |   | 3,654,952 |   |   |   | 3,978,953 |   |   |   | 4,384,748 |   |   |   | 5,482,601 |   |
| Total                                                                                                                                                      |   | $           | 10,040,025 |   |   | $ | 9,963,590 |   |   | $ | 10,218,162 |   |   | $ | 9,627,920 |   |   | $ | 10,617,440 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Loans                                                                                                                                                |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)                                                                                                                     |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Debt                                                                                                                             |   | $           | 130,059 |   |   | $ | 141,506 |   |   | $ | 220,429 |   |   | $ | 257,445 |   |   | $ | 487,239 |   |
|    Government Business Enterprise Debt                                                                                                      |   |        | 104,301 |   |   |   | 88,067 |   |   |   | 11,906 |   |   |   | 10,585 |   |   |   | 70,684 |   |
| Total                                                                                                                                                      |   | $           | 234,360 |   |   | $ | 229,573 |   |   | $ | 232,335 |   |   | $ | 268,030 |   |   | $ | 557,923 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Debt                                                                                                                                                 |   | $           | 10,924,385 |   |   | $ | 10,779,456 |   |   | $ | 11,143,154 |   |   | $ | 11,281,927 |   |   | $ | 12,479,249 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Equity in Sinking Funds                                                                                                                              |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)                                                                                                                     |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Debt                                                                                                                             |   | $           | 2,313,440 |   |   | $ | 2,010,768 |   |   | $ | 2,142,853 |   |   | $ | 1,261,372 |   |   | $ | 1,126,178 |   |
|    Government Business Enterprise Debt                                                                                                      |   |        | 383,935 |   |   |   | 421,053 |   |   |   | 498,217 |   |   |   | 573,346 |   |   |   | 607,406 |   |
| Total                                                                                                                                                      |   | $           | 2,697,375 |   |   | $ | 2,431,821 |   |   | $ | 2,641,070 |   |   | $ | 1,834,718 |   |   | $ | 1,733,584 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   | $           | 8,227,010 |   |   | $ | 8,347,635 |   |   | $ | 8,502,084 |   |   | $ | 9,447,209 |   |   | $ | 10,745,665 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt                                                                                                                                            |   | $           | 23,400 |   |   | $ | 29,100 |   |   | $ | 28,400 |   |   | $ | 18,700 |   |   | $ | 15,600 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt plus Guaranteed Debt                                                                                                                                  |   | $           | 8,250,410 |   |   | $ | 8,376,735 |   |   | $ | 8,530,484 |   |   | $ | 9,465,909 |   |   | $ | 10,761,265 |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1  Debt repayable in foreign currency has been restated in Canadian dollar equivalents based on the exchange rate in effect on March 31 of each year. |   |
|                                                                                                                                             |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                      | Gross Debt by Allocation1 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                                                                                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                      | At March 31               |
|                                                                                                                                                      |                      | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                                                                                                                      | (Thousands)               |   |
|                                                                                                                                                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public Debt                                                                                                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue fund                                                                                                                                      |                      | $ | 6,427,008 |   |   | $ | 6,111,642 |   |   | $ | 5,906,884 |   |   | $ | 5,025,494 |   |   | $ | 4,885,910 |   |
|    Less amounts held by government organizations                                                                                           |                      |   | (43,732 | ) |   |   | (45,211 | ) |   |   | (23,170 | ) |   |   | (41,814 | ) |   |   | (14,453 | ) |
| Saskatchewan Power Corporation                                                                                                                            |                      |   | 2,851,037 |   |   |   | 2,886,824 |   |   |   | 3,096,922 |   |   |   | 3,748,741 |   |   |   | 4,534,969 |   |
| SaskEnergy Incorporated                                                                                                                                   |                      |   | 880,999 |   |   |   | 925,999 |   |   |   | 1,005,999 |   |   |   | 1,060,999 |   |   |   | 1,128,964 |   |
| Saskatchewan Telecommunications Holding Corporation                                                                                                       | 362,635                   |   |   |   | 436,600 |   |   |   | 600,800 |   |   |   | 743,600 |   |   |   | 895,000 |   |
| Municipal Financing Corporation of Saskatchewan                                                                                                           |                      |   | 97,660 |   |   |   | 105,153 |   |   |   | 137,746 |   |   |   | 150,289 |   |   |   | 263,000 |   |
| Saskatchewan Immigrant Investor Fund Inc.                                                                                                                 |                      |   | 0 |   |   |   | 17,297 |   |   |   | 71,738 |   |   |   | 107,558 |   |   |   | 176,423 |   |
| Boards of Education                                                                                                                                       |                      |   | 87,332 |   |   |   | 74,079 |   |   |   | 74,487 |   |   |   | 80,551 |   |   |   | 174,439 |   |
| Liquor and Gaming Authority                                                                                                                               |                      |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 125,064 |   |   |   | 124,575 |   |
| Regional Health Authorities                                                                                                                               |                      |   | 74,717 |   |   |   | 81,227 |   |   |   | 81,690 |   |   |   | 91,014 |   |   |   | 103,091 |   |
| Saskatchewan Water Corporation                                                                                                                            |                      |   | 54,475 |   |   |   | 54,912 |   |   |   | 62,661 |   |   |   | 59,903 |   |   |   | 60,542 |   |
| Saskatchewan Opportunities Corporation                                                                                                                    |                      |   | 34,783 |   |   |   | 36,684 |   |   |   | 36,684 |   |   |   | 36,684 |   |   |   | 36,684 |   |
| Saskatchewan Housing Corporation                                                                                                                          |                      |   | 62,103 |   |   |   | 60,987 |   |   |   | 59,803 |   |   |   | 58,483 |   |   |   | 57,068 |   |
| Water Security Agency                                                                                                                                     |                      |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 12,503 |   |   |   | 20,154 |   |
| Global Transportation Hub Authority                                                                                                                       |                      |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 20,000 |   |
| Information Services Corporation of Saskatchewan                                                                                                          |                      |   | 13,547 |   |   |   | 13,547 |   |   |   | 9,935 |   |   |   | 9,935 |   |   |   | 0 |   |
| Saskatchewan Gaming Corporation                                                                                                                           |                      |   | 20,178 |   |   |   | 14,585 |   |   |   | 13,090 |   |   |   | 11,769 |   |   |   | 10,362 |   |
| Other                                                                                                                                                     |                      |   | 1,643 |   |   |   | 5,131 |   |   |   | 7,885 |   |   |   | 1,154 |   |   |   | 2,521 |   |
| Public Debt                                                                                                                                               |                      | $ | 10,924,385 |   |   | $ | 10,779,456 |   |   | $ | 11,143,154 |   |   | $ | 11,281,927 |   |   | $ | 12,479,249 |   |
|                                                                                                                                                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 Debt repayable in foreign currency has been restated in Canadian dollar equivalents based on the exchange rate in effect on March 31 of each year. |                      |
|                                                                                                                                                      |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Composition of Debentures Issued and Redeemed1                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (unaudited)                                                                                                                                             |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Fiscal Year Ended March 31 |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                                                                                                                    | (Millions) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Debentures Issued                                                                                                                                 |   | $ | 105.1 |   |   | $ | 590.3 |   |   | $ | 404.2 |   |   | $ | 562.7 |   |   | $ | 1,759.8 |   |
| Total Debentures Redeemed                                                                                                                               |   |   | 909.4 |   |   |   | 654.7 |   |   |   | 157.1 |   |   |   | 1,157.5 |   |   |   | 790.5 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (Decrease) in Debentures                                                                                                                       |   | $ | (804.3 | ) |   | $ | (64.4 | ) |   | $ | 247.1 |   |   | $ | (594.8 | ) |   | $ | 969.3 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1   All foreign currency debt has been stated in the equivalent Canadian funds based on the exchange rate in effect on March 31 of each year. |
|                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Composition of Debentures Outstanding1                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Fiscal Year Ended March 31 |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                                                                                                                    | (Millions) |
| Debentures Outstanding                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| To the Public                                                                                                                                           |   | $ | 9,294.9 |   |   | $ | 9,218.5 |   |   | $ | 9,473.1 |   |   | $ | 8,882.8 |   |   | $ | 9,872.3 |   |
| To the Canada Pension Plan                                                                                                                              |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                                                                                   |   | $ | 10,040.0 |   |   | $ | 9,963.6 |   |   | $ | 10,218.2 |   |   | $ | 9,627.9 |   |   | $ | 10,617.4 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1   All foreign currency debt has been stated in the equivalent Canadian funds based on the exchange rate in effect on March 31 of each year. |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Debt Indicators                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (unaudited)                                                                                                                                                        |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               | At March 31 |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public debt of the Summary Financial Statements -                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Per Capita 1                                                                                                                                     |   | $ | 7,950 |   |   | $ | 7,940 |   |   | $ | 7,973 |   |   | $ | 8,689 |   |   | $ | 9,713 |   |
|    As a Percentage of Saskatchewan Gross Domestic                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Product 2                                                                                                                      |   |   | 13.7 | % |   |   | 13.2 | % |   |   | 11.6 | % |   |   | 12.0 | % |   |   | 12.9 | % |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public debt of the Summary Financial Statements -                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Government Purpose Portion                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Capita                                                                                                                                                         |   | $ | 4,001 |   |   | $ | 3,933 |   |   | $ | 3,571 |   |   | $ | 3,499 |   |   | $ | 3,379 |   |
| As a percentage of Summary Financial Statement Revenue                                                                                                             | 36.8 | % |   |   | 33.5 | % |   |   | 29.7 | % |   |   | 26.6 | % |   |   | 26.4 | % |
| As a percentage of Saskatchewan Gross Domestic Product                                                                                                             | 6.9 | % |   |   | 6.5 | % |   |   | 5.2 | % |   |   | 4.8 | % |   |   | 4.6 | % |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Government Purpose Portion of Gross Debt of                                                                                                |   |   |   |   |   |   |   |   |   |
|    the Summary Financial Statements                                                                                                                 |   |   | 58.8 | % |   |   | 56.7 | % |   |   | 53.0 | % |   |   | 44.6 | % |   |   | 39.2 | % |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 Debt per capita for 2010 through 2014 is calculated by dividing the debt at March 31 by the population of the Province on July 1 of the same calendar year. |
| 2 Debt as a percentage of Saskatchewan's GDP is calculated by dividing the debt at March 31 by the Province's current GDP for the previous calendar year.     |   |
| 3 Debt of the Summary Financial Statements - General Government Purpose Portion does not include debt incurred by the General                                 |
|   Fund on behalf of Crown entities for which the Crown entities are responsible for reimbursing the General Revenue Fund.                                     |

| Debt Maturity Schedule |
|------------------------|
|                   |   |   |   |   |   |   |   |   |   |   |
| Fiscal Year            |   |   | Canadian |   |  U.S. Dollar Debt |   | Total |   |
| ending March 31        |   |   | Dollar Debt |   |  (Canadian Dollars)1 |   | (Canadian Dollars) |   |
|                   |   |  (Thousands) |   |
|                   |   |   |   |   |   |   |   |   |   |   |
| 2015                   |   |   |   | 2,340,431 |   |   |   | 0 |   |   |   | 2,340,431 |   |
| 2016                   |   |   |   | 534,481 |   |   |   | 0 |   |   |   | 534,481 |   |
| 2017                   |   |   |   | 573,066 |   |   |   | 0 |   |   |   | 573,066 |   |
| 2018                   |   |   |   | 293,014 |   |   |   | 0 |   |   |   | 293,014 |   |
| 2019                   |   |   |   | 363,372 |   |   |   | 0 |   |   |   | 363,372 |   |
| 1 - 5 years            |   |   | $ | 4,104,364 |   |   | $ | 0 |   |   | $ | 4,104,364 |   |
|                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2020-2024              |   |   |   | 1,814,642 |   |   |   | 248,693 |   |   |   | 2,063,335 |   |
| 2025-2029              |   |   |   | 981,170 |   |   |   | 0 |   |   |   | 981,170 |   |
| 2030-2034              |   |   |   | 1,378,249 |   |   |   | 0 |   |   |   | 1,378,249 |   |
| 2035-2039              |   |   |   | 862,831 |   |   |   | 0 |   |   |   | 862,831 |   |
| 2040-2044         |   |   |   | 1,989,300 |   |   |   | 0 |   |   |   | 1,989,300 |   |
| After 2044             |   |   |   | 1,100,000 |   |   |   | 0 |   |   |   | 1,100,000 |   |
|                   |   |   | $ | 12,230,556 |   |   | $ | 248,693 |   |   | $ | 12,479,249 |   |

----

|   |                                 | As aPercentageof Total                                                                                          | Weighted AverageTerm ToMaturity1(years)  | Weighted AverageInterest Rate1  |
|--------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------------------------------------|
|   | Public Debentures2                   | 79                                                                                                                   | %                                        | 15                                   | .8 | 5.61 | % |
|   | Canada Pension Plan Debentures  |  6                                                                                                              | %                                             | 9                                    | .7 |  4.46 | % |
|   | Promissory Notes                     | 10                                                                                                                   | %                                             | 0                                    | .1 |  0.96 | % |
|   | Other Loans                          |                     5 | %                                             |      -           | .-3 |  -.- | %  |
|   |                                 |                                                                                                                 |                                          |                                 |   |   |   |
|   | Gross Debt                           | 100                                                                                                                  | %                                        |                                 |   | 11.03 | %  |
|   |                                 |                                                                                                                 |                                          |                                 |   |   |   |

| Guaranteed Debt |
|-----------------|
|            |   |   |   |   |   |   |   |   |   |   |   |
|            |   At March 31 |
|            |   | 2010 |   | 2011 |   | 2012 |   | 2013 |   | 2014 |   |
|            |   | (Millions) |   |
|            |   |   |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt |   |  $             23.4 |   |  $             29.1 |   |  $             28.4 |   |  $             18.7 |   |  $         15.6 |   |

----

----

|       |   |                                     |  Page  |         |
|------------|--------|------------------------------------------|------------------|--------------|
| I.    |   | Summary Statement of Financial Position  | 29               |    |
| II.   |   | Summary Statement of Operations          |  30         |    |
| III.  |   | Summary Statement of Change in Net Debt  |  31         |    |
| IV.   |   | Summary Statement of Accumulated Surplus |  31         |    |
| V.    |   | Summary Statement of Cash Flow           |  32         |    |

----

| Government of the Province of Saskatchewan         |
|----------------------------------------------------|
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Summary Statement of Financial Position1           |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               | At March 31 |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | (Thousands of dollars) |   |
| Financial Assets                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and temporary investments                     |   | $ | 3,597,304 |   |   | $ | 3,111,646 |   |   | $ | 2,228,622 |   |   | $ | 1,814,961 |   |   | $ | 1,987,475 |   |
| Accounts receivable                                |   |   | 1,372,164 |   |   |   | 1,415,310 |   |   |   | 1,580,138 |   |   |   | 1,690,375 |   |   |   | 1,578,372 |   |
| Inventories held for resale                        |   |   | 3,370 |   |   |   | 2,046 |   |   |   | 2,933 |   |   |   | 4,060 |   |   |   | 3,699 |   |
| Deferred charges                                   |   |   | 17,926 |   |   |   | 14,466 |   |   |   | 10,254 |   |   |   | 3,271 |   |   |   | 5,240 |   |
| Loans receivable                                   |   |   | 822,086 |   |   |   | 606,394 |   |   |   | 554,379 |   |   |   | 964,137 |   |   |   | 731,344 |   |
| Investment in government business enterprises      |   |   | 3,557,103 |   |   |   | 3,977,239 |   |   |   | 3,736,365 |   |   |   | 4,141,189 |   |   |   | 4,959,853 |   |
| Other investments                                  |   |   | 984,600 |   |   |   | 1,142,956 |   |   |   | 989,711 |   |   |   | 915,953 |   |   |   | 829,615 |   |
| Total Financial Assets                             |   |   | 10,354,553 |   |   |   | 10,270,057 |   |   |   | 9,102,402 |   |   |   | 9,533,946 |   |   |   | 10,095,598 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities           |   |   | 2,253,988 |   |   |   | 2,215,925 |   |   |   | 2,065,962 |   |   |   | 2,319,626 |   |   |   | 2,163,595 |   |
| Other liabilities                                  |   |   | 373,829 |   |   |   | 391,816 |   |   |   | 312,403 |   |   |   | 401,893 |   |   |   | 339,583 |   |
| Unearned revenue                                   |   |   | 321,301 |   |   |   | 378,859 |   |   |   | 359,034 |   |   |   | 192,791 |   |   |   | 191,810 |   |
| Public Debt                                        |   |   | 5,089,292 |   |   |   | 4,885,776 |   |   |   | 4,584,786 |   |   |   | 4,948,746 |   |   |   | 4,926,902 |   |
| Unamortized foreign exchange gain                  |   |   | 3,939 |   |   |   | 5,231 |   |   |   | 6,371 |   |   |   | 5,773 |   |   |   | 4,513 |   |
| Pension Liabilities                                |   |   | 5,871,770 |   |   |   | 6,175,795 |   |   |   | 6,317,047 |   |   |   | 6,774,483 |   |   |   | 7,084,550 |   |
| Total Liabilities                                  |   |   | 13,914,119 |   |   |   | 14,053,402 |   |   |   | 13,645,603 |   |   |   | 14,643,312 |   |   |   | 14,710,953 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Debt                                           |   |   | (3,559,566 | ) |   |   | (3,783,345 | ) |   |   | (4,543,201 | ) |   |   | (5,109,366 | ) |   |   | (4,615,355 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-Financial Assets                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Prepaid expenses                 |   |   | 41,423 |   |   |   | 46,783 |   |   |   | 49,137 |   |   |   | 47,534 |   |   |   | 49,163 |   |
|    Inventories held for consumption |   |   | 142,296 |   |   |   | 152,263 |   |   |   | 159,942 |   |   |   | 164,235 |   |   |   | 172,758 |   |
|    Tangible capital assets          |   |   | 6,211,612 |   |   |   | 6,545,414 |   |   |   | 6,951,474 |   |   |   | 7,346,186 |   |   |   | 7,862,717 |   |
| Total Non-Financial Assets                         |   |   | 6,395,331 |   |   |   | 6,744,460 |   |   |   | 7,160,553 |   |   |   | 7,557,955 |   |   |   | 8,084,638 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated Surplus                                |   | $ | 2,835,765 |   |   | $ | 2,961,115 |   |   | $ | 2,617,352 |   |   | $ | 2,448,589 |   |   | $ | 3,469,283 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Government of the Province of Saskatchewan      |
|-------------------------------------------------|
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Summary Statement of Operations1, 2             |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            | For the Year Ended March 31 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                            |   | (restated) |   |   |   |   |   |   |   |   | (restated) |   |   |   |   |
|                                            |   | (Thousands of dollars) |   |
| Revenue                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxation                                        |   |   | 5,327,423 |   |   |   | 5,737,137 |   |   |   | 5,626,093 |   |   |   | 6,192,800 |   |   |   | 6,550,674 |   |
| Non-renewable resources                         |   |   | 1,910,624 |   |   |   | 2,527,799 |   |   |   | 2,821,957 |   |   |   | 2,515,869 |   |   |   | 2,520,964 |   |
| Other own-source revenue                        |   |   | 2,001,680 |   |   |   | 1,957,897 |   |   |   | 2,154,563 |   |   |   | 2,179,371 |   |   |   | 2,271,945 |   |
| Transfers from the federal government           |   |   | 2,003,047 |   |   |   | 2,104,853 |   |   |   | 2,214,562 |   |   |   | 2,314,671 |   |   |   | 2,022,199 |   |
| Net income from government business enterprises |   |   | 833,599 |   |   |   | 969,913 |   |   |   | 789,278 |   |   |   | 1,119,836 |   |   |   | 1,052,179 |   |
| Total Revenue                                   |   |   | 12,076,373 |   |   |   | 13,297,599 |   |   |   | 13,606,453 |   |   |   | 14,322,547 |   |   |   | 14,417,961 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expense                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                                     |   |   | 627,774 |   |   |   | 1,134,690 |   |   |   | 1,058,638 |   |   |   | 1,107,553 |   |   |   | 520,489 |   |
| Community development                           |   |   | 576,005 |   |   |   | 532,166 |   |   |   | 528,019 |   |   |   | 553,624 |   |   |   | 537,799 |   |
| Debt charges                                    |   |   | 773,892 |   |   |   | 709,275 |   |   |   | 682,385 |   |   |   | 642,775 |   |   |   | 580,072 |   |
| Economic development                            |   |   | 279,196 |   |   |   | 291,552 |   |   |   | 273,021 |   |   |   | 323,944 |   |   |   | 343,555 |   |
| Education                                       |   |   | 2,910,231 |   |   |   | 2,997,736 |   |   |   | 2,959,902 |   |   |   | 3,364,958 |   |   |   | 3,568,643 |   |
| Environment and natural resources               |   |   | 225,195 |   |   |   | 241,247 |   |   |   | 255,994 |   |   |   | 221,093 |   |   |   | 231,084 |   |
| Health                                          |   |   | 4,519,904 |   |   |   | 4,676,530 |   |   |   | 4,891,671 |   |   |   | 5,060,841 |   |   |   | 5,146,447 |   |
| Protection of persons and property              |   |   | 480,166 |   |   |   | 537,419 |   |   |   | 686,542 |   |   |   | 724,978 |   |   |   | 661,630 |   |
| Social services and assistance                  |   |   | 1,032,358 |   |   |   | 1,079,279 |   |   |   | 1,146,893 |   |   |   | 1,071,831 |   |   |   | 1,142,121 |   |
| Transportation                                  |   |   | 499,618 |   |   |   | 505,754 |   |   |   | 536,859 |   |   |   | 533,066 |   |   |   | 536,902 |   |
| Other                                           |   |   | 561,279 |   |   |   | 605,243 |   |   |   | 691,492 |   |   |   | 680,436 |   |   |   | 560,353 |   |
| Total Expense                                   |   |   | 12,485,618 |   |   |   | 13,310,891 |   |   |   | 13,711,416 |   |   |   | 14,285,099 |   |   |   | 13,829,095 |   |
| Surplus                                         |   |   | (409,245 | ) |   |   | (13,292 | ) |   |   | (104,963 | ) |   |   | 37,448 |   |   |   | 588,866 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Government of the Province of Saskatchewan           |
|------------------------------------------------------|
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Summary Statement of Change in Net Debt              |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |  For the year ended March 31 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | (Thousands of dollars) |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Surplus                                              |   | $ | (409,245 | ) |   | $ | (13,292 | ) |   | $ | (104,963 | ) |   | $ | 37,448 |   |   | $ | 588,866 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tangible Capital Assets                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisitions                                         |   |   | (772,771 | ) |   |   | (814,084 | ) |   |   | (899,750 | ) |   |   | (1,038,061 | ) |   |   | (1,064,880 | ) |
| Amortization                                         |   |   | 416,234 |   |   |   | 450,715 |   |   |   | 471,399 |   |   |   | 485,206 |   |   |   | 501,928 |   |
| Proceeds on disposal                                 |   |   | 54,632 |   |   |   | 29,863 |   |   |   | 21,485 |   |   |   | 77,025 |   |   |   | 57,408 |   |
| Write downs                                          |   |   | 4,632 |   |   |   | 5,469 |   |   |   | 8,525 |   |   |   | 187 |   |   |   | 1,934 |   |
| Net gain on disposal                                 |   |   | (20,574 | ) |   |   | (5,765 | ) |   |   | (7,719 | ) |   |   | (58,020 | ) |   |   | (12,921 | ) |
| Net Acquisition of Tangible Capital Assets           |   |   | (317,847 | ) |   |   | (333,802 | ) |   |   | (406,060 | ) |   |   | (533,663 | ) |   |   | (516,531 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Non-Financial Assets                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (acquisition) use  of prepaid expenses |   |   | (2,504 | ) |   |   | (5,360 | ) |   |   | (2,354 | ) |   |   | 1,475 |   |   |   | (1,629 | ) |
| Net acquisition of inventories held for consumption  |   |   | (29,392 | ) |   |   | (9,967 | ) |   |   | (7,679 | ) |   |   | (4,561 | ) |   |   | (8,523 | ) |
| Net Acquisition of Other Non-Financial Assets        |   |   | (31,896 | ) |   |   | (15,327 | ) |   |   | (10,033 | ) |   |   | (3,086 | ) |   |   | (10,152 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Decrease (increase) in net debt                      |   |   | (758,988 | ) |   |   | (362,421 | ) |   |   | (521,056 | ) |   |   | (499,301 | ) |   |   | 62,183 |   |
| Net Debt, beginning of year                          |   |   | (3,523,947 | ) |   |   | (3,559,566 | ) |   |   | (3,783,345 | ) |   |   | (4,543,201 | ) |   |   | (5,109,366 | ) |
| Adjustment to accumulated surplus1-3                 |   |   | - |   |   |   | - |   |   |   | 47,027 |   |   |   | 5,878 |   |   |   | (25,611 | ) |
| Adjustment for Boards of Education4                  |   |   | 404,040 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Adjustment to tangible capital assets5               |   |   | 48,115 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other comprehensive income (loss)                    |   |   | 271,214 |   |   |   | 138,642 |   |   |   | (285,827 | ) |   |   | (72,742 | ) |   |   | 457,439 |   |
| Net Debt, End of Year                                |   | $ | (3,559,566 | ) |   | $ | (3,783,345 | ) |   | $ | (4,543,201 | ) |   | $ | (5,109,366 | ) |   | $ | (4,615,355 | ) |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government of the Province of Saskatchewan           |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Summary Statement of Accumulated Surplus             |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |  For the year ended March 31 |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |   |   | 2014 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | (Thousands of dollars) |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated surplus, beginning of year               |   | $ | 1,396,880 |   |   | $ | 2,835,765 |   |   | $ | 2,961,115 |   |   | $ | 2,617,352 |   |   | $ | 2,448,589 |   |
| Adjustment to accumulated surplus1-4                 |   |   | 1,576,916 |   |   |   | - |   |   |   | 47,027 |   |   |   | (133,469 | ) |   |   | (25,611 | ) |
| Surplus                                              |   |   | (409,245 | ) |   |   | (13,292 | ) |   |   | (104,963 | ) |   |   | 37,448 |   |   |   | 588,866 |   |
| Other comprehensive income (loss)                    |   |   | 271,214 |   |   |   | 138,642 |   |   |   | (285,827 | ) |   |   | (72,742 | ) |   |   | 457,439 |   |
| Accumulated Surplus, End of Year                     |   | $ | 2,835,765 |   |   | $ | 2,961,115 |   |   | $ | 2,617,352 |   |   | $ | 2,448,589 |   |   | $ | 3,469,283 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | During 2013-14, the accumulated surplus was reduced by $25.6 million. Government business enterprises adopted amendments to International Financial Reporting Standards resulting in a decrease in investment in government business enterprises of $7.2 million and a corresponding decrease in the opening accumulated surplus. Additionally, government business enterprises recorded prior period adjustments resulting in an $18.4 million decrease in investment in government business enterprises and a corresponding decrease in opening accumulated surplus. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | During 2012-13, the accumulated surplus was reduced by $133.5 million.  Saskatchewan Water Corporation was reclassified from a government service organization to a government business enterprise, resulting in a decrease to opening accumulated surplus of $27.8 million.  In addition, a liability for an accumulated sick leave benefit obligation was reported, resulting in a decrease to opening accumulated surplus of $105.7 million. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | During 2011-12, government business enterprises adopted International Financial Reporting Standards (IFRS).  This resulted in the Government’s investment in government business enterprises increasing by $47.0 million during 2011-12 with a corresponding increase in the accumulated surplus and decrease in net debt.  The net impact on government business enterprises’ financial statements was an increase in retained earnings of $280.1 million and a decrease in accumulated other comprehensive income (loss) of $233.1 million. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | During 2009-10, amendments were made to The Education Act, 1995 that changed the relationship between the Government and the Boards of Education of Saskatchewan School Divisions (Boards of Education), such that the Boards of Education meet the criteria for inclusion in the government reporting entity.  As a result, 29 Boards of Education have been included in these financial statements effective April 1, 2009.  This resulted in the accumulated surplus increasing by $1,576.9 million. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | During 2009-10, the government recognized a reduction in the net book value of tangible capital assets of $48.1 million, representing the loss of control of Big Sky Farms Inc. net of the gain of control of a health care affiliate. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Government of the Province of Saskatchewan                        |
|-------------------------------------------------------------------|
| Summary Statement of Cash Flow1                                   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              | For the Year Ended March 31 |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                              |   |   |   |   | (restated) |   |   |   |   |   |   |   |   |   |   |
|                                                              |   | (Thousands of dollars) |   |
| Operating Activities                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Surplus                                                           |   | $ | (409,245 | ) |   | $ | (13,292 | ) |   | $ | (104,963 | ) |   | $ | 37,448 |   |   | $ | 588,866 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash items included in surplus                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net income from government business enterprises | (833,599 | ) |   |   | (969,913 | ) |   |   | (789,278 | ) |   |   | (1,119,836 | ) |   |   | (1,052,179 | ) |
| Gain on sale of Information Services Corporation shares           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (141,243 | ) |
|    Other non-cash items included in the surplus    | 229,382 |   |   |   | 305,531 |   |   |   | 296,113 |   |   |   | 308,434 |   |   |   | 391,749 |   |
| Net change in non-cash operating activities                       |   |   | 567,782 |   |   |   | 269,831 |   |   |   | (200,072 | ) |   |   | 368,325 |   |   |   | 253,298 |   |
| Adjustment for unrealized inter-organizational gain               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,474 |   |
| Dividends received from government business enterprises           | 638,730 |   |   |   | 688,419 |   |   |   | 784,352 |   |   |   | 672,632 |   |   |   | 644,869 |   |
| Dividends received from other investments                         |   |   | 926 |   |   |   | 2,732 |   |   |   | - |   |   |   | - |   |   |   | 5,972 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Provided by Operating Activities                             |   |   | 193,976 |   |   |   | 283,308 |   |   |   | (13,848 | ) |   |   | 267,003 |   |   |   | 711,806 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital Activities                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition of tangible capital assets                            |   |   | (772,771 | ) |   |   | (814,084 | ) |   |   | (899,750 | ) |   |   | (1,038,061 | ) |   |   | (1,064,880 | ) |
| Adjustment to tangible capital assets                             |   |   | 48,115 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Proceeds on disposal of tangible capital assets                   |   |   | 54,632 |   |   |   | 29,863 |   |   |   | 21,485 |   |   |   | 77,025 |   |   |   | 57,408 |   |
| Cash Used for Capital Activities                                  |   |   | (670,024 | ) |   |   | (784,221 | ) |   |   | (878,265 | ) |   |   | (961,036 | ) |   |   | (1,007,472 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investing Activities                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net decrease (increase) in loans receivable                       | (300,580 | ) |   |   | 217,142 |   |   |   | 58,167 |   |   |   | (386,545 | ) |   |   | 233,770 |   |
| Net proceeds on sale of Information Services                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Corporation shares            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 156,199 |   |
| Net disposal of equity in Information Services Corporation        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (21,676 | ) |
| Repayment of equity advances by government                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       business enterprises          |   |   | 10,000 |   |   |   | - |   |   |   | 7,000 |   |   |   | 8,805 |   |   |   | - |   |
| Acquisition of other investments                                  |   |   | (1,240,734 | ) |   |   | (970,998 | ) |   |   | (1,082,898 | ) |   |   | (723,387 | ) |   |   | (673,358 | ) |
| Disposition of other investments                                  |   |   | 1,202,100 |   |   |   | 802,339 |   |   |   | 1,238,199 |   |   |   | 799,927 |   |   |   | 816,053 |   |
| Sinking fund contributions for general debt                       |   |   | (64,558 | ) |   |   | (60,045 | ) |   |   | (52,546 | ) |   |   | (51,114 | ) |   |   | (51,601 | ) |
| Sinking fund redemptions for general debt                         |   |   | 892,655 |   |   |   | 502,972 |   |   |   | 96,992 |   |   |   | 1,039,846 |   |   |   | 250,104 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Provided by Investing Activities                             |   |   | 498,883 |   |   |   | 491,410 |   |   |   | 264,914 |   |   |   | 687,532 |   |   |   | 709,491 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing Activities                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from public debt                                         |   |   | 530,764 |   |   |   | 221,537 |   |   |   | 180,100 |   |   |   | 656,281 |   |   |   | 497,712 |   |
| Repayment of public debt                                          |   |   | (990,912 | ) |   |   | (715,679 | ) |   |   | (356,512 | ) |   |   | (1,134,640 | ) |   |   | (676,713 | ) |
| Net (decrease) increase in other liabilities                      |   |   | 9,278 |   |   |   | 17,987 |   |   |   | (79,413 | ) |   |   | 91,672 |   |   |   | (62,310 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Used for Financing Activities                                |   |   | (450,870 | ) |   |   | (476,155 | ) |   |   | (255,825 | ) |   |   | (386,687 | ) |   |   | (241,311 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (decrease) in Cash and                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Temporary investments                           |   |   | (428,035 | ) |   |   | (485,658 | ) |   |   | (883,024 | ) |   |   | (393,188 | ) |   |   | 172,514 |   |
| Cash and Temporary investments beginning of year                  | 3,831,588 |   |   |   | 3,597,304 |   |   |   | 3,111,646 |   |   |   | 2,228,622 |   |   |   | 1,814,961 |   |
| Adjustment to accumulated surplus                                 |   |   | 193,751 |   |   |   | - |   |   |   | - |   |   |   | (20,473 | ) |   |   | - |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and Temporary Investments, End of Year                       |   | $ | 3,597,304 |   |   | $ | 3,111,646 |   |   | $ | 2,228,622 |   |   | $ | 1,814,961 |   |   | $ | 1,987,475 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | During 2011-12, the Government reclassified the amortization of bond premiums and discounts from an investing activity to an operating activity to more accurately reflect the nature of the transaction.  The 2010-11 amounts have been restated from those originally published to be consistent with the 2011-12 reclassifications. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| DETAIL OF GENERAL REVENUE FUND DEBT                                                                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| As at March 31, 2014 (unaudited)                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| A.  Term Debt Issued to the Public                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   | Interest |   |   |   | $ Amount |   |
| Date of Issue                                                                                                                                                                                                                                                                                                                                      |   | Date of Maturity |   | Rate % |   | Currency |   | Outstanding |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| March 14/91                                                                                                                                                                                                                                                                                                                                        |   | April 10/14 |   | 10.25 |   | Canadian |   | 583,916,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| June 22/04                                                                                                                                                                                                                                                                                                                                         |   | June 3/14 |   | 5.25 |   | Canadian |   | 300,000,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| July 15/09                                                                                                                                                                                                                                                                                                                                         |   | July 15/14 |   | 1.00 |   | Canadian |   | 1,270,800 |   |
| (Redeemable annually at the option of the holder or at any time on the death of the holder; the Province reserves the right to increase                                                                                                                                                                                                            |
| the interest rate after July 14, 2010)                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| June 3/05                                                                                                                                                                                                                                                                                                                                          |   | December 3/15 |   | 4.25 |   | Canadian |   | 200,000,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| November 15/05                                                                                                                                                                                                                                                                                                                                     |   | January 15/16 |   | 4.305 |   | Canadian |   | 274,654,700 |   |
| (The original 2.125% 300,000,000 Swiss Franc debentures have been swapped into Canadian dollars at an interest rate of 4.305%; Non Callable: annual sinking fund)                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| August 23/06                                                                                                                                                                                                                                                                                                                                       |   | August 23/16 |   | 4.50 |   | Canadian |   | 300,000,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| September 17/96                                                                                                                                                                                                                                                                                                                                    |   | September 17/16 |   | 8.09 |   | Canadian |   | 5,081,000 |   |
| (Non Callable; Serial Note payable in annual instalments)                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| December 12/13                                                                                                                                                                                                                                                                                                                                     |   | December 12/16 |   | Floating |   | Canadian |   | 100,000,000 |   |
| This note pays interest at the three month bankers' acceptance rate less 0.115%;                                                                                                                                                                                                                                                                   |   |   |   |
| (Non-callable)                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| September 5/07                                                                                                                                                                                                                                                                                                                                     |   | September 5/17 |   | 4.65 |   | Canadian |   | 200,000,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| March 13/14                                                                                                                                                                                                                                                                                                                                        |   | March 1/19 |   | 1.95 |   | Canadian |   | 250,000,000 |   |
| (Non-callable)                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| June 17/04                                                                                                                                                                                                                                                                                                                                         |   | June 17/19 |   | 5.50 |   | Canadian |   | 33,000,000 |   |
| (After June 17, 2014, this note pays interest at the three month BA rate less 0.245%; Non Callable; annual sinking fund)                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| August 03/04                                                                                                                                                                                                                                                                                                                                       |   | June 17/19 |   | 5.50 |   | Canadian |   | 26,000,000 |   |
| (Non Callable)                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| July 28/10                                                                                                                                                                                                                                                                                                                                         |   | July 28/20 |   | 3.90 |   | Canadian |   | 300,000,000 |   |
| (Non Callable: annual sinking fund)                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| December 20/90                                                                                                                                                                                                                                                                                                                                     |   | December 15/20 |   | 9.653 |   | Canadian |   | 65,972,500 |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   | 10.08 |   | Canadian |   | 126,600,000 |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   | 9.965 |   | Canadian |   | 128,797,500 |   |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   | 9.375 |   | U.S. |   | 45,000,000 |   |
| ($55,000,000, $100,000,000 and $100,000,000 U.S. of the 9.375% debenture issue has been swapped into Canadian dollars at an interest rate of 9.653%, 10.08% and 9.965% respectively. Interest payments on the remaining $45,000,000 U.S. have been swapped into Canadian dollars at an interest rate of 9.653%. Non Callable; annual sinking fund) |
|                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                |   |             |   | Interest |   |     |   | $ Amount      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|----------|--------|----------|--------|---------------|--------|
| Date of Issue                                                                                                                                                                                                                                                       |   | Date of Maturity |   | Rate %   |   | Currency |   | Outstanding   |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 26/91                                                                                                                                                                                                                                                      |   | February 15/21   |   | 9.254    |   | Canadian |   | 147,600,000   |   |
|                                                                                                                                                                                                                                                                |   |             |   | 9.125    |   | U.S.     |   | 80,000,000    |   |
| ($120,000,000 U.S. of this debenture has been swapped into Canadian dollars at an interest rate of 0.254%. Interest payments on the remaining $80,000,000 U.S. have been swapped into Canadian dollars at an interest of 0.254%; Non Callable; annual sinking fund) |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 4/92                                                                                                                                                                                                                                                       |   | February 4/22    |   | 9.60     |   | Canadian |   | 255,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| July 21/92                                                                                                                                                                                                                                                          |   | July 15/22       |   | 8.942    |   | Canadian |   | 256,320,000   |   |
|                                                                                                                                                                                                                                                                |   |             |   | 8.50     |   | U.S.     |   | 100,000,000   |   |
| ($200,000,000 U.S. of the 8.5% debentures have been swapped into Canadian dollars at an interest rate of 8.942%.  Interest                                                                                                                                |   |
| payments on the remaining $100,000,000 have been swapped into Canadian dollars at an interest rate of 8.497%; Non Callable; annual sinking fund)                                                                                                                    |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 26/14                                                                                                                                                                                                                                                      |   | June 3/24        |   | 3.20     |   | Canadian |   | 300,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| May 30/95                                                                                                                                                                                                                                                           |   | May 30/25        |   | 8.75     |   | Canadian |   | 175,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| December 4/98                                                                                                                                                                                                                                                       |   | March 5/29       |   | 5.75     |   | Canadian |   | 350,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| March 24/99                                                                                                                                                                                                                                                         |   | March 5/29       |   | 5.60     |   | Canadian |   | 60,000,000    |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 17/00                                                                                                                                                                                                                                                      |   | January 25/30    |   | 6.25     |   | Canadian |   | 25,000,000    |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| January 25/00                                                                                                                                                                                                                                                       |   | January 25/30    |   | 6.35     |   | Canadian |   | 199,995,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| December 10/01                                                                                                                                                                                                                                                      |   | September 5/31   |   | 6.40     |   | Canadian |   | 550,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 13/02                                                                                                                                                                                                                                                      |   | February 13/32   |   | 6.30     |   | Canadian |   | 29,954,000    |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| May 12/03                                                                                                                                                                                                                                                           |   | September 5/33   |   | 5.80     |   | Canadian |   | 450,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| June 10/03                                                                                                                                                                                                                                                          |   | September 5/33   |   | 5.80     |   | Canadian |   | 104,500,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| August 12/04                                                                                                                                                                                                                                                        |   | September 5/35   |   | 5.60     |   | Canadian |   | 400,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 15/05                                                                                                                                                                                                                                                      |   | March 5/37       |   | 5.00     |   | Canadian |   | 425,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| May 26/06                                                                                                                                                                                                                                                           |   | June 1/40        |   | 4.75     |   | Canadian |   | 1,050,000,000 |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |
| February 3/12                                                                                                                                                                                                                                                       |   | February 3/42    |   | 3.40     |   | Canadian |   | 800,000,000   |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                 |   |             |   |     |   |     |   |
|                                                                                                                                                                                                                                                                |   |             |   |     |   |     |   |          |   |

----

|                                |   |             |   | Interest |   |     |   | $ Amount      |   |
|-------------------------------------|--------|------------------|--------|----------|--------|----------|--------|---------------|--------|
| Date of Issue                       |   | Date of Maturity |   | Rate %   |   | Currency |   | Outstanding   |   |
|                                |   |             |   |     |   |     |   |          |   |
| September 16/02                     |   | September 5/42   |   | 5.70     |   | Canadian |   | 50,000,000    |   |
| (Non Callable; annual sinking fund) |   |             |   |     |   |     |   |
|                                |   |             |   |     |   |     |   |          |   |
| October 9/13                        |   | June 2/45        |   | 3.90     |   | Canadian |   | 1,000,000,000 |   |
| (Non Callable; annual sinking fund) |   |             |   |     |   |     |   |
|                                |   |             |   |     |   |     |   |          |   |
| March 13/14                         |   | March 5/54       |   | 3.75     |   | Canadian |   | 100,000,000   |   |
| (Non Callable; annual sinking fund) |   |             |   |     |   |     |   |
|                                |   |             |   |     |   |     |   |          |   |

| B.   Debentures Issued to Minister of Finance of Canada |   |            |
|------------------------------------------------------------------------|--------|-----------------|
|                                                                   |   |            |   |   |   |
| Date of Maturity 1                                                     |   | Interest Rate % |   | Amount Outstanding |
|                                                                   |   |            |   |   |   |
| April 2014-March 2015                                                  | 3.05   |            |                             59,274,000 |   |
| April 2015-March 2016                                                  | 3.40   |            |                             15,525,000 |   |
| April 2016-March 2017                                                  | 4.37   |            |                             88,778,000 |   |
| April 2017-March 2018                                                  | 4.48   |            |                             33,991,000 |   |
| April 2018-March 2019                                                  | 3.57   |            |                             18,000,000 |   |
| April 2019-March 2024                                                  | 5.10   |            |                           316,357,000 |   |
| After March 2024                                                       |   | 4.07            |   |                           213,161,000 |   |
|                                                                   |   |            |   |   |   |
| Total                                                                  |   |            |   |  $                       745,086,000 |   |
|                                                                   |   |            |   |   |   |
|                                                                   |   |            |   |   |   |

| 1 | Debentures issued to the CPP have a 5-30-year maturity and, are callable in whole or in part at the option of the Province.  The interest rates have been prepared on a weighted average basis.  The debentures are subject in part to annual sinking funds; equity in sinking funds at March 31, 2014 was $89,436,771. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Summary                                                        |   |      |       |
|----------------------------------------------------------------|--------|-----------|------------|
|                                                           |   |      |       |
|                                                           |   | Thousands |       |
|                                                           |   |      |       |
| Payable in Canadian Funds:                                     |   |      |       |
| Term Debt Issued to the Public                                 |   | $         | 9,623,662  |   |
| Debentures Issued to the Minister of Finance of Canada         |   |      | 745,086    |   |
| Other Term Debt                                                |   |      | 557,923    |   |
| Payable in Foreign Currencies                                  |   |      |       |   |
| Term Debt Issued to the Public (converted to Canadian Dollars) |   |      | 248,692    |   |
|                                                           |   |      |       |   |
| Term Debt Outstanding                                          |   |      | 11,175,363 |   |
| Promissory Notes Outstanding                                   |   |      | 1,303,886  |   |
| Gross Debt                                                     |   | $         | 12,479,249 |   |
|                                                           |   |      |       |   |

----

|                                                          |   |     |   |
|---------------------------------------------------------------|--------|----------|--------|
|                                                          |   | Millions |   |
|                                                          |   |     |   |
| Saskatchewan Telecommunications Holding Corporation (SaskTel) |   | $        | 81.1   |   |
| CIC Asset Management Inc. (CIC AMI)                           |   |     | 35.0   |   |
| SaskEnergy Incorporated (SaskEnergy)                          |   |     | 30.4   |   |
| Saskatchewan Government Insurance (SGI)                       |   |     | 25.6   |   |
| Saskatchewan Gaming Corporation (SGC)                         |   |     | 16.4   |   |
| Information Services Corporation (ISC)                        |   |     | 12.3   |   |
| Saskatchewan Opportunities Corporation (SOCO)                 |   |     | 1.7    |   |
|                                                          |   | $        | 202.5  |   |
|                                                          |   |     |   |   |

----

| ● | CIC provided SaskEnergy with $4.1 million (2012 - $9.8 million) as part of the Saskatchewan Energy Share program (EnerGuide for Houses). |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|

| ● | CIC grant funding to STC of $14.0 million increased from $11.5 million in 2012. Funding for 2013 consisted of $10.5 million (2012 - $9.2 million) for operations and $3.5 million (2012 - $2.3 million) to meet capital requirements. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Gradworks Inc. received $0.5 million in grants in 2013 (2012 - $0.2 million) to fund its internship program. |
|---------|--------------------------------------------------------------------------------------------------------------|

| ● | A gain from discontinued operations of $211.8 million which relates to the sale of 12,075,000 Class A Limited Voting shares of ISC at $14.00 per share and the revaluation of the Corporation’s remaining 5,425,000 Class A Limited Voting shares at $14.00 per share; and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | CIC AMI earnings increased $9.0 million to $4.7 million due to a $5.0 million dividend from Meadow Lake OSB Limited Partnership (ML OSB), which CIC AMI later sold for a gain on sale of $8.9 million, offset by losses on disposition of other assets.                          |

| ● | SaskPower earnings decreased $21.7 million to $113.8 million due to a change in the mix of power generation, increased salaries, wages and employee benefits, depreciation and amortization, Saskatchewan taxes, losses on disposal of property, plant and equipment and net finance expenses. This was partially offset by increased revenue from a rate increase and higher sales volumes to Saskatchewan customers and exports to the Alberta market; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | SaskEnergy earnings decreased $27.9 million to $78.9 million primarily due to a $34.5 million change in unrealized market value adjustments on natural gas derivatives and physical inventory. This change was slightly offset by weather that was 14.4 per cent colder than the prior year, and record levels of customer connections;                                                                                                                  |

----

| ● | SaskTel earnings decreased $16.2 million to $90.1 million due to supporting customer growth and enhancing the customer experience through reinvestment in wireless and fibre networks. This was partially offset by an increase in revenues from customer growth and average revenue per user (ARPU); and                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | SGI earnings decreased $43.0 million to $39.2 million primarily due to increased claims costs from ice damming and severe storm losses in Saskatchewan, Alberta and Ontario, as well as other large losses in personal lines, commercial lines and agriculture. This was partially offset by higher investment earnings. |

| · | SaskPower multi-year rate application for a system-average rate increase of 5.5 per cent to take effect January 1, 2014 with a 5.0 per cent increase to take effect January 1, 2015, and a further 5.0 per cent increase effective January 1, 2016; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | SaskEnergy delivery rate increase beginning September 1, 2013 with an average of 3.6 per cent, followed by a further increase of 2.3 per cent to take effect September 1, 2014; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Saskatchewan Auto Fund rate increase of 1.03 per cent, with rate rebalancing and the proposal includes a 1.23 per cent surcharge to be applied to all vehicles, after rate rebalancing.  The surcharge would be applied annually for three years, to help replenish the Auto Fund’s Rate Stabilization Reserve. The proposed 2.27 per cent overall increase would take effect August 31, 2013; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Saskatchewan Auto Fund application that annual rates for motorcycles greater than $1,000 be capped at 15.0 per cent, while those less than $1,000 would be subject to a dollar cap, with a maximum increase of $150 annually. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net earnings of $113.8 million (2012 - $135.5 million) decreased primarily due to higher fuel, depreciation and finance expenses and unrealized market value adjustments. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Revenue of $2,045.3 million (2012 - $1,855.6 million) increased largely due to higher Saskatchewan electricity sales which was a result of the system-wide average rate increase of 5.0 per cent that became effective January 1, 2013; electricity sales volumes to Saskatchewan customers, which were 20,753 GWh, up 1,256 GWh or 6.4 per cent compared to the prior year; and, export sales increased due to higher sales prices and volumes as a result of increased market opportunities in Alberta. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Expenses of $1,878.1 million (2012 - $1,726.2 million) increased due to rising depreciation and finance charges as a result of the record capital investments over the past two years.  Fuel and purchased power costs were up as a result of increased generation and an unfavorable change in the fuel mix as lower cost coal generation was replaced with more expensive natural gas generation. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Gross long-term and short-term debt including finance leases of $5,508.8 million (2012 - $4,177.7 million) increased due to additional borrowings during the year to finance capital expenditures and the commissioning of the North Battleford Generating Station in June 2013. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Dividends declared to CIC were Nil (2012 - $120.0 million). |
|--------|-------------------------------------------------------------|

----

| · | Earnings for the year were $90.1 million (2012 - $106.3 million), down $16.2 million from 2012, and cash provided by operating activities was $275.2 million (2012 - $287.5 million). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Total operating revenues increased to $1,205.1 million in 2013 (2012 - $1,182.4 million), up $22.7 million or 1.9 per cent primarily due to continued strong customer growth in cellular, MaxTM, wireless, Internet and data services as well as an increased in the ARPU. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Total operating expenses were $1,092.0 million (2012 - $1,054.3 million), up $37.7 million from 2012 primarily due to increased goods and services purchased to support revenue growth in wireless, MaxTM, data and internet revenues. In addition, depreciation and amortization increased $5.6 million due to increased plant in service. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net financing expense increased to $37.2 million in 2013 (2012 - $32.5 million), up $4.7 million or 14.5 per cent.  This is primarily driven by decreases in the fair value of sinking funds. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Gross debt increased to $834.5 million (2012 - $666.5 million) due the issuance of short-term debt during the year.  The overall level of debt increased to support increased investing activities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net capital expenditures for the year are $355.8 million (2012 - $329.8 million), up $26.0 million from 2012, primarily due to significant capital spending on corporate priority programs such as the wireless network and FTTP as well as increased spending on intangible assets such as software for the wireless delivery environment, customer relationship management and field services efficiency program. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Return on equity decreased to 12.0 per cent (2012 - 14.4 per cent) primarily due to lower earnings. |
|--------|-----------------------------------------------------------------------------------------------------|

| · | Dividends of $81.1 million were declared in 2013 (2012 - $84.3 million). |
|--------|--------------------------------------------------------------------------|

| · | Earnings of $78.9 million were below 2012 earnings of $106.8 million. Given the volatility in unrealized market value adjustments, SaskEnergy uses operating earnings (income before unrealized market value adjustments) to compare performance from period to period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Operating earnings of $79.0 million (2012 - $72.4 million) increased mainly due to weather that was 14.4 per cent colder than 2012 and as well as record levels of customer connections. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Revenues were $908.1 million (2012 - $797.8 million) and expenses were $782.1 million (2012 - $649.9 million) reflecting higher natural gas volumes in 2013. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net finance expense increased to $47.1 million (2012 - $41.1 million) primarily related to a decline in the fair value of sinking funds. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|

| · | Capital investment totaled $221.2 million (2012 - $180.0 million). The high level of capital investment reflects system expansion resulting from growth in Saskatchewan as well as the Corporation’s commitment to its robust safety programming and predictive integrity management systems. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Gross debt increased to $1,141.8 million (2012 - $1,087.2 million) to fund the record level of capital expenditures. |
|--------|----------------------------------------------------------------------------------------------------------------------|

| · | Dividends of $30.4 million (2012 - $27.2 million) were declared to CIC based on operating earnings of $79.0 million. |
|--------|----------------------------------------------------------------------------------------------------------------------|

----

| · | Earnings were $39.2 million in 2013 (2012 - $82.2 million). While significantly lower than 2012, earnings resulted in a strong return on equity of 13.5 per cent.  Increased claim costs in all jurisdictions, except Ontario, contributed to an underwriting loss of $14.4 million (2012 - $55.8 million underwriting profit).  However, this was more than offset by improved investment earnings. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Premium revenues were $502.7 million (2012 - $482.8 million), with Saskatchewan and Alberta operations accounting for the majority of the premium growth. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Claims incurred increased to $322.6 million (2012 - $246.0 million) with all jurisdictions having a higher loss ratio than 2012, except Ontario. The unfavorable results were due to a combination of a $22.8 million in ice damming claims, severe storm losses in Saskatchewan, Alberta and Ontario, and other large losses in personal lines, commercial lines and agriculture. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Investment earnings were $58.7 million (2012 - $33.1 million), an increase of $25.6 million from 2012, consistent with the strong growth in global investment markets. Equity markets generated strong returns, particularly in the U.S. and internationally. Holding bonds combined with small increases in short-term interest rates led to capital losses and lower overall fixed income returns as compared to 2012. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Crown Investments Corporation of Saskatchewan         |
|-------------------------------------------------------|
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated Statements of Financial Position         |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | At December 31 |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |
|                                                  |   | GAAP |   |   | IFRS |   |   | IFRS |   |   | IFRS |   |   | IFRS |   |
|                                                  |   | Note 3 & 6 |   |   | Note 2 |   |   | Note 2 |   |  Note 2, 4 & 5 |   | Note 2 & 5 |   |
|                                                  |   | (Thousands) |   |
| Assets                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                               |   | $ | 2,099,157 |   |   | $ | 1,998,659 |   |   | $ | 2,072,565 |   |   | $ | 2,147,308 |   |   | $ | 2,110,636 |   |
| Long-term investments                                 |   |   | 1,157,067 |   |   |   | 1,182,402 |   |   |   | 1,218,922 |   |   |   | 1,316,038 |   |   |   | 1,418,656 |   |
| Property, plant and equipment                         |   |   | 6,417,451 |   |   |   | 7,579,984 |   |   |   | 8,239,329 |   |   |   | 9,112,247 |   |   |   | 11,043,249 |   |
| Other assets                                          |   |   | 543,686 |   |   |   | 305,285 |   |   |   | 472,242 |   |   |   | 532,706 |   |   |   | 580,122 |   |
| Long-term assets of discontinued operations           |   |   | 38,932 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                                          |   | $ | 10,256,293 |   |   | $ | 11,066,330 |   |   | $ | 12,003,058 |   |   | $ | 13,108,299 |   |   | $ | 15,152,663 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Province's Equity                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                               |   | $ | 1,744,571 |   |   | $ | 1,772,263 |   |   | $ | 2,164,253 |   |   | $ | 2,719,753 |   |   | $ | 3,157,483 |   |
| Long-term debt                                        |   |   | 3,601,618 |   |   |   | 3,953,023 |   |   |   | 3,952,858 |   |   |   | 4,402,718 |   |   |   | 5,100,250 |   |
| Long-term liabilities from discontinued operations    |   |   | 5,909 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other liabilities                                     |   |   | 652,625 |   |   |   | 1,279,426 |   |   |   | 1,664,905 |   |   |   | 1,645,688 |   |   |   | 2,061,003 |   |
| Province of Saskatchewan's Equity                     |   |   | 4,251,570 |   |   |   | 4,061,618 |   |   |   | 4,221,042 |   |   |   | 4,340,140 |   |   |   | 4,833,927 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Province's Equity               |   | $ | 10,256,293 |   |   | $ | 11,066,330 |   |   | $ | 12,003,058 |   |   | $ | 13,108,299 |   |   | $ | 15,152,663 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crown Investments Corporation of Saskatchewan         |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated Statement of Operations                  |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | At December 31 |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                  |   | GAAP |   |   | IFRS |   |   | IFRS |   |   | IFRS |   |   | IFRS |   |
|                                                  |   | Note 3 & 6 |   |   | Note 2 |   |   | Note 2 |   |  Note 2, 4 & 5 |   | Note 2 & 5 |   |
|                                                  |   | (Thousands) |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales of products and services                        |   | $ | 4,556,066 |   |   | $ | 4,378,779 |   |   | $ | 4,513,229 |   |   | $ | 4,458,733 |   |   | $ | 4,788,019 |   |
| Investment                                            |   |   | 62,255 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other                                                 |   |   | 36,073 |   |   |   | 114,999 |   |   |   | 33,785 |   |   |   | 9,912 |   |   |   | 14,853 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenue                                         |   | $ | 4,654,394 |   |   | $ | 4,493,778 |   |   | $ | 4,547,014 |   |   | $ | 4,468,645 |   |   | $ | 4,802,872 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating costs other than                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    those listed below                  |   | $ | 3,418,643 |   |   | $ | 3,248,064 |   |   | $ | 3,248,836 |   |   | $ | 3,079,007 |   |   | $ | 3,392,927 |   |
| Net finance expenses                                  |   |   | 238,039 |   |   |   | 199,547 |   |   |   | 203,722 |   |   |   | 251,201 |   |   |   | 322,382 |   |
| Amortization of property, plant and equipment         |   |   | 503,227 |   |   |   | 514,618 |   |   |   | 550,216 |   |   |   | 594,047 |   |   |   | 643,046 |   |
| Saskatchewan taxes and resource payments              |   |   | 137,493 |   |   |   | 117,002 |   |   |   | 126,027 |   |   |   | 132,137 |   |   |   | 137,657 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Expenses                                        |   | $ | 4,297,402 |   |   | $ | 4,079,231 |   |   | $ | 4,128,801 |   |   | $ | 4,056,392 |   |   | $ | 4,496,012 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before the following                         |   |   | 356,992 |   |   |   | 414,547 |   |   |   | 418,213 |   |   |   | 412,253 |   |   |   | 306,860 |   |
| Non-recurring items                                   |   |   | (23,854 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| (Provision for) recovery of environmental liabilities |   |   | 464 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Share of net earnings from equity accounted investees |   |   | 0 |   |   |   | 16,933 |   |   |   | 10,437 |   |   |   | 12,517 |   |   |   | 28,376 |   |
| Net Loss on sale of equity accounted investees        |   |   | 0 |   |   |   | 0 |   |   |   | (8,576 | ) |   |   | (7,428 | ) |   |   | 9,411 |   |
| Gain (loss) from discontinued operations              |   |   | 15,106 |   |   |   | 4,822 |   |   |   | 30,802 |   |   |   | 21,240 |   |   |   | 221,538 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Earnings                                          |   | $ | 348,708 |   |   | $ | 436,302 |   |   | $ | 450,876 |   |   | $ | 438,582 |   |   | $ | 566,185 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| 1.   | The foregoing financial information has been derived from the audited consolidated financial statements of Crown Investments Corporation of Saskatchewan.  The foregoing narrative description is unaudited. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The consolidated financial statements for the year ended December 31, 2011, the year ended December 31, 2012 and the year ended December 31, 2013 have been prepared in accordance with International Financial Reporting Standards (IFRS). |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The consolidated financial statements for the year ended December 31, 2009 have been prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Effective January 1, 2013, the Corporation adopted IFRS 11, Joint Arrangements, which replaced International Accounting Standard (IAS) 31, Interests in Joint Ventures.  This new standard was applied retrospectively in accordance with the transitional provisions. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                           |   |   |     |
|----------------------------------------------------------------|--------|--------|----------|
| Increase in current assets                                     |   | $      | 1,530    |   |
| Decrease in long-term investments                              |   |   | (43,403  | ) |
| Increase in current liabilities                                |   |   | 7,910    |   |
| Increase in long-term debt                                     |   |   | 62,474   |   |
| Decrease in other liabilities                                  |   |   | (110,787 | ) |
| Decrease in net earnings                                       |   |   | 40,320   |   |
| Increase in retained earnings - beginning of year              |   |   | 287,742  |   |
| Increase in retained earnings - end of year                    |   |   | 320,052  |   |
| Decrease in accumulated comprehensive loss - beginning of year |   |   | (289,803 | ) |
| Decrease in accumulated comprehensive loss - end of year       |   |   | (321,522 | ) |

----

| 5.   | The following new and amended accounting standards, effective for annual periods on or after January 1, 2013, have been applied either retrospectively or prospectively in preparing these financial statements in accordance with the related transitional provisions with no material impact on the consolidated financial statements: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Effective for year-ends beginning on or after January 1, 2009, the CICA has amended certain sections of the CICA Handbook to remove the rate regulation exemption for recognition of certain assets and liabilities arising from rate regulation as well as other recognition and measurement guidance.  The corporation has implemented these changes with no impact on the financial statements. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----