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|   |  3                                     |   | Letters of Transmittal                                                        |
|--------|---------------------------------------------|--------|-------------------------------------------------------------------------------|
|   |  4                                     |   | Introduction to the Public Accounts                                           |
|   |                                        |   |                                                                          |
|   | Financial Statement Discussion and Analysis |
|   |                                        |   |                                                                          |
|   |  9                                     |   | Introduction - Discussion and Analysis                                        |
|   |  10                                    |   | General Revenue Fund Financial Statements - Discussion and Analysis           |
|   |  25                                    |   | Growth and Financial Security Fund - Discussion and Analysis                  |
|   |  26                                    |   | Summary Financial Statements - Discussion and Analysis                        |
|   |  44                                    |   | Risks and Uncertainties                                                       |
|   |                                        |   |                                                                          |
|   | General Revenue Fund Financial Statements   |
|   |                                        |   |                                                                          |
|   |  47                                    |   | Statement of Responsibility                                                   |
|   |  49                                    |   | Independent Auditor’s Report                                            |
|   |  53                                    |   | Financial Statements                                                          |
|   |  57                                    |   | Notes to the Financial Statements                                             |
|   |  65                                    |   | Schedules to the Financial Statements                                         |
|   |                                        |   |                                                                          |
|   | Summary Financial Statements                |
|   |                                        |   |                                                                          |
|   |  81                                    |   | Statement of Responsibility                                                   |
|   |  83                                    |   | Independent Auditor's Report                                                  |
|   |  85                                    |   | Summary Financial Statements                                                  |
|   |  89                                    |   | Notes to the Summary Financial Statements                                     |
|   |  102                                   |   | Schedules to the Summary Financial Statements                                 |
|   |                                        |   |                                                                          |
|   | Supplementary Information                   |
|   |                                        |   |                                                                          |
|   |  125                                   |   | Growth and Financial Security Fund                                            |
|   |  126                                   |   | General Revenue Fund - Public Issue Debentures                                |
|   |  130                                   |   | General Revenue Fund - Debentures Issued to the Minister of Finance of Canada |
|   |  131                                   |   | Glossary of Terms                                                             |

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| /s/ Clare Isman   | /s/ Terry Paton   |
|-----------------------------|-----------------------------|
| Clare Isman                 | Terry Paton                 |
| Deputy Minister of Finance  | Provincial Comptroller      |

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| •   | the Growth and Financial Security Fund; |
|---------------------|-----------------------------------------|

| •   | GRF public issue debentures; |
|---------------------|------------------------------|

| •   | GRF debentures issued to the Minister of Finance of Canada; and |
|---------------------|-----------------------------------------------------------------|

| •   | a glossary of terms used throughout. |
|---------------------|--------------------------------------|

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|  1 | Examples of CIC Crown corporations are:  SaskEnergy Incorporated, Saskatchewan Power Corporation, Saskatchewan Telecommunications Holding Corporation, Saskatchewan Government Insurance and Saskatchewan Transportation Company. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  2 | Examples of Treasury Board Crown corporations are:  Agricultural Credit Corporation of Saskatchewan, Liquor and Gaming Authority, and Saskatchewan Housing Corporation.                                                           |

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| v   | How has the Government performed as compared to the Budget Estimates? |
|---------------|-----------------------------------------------------------------------|

| v | How has the Government performed as a whole? |
|---|----------------------------------------------|

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|                                                                                      |   |                                                                              |   |                                                                                         |    |                                                                                                    |    |                                                                                                    |    |                                                                                         |          |
|-------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------|---------------|
|  (millions of dollars)                                                               |   |                                                                              |   |                                                                                         |    |                                                                                                    |    |  Change from                                                                                       |    |
|                                                                                      |   | 2012                                                                              |   | 2011                                                                                         |    |                                                                                                    |    | 2011                                                                                                    |    |
|                                                                                      |   | Budget1                                                                           |   | Actual2                                                                                      |    | Actual2                                                                                                 |    | Budget1                                                                                                 |    | Actual                                                                                       |          |
|                                                                                      |   |                                                                              |   |                                                                                         |    |                                                                                                    |    |                                                                                                    |    |                                                                                         |          |
| Revenue                                                                                   |   |         10,794                            |   |         11,120                                       |    |         11,061                                                  |    |              326                       |    |                60 |          |
| Expense                                                                                   |   |         10,679                            |   |         11,066                                       |    |         10,965                                                  |    |              386                       |    |              100            |          |
| Pre-transfer surplus                                                                      |   |              115 |   |                55 |    |                96            |    |              (60                       | )       |              (41            | )        |
| Transfer to the Growth and Financial Security Fund                                        |   |              (58 | )      |              (27            | )       |              (48                       | )       |                30            |    |                20 |          |
| Transfer from the Growth and Financial Security Fund                                      |   |              325 |   |              325            |    |                  - |    |                  - |    |              325            |          |
| Net transfer from (to) the Growth and Financial Security Fund                             |   |              267 |   |              298            |    |              (48                       | )  |                30            |    |              345            |          |
| Surplus                                                                                   |   |              383 |   |              352            |    |                48            |    |              (30                       | )  |              305            |          |
|  Financial assets                                                                    |   |                                                                              |   |           2,998                            |    |           3,082                                       |    |                                                                                                    |    |              (84            |  )  |
|   Less: Government general debt                                                 |   |                                                                              |   |         (3,808                                       | )       |         (4,135                                                  | )  |                                                                                                    |    |              328            |          |
|             Other liabilities |   |                                                                              |   |         (2,750                                       | )  |         (2,623                                                  | )  |                                                                                                    |    |            (127                       | )        |
| Net debt                                                                                  |   |                                                                              |   |         (3,560                                       | )  |         (3,676                                                  | )  |                                                                                                    |    |              116            |          |
|   Plus: Non-financial assets                                                    |   |                                                                              |   |           3,413                            |    |           3,177                                       |    |                                                                                                    |    |              236            |          |
| Accumulated Deficit                                                                       |   |                                                                              |   |            (146                       | )  |            (499                                  | )  |                                                                                                    |    |              352            |          |
|                                                                                      |   |                                                                              |   |                                                                                         |    |                                                                                                    |    |                                                                                                    |    |                                                                                         |          |
| Growth and Financial Security Fund Balance                                                |   |              738 |   |              708            |    |           1,006                                       |    |              (30                       | )  |            (298                       | )        |
| Totals may not add due to rounding.                                                       |   |                                                                              |   |                                                                                         |    |                                                                                                    |    |                                                                                                    |    |                                                                                         |          |

| 1 | The Budget Estimates do not include a statement of financial position. |
|---|------------------------------------------------------------------------|

| 2 | The Provincial Auditor’s report indicates that, in her opinion, there are certain adjustments required to the General Revenue Fund financial statements. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Since 2004-05, tangible capital assets have been capitalized and expensed over their useful lives rather than being fully expensed in the year of acquisition. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Since 2004-05, tangible capital assets have been capitalized and expensed over their useful lives rather than being fully expensed in the year of acquisition. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include Municipal Affairs (3%), Finance (3%) and Environment (2%). |
|---|----------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include community development (4%), agriculture (4%), debt servicing (4%), environment and natural resources (2%) and economic development (2%). |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include community development ($448 million), agriculture ($440 million), debt servicing ($412 million), environment and natural resources ($210 million) and economic development ($195 million). |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | The key component of “other” is amortization of tangible capital property. |
|---|----------------------------------------------------------------------------------------|

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| Public debt consists of gross debt net of sinking funds and includes: |
|-----------------------------------------------------------------------|

| •   | government general debt, which is debt issued by the GRF to fund government spending; |
|---------------------|---------------------------------------------------------------------------------------|

| •   | Crown corporation general debt, which is debt issued by the GRF and subsequently loaned to a Crown corporation; and |
|---------------------|---------------------------------------------------------------------------------------------------------------------|

| •   | government business enterprise specific debt, which is debt of self-sufficient Crown corporations issued by the GRF specifically on their behalf. The Government expects to realize the receivables from the government business enterprises and settle the external debt simultaneously. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | paying down existing debt; |
|---------------------|----------------------------|

| •   | transferring debt borrowed for general government purposes to Crown corporations to meet their borrowing requirements; and |
|---------------------|----------------------------------------------------------------------------------------------------------------------------|

| •   | increasing sinking fund contributions. |
|---------------------|----------------------------------------|

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| •   | by providing grants to third parties for capital purposes.  This includes grants for universities and hospitals; and |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------|

| •   | by investing in government-owned capital, such as highways. |
|---------------------|-------------------------------------------------------------|

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| * | Capital transfers for 2009 include $154 million which was subsequently permitted to be used by recipients for operations. |
|---|---------------------------------------------------------------------------------------------------------------------------|

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| •   | the Government to balance the GRF budget each fiscal year; |
|---------------------|------------------------------------------------------------|

| •   | the annual preparation of four-year financial plans and public debt management plans; and |
|---------------------|-------------------------------------------------------------------------------------------|

| •   | that 50 per cent of the annual surplus in the GRF be transferred to the GFSF. |
|---------------------|-------------------------------------------------------------------------------|

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| •   | a transfer to the fund of $27 million, representing 50 per cent of the GRF pre-transfer surplus; and |
|---------------------|------------------------------------------------------------------------------------------------------|

| •   | a transfer from the fund of $325 million for government debt reduction. |
|---------------------|-------------------------------------------------------------------------|

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| Growth and Financial Security Fund - Current Year Activity      |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|
| (millions of dollars)                                           |   | 2012   |   |
|                                                            |   |   |   |
| Opening balance                                                 |   |   | 1,006  |   |
| Transfer from the GRF (50 per cent of GRF pre-transfer surplus) |   |   | 27     |   |
| Transfer to the GRF                                             |   |   | (325   | ) |
| Closing balance                                                 |   |   | 708    |   |
|                                                            |   |   |   |   |

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|                                          |   |   |    |   |   |   |    |   |   |
|-----------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|  (millions of dollars)                   |   |   |    |   |   |   |    | Change |   |
|                                          |   |   |    |   |   |   |    | from   |   |
|                                          |   | 2012   |    |   | 2011   |   |    | 2011   |   |
|                                          |   |   |    |   |   |   |    |   |   |
|                                          |   |   |    |   |   |   |    |   |   |
| Revenue                                       |   |   | 12,817  |   |   |   | 12,328  |   |   |   | 489 |   |
| Expense                                       |   |   | 13,711  |   |   |   | 13,311  |   |   |   | 401 |   |
| Deficit from government service organizations |   |   | (894    | )      |   |   | (983    | )      |   |   | 89 |   |
| Income from government business enterprises   |   |   | 789     |   |   |   | 970     |   |   |   | (181 | ) |
| Deficit                                       |   |   | (105    | )      |   |   | (13     | )      |   |   | (92 | ) |
| Financial assets                              |   |   | 9,102   |   |   |   | 10,270  |   |   |   | (1,168 | ) |
|   Less: Liabilities                 |   |   | (13,646 | )      |   |   | (14,053 | )      |   |   | 408 |   |
| Net debt                                      |   |   | (4,543  | )      |   |   | (3,783  | )      |   |   | (760 | ) |
|   Plus: Non-financial assets             |   |   | 7,161   |   |   |   | 6,744   |   |   |   | 416 |   |
| Accumulated Surplus                           |   |   | 2,617   |   |   |   | 2,961   |   |   |   | (344 | ) |
| Totals may not add due to rounding.           |   |   |    |   |   |   |    |   |   |   |   |   |

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|                                                                 |                                                    |       |   |   |    |   |   |      |   |
|----------------------------------------------------------------------|---------------------------------------------------------|------------|--------|--------|---------|--------|--------|-----------|--------|
| 2011-12 Deficit - Comparison to Budget                               |                                                    |       |   |   |    |   |   | Change    |   |
| (millions of dollars)                                                |                                                    | 2012       |   |   | from    |   |
|                                                                 |                                                    | Estimated1 |   |   | Actual1 |   |   | Estimated |   |
|                                                                 |                                                    |       |   |   |    |   |   |      |   |
|                                                                 |                                                    |       |   |   |    |   |   |      |   |
| Treasury Board Organizations                                         |                                                    |       |   |   |    |   |   |      |   |
| General Revenue Fund                                                 |                                                    |       | 383    |   |    |   | 352    |      |   |   | (30 | ) |
| Growth and Financial Security Fund                                   |                                                    |       | (267   | )      |    |   | (298   | )         |   |   | (30 | ) |
| Other Treasury Board Organizations                                   |                                                    |       | 213    |   |    |   | 447    |      |   |   | 234 |   |
|   Less: Dividends included in General Revenue Fund surplus |                                                    |       | (430   | )      |    |   | (502   | )         |   |   | (72 | ) |
| Adjustment for pension liability accrual                             |                                                    |       | (207   | )      |    |   | (127   | )         |   |   | 80 |   |
|                                                                 |                                                    |       | (309   | )      |    |   | (127   | )         |   |   | 181 |   |
| CIC Board Organizations                                              |                                                    |       | 348    |   |    |   | 407    |      |   |   | 59 |   |
|   Less: Dividends included in General Revenue Fund surplus |                                                    |       | (120   | )      |    |   | (240   | )         |   |   | (120 | ) |
|                                                                 |                                                    |       | (81    | )      |    |   | 40     |      |   |   | 121 |   |
| Not-for-Profit Insurance Organizations                               |                                                    |       | 135    |   |    |   | (145   | )         |   |   | (280 | ) |
| (Deficit) Surplus                                                    |                                                    |       | 54     |   |    |   | (105   | )         |   |   | (159 | ) |
| Totals may not add due to rounding.                                  |                                                    |       |   |   |    |   |   |      |   |   |   |   |
| 1                                                                    | Presented on the basis of the Summary Financial Budget. |       |   |   |    |   |   |      |   |   |   |   |   |

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| * | Since 2003-04, tangible capital assets have been capitalized and expensed over their useful lives rather than being fully expensed in their year of acquisition. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Since 2003-04, tangible capital assets have been capitalized and expensed over their useful lives rather than being fully expensed in their year of acquisition. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Includes a $1.58 billion increase for the first-time inclusion of the Boards of Education. |
|----|--------------------------------------------------------------------------------------------|

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| * | The increase in 2010 taxation revenue is primarily due to the impact of recording education property tax resulting from the first-time inclusion of Boards of Education. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include debt charges (5%), transportation (4%) and community development (4%). |
|---|----------------------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include debt charges (5%), transportation (4%) and community development (4%). |
|---|----------------------------------------------------------------------------------------------------------------------|

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| * | Key components of “other” include debt charges ($682 million), transportation ($537 million) and community development ($528 million). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | The key component of “other” is amortization of tangible capital property. |
|---|----------------------------------------------------------------------------------------|

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| * | The increase in 2010 salaries and benefits expense and corresponding decrease in transfers expense are primarily due to the impact of the first-time inclusion of Boards of Education. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | Beginning in 2011-12, the financial statements of government business enterprises (GBEs) are prepared in accordance with International Financial Reporting Standards.  Prior to this, the financial results of GBEs were presented on the basis of Canadian generally accepted accounting principles and have not been restated. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| •   | general debt, which is: |
|---------------------|-------------------------|

| ·   | debt issued by the GRF and other government service organizations; and |
|--------------------|------------------------------------------------------------------------|

| ·   | debt issued by government service organizations and subsequently loaned to government business enterprises; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| •   | government business enterprise specific debt, which is debt issued by the GRF specifically on behalf of government business enterprises where the Government expects to realize the receivables from the government business enterprises and settle the external debt simultaneously. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | In 2011-12, primarily accounts receivable ($1.58 billion) and other investments ($.99 billion). |
|---|-------------------------------------------------------------------------------------------------|

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| * | In 2011-12, primarily accounts payable ($2.07 billion). |
|---|---------------------------------------------------------|

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| * | The increase in net book value of tangible capital assets in 2010 is primarily due to the impact of the first-time inclusion of Boards of Education. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                        | Rating Agency1                |
|-----------------------------|-------------------------------|
|   Jurisdiction    | Moody's InvestorsService Inc. |  Standard & Poor's | Dominion BondRating Service |
| Alberta                     | Aaa                           | AAA | AAA |
| British Columbia            | Aaa                           | AAA | AA(high) |
| Saskatchewan                | Aa1                           | AAA | AA |
| Manitoba                    | Aa1                           | AA | A(high) |
| Ontario                     | Aa1*                          | AA- | AA (low) |
| Quebec                      | Aa2                           | A+ | A(high) |
| New Brunswick               | Aa2                           | AA-* | A(high) |
| Nova Scotia                 | Aa2                           | A+ | A |
| Newfoundland & Labrador | Aa2                           | A+ | A |
| Prince Edward Island        | Aa2                           | A | A(low) |

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| 1 | The rating agencies assign letter ratings to borrowers.  The major A bracket categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A.  The ‘1’, ‘2’, ‘3’, ‘high’, ‘low’, ‘-’, and ‘+’ modifiers show relative standing within the major categories.  For example, AAA exceeds AA, Aa1 exceeds Aa2 and AA exceeds AA-. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | negative outlook or trend. |
|---|----------------------------|

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| •   | changes in economic factors such as economic growth, commodity and non-renewable resource prices, inflation, interest rates, population growth, personal income and retail sales; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | financial risks including interest rate risk, foreign exchange rate risk, credit risk and liquidity risk; |
|---------------------|-----------------------------------------------------------------------------------------------------------|

| •   | changes in transfers from the federal government; |
|---------------------|---------------------------------------------------|

| •   | utilization of Government services, such as crop insurance, health care and social services; |
|---------------------|----------------------------------------------------------------------------------------------|

| •   | other unforeseen developments including natural and other disasters, changes in environmental liabilities and legal obligations; and |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| •   | changes in accounting standards. |
|---------------------|----------------------------------|

| •   | requires a four-year financial plan with balanced budgets to be prepared annually; |
|---------------------|------------------------------------------------------------------------------------|

| •   | requires a four-year debt management plan to be prepared annually; |
|---------------------|--------------------------------------------------------------------|

| •   | requires actual revenue in each fiscal year to be greater than actual expense; |
|---------------------|--------------------------------------------------------------------------------|

| •   | requires deficits to be fully offset in the following fiscal year; |
|---------------------|--------------------------------------------------------------------|

| •   | establishes the Growth and Financial Security Fund to assist in providing for financial security from year to year and to provide a source of funds available for use for promoting or enhancing the economic development of Saskatchewan; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | requires 50 per cent of any GRF pre-transfer surplus to be transferred to the Growth and Financial Security Fund; |
|---------------------|-------------------------------------------------------------------------------------------------------------------|

| •   | requires the remaining 50 per cent of any GRF pre-transfer surplus to be applied to the Debt Retirement Fund; and |
|---------------------|-------------------------------------------------------------------------------------------------------------------|

| •   | contains provisions for extraordinary events, such as natural or other disasters, that lead to unanticipated spending or reduced revenue. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.   | The Government through the General Revenue Fund is responsible for the liabilities of several pension plans and a disability benefit plan. Notes 1 and 5 state that the pension liabilities and a disability benefit liability are not recorded in these financial statements. Canadian public sector accounting principles require that the pension and disability benefit liabilities be recorded in the financial statements. Had the pension and disability benefit liabilities been recorded, liabilities and accumulated deficit would increase by $6,124 million (2011 - $6,024 million) as at March 31, 2012 and, for the year, expenses would increase by $100 million (2011 - $241 million), and the surplus would decrease by the same amount. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund (GFSF) as revenue or expense of the General Revenue Fund. The substance of the transactions between the General Revenue Fund and the GFSF is that the amounts the General Revenue Fund owes the GFSF must be repaid by the GFSF to the General Revenue Fund. Canadian public sector accounting principles do not allow the General Revenue Fund to record changes in the amount due to the GFSF as revenue or expense of the General Revenue Fund. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Statement of Financial Position                                                                      |   |   |       |   |   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| As at March 31, 2012                                                                                 |   |   |       |   |   |   |
| (thousands of dollars)                                                                               |   |   |       |   |   |   |
|                                                                                                 |   |   |       |   |   |   |
|                                                                                                 |   | 2012   |       |   | 2011   |   |
| Financial Assets                                                                                     |   |   |       |   |   |   |
| Cash and temporary investments (note 3)                                                              |   |   | 241,429    |   |   |   | 457,912 |   |
| Accounts receivable (schedule 1)                                                                     |   |   | 1,044,887  |   |   |   | 857,866 |   |
| Deferred charges                                                                                     |   |   | 3,729      |   |   |   | 7,128 |   |
| Loans to Crown corporations (schedule 2)                                                             |   |   | 556,767    |   |   |   | 609,044 |   |
| Other loans (schedule 3)                                                                             |   |   | 92,131     |   |   |   | 91,165 |   |
| Equity investment in Crown Investments Corporation of Saskatchewan                                   |   |   | 1,058,889  |   |   |   | 1,058,889 |   |
| Total Financial Assets                                                                               |   |   | 2,997,832  |   |   |   | 3,082,004 |   |
| Liabilities                                                                                          |   |   |       |   |   |   |   |   |
| Accounts payable and accrued liabilities (schedule 4)                                                |   |   | 1,376,712  |   |   |   | 1,513,501 |   |
| Deposits held (schedule 5)                                                                           |   |   | 709,881    |   |   |   | 403,672 |   |
| Unearned revenue                                                                                     |   |   | 100,387    |   |   |   | 91,323 |   |
| Public debt                                                                                          |   |   |       |   |   |   |   |   |
|   Government general debt (note 4)(schedule 6)                                             |   |   | 3,807,590  |   |   |   | 4,135,226 |   |
|   Crown corporation general debt (note 4)(schedule 6)                                      |   |   | 556,767    |   |   |   | 609,044 |   |
| Unamortized foreign exchange gain                                                                    |   |   | 6,371      |   |   |   | 5,231 |   |
| Total Liabilities                                                                                    |   |   | 6,557,708  |   |   |   | 6,757,997 |   |
| Net Debt                                                                                             |   |   | (3,559,876 | )      |   |   | (3,675,993 | ) |
| Non-financial Assets                                                                                 |   |   |       |   |   |   |   |   |
| Prepaid expenses                                                                                     |   |   | 13,789     |   |   |   | 11,435 |   |
| Inventories held for consumption                                                                     |   |   | 124,096    |   |   |   | 120,652 |   |
| Tangible capital assets (schedule 9)                                                                 |   |   | 3,275,566  |   |   |   | 3,045,147 |   |
| Total Non-financial Assets                                                                           |   |   | 3,413,451  |   |   |   | 3,177,234 |   |
| Accumulated Deficit                                                                                  |   |   | (146,425   | )      |   |   | (498,759 | ) |
|  Employee future benefits (note 5)                                                              |   |   |       |   |   |   |   |   |
| Contingencies (note 6)                                                                               |   |   |       |   |   |   |   |   |
| Guaranteed debt (note 6)(schedule 8)                                                                 |   |   |       |   |   |   |   |   |
| Contractual obligations(note 7)                                                                      |   |   |       |   |   |   |   |   |
|   The accompanying notes and schedules are an integral part of these financial statements. |   |   |       |   |   |
|                                                                                                 |   |   |       |   |   |   |   |   |

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| Statement of Operations                                                                        |   |   |       |   |         |   |       |   |   |
|------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------------|--------|------------|--------|--------|
| For the Year Ended March 31, 2012                                                              |   |   |       |   |         |   |       |   |   |
| (thousands of dollars)                                                                         |   |   |       |   |         |   |       |   |   |
|                                                                                           |   |   |       |   |         |   |       |   |   |
|                                                                                           |   | 2012   |       |   | 2011         |   |
|                                                                                           |   | Budget |       |   | Actual       |   |       | Actual |   |
| Revenue                                                                                        |   |   |       |   |    |   |       |   |   |
| Taxation                                                                                       |   |   | 5,267,800  |   |         |   | 5,035,307  |   |   |   | 5,131,642 |   |
| Non-renewable resources                                                                        |   |   | 2,828,900  |   |         |   | 2,821,957  |   |   |   | 2,527,799 |   |
| Transfers from government entities                                                             |   |   | 587,800    |   |         |   | 781,545    |   |   |   | 964,682 |   |
| Other own-source revenue                                                                       |   |   | 541,000    |   |         |   | 755,244    |   |   |   | 836,307 |   |
| Transfers from the federal government                                                          |   |   | 1,568,800  |   |         |   | 1,726,378  |   |   |   | 1,600,248 |   |
| Total Revenue (schedule 10)                                                                    |   |   | 10,794,300 |   |         |   | 11,120,431 |   |   |   | 11,060,678 |   |
| Expense                                                                                        |   |   |       |   |         |   |       |   |   |   |   |   |
| Ministries and Agencies                                                                        |   |   |       |   |         |   |       |   |   |   |   |   |
| Advanced Education, Employment and Immigration                                                 |   |   | 855,905    |   |         |   | 859,199    |   |   |   | 935,426 |   |
| Agriculture                                                                                    |   |   | 417,880    |   |         |   | 439,632    |   |   |   | 482,306 |   |
| Corrections, Public Safety and Policing                                                        |   |   | 367,500    |   |         |   | 517,971    |   |   |   | 390,156 |   |
| Corrections, Public Safety and Policing - commercial operations (schedule 11)                  |   |   | -          |   |         |   | 2,383      |   |   |   | - |   |
| Education                                                                                      |   |   | 1,432,299  |   |         |   | 1,564,240  |   |   |   | 1,363,639 |   |
| Energy and Resources                                                                           |   |   | 37,137     |   |         |   | 36,794     |   |   |   | 77,621 |   |
| Enterprise and Innovation Programs                                                             |   |   | 27,347     |   |         |   | 24,578     |   |   |   | 24,114 |   |
| Enterprise Saskatchewan                                                                        |   |   | 41,803     |   |         |   | 41,303     |   |   |   | 39,586 |   |
| Environment                                                                                    |   |   | 180,539    |   |         |   | 200,169    |   |   |   | 213,895 |   |
| Executive Council                                                                              |   |   | 12,214     |   |         |   | 11,623     |   |   |   | 11,629 |   |
| Finance                                                                                        |   |   | 339,771    |   |         |   | 358,237    |   |   |   | 314,102 |   |
| Finance Debt Servicing (schedule 14)                                                           |   |   | 420,000    |   |         |   | 411,957    |   |   |   | 424,334 |   |
| First Nations and Métis Relations                                                         |   |   | 82,255     |   |         |   | 78,576     |   |   |   | 71,630 |   |
| Government Services                                                                            |   |   | 12,802     |   |         |   | 9,666      |   |   |   | 10,972 |   |
| Government Services - commercial operations (schedule 11)                                      |   |   | -          |   |         |   | 80,683     |   |   |   | 83,868 |   |
| Health                                                                                         |   |   | 4,462,620  |   |         |   | 4,400,159  |   |   |   | 4,547,793 |   |
| Highways and Infrastructure                                                                    |   |   | 380,311    |   |         |   | 443,479    |   |   |   | 427,471 |   |
| Highways and Infrastructure - commercial operations (schedule 11)                              |   |   | -          |   |         |   | 14,061     |   |   |   | 5,925 |   |
| Information Technology Office                                                                  |   |   | 16,374     |   |         |   | 20,921     |   |   |   | 16,744 |   |
| Information Technology Office - commercial operations (schedule 11)                            |   |   | -          |   |         |   | 2,110      |   |   |   | 1,931 |   |
| Innovation Saskatchewan                                                                        |   |   | 3,467      |   |         |   | 3,467      |   |   |   | 9,818 |   |
| Justice and Attorney General                                                                   |   |   | 145,465    |   |         |   | 149,632    |   |   |   | 145,871 |   |
| Labour Relations and Workplace Safety                                                          |   |   | 16,972     |   |         |   | 16,948     |   |   |   | - |   |
| Municipal Affairs                                                                              |   |   | 388,713    |   |         |   | 374,946    |   |   |   | 363,669 |   |
| Office of the Provincial Capital Commission                                                    |   |   | 10,595     |   |         |   | 10,957     |   |   |   | 10,166 |   |
| Office of the Provincial Secretary                                                             |   |   | 3,579      |   |         |   | 3,133      |   |   |   | 3,466 |   |
| Public Service Commission                                                                      |   |   | 37,993     |   |         |   | 37,050     |   |   |   | 36,238 |   |
| Saskatchewan Research Council                                                                  |   |   | 18,133     |   |         |   | 18,133     |   |   |   | 16,633 |   |
| Social Services                                                                                |   |   | 814,172    |   |         |   | 787,314    |   |   |   | 795,778 |   |
| Tourism, Parks, Culture and Sport                                                              |   |   | 100,703    |   |         |   | 91,715     |   |   |   | 102,289 |   |
| Legislative Assembly and its Officers                                                          |   |   |       |   |         |   |       |   |   |   |   |   |
| Chief Electoral Officer                                                                        |   |   | 14,284     |   |         |   | 16,341     |   |   |   | 2,023 |   |
| Children's Advocate                                                                            |   |   | 1,833      |   |         |   | 1,922      |   |   |   | 1,648 |   |
| Conflict of Interest Commissioner                                                              |   |   | 145        |   |         |   | 128        |   |   |   | 298 |   |
| Information and Privacy Commissioner                                                           |   |   | 1,114      |   |         |   | 1,131      |   |   |   | 964 |   |
| Legislative Assembly                                                                           |   |   | 24,225     |   |         |   | 24,186     |   |   |   | 23,081 |   |
| Ombudsman                                                                                      |   |   | 2,982      |   |         |   | 2,885      |   |   |   | 2,228 |   |
| Provincial Auditor                                                                             |   |   | 8,134      |   |         |   | 8,134      |   |   |   | 8,028 |   |
| Total Expense (schedules 12 and 13)                                                            |   |   | 10,679,266 |   |         |   | 11,065,763 |   |   |   | 10,965,340 |   |
| Pre-transfer surplus                                                                           |   |   | 115,034    |   |         |   | 54,668     |   |   |   | 95,338 |   |
| Transfer to the Growth and Financial Security Fund                                             |   |   | (57,517    | )      |         |   | (27,334    | )      |   |   | (47,669 | ) |
| Transfer from the Growth and Financial Security Fund                                           |   |   | 325,000    |   |         |   | 325,000    |   |   |   | - |   |
| Surplus                                                                                        |   |   | 382,517    |   |         |   | 352,334    |   |   |   | 47,669 |   |
|  The accompanying notes and schedules are an integral part of these financial statements. |   |   |       |   |         |   |       |   |   |
|                                                                                           |   |   |       |   |         |   |       |   |   |   |   |   |

----

----

----

| Statement of Accumulated Deficit       |   |   |     |   |   |   |     |   |   |
|----------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| For the Year Ended March 31, 2012      |   |   |     |   |   |   |     |   |   |
| (thousands of dollars)                 |   |   |     |   |   |   |     |   |   |
|                                   |   |   |     |   |   |   |     |   |   |
|                                   |   | 2012   |     |   | 2011   |   |
|                                   |   | Budget |     |   | Actual |   |     | Actual |   |
|                                   |   |   |     |   |   |   |     |   |   |
| Accumulated deficit, beginning of year |   |   | (498,759 | )      |   |   | (498,759 | )      |   |   | (546,428 | ) |
| Surplus                                |   |   | 382,517  |   |   |   | 352,334  |   |   |   | 47,669 |   |
| Accumulated Deficit, End of Year       |   |   | (116,242 | )      |   |   | (146,425 | )      |   |   | (498,759 | ) |

| Statement of Change in Net Debt                                                                      |   |   |       |   |   |   |       |   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| For the Year Ended March 31, 2012                                                                    |   |   |       |   |   |   |       |   |   |
| (thousands of dollars)                                                                               |   |   |       |   |   |   |       |   |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |
|                                                                                                 |   | 2012   |       |   | 2011   |   |
|                                                                                                 |   | Budget |       |   | Actual |   |       | Actual |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |
| Surplus                                                                                              |   |   | 382,517    |   |   |   | 352,334    |   |   |   | 47,669 |   |
| Tangible Capital Assets                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Acquisitions (schedule 9)                                                                            |   |   | (415,655   | )      |   |   | (411,951   | )      |   |   | (390,042 | ) |
| Amortization (schedule 9)                                                                            |   |   | 174,434    |   |   |   | 174,971    |   |   |   | 179,522 |   |
| Net loss (gain) on disposal                                                                          |   |   | 8,000      |   |   |   | (7,521     | )      |   |   | (7,138 | ) |
| Net transfers (from) to government organizations                                                     |   |   | -          |   |   |   | (682       | )      |   |   | 127,737 |   |
| Proceeds on disposal                                                                                 |   |   | -          |   |   |   | 14,304     |   |   |   | 19,914 |   |
| Write-downs (schedule 9)                                                                             |   |   | -          |   |   |   | 460        |   |   |   | 271 |   |
| Net Acquisition of Tangible Capital Assets                                                           |   |   | (233,221   | )      |   |   | (230,419   | )      |   |   | (69,736 | ) |
| Other Non-financial Assets                                                                           |   |   |       |   |   |   |       |   |   |   |   |   |
| Net acquisition of prepaid expenses                                                                  |   |   | -          |   |   |   | (2,354     | )      |   |   | (4,431 | ) |
| Net acquisition of inventories held for consumption                                                  |   |   | -          |   |   |   | (3,444     | )      |   |   | (11,241 | ) |
| Net Acquisition of Other Non-financial Assets                                                        |   |   | -          |   |   |   | (5,798     | )      |   |   | (15,672 | ) |
| Decrease (increase) in net debt                                                                      |   |   | 149,296    |   |   |   | 116,117    |   |   |   | (37,739 | ) |
| Net debt, beginning of year                                                                          |   |   | (3,675,993 | )      |   |   | (3,675,993 | )      |   |   | (3,638,254 | ) |
| Net Debt, End of Year                                                                                |   |   | (3,526,697 | )      |   |   | (3,559,876 | )      |   |   | (3,675,993 | ) |
|   The accompanying notes and schedules are an integral part of these financial statements. |   |   |       |   |   |

----

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| Statement of Cash Flow                                                                               |   |   |     |   |   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| For the Year Ended March 31, 2012                                                                    |   |   |     |   |   |   |
| (thousands of dollars)                                                                               |   |   |     |   |   |   |
|                                                                                                 |   |   |     |   |   |   |
|                                                                                                 |   | 2012   |     |   | 2011   |   |
|  Operating Activities                                                                           |   |   |     |   |   |   |
| Surplus                                                                                              |   |   | 352,334  |   |   |   | 47,669 |   |
| Non-cash items included in surplus (schedule 15)                                                     |   |   | 1,268    |   |   |   | 23,472 |   |
| Net change in non-cash operating activities (schedule 15)                                            |   |   | (317,145 | )      |   |   | (383,300 | ) |
| Cash Provided by (Used for) Operating Activities                                                     |   |   | 36,457   |   |   |   | (312,159 | ) |
| Capital Activities                                                                                   |   |   |     |   |   |   |   |   |
| Acquisition of tangible capital assets (schedule 9)                                                  |   |   | (411,951 | )      |   |   | (390,042 | ) |
| Proceeds on disposal of tangible capital assets                                                      |   |   | 14,304   |   |   |   | 19,914 |   |
| Cash Used for Capital Activities                                                                     |   |   | (397,647 | )      |   |   | (370,128 | ) |
| Investing Activities                                                                                 |   |   |     |   |   |   |   |   |
| Loan advances                                                                                        |   |   | (97,649  | )      |   |   | (197,319 | ) |
| Loan repayments                                                                                      |   |   | 141,209  |   |   |   | 408,767 |   |
| Sinking funds                                                                                        |   |   |     |   |   |   |   |   |
|   Contributions for general debt                                                           |   |   | (52,546  | )      |   |   | (60,045 | ) |
|   Contributions received for Crown corporation general debt                                |   |   | 5,828    |   |   |   | 5,436 |   |
|   Redemptions for general debt                                                             |   |   | 96,992   |   |   |   | 502,972 |   |
| Equity investment in Crown Investments Corporation of Saskatchewan                                   |   |   | -        |   |   |   | 120,000 |   |
| Cash Provided by Investing Activities(schedule 15)                                                   |   |   | 93,834   |   |   |   | 779,811 |   |
| Financing Activities                                                                                 |   |   |     |   |   |   |   |   |
| Proceeds from general debt                                                                           |   |   | 80,200   |   |   |   | 182,719 |   |
| Repayment of general debt                                                                            |   |   | (335,536 | )      |   |   | (688,308 | ) |
| Increase in deposits held                                                                            |   |   | 306,209  |   |   |   | 7,550 |   |
| Cash Provided by (Used for) Financing Activities                                                     |   |   | 50,873   |   |   |   | (498,039 | ) |
| Decrease in cash and temporary investments                                                           |   |   | (216,483 | )      |   |   | (400,515 | ) |
| Cash and temporary investments, beginning of year                                                    |   |   | 457,912  |   |   |   | 858,427 |   |
| Cash and Temporary Investments, End of Year                                                          |   |   | 241,429  |   |   |   | 457,912 |   |
|   The accompanying notes and schedules are an integral part of these financial statements. |   |   |     |   |   |

----

----

----

| • | transfers to and from the Growth and Financial Security Fund are included in the determination of surplus for the year; and |
|---------|-----------------------------------------------------------------------------------------------------------------------------|

| • | pension liabilities and a disability benefit liability are not recorded in the financial statements.  The General Revenue Fund accounts for defined benefit pension plans and a disability benefit plan on a cash basis. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| • | government general debt, which is debt issued by the General Revenue Fund to fund government spending; |
|---------|-------------------------------------------------------------------------------------------------------------|

| • | Crown corporation general debt, which is debt issued by the General Revenue Fund and subsequently loaned to a Crown corporation; and |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|

| • | government business enterprise specific debt, which is debt issued by the General Revenue Fund specifically on behalf of government business enterprises, where the government expects to realize the receivables from the government business enterprises and settle the external debt simultaneously.  Government business enterprises for which the government issues debt specifically are listed in schedule 6. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

| •   | in corporate and individual income tax revenue of $2,691.2 million (2011 - $2,951.1 million) because final tax assessments may differ from initial estimates on which cash payments are based; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in oil and natural gas non-renewable resource revenue of $1,546.2 million (2011 - $1,303.8 million) because of price and production sensitivities in the royalty revenue structures; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in resource surcharge non-renewable resource revenue of $452.8 million (2011 - $360.8 million) because the final valuation of resource sales may differ from initial estimates on which installments are based; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in potash non-renewable resource revenue of $438.4 million (2011 - $262.5 million) because actual operating profits may differ from initial estimates; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in the Canada Health Transfer and Canada Social Transfer revenue of $1,199.2 million (2011 - $1,138.0 million) because of changes in the economic and demographic conditions in the Province and the country; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in agricultural income stability programs expense of $83.4 million (2011 - $141.2 million) because actual program uptake may differ from initial estimates which are based on farm income forecasts; and |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in the disclosure of liabilities for defined benefit pension plans of $6,114.4 million (2011 - $6,004.6 million) because actual experience may differ from actuarial estimations and assumptions. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| •   | debentures totalling 1,225.0 million U.S. dollars (2011 - 1,225.0 million) fully hedged to $1,619.3 million Canadian (2011 - $1,619.3 million); |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | debentures totalling 300.0 million Swiss francs (2011 - 300.0 million) fully hedged to $274.7 million Canadian (2011 - $274.7 million); and |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| •   | interest payments on debentures of 275.0 million U.S. dollars (2011 - 275.0 million) hedged to Canadian dollars at an exchange rate of 1.2325 (2011 - 1.2325). |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

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|                                                                 |   |       |   |   |         |   |
|----------------------------------------------------------------------|--------|------------|--------|--------|--------------|--------|
|                                                            |   | 2012       |   |   | 2011         |   |
|                                                                 |   | TSP        |   |   | PSSP         |   |   | Others |   |   | Total |   |   | Total |   |
|                                                                 |   |       |   |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |       |   |   |         |   |   |   |   |   |   |   |   |   |   |
| Plan status                                                          |   | closed     |   |   |  closed |   |   | closed | 1 |   |   |  n/a  |   |   |  n/a |
| Member contribution rate(percentage of salary)                       |   |       | 7.85   |   |         |   | 7.00-9.00 | 2 |   |   | 5.00-9.00 | 2 |   |   | n/a |   |   |   | n/a |   |
| Number of active members                                             |   |       | 1,211  |   |         |   | 447 |   |   |   | 54 |   |   |   | 1,712 |   |   |   | 2,177 |   |
| Average age of active members(years)                                 |   |       | 58.0   |   |         |   | 58.0 |   |   |   | 58.4 |   |   |   | 58.0 |   |   |   | 56.6 |   |
| Number of former members entitled to deferred                        |   |       |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |
|     pension benefits                             |   |       | 4,410  |   |         |   | 88 |   |   |   | 9 |   |   |   | 4,507 |   |   |   | 4,687 |   |
| Number of superannuates and surviving spouses                        |   |       | 11,407 |   |         |   | 5,718 |   |   |   | 2,259 |   |   |   | 19,384 |   |   |   | 19,227 |   |
| Actuarial valuation date                                             |   | June 30/11 |   |   | Dec. 31/11   |   |   | Various |   |   |   | n/a |   |   |   | n/a |   |
| Long-term assumptions used                                           |   |       |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Rate of compensation increase (percentage)              |   |       | 3.50   |   |         |   | 3.50 |   |   |   | 3.50 |   |   |   | n/a |   |   |   | n/a |   |
|    Expected rate of return on plan assets (percentage)     |   |       | 5.00   |   |         |   | n/a |   |   |   | 5.50-5.85 |   |   |   | n/a |   |   |   | n/a |   |
|    Discount rate(percentage)                               |   |       | 3.50   |   |         |   | 3.60 |   |   |   | 3.30-4.00 |   |   |   | n/a |   |   |   | n/a |   |
|    Inflation rate(percentage)                              |   |       | 2.50   |   |         |   | 2.50 |   |   |   | 2.50 |   |   |   | n/a |   |   |   | n/a |   |
|    Expected average remaining service life (years)         |   |       | 3.5    |   |         |   | 0.3 |   |   |   | 0.9-7.1 |   |   |   | n/a |   |   |   | n/a |   |
|    Post-retirement index (percentage of annual increase in |   |       |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Consumer Price Index)                |   |       | 80     |   |         |   | 70 |   |   |   | 70-75 |   |   |   | n/a |   |   |   | n/a |   |

| 1 | Judges is open to new membership; all other plans are closed.  |
|---|---------------------------------------------------------------------|

| 2 | Contribution rate varies based on age upon joining the plan. |
|---|--------------------------------------------------------------|

----

|                                    |   |   |      |   |   |   |      |   |   |   |        |   |   |        |       |
|-----------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-------------|--------|--------|-------------|------------|
| (thousands of dollars)                  |   | 2012   |      |   | 2011   |   |
|                                    |   | TSP    | 1         |   | PSSP   |   |      | Others |   |   |  Total |   |   |  Total |       |
|                                    |   |   |      |   |   |   |      |   |   |   |        |   |   |        |       |
| Accrued benefit obligation,             |   |   |      |   |   |   |      |   |   |   |        |   |   |        |       |
|     beginning of year    |   |   | 5,118,905 |   |   |   | 1,910,768 |   |   |   | 331,728     |   |   |        | 7,361,401  |   |   |   | 7,373,859 |   |
| Current period benefit cost             |   |   | 28,818    |   |   |   | 5,002     |   |   |   | 5,435       |   |   |        | 39,255     |   |   |   | 49,179 |   |
| Interest cost                           |   |   | 241,003   |   |   |   | 87,047    |   |   |   | 14,968      |   |   |        | 343,018    |   |   |   | 361,062 |   |
| Actuarial losses                        |   |   | 741,338   |   |   |   | 209,136   |   |   |   | 43,804      |   |   |        | 994,278    |   |   |   | 44,766 |   |
| Benefit payments                        |   |   | (333,480  | )      |   |   | (126,456  | )      |   |   | (22,764     | )      |   |        | (482,700   | ) |   |   | (467,465 | ) |
| Accrued Benefit Obligation, End of Year |   |   | 5,796,584 |   |   |   | 2,085,497 |   |   |   | 373,171     |   |   |        | 8,255,252  |   |   |   | 7,361,401 |   |
| Plan assets, beginning of year          |   |   | 1,018,566 |   |   |   | -         |   |   |   | 198,814     |   |   |        | 1,217,380  |   |   |   | 1,369,418 |   |
| Employer contributions                  |   |   | 142,367   |   |   |   | 125,311   |   |   |   | 6,151       |   |   |        | 273,829    |   |   |   | 214,467 |   |
| Employee contributions                  |   |   | 6,692     |   |   |   | 1,145     |   |   |   | 550         |   |   |        | 8,387      |   |   |   | 11,508 |   |
| Return on plan assets                   |   |   | 56,789    |   |   |   | -         |   |   |   | 24,279      |   |   |        | 81,068     |   |   |   | 83,238 |   |
| Actuarial (losses) gains                |   |   | (139,770  | )      |   |   | -         |   |   |   | 9,470       |   |   |        | (130,300   | ) |   |   | 6,214 |   |
| Benefit payments                        |   |   | (333,480  | )      |   |   | (126,456  | )      |   |   | (22,764     | )      |   |        | (482,700   | ) |   |   | (467,465 | ) |
| Plan Assets, End of Year 2              |   |   | 751,164   |   |   |   | -         |   |   |   | 216,500     |   |   |        | 967,664    |   |   |   | 1,217,380 |   |
|                                    |   |   | 5,045,420 |   |   |   | 2,085,497 |   |   |   | 156,671     |   |   |        | 7,287,588  |   |   |   | 6,144,021 |   |
| Unamortized estimation adjustments3     |   |   | (930,097  | )      |   |   | (220,437  | )      |   |   | (22,609     | )      |   |        | (1,173,143 | ) |   |   | (139,462 | ) |
| Total Pension Liabilities4              |   |   | 4,115,323 |   |   |   | 1,865,060 |   |   |   | 134,062     |   |   |        | 6,114,445  |   |   |   | 6,004,559 |   |

| 1 | The TSP had an actual rate of return on plan assets of 1.7 per cent (2011 - 10.8 per cent). |
|---|---------------------------------------------------------------------------------------------|

| 2 | At March 31, 2012, the market value of plan investments was $962.3 million (2011 - $1,114.3 million).  Of this amount 44.6 per cent (2011 - 42.7 per cent) was invested in fixed income securities and 42.1 per cent (2011 - 44.9 per cent) in equity investments. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Unamortized estimation adjustments are amortized against the net obligation over periods ranging from 3.5 to 4.0 years for the TSP, from 0.3 to 1.5 years for the PSSP and from 0.9 to 10 years for the other plans. These represent the expected average remaining service life of active plan members at the time the estimation adjustments arose. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Changes in assumptions can result in significantly higher or lower estimates of pension liabilities.  A one percentage point decrease in the discount rate would result in a $697.5 million and $258.0 million increase in the pension liabilities for the TSP and the PSSP respectively, and a one percentage point increase would result in a $571.7 million and $213.1 million decrease in the pension liabilities for the TSP and the PSSP respectively. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                          |   |   |   2012 |      |   | 2011       |   |
|--------------------------------------------------------------------|--------|--------|------------------|-----------|--------|------------|--------|
|                                                               |   |   | PEPP             |      |   | STRP¹ |   |   | Total |   |   | Total |   |
|                                                               |   |   |             |      |   |       |   |   |   |   |   |   |   |
| Plan status                                                        |   |   | open             |      |   |       | n/a    |   |   |   | n/a |   |   |   | n/a |   |
| Member contribution rate (percentage of salary)                    |   |   |             | 5.00-9.00 | 2      |       |   | n/a |   |   |   | n/a |   |   |   | n/a |   |
| Government contribution rate (percentage of salary)                |   |   |             | 6.00-9.00 | 2      |       |   | n/a |   |   |   | n/a |   |   |   | n/a |   |
| Number of active members, all employers                            |   |   |             | 25,454    |   |       |   | n/a |   |   |   | 25,454 |   |   |   | 25,382 |   |
| General Revenue Fund participation                                 |   |   |             |      |   |       |   |   |   |   |   |   |   |   |   |   |   |
|     Number of active members                        |   |   |             | 11,854    |   |       |   | n/a |   |   |   | 11,854 |   |   |   | 11,956 |   |
|     Member contributions (thousands of dollars)     |   |   |             | 54,776    |   |       |   | n/a |   |   |   | 54,776 |   |   |   | 52,784 |   |
|     Government contributions (thousands of dollars) |   |   |             | 57,503    |   |       |   | 67,483 |   |   |   | 124,986 |   |   |   | 118,038 |   |

| 1 | The STRP is a contributory defined benefit pension plan.  The Government contributes an amount which is set through provincial negotiations. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Contribution rate varies based on employee group. |
|---|---------------------------------------------------|

----

| (thousands of dollars)     |   |   |  2012 |    |   | 2011   |   |
|----------------------------|--------|--------|------------|---------|--------|--------|--------|
|                       |   |   |       |    |   |   |   |
|                       |   |   |       |    |   |   |   |
| Defined benefit plans      |   |   |       | 273,829 |   |   |   | 214,467 |   |
| Defined contribution plans |   |   |       | 124,986 |   |   |   | 118,038 |   |
| Total Pension Expense      |   |   |       | 398,815 |   |   |   | 332,505 |   |

----

----

----

| (thousands of dollars)        |   | Operating                                                                                   |   | Capital                                                 |
|-------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| Future minimum lease payments |   |                                                                                        |   |                                                              |
| 2012-13                       |   |       43,753                                                  |   |         5,749   |
| 2013-14                       |   |       38,486                                                  |   |         3,764   |
| 2014-15                       |   |       32,593                                                  |   |         3,268   |
| 2015-16                       |   |       24,154                                                  |   |         2,956   |
| 2016-17                       |   |       17,589                                                  |   |         2,510   |
| Thereafter                    |   |       70,035                                                  |   |       31,681              |
|                          |   |     226,610                                                             |   |       49,928              |
| Interest and executory costs  |   |                - |   |      (27,705)                       |
| Total Lease Obligations       |   |     226,610                                                             |   |       22,223              |

| •   | contracts for the construction and acquisition of tangible capital assets of $401.3 million over the next four years; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------|

| •   | computer and satellite service agreements of $122.6 million over the next six years; |
|---------------------|--------------------------------------------------------------------------------------|

| •   | research and development projects for agriculture technology and opportunities in the agri-food industry of $27.7 million over the next five years; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | beverage container collection and recycling programs of $87.8 million over the next four years; and |
|---------------------|-----------------------------------------------------------------------------------------------------|

| •   | rural municipality and school division tax loss compensation of approximately $12.6 million as land achieves reserve status over the course of the agreements. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | payments to Saskatchewan Telecommunications Holding Corporation of approximately $24.8 million (2011 - $23.8 million); |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| •   | payments to Saskatchewan Research Council of approximately $32.7 million (2011 - $11.5 million) for environmental remediation costs; and |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| •   | taxation and non-renewable resource revenue received from related parties during 2011-12 of approximately $113.8 million (2010-11 - $105.2 million).  In addition, Saskatchewan Provincial Sales Tax and Fuel Tax are received from related parties on all taxable purchases. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (thousands of dollars)                      |   | 2012                                       |   | 2011      |
|---------------------------------------------|--------|--------------------------------------------|--------|-----------|
|                                        |   |                                       |   |      |
|                                        |   |                                       |   |      |
| Pension plans                               |   |  7,809,106                            |   | 7,788,957 |
| Public Guardian and Trustee of Saskatchewan |   |     163,730            |   | 158,830   |
| Other                                       |   |       81,900 |   | 65,468    |
| Total Trust Fund Assets1                    |   |  8,054,736                            |   | 8,013,255 |

| 1 | Amounts are based on the latest financial statements of the funds closest to March 31, 2012, where available. |
|---|---------------------------------------------------------------------------------------------------------------|

----

----

----

----

| (thousands of dollars)                  |   | Budget          |   | Actual    |
|-----------------------------------------|--------|-----------------|--------|--------------------------|
|                                    |   |            |   |                     |
| Debt Retirement Fund, beginning of year |   |  2,861,032 |   |  2,861,032          |
| Surplus for the year                    |   | 382,517         |   | 352,334                  |
| Debt Retirement Fund, End of Year       |   | 3,243,549       |   | 3,213,366                |

----

----

----

| Accounts Receivable                   |   |   |   |   |   |   |   |   |      |   | Schedule 1 |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|-----------|--------|------------|--------|
| As at March 31, 2012                  |   |   |   |   |   |   |   |   |      |   |       |   |
| (thousands of dollars)                |   |   |   |   |   |   |   |   |      |   |       |   |
|                                  |   |   |   |   |   |   |   |   |      |   |       |   |
|                                  |   |   |   |   |   |   |   | 2012   |      |   | 2011       |   |
|                             |   |   |   |   |   |   |   |   |      |   |       |   |
| Taxation                              |   |   |   |   |   |   |   |   | 228,751   |   |       |   | 198,145 |   |
| Non-renewable resources               |   |   |   |   |   |   |   |   | 225,156   |   |       |   | 210,545 |   |
| Transfers from government entities    |   |   |   |   |   |   |   |   | 113,556   |   |       |   | 124,855 |   |
| Other own-source revenue              |   |   |   |   |   |   |   |   | 106,447   |   |       |   | 117,124 |   |
| Transfers from the federal government |   |   |   |   |   |   |   |   | 369,064   |   |       |   | 214,454 |   |
| Other                                 |   |   |   |   |   |   |   |   | 57,161    |   |       |   | 53,626 |   |
|                                  |   |   |   |   |   |   |   |   | 1,100,135 |   |       |   | 918,749 |   |
| Provision for loss                    |   |   |   |   |   |   |   |   | (55,248   | )      |       |   | (60,883 | ) |
| Total Accounts Receivable1            |   |   |   |   |   |   |   |   | 1,044,887 |   |       |   | 857,866 |   |

| 1 | Includes $136.1 million due from related parties (2011 - $149.3 million). |
|---|---------------------------------------------------------------------------|

| Loans to Crown Corporations                         |   |        |    |   |         |   |    |   |    |   |    | Schedule 2 |    |
|-----------------------------------------------------|--------|-------------|---------|--------|--------------|--------|---------|--------|---------|--------|---------|------------|---------|
| As at March 31, 2012                                |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
| (thousands of dollars)                              |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
|                                           |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
|                                                |   |        |    |   |         |   |    |   | 2012    |   |    |       | 2011    |   |
|                                                |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
| Promissory Notes                                    |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
| Information Services Corporation of Saskatchewan    |   |        |    |   |         |   |    |   | 9,935   |   |    |       | -       |   |
| Municipal Financing Corporation of Saskatchewan     |   |        |    |   |         |   |    |   | 14,842  |   |    |       | 6,249   |   |
| Saskatchewan Telecommunications Holding Corporation |   |        |    |   |         |   | 14,200  |   |    |   | -       |       |
| Saskatchewan Water Corporation                      |   |        |    |   |         |   |    |   | 18,961  |   |    |       | 15,112  |   |
| SaskEnergy Incorporated                             |   |        |    |   |         |   |    |   | 140,000 |   |    |       | 210,000 |   |
| Total Promissory Notes                              |   |        |    |   |         |   |    |   | 197,938 |   |    |       | 231,361 |   |
|                                                |   |        |    |   |         |   |    |   |    |   |    |       |    |   |
|                                                |   | Principal   |    |   | Sinking      |   |    |   |    |   |    |       |    |   |
|                                                |   | Outstanding |    |   | Fund Equity  |   |    |   |    |   |    |       |    |   |
| Long-term Loans                                     |   |        |    |   | (schedule 7) |   |    |   |    |   |    |       |    |   |
| Information Services Corporation of Saskatchewan    |   |        | -       |   |         |   | -       |   |    |   | -       |       |    |   | 13,547 |   |
| Saskatchewan Housing Corporation                    |   |        | 52,004  |   |         |   | (24,766 | )      |    |   | 27,238  |       |    |   | 29,762 |   |
| Saskatchewan Opportunities Corporation              |   |        | 36,684  |   |         |   | (955    | )      |    |   | 35,729  |       |    |   | 36,170 |   |
| Saskatchewan Power Corporation                      |   |        | 100,000 |   |         |   | (3,453  | )      |    |   | 96,547  |       |    |   | 97,823 |   |
| Saskatchewan Water Corporation                      |   |        | 43,700  |   |         |   | (8,594  | )      |    |   | 35,106  |       |    |   | 34,039 |   |
| SaskEnergy Incorporated                             |   |        | 170,000 |   |         |   | (5,791  | )      |    |   | 164,209 |       |    |   | 166,342 |   |
| Total Long-term Loans                               |   |        | 402,388 |   |         |   | (43,559 | )      |    |   | 358,829 |       |    |   | 377,683 |   |
| Total Loans to Crown Corporations1                  |   |        |    |   |         |   |    |   |    |   | 556,767 |       |    |   | 609,044 |   |

| 1 | Loans to Crown corporations are presented net of government business enterprise specific debt of $3,905.4 million (2011 - $3,373.8 million) (schedule 6). |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Other Loans                                          |   |   |   |   |   |   |   |   |   |   | Schedule 3 |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
| As at March 31, 2012                                 |   |   |   |   |   |   |   |   |   |   |       |   |
| (thousands of dollars)                               |   |   |   |   |   |   |   |   |   |   |       |   |
|                                            |   |   |   |   |   |   |   |   |   |   |       |   |
|                                                 |   | 2012   |   |   | 2011   |   |
|  Advanced Education, Employment and Immigration |   |   |   |   |   |   |   |   |   |   |
| Saskatchewan Student Aid Fund                        |   |   |   |   |   | 80,504 |   |   |   |   |       |   | 79,004 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |       |   |   |   |
| Agriculture                                          |   |   |   |   |   |   |   |   |   |   |       |   |   |   |
| Short-term hog loans                                 |   |   | 3,289  |   |   |   |   |   |   |   | 8,722      |   |   |   |   |   |
|    Provision for loss                 |   |   | (1,181 | )      |   |   | 2,108  |   |   |   | (6,500     | )      |   |   | 2,222 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |
| Enterprise and Innovation Programs                   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |
| Economic development loans                           |   |   | 7,450  |   |   |   |   |   |   |   | 8,521      |   |   |   |   |   |
|    Provision for loss                 |   |   | (2,037 | )      |   |   | 5,413  |   |   |   | (2,278     | )      |   |   | 6,243 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |
| First Nations and Métis Relations               |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |
| Economic development loans                           |   |   | 1,760  |   |   |   |   |   |   |   | 2,540      |   |   |   |   |   |
|    Provision for loss                 |   |   | (930   | )      |   |   | 830    |   |   |   | (1,938     | )      |   |   | 602 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |
| Other                                                |   |   |   |   |   |   | 3,276  |   |   |   |       |   |   |   | 3,094 |   |
| Total Other Loans                                    |   |   |   |   |   |   | 92,131 |   |   |   |       |   |   |   | 91,165 |   |

----

----

----

| Accounts Payable and Accrued Liabilities                                    |   |   |      |   | Schedule 4 |   |
|-----------------------------------------------------------------------------|--------|--------|-----------|--------|------------|--------|
| As at March 31, 2012                                                        |   |   |      |   |       |   |
| (thousands of dollars)                                                      |   |   |      |   |       |   |
|                                                                        |   |   |      |   |       |   |
|                                                                        |   | 2012   |      |   | 2011       |   |
|                                                                        |   |   |      |   |       |   |
|                                                                        |   |   |      |   |       |   |
| Salaries and benefits                                                       |   |   | 72,159    |   |       |   | 80,356 |   |
| Transfers                                                                   |   |   |      |   |       |   |   |   |
|    Capital                                                        |   |   | 150,757   |   |       |   | 252,314 |   |
|    Operating                                                      |   |   | 335,418   |   |       |   | 391,253 |   |
| Goods and services                                                          |   |   | 150,569   |   |       |   | 107,624 |   |
| Accrued interest                                                            |   |   | 104,495   |   |       |   | 107,236 |   |
| Equalization and Canada Health and Social Transfer repayable to the federal |   |   |      |   |       |   |   |   |
|    government                                                     |   |   | 227,530   |   |       |   | 251,191 |   |
| Transfers to the federal government                                         |   |   | 144,277   |   |       |   | 119,083 |   |
| Tangible capital assets                                                     |   |   | 96,527    |   |       |   | 81,205 |   |
| Other                                                                       |   |   | 94,980    |   |       |   | 123,239 |   |
| Total Accounts Payable and Accrued Liabilities1                             |   |   | 1,376,712 |   |       |   | 1,513,501 |   |

| 1 | Includes $251.5 million payable to related parties (2011 - $399.6 million) and $412.8 million payable to the federal government (2011 - $376.2 million). |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Deposits Held                                                  |   |   |    |   | Schedule 5 |   |
|----------------------------------------------------------------|--------|--------|---------|--------|------------|--------|
| As at March 31, 2012                                           |   |   |    |   |       |   |
| (thousands of dollars)                                         |   |   |    |   |       |   |
|                                                           |   |   |    |   |       |   |
|                                                           |   | 2012   |    |   | 2011       |   |
|                                                           |   |   |    |   |       |   |
| Deposits held on behalf of government entities and others      |   |   |    |   |       |   |
| Crop Reinsurance Fund of Saskatchewan                          |   |   | 81,768  |   |       |   | 56,983 |   |
| eHealth Saskatchewan                                           |   |   | 23,197  |   |       |   | 28,650 |   |
| Enterprise Saskatchewan                                        |   |   | 18,341  |   |       |   | 21,748 |   |
| Extended Health Care Plans                                     |   |   | 19,531  |   |       |   | 16,999 |   |
| Innovation Saskatchewan                                        |   |   | 7,387   |   |       |   | 9,086 |   |
| Liquor and Gaming Authority                                    |   |   | 40,020  |   |       |   | 44,363 |   |
| Oil and Gas Orphan Fund                                        |   |   | 9,101   |   |       |   | 6,809 |   |
| Public Employees' Dental Plan                                  |   |   | 32,606  |   |       |   | 31,107 |   |
| Public Employees' Pension Plan                                 |   |   | 9,498   |   |       |   | 6,327 |   |
| Public Guardian and Trustee of Saskatchewan                    |   |   | 7,043   |   |       |   | 4,061 |   |
| Queen's Bench Court Accounts                                   |   |   | 10,290  |   |       |   | 10,060 |   |
| Saskatchewan Agricultural Stabilization Fund                   |   |   | 14,897  |   |       |   | 14,431 |   |
| Saskatchewan Apprenticeship and Trade Certification Commission |   |   | 5,253   |   |       |   | 4,854 |   |
| Saskatchewan Crop Insurance Corporation                        |   |   | 322,248 |   |       |   | 40,705 |   |
| Saskatchewan Grain Car Corporation                             |   |   | 6,004   |   |       |   | 5,001 |   |
| Saskatchewan Financial Services Commission Fund                |   |   | 14,338  |   |       |   | 12,922 |   |
| Saskatchewan Student Aid Fund                                  |   |   | 16,138  |   |       |   | 14,073 |   |
| School Division Tax Loss Compensation Fund                     |   |   | 7,274   |   |       |   | 7,086 |   |
| Transportation Partnerships Fund                               |   |   | 6,912   |   |       |   | 8,771 |   |
| Victims' Fund                                                  |   |   | 8,298   |   |       |   | 7,022 |   |
| Other                                                          |   |   | 25,968  |   |       |   | 27,821 |   |
| Conditional receipts                                           |   |   | 23,769  |   |       |   | 24,793 |   |
| Total Deposits Held                                            |   |   | 709,881 |   |       |   | 403,672 |   |

----

----

----

| Public Debt                            |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   | Schedule 6 |   |
|----------------------------------------|--------|---------|-----------|--------|------------|--------|-----------|--------|--------|--------|-----------|--------|--------|------------|-----------|--------|------------|--------|
| As at March 31, 2012                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
| (thousands of dollars)                 |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
|                                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
|                                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
|                                   |   | 2012    |      |   | 2011       |   |
|                                   |   |    |      |   | Government |   |      |   |   |   |      |   |   | Government |      |   |       |   |
|                                   |   |    |      |   | Business   |   |      |   |   |   |      |   |   | Business   |      |   |       |   |
|                                   |   |    |      |   | Enterprise |   |      |   |   |   |      |   |   | Enterprise |      |   |       |   |
|                                   |   | General |      |   | Specific   |   |      | Public |   |   | General   |   |   | Specific   |      |   | Public     |   |
|                                   |   | Debt1   |      |   | Debt1      |   |      | Debt   |   |   | Debt1     |   |   | Debt1      |      |   | Debt       |   |
|                                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
|                                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |
| Government                             |   |    | 3,807,590 |   |       |   | -         |   |   |   | 3,807,590 |   |   |       | 4,135,226 |   |       |   | - |   |   |   | 4,135,226 |   |
|                                   |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |   |   |   |   |   |   |
| Crown Corporation                      |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |   |   |   |   |   |   |
| Information Services Corporation of    |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |   |   |   |
|    Saskatchewan              |   |    | 9,935     |   |       |   | -         |   |   |   | 9,935     |   |   |       | 13,547    |   |       |   | - |   |   |   | 13,547 |   |
| Municipal Financing Corporation of     |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |   |   |   |   |   |   |
|    Saskatchewan              |   |    | 14,842    |   |       |   | 120,807   |   |   |   | 135,649   |   |   |       | 6,249     |   |       |   | 97,330 |   |   |   | 103,579 |   |
| Saskatchewan Gaming Corporation        |   |    | -         |   |       |   | 6,000     |   |   |   | 6,000     |   |   |       | -         |   |       |   | 6,000 |   |   |   | 6,000 |   |
| Saskatchewan Housing Corporation       |   |    | 27,238    |   |       |   | -         |   |   |   | 27,238    |   |   |       | 29,762    |   |       |   | - |   |   |   | 29,762 |   |
| Saskatchewan Opportunities Corporation |   |    | 35,729    |   |       |   | -         |   |   |   | 35,729    |   |   |       | 36,170    |   |       |   | - |   |   |   | 36,170 |   |
| Saskatchewan Power Corporation         |   |    | 96,547    |   |       |   | 2,646,587 |   |   |   | 2,743,134 |   |   |       | 97,823    |   |       |   | 2,415,601 |   |   |   | 2,513,424 |   |
| Saskatchewan Telecommunications        |   |    |      |   |       |   |      |   |   |   |      |   |   |       |      |   |       |   |   |   |   |
|    Holding Corporation       |   |    | 14,200    |   |       |   | 507,827   |   |   |   | 522,027   |   |   |       | -         |   |       |   | 369,928 |   |   |   | 369,928 |   |
| Saskatchewan Water Corporation         |   |    | 54,067    |   |       |   | -         |   |   |   | 54,067    |   |   |       | 49,151    |   |       |   | - |   |   |   | 49,151 |   |
| SaskEnergy Incorporated                |   |    | 304,209   |   |       |   | 624,171   |   |   |   | 928,380   |   |   |       | 376,342   |   |       |   | 484,933 |   |   |   | 861,275 |   |
| Total Crown Corporation ²         |   |    | 556,767   |   |       |   | 3,905,392 |   |   |   | 4,462,159 |   |   |       | 609,044   |   |       |   | 3,373,792 |   |   |   | 3,982,836 |   |
| Public Debt 34                         |   |    | 4,364,357 |   |       |   | 3,905,392 |   |   |   | 8,269,749 |   |   |       | 4,744,270 |   |       |   | 3,373,792 |   |   |   | 8,118,062 |   |

| 1 | General debt and government business enterprise specific debt are net of sinking funds. |
|---|-----------------------------------------------------------------------------------------|

| 2 | On the Statement of Financial Position, public debt is presented net of loans to Crown corporations for government business enterprise specific debt of $3,905.4 million (2011 - $3,373.8 million). |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Public debt repayable in U.S. dollars of 23.9 million (2011 - 38.3 million) has been restated to Canadian dollars at the exchange rate in effect at March 31, 2012 of 0.9991 (2011 - 0.9718). |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Public debt is comprised of gross debt net of sinking funds as follows: |
|--------|-------------------------------------------------------------------------|

|   |                                                |   |   | 2012   |       |
|--------|-----------------------------------------------------|--------|--------|--------|------------|
|   |                                                |   |   | Gross  |       |   | Sinking |   |   | Public |   |
|   |                                                |   |   | Debt a |       |   | Funds |   |   | Debt |   |
|   |                                                |   |   |   |       |   | (schedule 7) |   |   |   |   |
|   |                                                |   |   |   |       |   |   |   |   |   |   |
|   | Government                                          |   |   |   | 5,906,884  |   |   |   | (2,099,294 | ) |   |   | 3,807,590 |   |
|   | Crown Corporation                                   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|   | Information Services Corporation of Saskatchewan    |   |   |   | 9,935      |   |   |   | - |   |   |   | 9,935 |   |
|   | Municipal Financing Corporation of Saskatchewan     |   |   |   | 137,746    |   |   |   | (2,097 | ) |   |   | 135,649 |   |
|   | Saskatchewan Gaming Corporation                     |   |   |   | 6,000      |   |   |   | - |   |   |   | 6,000 |   |
|   | Saskatchewan Housing Corporation                    |   |   |   | 52,004     |   |   |   | (24,766 | ) |   |   | 27,238 |   |
|   | Saskatchewan Opportunities Corporation              |   |   |   | 36,684     |   |   |   | (955 | ) |   |   | 35,729 |   |
|   | Saskatchewan Power Corporation                      |   |   |   | 3,096,922  |   |   |   | (353,788 | ) |   |   | 2,743,134 |   |
|   | Saskatchewan Telecommunications Holding Corporation |   |   |   | 600,800    |   |   |   | (78,773 | ) |   |   | 522,027 |   |
|   | Saskatchewan Water Corporation                      |   |   |   | 62,661     |   |   |   | (8,594 | ) |   |   | 54,067 |   |
|   | SaskEnergy Incorporated                             |   |   |   | 1,001,183  |   |   |   | (72,803 | ) |   |   | 928,380 |   |
|   | Total Crown Corporation                             |   |   |   | 5,003,935  |   |   |   | (541,776 | ) |   |   | 4,462,159 |   |
|   | Public Debt                                         |   |   |   | 10,910,819 |   |   |   | (2,641,070 | ) |   |   | 8,269,749 |   |

|   | a | The average effective interest rate on gross debt during 2011-12 was 6.2 per cent (2010-11 - 6.3 per cent), and includes the impact of foreign exchange and the amortization of any premiums and discounts associated with the debentures.  The average term to maturity of gross debt is 11.6 years (2011 - 11.6 years). |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Public Debt (continued) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Schedule 6 |   |
|-------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|

|  4 | Debt principal payment requirements in each of the next five years and thereafter are as follows: |   |
|---------|---------------------------------------------------------------------------------------------------|--------|
|    |                                                                                              |   |   |   |   |   |   |   | 2012 |   |   |   | 2011 |   |
|    |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    | Year of Maturity                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    | Short-term promissory notes                                                                       |   |   |   |   |   |   |   | 692,657 |   |   |   | 586,293 |   |
|    | 2011-12                                                                                           |   |   |   |   |   |   |   | - |   |   |   | 259,014 |   |
|    | 2012-13                                                                                           |   |   |   |   |   |   |   | 1,157,076 |   |   |   | 1,159,159 |   |
|    | 2013-14                                                                                           |   |   |   |   |   |   |   | 789,647 |   |   |   | 788,564 |   |
|    | 2014-15                                                                                           |   |   |   |   |   |   |   | 946,427 |   |   |   | 946,684 |   |
|    | 2015-16                                                                                           |   |   |   |   |   |   |   | 491,870 |   |   |   | 491,870 |   |
|    | 2016-17                                                                                           |   |   |   |   |   |   |   | 390,601 |   |   |   | - |   |
|    | 6-10 years                                                                                        |   |   |   |   |   |   |   | 1,628,230 |   |   |   | 1,735,518 |   |
|    | Thereafter                                                                                        |   |   |   |   |   |   |   | 4,814,311 |   |   |   | 4,582,781 |   |
|    | Gross debt a                                                                                      |   |   |   |   |   |   |   | 10,910,819 |   |   |   | 10,549,883 |   |
|    | Sinking funds                                                                                     |   |   |   |   |   |   |   | (2,641,070 | ) |   |   | (2,431,821 | ) |
|    | Public Debt                                                                                       |   |   |   |   |   |   |   | 8,269,749 |   |   |   | 8,118,062 |   |

|   | a | Gross debt includes Canada Pension Plan debentures of $745.1 million (2011 - $745.1 million).  These debentures are callable in whole or in part before maturity at the option of the Minister of Finance of Saskatchewan. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Sinking Funds                                   |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   | Schedule 7 |   |
|-------------------------------------------------|--------|---------|-----------|--------|----------------|--------|--------|-----------|--------|--------|--------------|--------|--------|------------|---------|--------|------------|--------|
| As at March 31, 2012                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
| (thousands of dollars)                          |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
|                                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
|                                       |   | 2011    |      |   | 2012           |   |
|                                            |   | Sinking |      |   |           |   |   |      |   |   |         |   |   | Currency   |    |   | Sinking    |   |
|                                            |   | Funds   |      |   | Contributions1 |   |   | Earnings2 |   |   | Redemptions3 |   |   | Adjustment |    |   | Funds      |   |
|                                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
| Government                                      |   |    | 1,976,416 |   |           |   | 46,718 |      |   |   | 166,510      |   |   |       | (96,992 | )      |       |   | 6,642 |   |   |   | 2,099,294 |   |
|                                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |   |   |   |   |   |   |
| Crown Corporation                               |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |   |   |   |   |   |   |
| Municipal Financing Corporation of Saskatchewan |   |    | 1,574     |   |           |   | 362    |      |   |   | 161          |   |   |       | -       |   |       |   | - |   |   |   | 2,097 |   |
| Saskatchewan Housing Corporation                |   |    | 22,242    |   |           |   | 520    |      |   |   | 2,004        |   |   |       | -       |   |       |   | - |   |   |   | 24,766 |   |
| Saskatchewan Opportunities Corporation          |   |    | 514       |   |           |   | 367    |      |   |   | 74           |   |   |       | -       |   |       |   | - |   |   |   | 955 |   |
| Saskatchewan Power Corporation                  |   |    | 298,734   |   |           |   | 26,723 |      |   |   | 28,331       |   |   |       | -       |   |       |   | - |   |   |   | 353,788 |   |
| Saskatchewan Telecommunications Holding         |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |   |   |   |   |   |   |
|   Corporation                         |   |    | 66,672    |   |           |   | 5,866  |      |   |   | 6,235        |   |   |       | -       |   |       |   | - |   |   |   | 78,773 |   |
| Saskatchewan Water Corporation                  |   |    | 5,761     |   |           |   | 2,241  |      |   |   | 592          |   |   |       | -       |   |       |   | - |   |   |   | 8,594 |   |
| SaskEnergy Incorporated                         |   |    | 59,908    |   |           |   | 7,112  |      |   |   | 5,783        |   |   |       | -       |   |       |   | - |   |   |   | 72,803 |   |
| Total Crown Corporation                         |   |    | 455,405   |   |           |   | 43,191 |      |   |   | 43,180       |   |   |       | -       |   |       |   | - |   |   |   | 541,776 |   |
| Total Sinking Funds4                            |   |    | 2,431,821 |   |           |   | 89,909 |      |   |   | 209,690      |   |   |       | (96,992 | )      |       |   | 6,642 |   |   |   | 2,641,070 |   |

| 1 | Annual contributions, established by Order in Council, are set at not less than one per cent of debentures outstanding.  The aggregate amount of contributions estimated to be required in each of the next five years and thereafter to meet sinking fund requirements by debt classification are as follows: |   |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   |                             |   |   | 2013   |   |   | 2014   |   |   |   | 2015   |   |   |   | 2016   |   |   |   | 2017   |   |    |   | Thereafter |   |      |   | Total |   |
|--------|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|------------|--------|-----------|--------|-------|--------|
|   | Government general debta         | 47,507 |   |   | 47,507 |   |   |   | 41,121 |   |   |   | 31,783 |   |   |   | 27,586 |   |   |   | 301,878 |   |       |   | 497,382   |   |
|   | Crown corporation general debt   | 3,974  |   |   | 3,974  |   |   |   | 3,474  |   |   |   | 3,474  |   |   |   | 3,426  |   |   |   | 56,270  |   |       |   | 74,592    |   |
|   | Government business enterprise   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |    |   |       |   |      |   |
|   |    specific debt       | 38,394 |   |   | 38,394 |   |   |   | 37,372 |   |   |   | 36,872 |   |   |   | 36,322 |   |   |   | 520,328 |   |       |   | 707,682   |   |
|   | Total Sinking Fund Contributions | 89,875 |   |   | 89,875 |   |   |   | 81,967 |   |   |   | 72,129 |   |   |   | 67,334 |   |   |   | 878,476 |   |       |   | 1,279,656 |   |

|  a |   | Each year until 2015 includes contributions of 1.0 million U.S. dollars.  |
|---------|--------|--------------------------------------------------------------------------------|

|  2 |   | Includes gains on investment sales of $128.2 million (2011 - $71.6 million).                           |
|---------|--------|--------------------------------------------------------------------------------------------------------|
|  3 |   | The redemption value is based on the market value of the sinking fund units at the date of redemption. |
|  4 |   | The market value of total sinking funds is $2,683.1 million (2011 - $2,415.6 million).                 |

|   | Total sinking funds by debt classification are as follows: |
|--------|------------------------------------------------------------|

|   |                                                                                                           |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       |      |      |   |   |      |   |
|--------|----------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|--------|---------|--------|-----------|--------|---------------|---------|-----------|----------|----------|----------|--------|-------------|--------|---------|--------|------------|-----------|-----------|--------|--------|-----------|--------|
|   |                                                                                                           |   |      |      |   |   | 2011    |   |      |   | 2012          |    |
|   |                                                                                                           |   |      |      |   |   | Sinking |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       | Currency  |      |   |   | Sinking   |   |
|   |                                                                                                           |   |      |      |   |   | Funds   |   |      |   | Contributions |    |      | Earnings |     |     |   | Redemptions |   |    |   | Adjustment |      |      |   | Funds  |      |
|   |                                                                                                           |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       |      |      |   |   |      |   |
|   | Government general debt                                                                                        |   | 1,976,416 |      |   |   | 46,718  |   |      |   | 166,510       |    |      |     | (96,992) |     |   |        | 6,642  |    |   |       | 2,099,294 |      |
|   | Crown corporation general debt                                                                                 |   | 34,352    |      |   |   | 5,828   |   |      |   | 3,379         |    |      |     | -        |     |   |        | -      |    |   |       | 43,559    |      |
|   | Total sinking funds of general debt                                                                            |   | 2,010,768 |      |   |   | 52,546  |   |      |   | 169,889       |    |      |     | (96,992) |     |   |        | 6,642  |    |   |       | 2,142,853 |      |
|   | Government business enterprise specific debt                                                                   |   | 421,053   |      |   |   | 37,363  |   |      |   | 39,801        |    |      |     | -        |     |   |        | -      |    |   |       | 498,217   |      |
|   | Total Sinking Funds                                                                                            |   |      | 2,431,821 |   |   |    | 89,909 |      |   |          | 209,690 |      |     |     | (96,992) |   |        |   | 6,642   |   |       |      | 2,641,070 |   |
|   |                                                                                                           |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       |      |      |   |   |      |   |
|   | Sinking fund assets have been invested as follows:                                                             |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       |
|   |                                                                                                           |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       | 2012      |      |   |   | 2011      |   |
|   | Long-term investments in securities of:                                                                        |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       |      |      |   |
|   |    Government of other provinces (coupon interest range 0.0% to 9.6%; maturing in 1.9 to 31.7 years) |   |      |      |   |   |    |   | 1,292,057 |   |          |    | 1,257,328 |     |
|   |    Government of Saskatchewan (coupon interest range 0.0% to 10.3%; maturing in 1.2 to 29.8 years)   |   |      |      |   |   |    |   | 555,455   |   |          |    | 382,781   |     |
|   |    Government of Canada (coupon interest range 2.8% to 4.0%; maturing in 4.2 to 29.2 years)          |   |      |      |   |   |    |   | 54,566    |   |          |    | 128,655   |     |
|   |    Government of the United States (coupon interest 2.0%; maturing in 9.9 years)                     |   |      |      |   |   |    |   |      |   |          |    | 4,951     |     |     |     | 6,954  |        |
|   |    Corporations                                                                                      |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       | -         |      |   |   | 10,499    |   |
|   | Cash, short-term investments and accrued interest a                                                            |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   | 734,041 |   |       |      | 645,604   |   |
|   | Total Sinking Fundsb                                                                                           |   |      |      |   |   |    |   |      |   |          |    |      |     |     |     |   |        |   |    |   |       | 2,641,070 |      |   |   | 2,431,821 |   |

|    | a | Cash, short-term investments and accrued interest are disclosed net of $0.3 million (2011 - $0.5 million) in liabilities. |
|--------------|---|---------------------------------------------------------------------------------------------------------------------------|

|   | b | Includes U.S. dollar cash, investments and accrued interest converted to $250.9 million Canadian (2011 - $230.1 million) at the exchange rate in effect at March 31, 2012 of 0.9991 (2011 - 0.9718). |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Guaranteed Debt                                                           |   |   |   |   | Schedule 8 |   |
|---------------------------------------------------------------------------|--------|--------|--------|--------|------------|--------|
| As at March 31, 2012                                                      |   |   |   |   |       |   |
| (thousands of dollars)                                                    |   |   |   |   |       |   |
|                                                                      |   |   |   |   |       |   |
|                                                                      |   | 2012   |   |   | 2011       |   |
|                                                                      |   |   |   |   |       |   |
| Crown Corporation                                                         |   |   |   |   |       |   |
| The Crown Corporations Act, 1993                                          |   |   |   |   |       |   |
|    Federal immigrant investor loans                             |   |   | 76,722 |   |       |   | 18,529 |   |
| The Power Corporation Act                                                 |   |   |   |   |       |   |   |   |
|    Saskatchewan Power savings bonds                        |   |   |   |   |       |   |   |   |
|       Series I - series VIl  (matured) |   |   | -      |   |       |   | 18 |   |
| Total Crown Corporation                                                   |   |   | 76,722 |   |       |   | 18,547 |   |
|                                                                      |   |   |   |   |       |   |   |   |
| Other                                                                     |   |   |   |   |       |   |   |   |
| The Farm Financial Stability Act                                          |   |   |   |   |       |   |   |   |
|    Breeder associations loan guarantees                    |   |   | 9,481  |   |       |   | 8,830 |   |
|    Feeder associations loan guarantees                     |   |   | 6,350  |   |       |   | 5,963 |   |
|    Feedlot construction loan guarantees                    |   |   | 1,267  |   |       |   | 1,996 |   |
|    Individual cattle feeder loan guarantees                |   |   | 13     |   |       |   | 61 |   |
| The Student Assistance and Student Aid Fund Act                           |   |   | 21     |   |       |   | 31 |   |
| Total Other                                                               |   |   | 17,132 |   |       |   | 16,881 |   |
| Total Guaranteed Debt1                                                    |   |   | 93,854 |   |       |   | 35,428 |   |

| 1 | In addition to the amount shown, there is a contingent liability for interest accrued on certain of these items. |
|---|------------------------------------------------------------------------------------------------------------------|

|   | Total guaranteed debt is net of a loss provision of $0.7 million (2011 - $0.1 million). |
|--------|-----------------------------------------------------------------------------------------|

----

----

----

| Tangible Capital Assets                     |       |            |      |   |      |   |    |      |    |   |         |   |   |      | Schedule 9 |   |
|---------------------------------------------|------------|-----------------|-----------|--------|-----------|--------|---------|-----------|---------|--------|--------------|--------|--------|-----------|------------|--------|
| As at March 31, 2012                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |
| (thousands of dollars)                      |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |
|                                        |       | 2012            |      |   | 2011      |   |
|                                        |       | Land,           |      |   | Machinery |   |    | Trans-    |    |   | Office & |   |   |      |       |   |   |   |   |   |   |
|                                        |       | Buildings & |      |   | &     |   |    | portation |    |   | Information  |   |   | Infra-    |       |   |   |   |   |   |   |
|                                        |       | Improvements    |      |   | Equipment |   |    | Equipment |    |   | Technology   |   |   | structure |       |   | Total |   |   | Total |   |
|                                        |       | 15 years-       |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |
| Estimated useful life (in years)            | Indefinite |            |      |   | 10-20     |   |    |      | 10-40   |   |         |   | 5-10   |      |       |   | 15-40 |   |   |   |   |   |   |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |   |
| Opening Net Book Value of                   |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |
|     Tangible Capital Assets1 | 650,280    |            |      |   | 84,723    |   |    |      | 176,278 |   |         |   | 51,355 |      |       |   | 2,082,511 |   |   |   | 3,045,147 |   |   |   | 2,975,411 |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening cost                                |       |            | 995,751   |   |      |   | 155,451 |      |    |   | 277,251      |   |   |      | 125,847    |   |   |   | 3,890,139 |   |   |   | 5,444,439 |   |   |   | 5,307,689 |   |
| Acquisitions                                |       |            | 54,276    |   |      |   | 9,180   |      |    |   | 16,694       |   |   |      | 34,103     |   |   |   | 297,698 |   |   |   | 411,951 |   |   |   | 390,042 |   |
| Transfers                                   |       |            | (1,224    | )      |      |   | (62     | )         |    |   | 26           |   |   |      | (230       | )      |   |   | 1,942 |   |   |   | 452 |   |   |   | (183,243 | ) |
| Write-downs                                 |       |            | (436      | )      |      |   | (24     | )         |    |   | -            |   |   |      | -          |   |   |   | - |   |   |   | (460 | ) |   |   | (271 | ) |
| Disposals                                   |       |            | (7,178    | )      |      |   | (2,081  | )         |    |   | (8,902       | )      |   |      | (4,278     | )      |   |   | (20,189 | ) |   |   | (42,628 | ) |   |   | (69,778 | ) |
| Closing Cost2                               |       |            | 1,041,189 |   |      |   | 162,464 |      |    |   | 285,069      |   |   |      | 155,442    |   |   |   | 4,169,590 |   |   |   | 5,813,754 |   |   |   | 5,444,439 |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening accumulated amortization            | 345,471    |            |      |   | 70,728    |   |    |      | 100,973 |   |         |   | 74,492 |      |       |   | 1,807,628 |   |   |   | 2,399,292 |   |   |   | 2,332,278 |   |
| Annual amortization                         |       |            | 22,855    |   |      |   | 7,681   |      |    |   | 17,531       |   |   |      | 6,083      |   |   |   | 120,821 |   |   |   | 174,971 |   |   |   | 179,522 |   |
| Transfers                                   |       |            | 12        |   |      |   | (12     | )         |    |   | -            |   |   |      | (230       | )      |   |   | - |   |   |   | (230 | ) |   |   | (55,506 | ) |
| Disposals                                   |       |            | (3,258    | )      |      |   | (1,735  | )         |    |   | (7,157       | )      |   |      | (3,605     | )      |   |   | (20,090 | ) |   |   | (35,845 | ) |   |   | (57,002 | ) |
| Closing Accumulated Amortization            | 365,080    |            |      |   | 76,662    |   |    |      | 111,347 |   |         |   | 76,740 |      |       |   | 1,908,359 |   |   |   | 2,538,188 |   |   |   | 2,399,292 |   |
|                                        |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Closing Net Book Value of                   |       |            |      |   |      |   |    |      |    |   |         |   |   |      |       |   |   |   |   |   |   |   |   |   |   |   |
|     Tangible Capital Assets1 | 676,109    |            |      |   | 85,802    |   |    |      | 173,722 |   |         |   | 78,702 |      |       |   | 2,261,231 |   |   |   | 3,275,566 |   |   |   | 3,045,147 |   |

|  1 | Net book value of tangible capital assets does not include the following: |                                                                                                                                                          |
|---------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    | •                                                                   | works of art and historical treasures, such as the Legislative Building;                                                                                      |   |
|    | •                                                                   | items inherited by right of the Crown, such as Crown lands, forests, water and mineral resources, which are not recognized in these financial statements; and |
|    | •                                                                   | intangible assets.                                                                                                                                            |   |

| 2 | Includes work-in-progress of $164.7 million (2011 - $111.8 million). |
|---|----------------------------------------------------------------------|

----

----

----

| Revenue                                       |   |   |       |   |   |   |       | Schedule 10 |   |
|-----------------------------------------------|--------|--------|------------|--------|--------|--------|------------|-------------|--------|
| For the Year Ended March 31, 2012             |   |   |       |   |   |   |       |        |   |
| (thousands of dollars)                        |   |   |       |   |   |   |       |        |   |
|                                          |   |   |       |   |   |   |       |        |   |
|                                          |   |   |       |   |   |   |       |        |   |
|                                          |   | 2012   |       |   | 2011   |   |
|                                          |   | Budget |       |   | Actual |   |       | Actual      |   |
|                                          |   |   |       |   |   |   |       |        |   |
| Taxation                                      |   |   |       |   |   |   |       |        |   |
| Corporation income                            |   |   | 1,080,700  |   |   |   | 793,790    |        |   |   | 1,155,273 |   |
| Fuel                                          |   |   | 461,300    |   |   |   | 475,452    |        |   |   | 463,147 |   |
| Individual income                             |   |   | 1,915,200  |   |   |   | 1,897,409  |        |   |   | 1,795,788 |   |
| Provincial sales                              |   |   | 1,270,700  |   |   |   | 1,322,161  |        |   |   | 1,186,992 |   |
| Tobacco                                       |   |   | 253,200    |   |   |   | 242,853    |        |   |   | 237,507 |   |
| Other                                         |   |   | 286,700    |   |   |   | 303,642    |        |   |   | 292,935 |   |
| Total Taxation                                |   |   | 5,267,800  |   |   |   | 5,035,307  |        |   |   | 5,131,642 |   |
|                                          |   |   |       |   |   |   |       |        |   |   |   |   |
| Non-renewable Resources                       |   |   |       |   |   |   |       |        |   |   |   |   |
| Crown land sales                              |   |   | 436,400    |   |   |   | 235,507    |        |   |   | 466,993 |   |
| Natural gas                                   |   |   | 22,500     |   |   |   | 17,389     |        |   |   | 29,741 |   |
| Oil                                           |   |   | 1,410,100  |   |   |   | 1,528,808  |        |   |   | 1,274,053 |   |
| Potash                                        |   |   | 381,300    |   |   |   | 438,372    |        |   |   | 262,540 |   |
| Resource surcharge                            |   |   | 438,300    |   |   |   | 452,807    |        |   |   | 360,848 |   |
| Other                                         |   |   | 140,300    |   |   |   | 149,074    |        |   |   | 133,624 |   |
| Total Non-renewable Resources                 |   |   | 2,828,900  |   |   |   | 2,821,957  |        |   |   | 2,527,799 |   |
|                                          |   |   |       |   |   |   |       |        |   |   |   |   |
| Transfers from Government Entities            |   |   |       |   |   |   |       |        |   |   |   |   |
| Crown Investments Corporation of Saskatchewan |   |   | 110,000    |   |   |   | 110,000    |        |   |   | 266,000 |   |
|     - Special dividend         |   |   | 10,000     |   |   |   | 130,000    |        |   |   | 213,500 |   |
| Liquor and Gaming Authority                   |   |   | 422,000    |   |   |   | 465,917    |        |   |   | 437,063 |   |
| Other enterprises and funds                   |   |   | 45,800     |   |   |   | 75,628     |        |   |   | 48,119 |   |
| Total Transfers from Government Entities      |   |   | 587,800    |   |   |   | 781,545    |        |   |   | 964,682 |   |
|                                          |   |   |       |   |   |   |       |        |   |   |   |   |
| Other Own-source Revenue                      |   |   |       |   |   |   |       |        |   |   |   |   |
| Fines, forfeits, and penalties                |   |   | 13,200     |   |   |   | 14,722     |        |   |   | 13,170 |   |
| Interest, premiums, discounts, and exchange1  |   |   | 136,500    |   |   |   | 241,336    |        |   |   | 209,704 |   |
| Motor vehicle fees                            |   |   | 162,000    |   |   |   | 173,151    |        |   |   | 161,093 |   |
| Other licences and permits                    |   |   | 24,600     |   |   |   | 25,414     |        |   |   | 29,425 |   |
| Sales, services, and service fees             |   |   | 124,100    |   |   |   | 132,039    |        |   |   | 132,073 |   |
| Transfers from other governments              |   |   | 15,600     |   |   |   | 17,163     |        |   |   | 15,791 |   |
| Commercial operations (schedule 11)           |   |   | -          |   |   |   | 99,511     |        |   |   | 91,874 |   |
| Other 2                                       |   |   | 65,000     |   |   |   | 51,908     |        |   |   | 183,177 |   |
| Total Other Own-source Revenue                |   |   | 541,000    |   |   |   | 755,244    |        |   |   | 836,307 |   |
| Total Own-source Revenue                      |   |   | 9,225,500  |   |   |   | 9,394,053  |        |   |   | 9,460,430 |   |
|                                          |   |   |       |   |   |   |       |        |   |   |   |   |
| Transfers from the Federal Government         |   |   |       |   |   |   |       |        |   |   |   |   |
| Canada Health Transfer                        |   |   | 847,100    |   |   |   | 846,771    |        |   |   | 795,422 |   |
| Canada Social Transfer                        |   |   | 352,700    |   |   |   | 352,420    |        |   |   | 342,626 |   |
| Other                                         |   |   | 369,000    |   |   |   | 527,187    |        |   |   | 462,200 |   |
| Total Transfers from the Federal Government   |   |   | 1,568,800  |   |   |   | 1,726,378  |        |   |   | 1,600,248 |   |
| Total Revenue                                 |   |   | 10,794,300 |   |   |   | 11,120,431 |        |   |   | 11,060,678 |   |

| 1 | Includes gains on investment sales of $127.6 million (2011 - $69.2 million).                    |
|---|-------------------------------------------------------------------------------------------------|
| 2 | Includes reversals and refunds of prior year expenses of $21.6 million (2011 - $151.8 million). |

----

----

----

| Commercial Operations                                      |   |   |   |   |   |   |   | Schedule 11 |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|-------------|--------|
| For the Year Ended March 31, 2012                          |   |   |   |   |   |   |   |        |   |
| (thousands of dollars)                                     |   |   |   |   |   |   |   |        |   |
|                                                       |   |   |   |   |   |   |   |        |   |
|                                                       |   | 2012   |   |   | 2011   |   |
|                                                       |   | Budget |   |   | Actual |   |   | Actual      |   |
| Commercial Operations Revenue1                             |   |   |   |   |   |   |   |        |   |
| Recovery from external sources                             |   |   |   |   |   |   |   |        |   |
|     Government Services                     |   |   | 64,098 |   |   |   | 80,681 |        |   |   | 83,789 |   |
|     Highways and Infrastructure             |   |   | 4,000  |   |   |   | 14,570 |        |   |   | 6,392 |   |
|     Corrections, Public Safety and Policing |   |   | 4,306  |   |   |   | 2,384  |        |   |   | - |   |
|     Information Technology Office           |   |   | 1,891  |   |   |   | 2,115  |        |   |   | 1,940 |   |
| Recovery of overhead costs2                                |   |   |   |   |   |   |   |        |   |   |   |   |
|     Highways and Infrastructure             |   |   | -      |   |   |   | (239   | )           |   |   | (247 | ) |
| Commercial Operations Revenue (schedule 10)           |   |   | 74,295 |   |   |   | 99,511 |        |   |   | 91,874 |   |
|                                                       |   |   |   |   |   |   |   |        |   |   |   |   |
| Commercial Operations Expense                              |   |   |   |   |   |   |   |        |   |   |   |   |
|     Government Services                     |   |   | 64,098 |   |   |   | 80,683 |        |   |   | 83,868 |   |
|     Highways and Infrastructure             |   |   | 4,000  |   |   |   | 14,061 |        |   |   | 5,925 |   |
|     Corrections, Public Safety and Policing |   |   | 4,306  |   |   |   | 2,383  |        |   |   | - |   |
|     Information Technology Office           |   |   | 1,891  |   |   |   | 2,110  |        |   |   | 1,931 |   |
| Commercial Operations Expense                              |   |   | 74,295 |   |   |   | 99,237 |        |   |   | 91,724 |   |
|                                                       |   |   |   |   |   |   |   |        |   |   |   |   |
| Net Results                                                |   |   |   |   |   |   |   |        |   |   |   |   |
|     Government Services                     |   |   | -      |   |   |   | (2     | )           |   |   | (79 | ) |
|     Highways and Infrastructure             |   |   | -      |   |   |   | 270    |        |   |   | 220 |   |
|     Corrections, Public Safety and Policing |   |   | -      |   |   |   | 1      |        |   |   | - |   |
|     Information Technology Office           |   |   | -      |   |   |   | 5      |        |   |   | 9 |   |
| Net Results                                                |   |   | -      |   |   |   | 274    |        |   |   | 150 |   |

| 1 | With the approval of the Lieutenant Governor in Council, revenues from commercial-type activities may be used to pay for the related costs without requiring an appropriation. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Where a portion of the revenue collected relates to the recovery of overhead costs (e.g. employee benefit cost) paid for by another ministry, the revenue is included in sales, services and service fees. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Expense by Object                                    |   |   |   |   |   |   |       |   |   | Schedule 12 |       |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|--------|--------|-------------|------------|
| For the Year Ended March 31, 2012                    |   |   |   |   |   |   |       |   |   |        |       |   |
| (thousands of dollars)                               |   |   |   |   |   |   |       |   |   |        |       |   |
|                                                 |   |   |   |   |   |   |       |   |   |        |       |   |
|                                                 |   |   |   |   |   |   | 2012       |   |   |        | 2011       |   |
|                                                 |   |   |   |   |   |   |       |   |   |        |       |   |
|                                                 |   |   |   |   |   |   |       |   |   |        |       |   |
| Salaries and benefits                                |   |   |   |   |   |   | 1,065,239  |   |   |        | 1,030,725  |   |
| Transfers                                            |   |   |   |   |   |   |       |   |   |        |       |   |
|     Capital (schedule 16)             |   |   |   |   |   |   | 200,362    |   |   |        | 784,177    |   |
|     Operating                         |   |   |   |   |   |   | 8,524,697  |   |   |        | 7,903,627  |   |
| Goods and services                                   |   |   |   |   |   |   | 666,943    |   |   |        | 589,463    |   |
| Debt servicing (schedule 14)                         |   |   |   |   |   |   | 411,957    |   |   |        | 424,334    |   |
| Amortization of tangible capital assets (schedule 9) |   |   |   |   |   |   | 174,971    |   |   |        | 179,522    |   |
| Other                                                |   |   |   |   |   |   | 21,594     |   |   |        | 53,492     |   |
| Total Expense                                        |   |   |   |   |   |   | 11,065,763 |   |   |        | 10,965,340 |   |

----

----

----

| Expense by Theme                   |   |   |       |   | Schedule 13 |   |
|------------------------------------|--------|--------|------------|--------|-------------|--------|
| For the Year Ended March 31, 2012  |   |   |       |   |        |   |
| (thousands of dollars)             |   |   |       |   |        |   |
|                               |   |   |       |   |        |   |
|                               |   | 2012   |       |   | 2011        |   |
|                               |   |   |       |   |        |   |
|                               |   |   |       |   |        |   |
| Agriculture                        |   |   | 439,632    |   |        |   | 482,306 |   |
| Community development              |   |   | 448,321    |   |        |   | 449,351 |   |
| Debt servicing(schedule 14)        |   |   | 411,957    |   |        |   | 424,334 |   |
| Economic development               |   |   | 195,118    |   |        |   | 233,146 |   |
| Education                          |   |   | 2,330,407  |   |        |   | 2,196,536 |   |
| Environment and natural resources  |   |   | 209,668    |   |        |   | 224,810 |   |
| Health                             |   |   | 4,400,159  |   |        |   | 4,547,793 |   |
| Protection of persons and property |   |   | 615,632    |   |        |   | 480,312 |   |
| Social services and assistance     |   |   | 901,749    |   |        |   | 911,095 |   |
| Transportation                     |   |   | 506,475    |   |        |   | 476,158 |   |
| Other                              |   |   | 606,645    |   |        |   | 539,499 |   |
| Total Expense                      |   |   | 11,065,763 |   |        |   | 10,965,340 |   |

| Debt Servicing                                                        |   |   |     |   |   | Schedule 14 |     |
|-----------------------------------------------------------------------|--------|--------|----------|--------|--------|-------------|----------|
| For the Year Ended March 31, 2012                                     |   |   |     |   |   |        |     |   |
| (thousands of dollars)                                                |   |   |     |   |   |        |     |   |
|                                                                  |   |   |     |   |   |        |     |   |
|                                                                  |   |   | 2012     |   |   |        | 2011     |   |
|                                                                  |   |   |     |   |   |        |     |   |
|                                                                  |   |   |     |   |   |        |     |   |
| Total interest costs                                                  |   |   | 638,827  |   |   |        | 645,622  |   |
| Interest reimbursed for government business enterprise specific debt1 |   |   | (232,404 | )      |   |        | (225,651 | ) |
| Net foreign exchange loss (gain)                                      |   |   | 2,005    |   |   |        | (213     | ) |
| Other costs                                                           |   |   | 3,529    |   |   |        | 4,576    |   |
| Total Debt Servicing                                                  |   |   | 411,957  |   |   |        | 424,334  |   |

| 1 | Interest reimbursed for debt issued by the General Revenue Fund specifically on behalf of government business enterprises. |
|---|----------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Supplemental Cash Flow Information                         |   |   |     |   | Schedule 15 |   |
|------------------------------------------------------------|--------|--------|----------|--------|-------------|--------|
| For the Year Ended March 31, 2012                          |   |   |     |   |        |   |
| (thousands of dollars)                                     |   |   |     |   |        |   |
|                                                       |   |   |     |   |        |   |
|                                                       |   | 2012   |     |   | 2011        |   |
| Non-cash Items Included in Surplus                         |   |   |     |   |        |   |
| Amortization of tangible capital assets (schedule 9)       |   |   | 174,971  |   |        |   | 179,522 |   |
| Net gain on disposal of tangible capital assets            |   |   | (7,521   | )      |        |   | (7,138 | ) |
| Net gain on transfer of tangible capital assets            |   |   | (682     | )      |        |   | - |   |
| Write-downs of tangible capital assets (schedule 9)        |   |   | 460      |   |        |   | 271 |   |
| Net gain on loans and investments                          |   |   | (1,455   | )      |        |   | (176 | ) |
| Amortization of foreign exchange loss (gain) (schedule 14) |   |   | 2,005    |   |        |   | (213 | ) |
| Earnings retained in sinking funds                         |   |   | (166,510 | )      |        |   | (148,794 | ) |
| Total Non-cash Items Included in Surplus                   |   |   | 1,268    |   |        |   | 23,472 |   |
|                                                       |   |   |     |   |        |   |   |   |
| Net Change in Non-cash Operating Activities                |   |   |     |   |        |   |   |   |
| Increase in accounts receivable                            |   |   | (187,021 | )      |        |   | (2,749 | ) |
| Decrease in deferred charges                               |   |   | 3,399    |   |        |   | 2,647 |   |
| Decrease in accounts payable and accrued liabilities       |   |   | (136,789 | )      |        |   | (383,207 | ) |
| Increase in unearned revenue                               |   |   | 9,064    |   |        |   | 15,681 |   |
| Increase in prepaid expenses                               |   |   | (2,354   | )      |        |   | (4,431 | ) |
| Increase in inventories held for consumption               |   |   | (3,444   | )      |        |   | (11,241 | ) |
| Net Change in Non-cash Operating Activities                |   |   | (317,145 | )      |        |   | (383,300 | ) |
|                                                       |   |   |     |   |        |   |   |   |
| Other Supplemental Information                             |   |   |     |   |        |   |   |   |
| Cash interest paid during the year                         |   |   | 411,299  |   |        |   | 426,082 |   |
| Cash interest received during the year                     |   |   | 117,407  |   |        |   | 134,105 |   |

| Investing Activities                                |   | 2012     |    |   | 2011          |   |
|-----------------------------------------------------|--------|----------|---------|--------|---------------|--------|
|                                                |   | Receipts |    |   | Disbursements |   |   | Receipts |   |   | Disbursements |   |
| Loans                                               |   |     |    |   |          |   |   |   |   |   |   |   |
| Information Services Corporation of Saskatchewan    |   |     | 13,547  |   |          |   | 9,935 |   |   |   | - |   |   |   | - |   |
| Municipal Financing Corporation of Saskatchewan     |   |     | -       |   |          |   | 8,593 |   |   |   | 107 |   |   |   | - |   |
| Saskatchewan Opportunities Corporation              |   |     | -       |   |          |   | - |   |   |   | 11,099 |   |   |   | 13,000 |   |
| Saskatchewan Power Corporation                      |   |     | -       |   |          |   | - |   |   |   | 300,000 |   |   |   | - |   |
| Saskatchewan Telecommunications Holding Corporation |   |     | -       |   |          |   | 14,200 |   |   |   | 29,500 |   |   |   | - |   |
| Saskatchewan Water Corporation                      |   |     | -       |   |          |   | 7,749 |   |   |   | 8,563 |   |   |   | 9,000 |   |
| SaskEnergy Incorporated                             |   |     | 70,000  |   |          |   | - |   |   |   | - |   |   |   | 125,000 |   |
| Other                                               |   |     | 57,662  |   |          |   | 57,172 |   |   |   | 59,498 |   |   |   | 50,319 |   |
| Total Loan Receipts and Disbursements               |   |     | 141,209 |   |          |   | 97,649 |   |   |   | 408,767 |   |   |   | 197,319 |   |
| Sinking Funds (schedule 7)                          |   |     |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Contributions                                       |   |     | 5,828   |   |          |   | 52,546 |   |   |   | 5,436 |   |   |   | 60,045 |   |
| Redemptions                                         |   |     | 96,992  |   |          |   | - |   |   |   | 502,972 |   |   |   | - |   |
| Total Sinking Fund Receipts and Disbursements       |   |     | 102,820 |   |          |   | 52,546 |   |   |   | 508,408 |   |   |   | 60,045 |   |
| Equity Investment in Crown Investments              |   |     |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
|     Corporation of Saskatchewan      |   |     | -       |   |          |   | - |   |   |   | 120,000 |   |   |   | - |   |
| Total Receipts and Disbursements                    |   |     | 244,029 |   |          |   | 150,195 |   |   |   | 1,037,175 |   |   |   | 257,364 |   |
| Net Receipts                                        |   |     | 93,834  |   |          |   |   |   |   |   | 779,811 |   |   |   |   |   |

----

----

----

| Capital Investment                             |   |         |    |   |          |   |    |       |   |   | Schedule 16 |   |
|------------------------------------------------|--------|--------------|---------|--------|---------------|--------|---------|------------|--------|--------|-------------|--------|
| For the Year Ended March 31, 2012              |   |         |    |   |          |   |    |       |   |   |        |   |
| (thousands of dollars)                         |   |         |    |   |          |   |    |       |   |   |        |   |
|                                           |   |         |    |   |          |   |    |       |   |   |        |   |
|                                           |   |  2012   |    |   | 2011          |   |
|                                           |   | Capital      |    |   |          |   |    | Total      |   |   | Total       |   |
|                                           |   | Asset        |    |   | Capital       |   |    | Capital    |   |   | Capital     |   |
|                                           |   | Acquisitions |    |   | Transfers     |   |    | Investment |   |   | Investment  |   |
|                                           |   | (schedule 9) |    |   | (schedule 12) |   |    |       |   |   |        |   |
|                                           |   |         |    |   |          |   |    |       |   |   |        |   |
|                                           |   |         |    |   |          |   |    |       |   |   |        |   |
| Ministries and Agencies                        |   |         |    |   |          |   |    |       |   |   |        |   |
| Advanced Education, Employment and Immigration |   |         | 10      |   |          |   | 5,499   |       |   |   | 5,509       |   |   |   | 113,572 |   |
| Agriculture                                    |   |         | 2,874   |   |          |   | -       |       |   |   | 2,874       |   |   |   | 9,145 |   |
| Corrections, Public Safety and Policing        |   |         | 10,661  |   |          |   | -       |       |   |   | 10,661      |   |   |   | 11,932 |   |
| Education                                      |   |         | 1,910   |   |          |   | 46,145  |       |   |   | 48,055      |   |   |   | 57,484 |   |
| Energy and Resources                           |   |         | 10,995  |   |          |   | 258     |       |   |   | 11,253      |   |   |   | 7,480 |   |
| Environment                                    |   |         | 13,197  |   |          |   | -       |       |   |   | 13,197      |   |   |   | 14,139 |   |
| Finance                                        |   |         | 2,077   |   |          |   | -       |       |   |   | 2,077       |   |   |   | 853 |   |
| Government Services                            |   |         | 33,207  |   |          |   | -       |       |   |   | 33,207      |   |   |   | 14,340 |   |
| Health                                         |   |         | 1,099   |   |          |   | 5,547   |       |   |   | 6,646       |   |   |   | 321,320 |   |
| Highways and Infrastructure                    |   |         | 306,278 |   |          |   | 20,721  |       |   |   | 326,999     |   |   |   | 374,828 |   |
| Information Technology Office                  |   |         | 3,291   |   |          |   | -       |       |   |   | 3,291       |   |   |   | 1,574 |   |
| Justice and Attorney General                   |   |         | 7,872   |   |          |   | -       |       |   |   | 7,872       |   |   |   | 6,427 |   |
| Municipal Affairs                              |   |         | -       |   |          |   | 120,732 |       |   |   | 120,732     |   |   |   | 159,615 |   |
| Public Service Commission                      |   |         | 80      |   |          |   | -       |       |   |   | 80          |   |   |   | 136 |   |
| Social Services                                |   |         | 9,053   |   |          |   | (24     | )          |   |   | 9,029       |   |   |   | 65,282 |   |
| Tourism, Parks, Culture and Sport              |   |         | 9,019   |   |          |   | 1,484   |       |   |   | 10,503      |   |   |   | 16,015 |   |
| Legislative Assembly and its Officers          |   |         |    |   |          |   |    |       |   |   |        |   |   |   |   |   |
| Legislative Assembly                           |   |         | 328     |   |          |   | -       |       |   |   | 328         |   |   |   | 77 |   |
| Total Capital Investment                       |   |         | 411,951 |   |          |   | 200,362 |       |   |   | 612,313     |   |   |   | 1,174,219 |   |

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| Summary Statement of Financial Position                                                  |   |   |       |   |   |   |
|------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| As at March 31, 2012                                                                     |   |   |       |   |   |   |
| (thousands of dollars)                                                                   |   |   |       |   |   |   |
|                                                                                     |   |   |       |   |   |   |
|                                                                                     |   | 2012   |       |   | 2011   |   |
|                                                                                     |   |   |       |   |   |   |
| Financial Assets                                                                         |   |   |       |   |   |   |
| Cash and temporary investments (note 3)                                                  |   |   | 2,228,622  |   |   |   | 3,111,646 |   |
| Accounts receivable (schedule 1)                                                         |   |   | 1,580,138  |   |   |   | 1,415,310 |   |
| Inventories held for resale                                                              |   |   | 2,933      |   |   |   | 2,046 |   |
| Deferred charges                                                                         |   |   | 10,254     |   |   |   | 14,466 |   |
| Loans receivable (schedule 2)                                                            |   |   | 554,379    |   |   |   | 606,394 |   |
| Investment in government business enterprises (schedule 3)                               |   |   | 3,736,365  |   |   |   | 3,977,239 |   |
| Other investments (schedule 4)                                                           |   |   | 989,711    |   |   |   | 1,142,956 |   |
| Total Financial Assets                                                                   |   |   | 9,102,402  |   |   |   | 10,270,057 |   |
|                                                                                     |   |   |       |   |   |   |   |   |
| Liabilities                                                                              |   |   |       |   |   |   |   |   |
| Accounts payable and accrued liabilities (schedule 5)                                    |   |   | 2,065,962  |   |   |   | 2,215,925 |   |
| Other liabilities (schedule 6)                                                           |   |   | 312,403    |   |   |   | 391,816 |   |
| Unearned revenue (schedule 7)                                                            |   |   | 359,034    |   |   |   | 378,859 |   |
| Public debt (note 4)(schedule 8)                                                         |   |   | 4,584,786  |   |   |   | 4,885,776 |   |
| Unamortized foreign exchange gain                                                        |   |   | 6,371      |   |   |   | 5,231 |   |
| Pension liabilities (note 5)(schedule 10)                                                |   |   | 6,317,047  |   |   |   | 6,175,795 |   |
| Total Liabilities                                                                        |   |   | 13,645,603 |   |   |   | 14,053,402 |   |
| Net Debt                                                                                 |   |   | (4,543,201 | )      |   |   | (3,783,345 | ) |
| Non-financial Assets                                                                     |   |   |       |   |   |   |   |   |
| Prepaid expenses                                                                         |   |   | 49,137     |   |   |   | 46,783 |   |
| Inventories held for consumption                                                         |   |   | 159,942    |   |   |   | 152,263 |   |
| Tangible capital assets (schedule 11)                                                    |   |   | 6,951,474  |   |   |   | 6,545,414 |   |
| Total Non-financial Assets                                                               |   |   | 7,160,553  |   |   |   | 6,744,460 |   |
| Accumulated Surplus                                                                      |   |   | 2,617,352  |   |   |   | 2,961,115 |   |
|                                                                                     |   |   |       |   |   |   |   |   |
| Contingencies (note 6)                                                                   |   |   |       |   |   |   |   |   |
| Contractual obligations (note 7)                                                         |   |   |       |   |   |   |   |   |
|                                                                                     |   |
| The accompanying notes and schedules are an integral part of these financial statements. |   |

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----

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| Summary Statement of Operations                                                          |   |   |       |   |   |   |
|------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| For the Year Ended March 31, 2012                                                        |   |   |       |   |   |   |
| (thousands of dollars)                                                                   |   |   |       |   |   |   |
|                                                                                     |   |   |       |   |   |   |
|                                                                                     |   | 2012   |       |   | 2011   |   |
|                                                                                     |   |   |       |   |   |   |
| Revenue                                                                                  |   |   |       |   |   |   |
| Taxation                                                                                 |   |   | 5,626,093  |   |   |   | 5,737,137 |   |
| Non-renewable resources                                                                  |   |   | 2,821,957  |   |   |   | 2,527,799 |   |
| Other own-source revenue                                                                 |   |   | 2,154,563  |   |   |   | 1,957,897 |   |
| Transfers from the federal government                                                    |   |   | 2,214,562  |   |   |   | 2,104,853 |   |
| Total Revenue(schedule 12)                                                               |   |   | 12,817,175 |   |   |   | 12,327,686 |   |
| Expense                                                                                  |   |   |       |   |   |   |   |   |
| Agriculture                                                                              |   |   | 1,058,638  |   |   |   | 1,134,690 |   |
| Community development                                                                    |   |   | 528,019    |   |   |   | 532,166 |   |
| Debt charges(schedule 14)                                                                |   |   | 682,385    |   |   |   | 709,275 |   |
| Economic development                                                                     |   |   | 273,021    |   |   |   | 291,552 |   |
| Education                                                                                |   |   | 2,959,902  |   |   |   | 2,997,736 |   |
| Environment and natural resources                                                        |   |   | 255,994    |   |   |   | 241,247 |   |
| Health                                                                                   |   |   | 4,891,671  |   |   |   | 4,676,530 |   |
| Protection of persons and property                                                       |   |   | 686,542    |   |   |   | 537,419 |   |
| Social services and assistance                                                           |   |   | 1,146,893  |   |   |   | 1,079,279 |   |
| Transportation                                                                           |   |   | 536,859    |   |   |   | 505,754 |   |
| Other                                                                                    |   |   | 691,492    |   |   |   | 605,243 |   |
| Total Expense (schedule 13)                                                         |   |   | 13,711,416 |   |   |   | 13,310,891 |   |
| Deficit from government service organizations                                            |   |   | (894,241   | )      |   |   | (983,205 | ) |
| Income from government business enterprises (schedule 3)                                 |   |   | 789,278    |   |   |   | 969,913 |   |
| Deficit (schedule 15)                                                                    |   |   | (104,963   | )      |   |   | (13,292 | ) |
| The accompanying notes and schedules are an integral part of these financial statements. |   |

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| Summary Statement of Accumulated Surplus       |   |      |      |   |   |   |      |   |   |
|------------------------------------------------|--------|-----------|-----------|--------|--------|--------|-----------|--------|--------|
| For the Year Ended March 31, 2012              |   |      |      |   |   |   |      |   |   |
| (thousands of dollars)                         |   |      |      |   |   |   |      |   |   |
|                                           |   |      |      |   |   |   |      |   |   |
|                                           |   | 2012      |      |   | 2011   |   |
|                                           |   | Estimated |      |   | Actual |   |      | Actual |   |
|                                           |   |      |      |   |   |   |      |   |   |
|                                           |   |      |      |   |   |   |      |   |   |
| Accumulated surplus, beginning of year         |   |      | 2,961,115 |   |   |   | 2,961,115 |   |   |   | 2,835,765 |   |
| Adjustment to accumulated surplus (note 12)    |   |      | -         |   |   |   | 47,027    |   |   |   | - |   |
| (Deficit) surplus                              |   |      | 54,300    |   |   |   | (104,963  | )      |   |   | (13,292 | ) |
| Other comprehensive (loss) income (schedule 3) |   |      | -         |   |   |   | (285,827  | )      |   |   | 138,642 |   |
| Accumulated Surplus, End of Year               |   |      | 3,015,415 |   |   |   | 2,617,352 |   |   |   | 2,961,115 |   |

| Summary Statement of Change in Net Debt                                                  |   |      |       |   |   |   |       |   |   |   |       |   |
|------------------------------------------------------------------------------------------|--------|-----------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
| For the Year Ended March 31, 2012                                                        |   |      |       |   |   |   |       |   |   |   |       |   |
| (thousands of dollars)                                                                   |   |      |       |   |   |   |       |   |   |   |       |   |
|                                                                                     |   |      |       |   |   |   |       |   |   |   |       |   |
|                                                                                     |   |      | 2012       |   |   |   | 2011       |   |
|                                                                                     |   | Estimated |       |   | Actual |   |       | Actual |   |
|                                                                                     |   |      |       |   |   |   |       |   |   |   |       |   |
|                                                                                     |   |      |       |   |   |   |       |   |   |   |       |   |
| (Deficit) Surplus                                                                        |   |      | 54,300     |   |   |   | (104,963   | )      |   |   | (13,292    | )      |
| Tangible Capital Assets                                                                  |   |      |       |   |   |   |       |   |   |   |       |   |
| Acquisitions(schedule 11)                                                                |   |      | (1,041,786 | )      |   |   | (899,750   | )      |   |   | (814,084   | )      |
| Amortization (schedule 11)                                                               |   |      | 476,788    |   |   |   | 471,399    |   |   |   | 450,715    |   |
| Proceeds on disposal                                                                     |   |      | -          |   |   |   | 21,485     |   |   |   | 29,863     |   |
| Write-downs(schedule 11)                                                                 |   |      | -          |   |   |   | 8,525      |   |   |   | 5,469      |   |
| Net gain on disposal                                                                     |   |      | -          |   |   |   | (7,719     | )      |   |   | (5,765     | )      |
| Net Acquisition of Tangible Capital Assets                                               |   |      | (564,998   | )      |   |   | (406,060   | )      |   |   | (333,802   | )      |
| Other Non-financial Assets                                                               |   |      |       |   |   |   |       |   |   |   |       |   |
| Net acquisition of prepaid expenses                                                      |   |      | -          |   |   |   | (2,354     | )      |   |   | (5,360     | )      |
| Net acquisition of inventories held for consumption                                      |   |      | -          |   |   |   | (7,679     | )      |   |   | (9,967     | )      |
| Net Acquisition of Other Non-financial Assets                                            |   |      | -          |   |   |   | (10,033    | )      |   |   | (15,327    | )      |
| Increase in net debt                                                                     |   |      | (510,698   | )      |   |   | (521,056   | )      |   |   | (362,421   | )      |
| Net debt, beginning of year                                                              |   |      | (3,783,345 | )      |   |   | (3,783,345 | )      |   |   | (3,559,566 | )      |
| Adjustment to accumulated surplus (note 12)                                              |   |      | -          |   |   |   | 47,027     |   |   |   | -          |   |
| Other comprehensive (loss) income (schedule 3)                                           |   |      | -          |   |   |   | (285,827   | )      |   |   | 138,642    |   |
| Net Debt, End of Year                                                                    |   |      | (4,294,043 | )      |   |   | (4,543,201 | )      |   |   | (3,783,345 | )      |
|                                                                                     |   |
|                                                                                     |   |
| The accompanying notes and schedules are an integral part of these financial statements. |   |

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| Summary Statement of Cash Flow                                                           |   |   |       |   |   |   |
|------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| For the Year Ended March 31, 2012                                                        |   |   |       |   |   |   |
| (thousands of dollars)                                                                   |   |   |       |   |   |   |
|                                                                                     |   |   |       |   |   |   |
|                                                                                     |   | 2012   |       |   | 2011   |   |
|                                                                                     |   |   |       |   |   |   |
| Operating Activities                                                                     |   |   |       |   |   |   |
| Deficit                                                                                  |   |   | (104,963   | )      |   |   | (13,292 | ) |
| Non-cash items included in the deficit                                                   |   |   |       |   |   |   |   |   |
|     Income from government business enterprises(schedule 3)               |   |   | (789,278   | )      |   |   | (969,913 | ) |
|    Other non-cash items included in the deficit (schedule 16)                  |   |   | 296,113    |   |   |   | 305,531 |   |
| Net change in non-cash operating activities (schedule16)                                 |   |   | (200,072   | )      |   |   | 269,831 |   |
| Dividends received from government business enterprises (schedule 3)                     |   |   | 784,352    |   |   |   | 688,419 |   |
| Dividends received from other investments                                                |   |   | -          |   |   |   | 2,732 |   |
| Cash (Used for) Provided by Operating Activities                                         |   |   | (13,848    | )      |   |   | 283,308 |   |
|                                                                                     |   |   |       |   |   |   |   |   |
| Capital Activities                                                                       |   |   |       |   |   |   |   |   |
| Acquisition of tangible capital assets(schedule 11)                                      |   |   | (899,750   | )      |   |   | (814,084 | ) |
| Proceeds on disposal of tangible capital assets                                          |   |   | 21,485     |   |   |   | 29,863 |   |
| Cash Used for Capital Activities                                                         |   |   | (878,265   | )      |   |   | (784,221 | ) |
|                                                                                     |   |   |       |   |   |   |   |   |
| Investing Activities                                                                     |   |   |       |   |   |   |   |   |
| Net decrease in loans receivable                                                         |   |   | 58,167     |   |   |   | 217,142 |   |
| Decrease in equity advances to government business enterprises                           |   |   | 7,000      |   |   |   | - |   |
| Acquisition of other investments                                                         |   |   | (1,082,898 | )      |   |   | (970,998 | ) |
| Disposition of other investments                                                         |   |   | 1,238,199  |   |   |   | 802,339 |   |
| Sinking fund contributions for general debt (schedule 9)                                 |   |   | (52,546    | )      |   |   | (60,045 | ) |
| Sinking fund redemptions for general debt (schedule 9)                                   |   |   | 96,992     |   |   |   | 502,972 |   |
| Cash Provided by Investing Activities                                                    |   |   | 264,914    |   |   |   | 491,410 |   |
|                                                                                     |   |   |       |   |   |   |   |   |
| Financing Activities                                                                     |   |   |       |   |   |   |   |   |
| Proceeds from public debt                                                                |   |   | 180,100    |   |   |   | 221,537 |   |
| Repayment of public debt                                                                 |   |   | (356,512   | )      |   |   | (715,679 | ) |
| Net (decrease) increase in other liabilities                                             |   |   | (79,413    | )      |   |   | 17,987 |   |
| Cash Used for Financing Activities                                                       |   |   | (255,825   | )      |   |   | (476,155 | ) |
|                                                                                     |   |   |       |   |   |   |   |   |
| Decrease in cash and temporary investments                                               |   |   | (883,024   | )      |   |   | (485,658 | ) |
| Cash and temporary investments, beginning of year                                        |   |   | 3,111,646  |   |   |   | 3,597,304 |   |
| Cash and Temporary Investments, End of Year                                              |   |   | 2,228,622  |   |   |   | 3,111,646 |   |
|                                                                                     |   |
| The accompanying notes and schedules are an integral part of these financial statements. |   |

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| •   | general debt, which is debt issued by government service organizations and includes issued amounts subsequently transferred to government business enterprises; and |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | government business enterprise specific debt, which is debt issued by, or specifically on behalf of, government business enterprises. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------|

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| •   | in pension obligations of $6,846.2 million (2011 - $6,094.7 million), insurance claim obligations of $2,737.4 million (2011 - $2,720.9 million) and environmental obligations of $258.1 million (2011 - $307.2 million) because actual experience may differ significantly from actuarial or historical estimations and assumptions; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in corporate and individual income taxation revenue of $2,691.2 million (2011 - $2,951.1 million) because final tax assessments may differ from initial estimates on which cash payments are based; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in oil and natural gas non-renewable resource revenue of $1,558.2 million (2011 - $1,303.8 million) because of price and production sensitivities in the royalty revenue structures; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in resource surcharge non-renewable resource revenue of $452.8 million (2011 - $360.8 million) because the final valuation of resource sales may differ from initial estimates on which installments are based; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in potash non-renewable resource revenue of $438.4 million (2011 - $262.5 million) because actual operating profits may differ from initial estimates; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in the Canada Health Transfer and Canada Social Transfer revenue of $1,199.2 million (2011 - $1,138.0 million) because of changes in economic and demographic conditions in the Province and the country; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in unbilled utility revenue of $111.0 million (2011 - $128.4 million) because actual usage may differ from estimated usage; and |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------|

| •   | in agricultural income stability programs expense of $132.1 million (2011 - $176.2 million) because actual program uptake may differ from initial estimates which are based on farm income forecasts. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| •   | debentures totalling 1,225.0 million U.S. dollars (2011 - 1,225.0 million) fully hedged to $1,619.3 million Canadian (2011 - $1,619.3 million); |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | debentures totalling 300.0 million Swiss francs (2011 - 300.0 million) fully hedged to $274.7 million Canadian (2011 - $274.7 million); and |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | interest payments on debentures of 275.0 million U.S. dollars (2011 - 275.0 million) hedged to Canadian dollars at an exchange rate of 1.2325 (2011 - 1.2325). |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                       |   | 2012       |   |   | 2011       |   |
|------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------|------------|--------|
|                                                                                                       |   | TSP        |   |   | PSSP       |   |   | Others |   |   | SHEPP |   |   | Total |   |   | Total |   |
|                                                                                                       |   |       |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   |       |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Plan status                                                                                                |   | closed     |   |   | closed     |   |   | closed1 |   |   | open |   |   |   | n/a |   |   |   | n/a |   |
| Member contribution rate(percentage of salary)                                                             |   |       | 7.85   |   |       |   | 7.00-9.00 | 2 |   |   | 4.40-9.00 | 2 |   |   | 7.70-10.00 |   |   |   | n/a |   |   |   | n/a |   |
| Number of active members                                                                                   |   |       | 1,211  |   |       |   | 447 |   |   |   | 945 |   |   |   | 34,269 |   |   |   | 36,872 |   |   |   | 36,991 |   |
| Average age of active members(years)                                                                       |   |       | 58.0   |   |       |   | 58.0 |   |   |   | 47.6 |   |   |   | 45.2 |   |   |   | 45.8 |   |   |   | 46.0 |   |
| Number of former members entitled to deferred                                                              |   |       |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     pension benefits                                                                   |   |       | 4,410  |   |       |   | 88 |   |   |   | 146 |   |   |   | 1,559 |   |   |   | 6,203 |   |   |   | 6,315 |   |
| Number of superannuates and surviving spouses                                                              |   |       | 11,407 |   |       |   | 5,718 |   |   |   | 2,463 |   |   |   | 11,907 |   |   |   | 31,495 |   |   |   | 30,591 |   |
| Actuarial valuation date                                                                                   |   | June 30/11 |   |   | Dec. 31/11 |   |   | Various |   |   | Dec. 31/10 |   |   |   | n/a |   |   |   | n/a |   |
| Long-term assumptions used                                                                                 |   |       |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Rate of compensation increase (percentage)                                              |   |       | 3.50   |   |       |   | 3.50 |   |   |   | 3.50-4.00 |   |   |   | 3.50 |   |   |   | n/a |   |   |   | n/a |   |
|     Expected rate of return on plan assets (percentage)                                     |   |       | 5.00   |   |       |   | n/a |   |   |   | 5.50-6.00 |   |   |   | 7.25 |   |   |   | n/a |   |   |   | n/a |   |
|     Discount rate(percentage)                                                               |   |       | 3.50   |   |       |   | 3.60 |   |   |   | 3.30-6.00 |   |   |   | 7.25 |   |   |   | n/a |   |   |   | n/a |   |
|     Inflation rate(percentage)                                                              |   |       | 2.50   |   |       |   | 2.50 |   |   |   | 2.50-3.00 |   |   |   | 2.50 |   |   |   | n/a |   |   |   | n/a |   |
|     Expected average remaining service life (years)                                         |   |       | 3.5    |   |       |   | 0.3 |   |   |   | 0.9-13.0 |   |   |   | 11.4 |   |   |   | n/a |   |   |   | n/a |   |
|     Post-retirement index (percentage of annual                                             |   |       |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              increase in Consumer Price Index) |   |       | 80     |   |       |   | 70 |   |   |   | 70-75 |   |   | Ad hoc |   |   |   | n/a |   |   |   | n/a |   |

| 1 | Judges and PPNTE are open to new membership; all other plans are closed. |   |
|---|--------------------------------------------------------------------------|--------|
| 2 | Contribution rate varies based on age upon joining the plan.             |   |

|                                                               |   | 2012                       |      |   | 2011    |   |
|--------------------------------------------------------------------|--------|----------------------------|-----------|--------|---------|--------|
|                                                               |   |  Government Sponsored |      |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | PEPP                       |      |   | Capital |   |   | STRP 1 |   |   | MEPP 2 |   |   | RCESP 3 |   |   | Total |   |   | Total |   |
|                                                               |   |                       |      |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Plan status                                                        |   | open                       |      |   | open    |   |   | open |   |   | open |   |   | open |   |   |   | n/a |   |   |   | n/a |   |
| Member contribution rate(percentage of salary)                     |   |                       | 5.00-9.00 | 4      |    |   | 5.00-7.50 | 4 |   |   | 7.80-10.00 |   |   |   | 7.40 |   |   |   | 8.42-13.96 |   |   |   | n/a |   |   |   | n/a |   |
| Government contribution rate (percentage of salary)                |   |                       | 5.00-9.00 | 4      |    |   | 5.50-8.00 | 4 |   |   | 7.00-9.00 |   |   |   | 7.40 |   |   |   | 8.42-13.96 |   |   |   | n/a |   |   |   | n/a |   |
| Government service organization participation                      |   |                       |      |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Number of active members                        |   |                       | 15,638    |   |    |   | 733 |   |   |   | 14,028 |   |   |   | 9,575 |   |   |   | 2,158 |   |   |   | 42,132 |   |   |   | 41,016 |   |
|     Member contributions (thousands of dollars)     |   |                       | 69,445    |   |    |   | 2,776 |   |   |   | 63,373 |   |   |   | 17,922 |   |   |   | 12,275 |   |   |   | 165,791 |   |   |   | 155,479 |   |
|     Government contributions (thousands of dollars) |   |                       | 72,499    |   |    |   | 3,509 |   |   |   | 67,483 |   |   |   | 17,922 |   |   |   | 12,491 |   |   |   | 173,904 |   |   |   | 163,187 |   |

| 1 | Teachers employed by Boards of Education after July 1, 1980 participate in the STRP, a contributory defined benefit pension plan.  The Government contributes an amount which is set through provincial negotiations. |   |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| 2 | Certain employees of Boards of Education and Regional Colleges participate in the MEPP, a multi-employer defined benefit plan.  All costs, including costs of any actuarially determined deficiency, are equally shared by the employees and employers.  At December 31, 2011, audited financial statements for the MEPP reported an accrued benefit obligation of $1,599.7 million (2010 - $1,353.3 million) and pension fund assets at market value of $1,366.9 million (2010 - $1,371.5 million). |   |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| 3 | Certain employees of a Regional Health Authority and a Board of Education participate in the RCESP, a multi-employer defined benefit plan.  All costs, including costs of any actuarially determined deficiency, are equally shared by the employees and employers.  At December 31, 2011, audited financial statements for the RCESP reported an accrued benefit obligation of $1,182.5 million (2010 - $1,084.7 million) and pension fund assets at market value of $889.5 million (2010 - $875.7 million). |   |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| 4 | Contribution rate varies based on employee group.  |   |
|---|---------------------------------------------------------|--------|

----

----

----

| (thousands of dollars)                                                                      |   | 2012   |    |   | 2011   |   |
|---------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                        |   |   |    |   |   |   |
|                                                                                        |   |   |    |   |   |   |
| Defined benefit plans                                                                       |   |   |    |   |   |   |
|     Current period benefit cost                                              |   |   | 43,600  |   |   |   | 53,445 |   |
|     Amortization of estimation adjustments                                   |   |   | 91,347  |   |   |   | 143,047 |   |
|     Employee contributions                                                   |   |   | (9,804  | )      |   |   | (12,899 | ) |
|     Cost of financing unfunded pension obligation (pension interest expense) |   |   | 262,270 |   |   |   | 277,991 |   |
| Pension expense, defined benefit plans                                                      |   |   | 387,413 |   |   |   | 461,584 |   |
| Other plans                                                                                 |   |   |    |   |   |   |   |   |
|     Pension expense, joint defined benefit plan                              |   |   | 161,026 |   |   |   | 168,671 |   |
|     Pension expense, defined contribution plans                              |   |   | 173,904 |   |   |   | 163,187 |   |
| Total Pension Expense                                                                       |   |   | 722,343 |   |   |   | 793,442 |   |

|                                                                   |   | 2012        |   |   | 2011      |   |
|-----------------------------------------------------------------------------|--------|-------------|--------|--------|-----------|--------|
|                                                                        |   | SaskPower   |   |   | SaskTel   |   |   | Others |   |   | Total |   |   | Total |   |
|                                                                        |   |        |   |   |      |   |   |   |   |   |   |   |   |   |   |
|                                                                        |   |        |   |   |      |   |   |   |   |   |   |   |   |   |   |
| Plan status                                                                 |   | closed      |   |   | closed    |   |   | closed |   |   |   | n/a |   |   |   | n/a |   |
| Number of active members                                                    |   |        | 208    |   |      |   | 90 |   |   |   | 32 |   |   |   | 330 |   |   |   | 452 |   |
| Number of former members, superannuates and surviving spouses               |   |        | 1,820  |   |      |   | 2,059 |   |   |   | 446 |   |   |   | 4,325 |   |   |   | 4,275 |   |
| Member contributions (thousands of dollars)                                 |   |        | 378    |   |      |   | 198 |   |   |   | 84 |   |   |   | 660 |   |   |   | 1,391 |   |
| Government contributions (thousands of dollars)                             |   |        | 27,216 |   |      |   | 15,989 |   |   |   | 4,546 |   |   |   | 47,751 |   |   |   | 47,155 |   |
| Benefits paid (thousands of dollars)                                        |   |        | 54,828 |   |      |   | 66,408 |   |   |   | 9,055 |   |   |   | 130,291 |   |   |   | 124,036 |   |
| Actuarial valuation date                                                    |   | Sept. 30/11 |   |   | Dec.31/10 |   |   | Various |   |   |   | n/a |   |   |   | n/a |   |
| Long-term assumptions used                                                  |   |        |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Rate of compensation increase (percentage)               |   |        | 3.50   |   |      |   | 3.00 |   |   |   | 2.50-3.50 |   |   |   | n/a |   |   |   | n/a |   |
|     Expected rate of return on plan assets (percentage) |   |        | 6.75   |   |      |   | 6.75 |   |   |   | 4.25-6.00 |   |   |   | n/a |   |   |   | n/a |   |
|     Discount rate (percentage)                               |   |        | 4.25   |   |      |   | 4.30 |   |   |   | 4.20-4.30 |   |   |   | n/a |   |   |   | n/a |   |
|     Inflation rate (percentage)                              |   |        | 2.50   |   |      |   | 2.50 |   |   |   | 2.25-2.50 |   |   |   | n/a |   |   |   | n/a |   |
|     Post-retirement index (percentage of annual increase in  |   |        |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |
|         Consumer Price Index)            |   |        | 70     |   |      |   | 100 |   |   |   | 50-70 |   |   |   | n/a |   |   |   | n/a |   |

----

----

----

| (thousands of dollars)       |   | 2012      |    |   | 2011    |   |
|------------------------------|--------|-----------|---------|--------|---------|--------|
|                         |   | SaskPower |    |   | SaskTel |   |   | Others |   |   | Total 3 |   |   | Total 3 |   |
|                         |   |      |    |   |    |   |   |   |   |   |   |   |   | (note 12) |   |
|                         |   |      |    |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued benefit obligation   |   |      | 988,379 |   |    |   | 1,130,310 |   |   |   | 135,626 |   |   |   | 2,254,315 |   |   |   | 2,096,338 |   |
| Fair value of plan assets1   |   |      | 726,561 |   |    |   | 914,283 |   |   |   | 77,839 |   |   |   | 1,718,683 |   |   |   | 1,761,474 |   |
| Plan deficit                 |   |      | 261,818 |   |    |   | 216,027 |   |   |   | 57,787 |   |   |   | 535,632 |   |   |   | 334,864 |   |
| Unamortized amounts2         |   |      | -       |   |    |   | - |   |   |   | (6,397 | ) |   |   | (6,397 | ) |   |   | (415,932 | ) |
| Pension Liabilities (Assets) |   |      | 261,818 |   |    |   | 216,027 |   |   |   | 51,390 |   |   |   | 529,235 |   |   |   | (81,068 | ) |

| 1 | At December 31, 2011, 32.2 per cent (2010 - 29.9 per cent) of pension plan assets were invested in fixed income securities and 51.8 per cent (2010 - 57.0 per cent) in equity investments. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Beginning in 2011-12, all plans except WCB recognize actuarial gains and losses arising from employee future benefit plans directly in other comprehensive income in the year of occurrence.  For WCB, amounts are amortized over the average remaining service life of active employees. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | In 2011-12, government business enterprises adopted International Financial Reporting Standards.  Comparative figures were prepared on the basis of Canadian generally accepted accounting principles and have not been restated. |   |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|                                                          |   | 2012   |      |   | 2011    |   |
|--------------------------------------------------------------------|--------|--------|-----------|--------|---------|--------|
|                                                               |   | PEPP   |      |   | Capital |   |   | Total |   |   | Total |   |
|                                                               |   |   |      |   |    |   |   |   |   |   |   |   |
| Plan status                                                        |   | open   |      |   | open    |   |   |   | n/a |   |   |   | n/a |   |
| Member contribution rate (percentage of salary)1                   |   |   | 4.00-7.25 |   |    |   | 4.00-5.50 |   |   |   | n/a |   |   |   | n/a |   |
| Government contribution rate (percentage of salary)1               |   |   | 6.00-7.25 |   |    |   | 5.50-6.00 |   |   |   | n/a |   |   |   | n/a |   |
| Government business enterprise participation                       |   |   |      |   |    |   |   |   |   |   |   |   |   |   |   |   |
|     Number of active members                        |   |   | 9,129     |   |    |   | 2,723 |   |   |   | 11,852 |   |   |   | 11,843 |   |
|     Government contributions (thousands of dollars) |   |   | 41,678    |   |    |   | 8,053 |   |   |   | 49,731 |   |   |   | 47,335 |   |

| 1 | Contribution rate varies based on employee group. |   |
|---|---------------------------------------------------|--------|

----

----

----

| (thousands of dollars)        |   |   | Operating1 |    |   | Capital 2 |   |
|-------------------------------|--------|--------|------------|---------|--------|-----------|--------|
|                          |   |   |       |    |   |      |   |
| Future minimum lease payments |   |   |       |    |   |      |   |
| 2012-13                       |   |   |       | 161,043 |   |      |   | 130,561 |   |
| 2013-14                       |   |   |       | 117,830 |   |      |   | 83,914 |   |
| 2014-15                       |   |   |       | 60,488  |   |      |   | 82,751 |   |
| 2015-16                       |   |   |       | 47,267  |   |      |   | 82,398 |   |
| 2016-17                       |   |   |       | 28,147  |   |      |   | 82,408 |   |
| Thereafter                    |   |   |       | 31,143  |   |      |   | 1,092,691 |   |
|                          |   |   |       | 445,918 |   |      |   | 1,554,723 |   |
| Interest and executory costs  |   |   |       | -       |   |      |   | (905,522 | ) |
| Total Lease Obligations       |   |   |       | 445,918 |   |      |   | 649,201 |   |

| 1 | Total operating lease obligations include $237.6 million for government service organizations and $208.3 million for government business enterprises. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Total capital lease obligations include $43.3 million for government service organizations (schedule 6) and $605.9 million for government business enterprises. |   |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| •   | forward purchase agreements of approximately $2,581.8 million for power over the next 22 years, $1,086.5 million for future minimum coal deliveries valued at current prices over the next 13 years and $341.3 million for natural gas over the next four years; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | contracts for the construction and acquisition of tangible capital assets of $1,781.4 million over the next four years; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------|

| •   | computer service agreements of $176.2 million over the next six years; |
|---------------------|------------------------------------------------------------------------|

| •   | beverage container collection and recycling programs of $87.8 million over the next four years; |
|---------------------|-------------------------------------------------------------------------------------------------|

| •   | agreements to provide housing subsidies and transfers of $80.8 million over the next five years; |
|---------------------|--------------------------------------------------------------------------------------------------|

| •   | agreements to provide loss of income subsidies to previous purveyors of gaming services of $54.7 million over the next 16 years; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------|

| •   | projects to expand innovation and enhance the competitive ability of the Saskatchewan economy of $31.4 million over the next four years; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| •   | research and development projects for agriculture technology and opportunities in the agri-food industry of $25.3 million over the next five years; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | capital grant projects of $19.6 million over the next two years; and |
|---------------------|----------------------------------------------------------------------|

| •   | other contractual obligations of $181.1 million over the next 14 years. |
|---------------------|-------------------------------------------------------------------------|

----

----

----

| •   | a 60 per cent interest in Apex Investment Limited Partnership, which invests in a variety of industries in the prairie region of Canada; |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| •   | a 45.5 per cent interest in Saskatchewan Entrepreneurial Fund Joint Venture, which assists with the development and growth of small business in the Province; |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | a 33.3 per cent interest in Foragen Technologies Limited Partnership, a venture capital fund which provides seed capital to technology corporations; and |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | shared control of Prairie Diagnostic Services Inc., which provides veterinary diagnostic services to veterinary and livestock industries in the Province. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (thousands of dollars)                                 |   | 2012   |    |   | 2011   |   |
|--------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                   |   |   |    |   |   |   |
| Financial assets                                       |   |   | 33,245  |   |   |   | 49,656 |   |
| Liabilities                                            |   |   | 2,132   |   |   |   | 6,763 |   |
| Net assets                                             |   |   | 31,113  |   |   |   | 42,893 |   |
| Non-financial assets                                   |   |   | 534     |   |   |   | 551 |   |
| Accumulated Surplus                                    |   |   | 31,647  |   |   |   | 43,444 |   |
|                                                   |   |   |    |   |   |   |   |   |
| Revenue                                                |   |   | 6,322   |   |   |   | 7,416 |   |
| Expense                                                |   |   | 8,796   |   |   |   | 5,824 |   |
| (Deficit) Surplus                                      |   |   | (2,474  | )      |   |   | 1,592 |   |
| Recovery of partnership interest                       |   |   | -       |   |   |   | 423 |   |
| Accumulated partnership earnings, beginning of year    |   |   | 18,186  |   |   |   | 16,171 |   |
| Adjustment for accounting change (note 11)             |   |   | (15,860 | )      |   |   | - |   |
| Accumulated partnership (losses) earnings, end of year |   |   | (148    | )      |   |   | 18,186 |   |
| Equity advances from government organizations          |   |   | 31,795  |   |   |   | 25,258 |   |
| Accumulated Surplus                                    |   |   | 31,647  |   |   |   | 43,444 |   |

----

----

----

| (thousands of dollars)                      |   | 2012   |       |   | 2011   |   |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                        |   |   |       |   |   |   |
| Pension plans                               |   |   | 10,609,344 |   |   |   | 10,634,991 |   |
| Employee benefit plans                      |   |   | 300,709    |   |   |   | 250,623 |   |
| Public Guardian and Trustee of Saskatchewan |   |   | 163,730    |   |   |   | 158,830 |   |
| Other                                       |   |   | 52,216     |   |   |   | 47,065 |   |
| Total Trust Fund Assets1                    |   |   | 11,125,999 |   |   |   | 11,091,509 |   |

| 1 | Amounts are based on the latest financial statements of the funds closest to March 31, 2012, where available. |
|---|---------------------------------------------------------------------------------------------------------------|

----

| (thousands of dollars)                                      |   | Increase   |    |
|-------------------------------------------------------------|--------|------------|---------|
|                                                        |   | (Decrease) |    |
| Financial assets                                            |   |       |    |
|     Cash                                     |   |       | 21,030  |   |
|     Accounts receivable                      |   |       | 38      |   |
|     Other investments                        |   |       | (15,860 | ) |
| Liabilities                                                 |   |       |    |   |
|     Accounts payable and accrued liabilities |   |       | 583     |   |
|     Other liabilities                        |   |       | 4,625   |   |
| Net debt                                                    |   |       | -       |   |

----

----

----

| (thousands of dollars)                                           |   | 2011         |       |
|------------------------------------------------------------------|--------|--------------|------------|
|                                                             |   | Canadian     |       |   | Adjustments |   |   |   |   |
|                                                             |   | GAAP         |       |   | for IFRS |   |   | IFRS |   |
|                                                             |   | (schedule 3) |       |   |   |   |   |   |   |
| Assets                                                           |   |         |       |   |   |   |   |   |   |
|    Cash and temporary investments                      |   |         | 231,161    |   |   |   | (2,091 | ) |   |   | 229,070 |   |
|    Accounts receivable                                 |   |         | 785,439    |   |   |   | 33,123 |   |   |   | 818,562 |   |
|    Inventories                                         |   |         | 436,871    |   |   |   | (194 | ) |   |   | 436,677 |   |
|    Prepaid expenses                                    |   |         | 176,142    |   |   |   | (4,017 | ) |   |   | 172,125 |   |
|    Long-term investments                               |   |         | 3,492,865  |   |   |   | 37,360 |   |   |   | 3,530,225 |   |
|    Capital assets                                      |   |         | 6,858,468  |   |   |   | 658,685 |   |   |   | 7,517,153 |   |
|    Intangible assets                                   |   |         | 212,204    |   |   |   | 14,872 |   |   |   | 227,076 |   |
|    Sinking funds                                       |   |         | 416,050    |   |   |   | - |   |   |   | 416,050 |   |
|    Other assets                                        |   |         | 231,327    |   |   |   | (146,461 | ) |   |   | 84,866 |   |
| Total Assets                                                     |   |         | 12,840,527 |   |   |   | 591,277 |   |   |   | 13,431,804 |   |
| Liabilities                                                      |   |         |       |   |   |   |   |   |   |   |   |   |
|    Accounts payable and accrued liabilities            |   |         | 724,318    |   |   |   | (46,141 | ) |   |   | 678,177 |   |
|    Dividends payable to government organizations       |   |         | 98,303     |   |   |   | - |   |   |   | 98,303 |   |
|    Gross debt                                          |   |         | 4,500,406  |   |   |   | (74,556 | ) |   |   | 4,425,850 |   |
|    Unearned revenue                                    |   |         | 638,249    |   |   |   | 25,921 |   |   |   | 664,170 |   |
|    Provision for insurance claims                      |   |         | 2,354,324  |   |   |   | (53,225 | ) |   |   | 2,301,099 |   |
|    Other liabilities                                   |   |         | 547,688    |   |   |   | 692,251 |   |   |   | 1,239,939 |   |
| Total Liabilities                                                |   |         | 8,863,288  |   |   |   | 544,250 |   |   |   | 9,407,538 |   |
| Net Assets                                                       |   |         | 3,977,239  |   |   |   | 47,027 |   |   |   | 4,024,266 |   |
|                                                             |   |         |       |   |   |   |   |   |   |   |   |   |
| Revenue                                                          |   |         | 6,578,996  |   |   |   | 1,559 |   |   |   | 6,580,555 |   |
| Expense                                                          |   |         | 5,643,613  |   |   |   | (179,605 | ) |   |   | 5,464,008 |   |
| Income before non-recurring items                                |   |         | 935,383    |   |   |   | 181,164 |   |   |   | 1,116,547 |   |
| Non-recurring items                                              |   |         | 34,530     |   |   |   | 1,094 |   |   |   | 35,624 |   |
| Net Income                                                       |   |         | 969,913    |   |   |   | 182,258 |   |   |   | 1,152,171 |   |
| Retained earnings, beginning of year                             |   |         | 2,386,989  |   |   |   | 145,243 |   |   |   | 2,532,232 |   |
| Dividends to government organizations                            |   |         | (688,419   | ) |   |   | - |   |   |   | (688,419 | ) |
| Transfer from accumulated other comprehensive income (loss)      |   |         | -          |   |   |   | (47,400 | ) |   |   | (47,400 | ) |
| Retained earnings, end of year                                   |   |         | 2,668,483  |   |   |   | 280,101 |   |   |   | 2,948,584 |   |
| Accumulated other comprehensive income (loss), beginning of year |   |         | 88,778     |   |   |   | (94,618 | ) |   |   | (5,840 | ) |
| Other comprehensive income (loss)                                |   |         | 138,642    |   |   |   | (185,856 | ) |   |   | (47,214 | ) |
| Transfer to retained earnings                                    |   |         | -          |   |   |   | 47,400 |   |   |   | 47,400 |   |
| Accumulated other comprehensive income (loss), end of year       |   |         | 227,420    |   |   |   | (233,074 | ) |   |   | (5,654 | ) |
| Equity advances from government organizations                    |   |         | 1,081,336  |   |   |   | - |   |   |   | 1,081,336 |   |
| Net Assets                                                       |   |         | 3,977,239  |   |   |   | 47,027 |   |   |   | 4,024,266 |   |

----

----

----

| (thousands of dollars)                      |   | 2011     |      |
|---------------------------------------------|--------|----------|-----------|
|                                        |   | Canadian |      |   | Adjustments |   |   |   |   |
|                                        |   | GAAP     |      |   | for IFRS |   |   | IFRS |   |
|                                        |   | (note 5) |      |   |   |   |   |   |   |
|                                        |   |     |      |   |   |   |   |   |   |   |   |   |
| Accrued benefit obligation                  |   |     | 2,096,338 |   |   |   | (27,377 | ) |   |   | 2,068,961 |   |
| Fair value of plan assets                   |   |     | 1,761,474 |   |   |   | 12,079 |   |   |   | 1,773,553 |   |
| Plan deficit                                |   |     | 334,864   |   |   |   | (39,456 | ) |   |   | 295,408 |   |
| Unamortized amounts                         |   |     | (415,932  | ) |   |   | 412,970 |   |   |   | (2,962 | ) |
| Pension (Assets) Liabilities                |   |     | (81,068   | ) |   |   | 373,514 |   |   |   | 292,446 |   |
|                                        |   |     |      |   |   |   |   |   |   |   |   |   |
| Pension expense                             |   |     | 54,957    |   |   |   | (42,383 | ) |   |   | 12,574 |   |
| Other comprehensive loss (actuarial losses) |   |     | -         |   |   |   | 47,400 |   |   |   | 47,400 |   |
|                                        |   |     |      |   |   |   |   |   |   |   |   |   |
| Other employee future benefits              |   |     |      |   |   |   |   |   |   |   |   |   |
| (thousands of dollars)                      |   |     | 2011      |   |
|                                        |   | Canadian |      |   | Adjustments |   |   |   |   |   |
|                                        |   | GAAP     |      |   | for IFRS |   |   | IFRS |   |
|                                        |   | (note 5) |      |   |   |   |   |   |   |   |   |
|                                        |   |     |      |   |   |   |   |   |   |   |   |   |
| Accrued benefit liability                   |   |     | 89,151    |   |   |   | 19,193 |   |   |   | 108,344 |   |
| Benefit expense                             |   |     | 18,051    |   |   |   | (5,325 | ) |   |   | 12,726 |   |

----

----

----

| Accounts Receivable                   |   |   |      |   | Schedule 1 |   |
|---------------------------------------|--------|--------|-----------|--------|------------|--------|
| As at March 31, 2012                  |   |   |      |   |       |   |
| (thousands of dollars)                |   |   |      |   |       |   |
|                                  |   |   |      |   |       |   |
|                                  |   | 2012   |      |   | 2011       |   |
|                                  |   |   |      |   |       |   |
|                                  |   |   |      |   |       |   |
| Taxation                              |   |   | 409,982   |   |       |   | 388,868 |   |
| Non-renewable resources               |   |   | 225,156   |   |       |   | 210,545 |   |
| Other own-source revenue              |   |   | 595,421   |   |       |   | 505,971 |   |
| Transfers from the federal government |   |   | 453,399   |   |       |   | 415,021 |   |
|                                  |   |   | 1,683,958 |   |       |   | 1,520,405 |   |
| Provision for loss                    |   |   | (103,820  | )      |       |   | (105,095 | ) |
| Total Accounts Receivable             |   |   | 1,580,138 |   |       |   | 1,415,310 |   |

| Loans Receivable                |   |   |    |   | Schedule 2 |   |
|---------------------------------|--------|--------|---------|--------|------------|--------|
| As at March 31, 2012            |   |   |    |   |       |   |
| (thousands of dollars)          |   |   |    |   |       |   |
|                            |   |   |    |   |       |   |
|                            |   | 2012   |    |   | 2011       |   |
|                            |   |   |    |   |       |   |
|                            |   |   |    |   |       |   |
| Government business enterprises |   |   | 429,798 |   |       |   | 480,414 |   |
| Student loans                   |   |   | 134,613 |   |       |   | 129,929 |   |
| Agricultural loans              |   |   | 40,478  |   |       |   | 53,218 |   |
| Other                           |   |   | 25,461  |   |       |   | 24,956 |   |
|                            |   |   | 630,350 |   |       |   | 688,517 |   |
| Provision for loss              |   |   | (75,971 | )      |       |   | (82,123 | ) |
| Total Loans Receivable          |   |   | 554,379 |   |       |   | 606,394 |   |

----

----

----

| Loans Receivable (continued) |   |   |   |   | Schedule 2 |   |
|------------------------------|--------|--------|--------|--------|------------|--------|

----

----

----

| Investment in Government Business Enterprises                         |   |       |      |   |      |   |      |    |   |   |      |   |
|-----------------------------------------------------------------------|--------|------------|-----------|--------|-----------|--------|-----------|---------|--------|--------|-----------|--------|
| As at March 31, 2012                                                  |   |       |      |   |      |   |      |    |   |   |      |   |
| (thousands of dollars)                                                |   |       |      |   |      |   |      |    |   |   |      |   |
|                                                                  |   |       |      |   |      |   |      |    |   |   |      |   |
|                                                                  |   |       |      |   |      |   |      |    |   |   |      |   |
|                                                                  |   | SaskEnergy |      |   | SaskPower |   |      | SaskTel |   |   | SGI       |   |
|                                                                  |   |       |      |   |      |   |      |    |   |   |      |   |
| Assets                                                                |   |       |      |   |      |   |      |    |   |   |      |   |
| Cash and temporary investments                                        |   |       | 21,080    |   |      |   | (5,947    | )       |   |   | 7,998     |   |   |   | 39,365 |   |
| Accounts receivable                                                   |   |       | 102,078   |   |      |   | 235,870   |    |   |   | 109,920   |   |   |   | 145,250 |   |
| Inventories                                                           |   |       | 224,517   |   |      |   | 154,363   |    |   |   | 8,774     |   |   |   | - |   |
| Prepaid expenses                                                      |   |       | -         |   |      |   | 15,506    |    |   |   | 18,310    |   |   |   | 128,185 |   |
| Long-term investments                                                 |   |       | -         |   |      |   | 78,182    |    |   |   | 3,464     |   |   |   | 632,332 |   |
| Capital assets                                                        |   |       | 1,395,046 |   |      |   | 5,386,792 |    |   |   | 1,232,019 |   |   |   | 32,087 |   |
| Intangible assets                                                     |   |       | 30,076    |   |      |   | 51,890    |    |   |   | 168,875   |   |   |   | 481 |   |
| Sinking funds (schedule 8)                                            |   |       | 73,157    |   |      |   | 352,999   |    |   |   | 78,444    |   |   |   | - |   |
| Other assets                                                          |   |       | 78,008    |   |      |   | 6,084     |    |   |   | 5,863     |   |   |   | 4,148 |   |
| Total Assets3                                                         |   |       | 1,923,962 |   |      |   | 6,275,739 |    |   |   | 1,633,667 |   |   |   | 981,848 |   |
| Liabilities                                                           |   |       |      |   |      |   |      |    |   |   |      |   |   |   |   |   |
| Accounts payable and accrued liabilities                              |   |       | 100,265   |   |      |   | 370,068   |    |   |   | 132,133   |   |   |   | 58,550 |   |
| Dividends payable to government organizations                         |   |       | 9,284     |   |      |   | -         |    |   |   | 44,834    |   |   |   | - |   |
| Gross debt (schedule 8)                                               |   |       | 1,028,075 |   |      |   | 2,958,103 |    |   |   | 537,972   |   |   |   | - |   |
| Unearned revenue                                                      |   |       | 40,983    |   |      |   | 17,797    |    |   |   | 108,976   |   |   |   | 268,458 |   |
| Provision for insurance claims                                        |   |       | -         |   |      |   | -         |    |   |   | -         |   |   |   | 374,059 |   |
| Other liabilities                                                     |   |       | 129,271   |   |      |   | 1,066,528 |    |   |   | 237,870   |   |   |   | 27,071 |   |
| Total Liabilities3                                                    |   |       | 1,307,878 |   |      |   | 4,412,496 |    |   |   | 1,061,785 |   |   |   | 728,138 |   |
| Net Assets (Debt)                                                     |   |       | 616,084   |   |      |   | 1,863,243 |    |   |   | 571,882   |   |   |   | 253,710 |   |
| Revenue                                                               |   |       |      |   |      |   |      |    |   |   |      |   |   |   |   |   |
| Operating                                                             |   |       | 889,965   |   |      |   | 1,898,591 |    |   |   | 1,130,856 |   |   |   | 449,064 |   |
| Investment income                                                     |   |       | -         |   |      |   | 11,100    |    |   |   | 1,759     |   |   |   | 9,488 |   |
| Total Revenue3                                                        |   |       | 889,965   |   |      |   | 1,909,691 |    |   |   | 1,132,615 |   |   |   | 458,552 |   |
| Expense                                                               |   |       |      |   |      |   |      |    |   |   |      |   |   |   |   |   |
| Operating                                                             |   |       | 823,362   |   |      |   | 1,474,936 |    |   |   | 997,521   |   |   |   | 167,393 |   |
| Insurance claims                                                      |   |       | -         |   |      |   | -         |    |   |   | -         |   |   |   | 290,640 |   |
| Debt charges4                                                         |   |       | 32,501    |   |      |   | 186,742   |    |   |   | 11,905    |   |   |   | - |   |
| Total Expense3                                                        |   |       | 855,863   |   |      |   | 1,661,678 |    |   |   | 1,009,426 |   |   |   | 458,033 |   |
| Income (loss) before non-recurring items                              |   |       | 34,102    |   |      |   | 248,013   |    |   |   | 123,189   |   |   |   | 519 |   |
| Non-recurring items                                                   |   |       | (8,576    | )      |      |   | -         |    |   |   | 30,802    |   |   |   | - |   |
| Net Income (Loss)                                                     |   |       | 25,526    |   |      |   | 248,013   |    |   |   | 153,991   |   |   |   | 519 |   |
| Retained earnings (deficit), beginning of year5                       |   |       | 393,973   |   |      |   | 1,132,126 |    |   |   | 577,319   |   |   |   | 131,315 |   |
| Adjustment to retained earnings (deficit) (note 12)                   |   |       | 163,947   |   |      |   | (33,624   | )       |   |   | (134,938  | )      |   |   | 46,814 |   |
| Dividends to government organizations                                 |   |       | (39,150   | )      |      |   | -         |    |   |   | (138,592  | )      |   |   | - |   |
| Transfer from accumulated other comprehensive income (loss)           |   |       | -         |   |      |   | (142,974  | )       |   |   | (135,898  | )      |   |   | (4,938 | ) |
| Retained earnings (deficit), end of year                              |   |       | 544,296   |   |      |   | 1,203,541 |    |   |   | 321,882   |   |   |   | 173,710 |   |
| Accumulated other comprehensive income (loss), beginning of year5     |   |       | (3,504    | )      |      |   | (525      | )       |   |   | -         |   |   |   | 27,002 |   |
| Adjustment to accumulated other comprehensive income (loss) (note 12) |   |       | 3,523     |   |      |   | -         |    |   |   | -         |   |   |   | (27,002 | ) |
| Other comprehensive income (loss)6                                    |   |       | 238       |   |      |   | (142,740  | )       |   |   | (135,898  | )      |   |   | (4,938 | ) |
| Transfer to retained earnings (deficit)                               |   |       | -         |   |      |   | 142,974   |    |   |   | 135,898   |   |   |   | 4,938 |   |
| Accumulated other comprehensive income (loss), end of year            |   |       | 257       |   |      |   | (291      | )       |   |   | -         |   |   |   | - |   |
| Equity advances from government organizations                         |   |       | 71,531    |   |      |   | 659,993   |    |   |   | 250,000   |   |   |   | 80,000 |   |
| Net Assets (Debt)                                                     |   |       | 616,084   |   |      |   | 1,863,243 |    |   |   | 571,882   |   |   |   | 253,710 |   |
|                                                                  |   |       |      |   |      |   |      |    |   |   |      |   |   |   |   |   |

| 1 | Net assets are restricted as disclosed on page 106.  |
|---|-----------------------------------------------------------|
| 2 | Adjustments include:                                 |

|   | •   | significant intervening period transactions; and |
|--------|---------------------|--------------------------------------------------|

|   | •   | eliminating unrealized gains and losses on transactions with government organizations. |
|--------|---------------------|----------------------------------------------------------------------------------------|

| 3 | Total assets includes $636.3 million (2011 - $527.4 million - restated) due from or invested in government organizations; total liabilities includes $4,651.5 million (2011 - $4,409.8 million) in gross debt owing to government organizations and $349.2 million (2011 - $249.5 million - restated) in accounts payable or services due from government organizations; total revenue includes $231.6 million (2011 - $262.4 million - restated) from government organizations; and total expense includes $486.4 million (2011 - $485.6 million - restated) paid and owing to government organizations. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Debt charges is reported net of sinking fund earnings.  Interest in the amount of $196.0 million (2011 - $209.0 million - restated) was paid and owing to government organizations. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Retained earnings (deficit), beginning of year and accumulated other comprehensive income (loss), beginning of year are reported on the basis of Canadian generally accepted accounting principles (note 12). |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Other comprehensive income (loss) for the current year consists primarily of benefit plan actuarial losses of $283.8 million.  Prior year other comprehensive income, reported on the basis of Canadian generally accepted accounting principles (note 12), consists of $219.6 million net unrealized gains less $81.0 million net realized gains recognized in net income. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   | Schedule 3 |   |
|------------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------------|--------|---------|--------|--------|--------|------------|--------|
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |
| Auto Fund1 |      |   | WCB1   |   |      | SLGA   |   |   | SGC       |   |   | MFC    |    |   | Adjustments2 |   |    | 2012   |   |   | 2011       |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   | (note 12)  |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |
|       | 34,066    |   |   |   | 46,430    |   |   |   | 43,073    |   |   |   | 13,221  |   |         |   | -       |   |   |   | (89,484    | )      |   |   | 109,802 |   |   |   | 231,161 |   |
|       | 174,712   |   |   |   | 23,685    |   |   |   | 62,515    |   |   |   | 290     |   |         |   | 2,146   |   |   |   | -          |   |   |   | 856,466 |   |   |   | 785,439 |   |
|       | 3,459     |   |   |   | -         |   |   |   | 27,184    |   |   |   | 300     |   |         |   | -       |   |   |   | -          |   |   |   | 418,597 |   |   |   | 436,871 |   |
|       | 47,673    |   |   |   | 449       |   |   |   | 828       |   |   |   | 435     |   |         |   | -       |   |   |   | -          |   |   |   | 211,386 |   |   |   | 176,142 |   |
|       | 1,399,887 |   |   |   | 1,378,246 |   |   |   | -         |   |   |   | -       |   |         |   | 141,087 |   |   |   | -          |   |   |   | 3,633,198 |   |   |   | 3,492,865 |   |
|       | 41,883    |   |   |   | 13,198    |   |   |   | 29,307    |   |   |   | 68,754  |   |         |   | -       |   |   |   | 17,564     |   |   |   | 8,216,650 |   |   |   | 6,858,468 |   |
|       | 9,683     |   |   |   | 32,312    |   |   |   | 4,954     |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 298,271 |   |   |   | 212,204 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | 2,084   |   |   |   | -          |   |   |   | 506,684 |   |   |   | 416,050 |   |
|       | -         |   |   |   | 3,179     |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 97,282 |   |   |   | 231,327 |   |
|       | 1,711,363 |   |   |   | 1,497,499 |   |   |   | 167,861   |   |   |   | 83,000  |   |         |   | 145,317 |   |   |   | (71,920    | )      |   |   | 14,348,336 |   |   |   | 12,840,527 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
|       | 59,702    |   |   |   | 27,309    |   |   |   | 25,591    |   |   |   | 15,923  |   |         |   | 1,134   |   |   |   | -          |   |   |   | 790,675 |   |   |   | 724,318 |   |
|       | -         |   |   |   | -         |   |   |   | 95,813    |   |   |   | 5,366   |   |         |   | -       |   |   |   | 30,516     |   |   |   | 185,813 |   |   |   | 98,303 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | 13,407  |   |         |   | 126,191 |   |   |   | -          |   |   |   | 4,663,748 |   |   |   | 4,500,406 |   |
|       | 337,389   |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | (48,913    | )      |   |   | 724,690 |   |   |   | 638,249 |   |
|       | 1,170,687 |   |   |   | 1,013,946 |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 2,558,692 |   |   |   | 2,354,324 |   |
|       | -         |   |   |   | 166,091   |   |   |   | 54,094    |   |   |   | 7,428   |   |         |   | -       |   |   |   | -          |   |   |   | 1,688,353 |   |   |   | 547,688 |   |
|       | 1,567,778 |   |   |   | 1,207,346 |   |   |   | 175,498   |   |   |   | 42,124  |   |         |   | 127,325 |   |   |   | (18,397    | )      |   |   | 10,611,971 |   |   |   | 8,863,288 |   |
|       | 143,585   |   |   |   | 290,153   |   |   |   | (7,637    | )      |   |   | 40,876  |   |         |   | 17,992  |   |   |   | (53,523    | )      |   |   | 3,736,365 |   |   |   | 3,977,239 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
|       | 760,370   |   |   |   | 281,983   |   |   |   | 1,040,264 |   |   |   | 134,582 |   |         |   | -       |   |   |   | 48,657     |   |   |   | 6,634,332 |   |   |   | 6,384,788 |   |
|       | 51,668    |   |   |   | (33,510   | )      |   |   | -         |   |   |   | -       |   |         |   | 5,257   |   |   |   | -          |   |   |   | 45,762 |   |   |   | 194,208 |   |
|       | 812,038   |   |   |   | 248,473   |   |   |   | 1,040,264 |   |   |   | 134,582 |   |         |   | 5,257   |   |   |   | 48,657     |   |   |   | 6,680,094 |   |   |   | 6,578,996 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
|       | 148,038   |   |   |   | 55,854    |   |   |   | 574,273   |   |   |   | 107,243 |   |         |   | 26      |   |   |   | -          |   |   |   | 4,348,646 |   |   |   | 4,364,298 |   |
|       | 806,924   |   |   |   | 199,663   |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 1,297,227 |   |   |   | 1,078,025 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | 1,472   |   |         |   | 3,747   |   |   |   | -          |   |   |   | 236,367 |   |   |   | 201,290 |   |
|       | 954,962   |   |   |   | 255,517   |   |   |   | 574,273   |   |   |   | 108,715 |   |         |   | 3,773   |   |   |   | -          |   |   |   | 5,882,240 |   |   |   | 5,643,613 |   |
|       | (142,924  | )      |   |   | (7,044    | )      |   |   | 465,991   |   |   |   | 25,867  |   |         |   | 1,484   |   |   |   | 48,657     |   |   |   | 797,854 |   |   |   | 935,383 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | (30,802    | )      |   |   | (8,576 | ) |   |   | 34,530 |   |
|       | (142,924  | )      |   |   | (7,044    | )      |   |   | 465,991   |   |   |   | 25,867  |   |         |   | 1,484   |   |   |   | 17,855     |   |   |   | 789,278 |   |   |   | 969,913 |   |
|       | 156,907   |   |   |   | 182,867   |   |   |   | (5,148    | )      |   |   | 11,057  |   |         |   | 16,508  |   |   |   | 71,559     |   |   |   | 2,668,483 |   |   |   | 2,386,989 |   |
|       | 129,602   |   |   |   | 114,330   |   |   |   | 5,074     |   |   |   | 11,840  |   |         |   | -       |   |   |   | (22,944    | )      |   |   | 280,101 |   |   |   | - |   |
|       | -         |   |   |   | -         |   |   |   | (465,917  | )      |   |   | (20,693 | )      |         |   | -       |   |   |   | (120,000   | )      |   |   | (784,352 | ) |   |   | (688,419 | ) |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | (283,810 | ) |   |   | - |   |
|       | 143,585   |   |   |   | 290,153   |   |   |   | -         |   |   |   | 28,071  |   |         |   | 17,992  |   |   |   | (53,530    | )      |   |   | 2,669,700 |   |   |   | 2,668,483 |   |
|       | 85,825    |   |   |   | 118,622   |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 227,420 |   |   |   | 88,778 |   |
|       | (85,825   | )      |   |   | (118,622  | )      |   |   | (5,148    | )      |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | (233,074 | ) |   |   | - |   |
|       | -         |   |   |   | -         |   |   |   | (2,489    | )      |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | (285,827 | ) |   |   | 138,642 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | 283,810 |   |   |   | - |   |
|       | -         |   |   |   | -         |   |   |   | (7,637    | )      |   |   | -       |   |         |   | -       |   |   |   | -          |   |   |   | (7,671 | ) |   |   | 227,420 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | 12,805  |   |         |   | -       |   |   |   | 7          |   |   |   | 1,074,336 |   |   |   | 1,081,336 |   |
|       | 143,585   |   |   |   | 290,153   |   |   |   | (7,637    | )      |   |   | 40,876  |   |         |   | 17,992  |   |   |   | (53,523    | )      |   |   | 3,736,365 |   |   |   | 3,977,239 |   |

----

----

----

| Investment in Government Business Enterprises (continued) | Schedule 3 |   |
|-----------------------------------------------------------|------------|--------|

----

----

----

| Other Investments       |   |   |  Schedule 4 |   |
|-------------------------|--------|--------|------------------|--------|
| As at March 31, 2012    |   |   |             |   |   |   |
| (thousands of dollars)  |   |   |             |   |   |   |
|                    |   |   |             |   |   |   |
|                    |   | 2012   |             |   | 2011 |   |
|                    |   |   |             |   |   |   |
|                    |   |   |             |   |   |   |
| Bonds and debentures    |   |   | 754,402          |   |   |   | 834,784 |   |
| Pooled investment funds |   |   | 92,086           |   |   |   | 96,185 |   |
| Equities                |   |   | 71,578           |   |   |   | 75,262 |   |
| Loans and advances      |   |   | 19,827           |   |   |   | 34,292 |   |
| Other                   |   |   | 51,818           |   |   |   | 102,433 |   |
| Total Other Investments |   |   | 989,711          |   |   |   | 1,142,956 |   |

|                                                                                               |   |   |    |   |   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                               |   | 2012   |    |   | 2011   |   |
|                                                                                               |   |   |    |   |   |   |
| Corporations (coupon interest range 1.7% to 12.5%; maturing in 1.0 to 39.8 years)                  |   |   | 298,901 |   |   |   | 239,649 |   |
| Governments of other provinces (coupon interest range 1.3% to 8.5%; maturing in 1.1 to 25.1 years) |   |   | 281,348 |   |   |   | 435,676 |   |
| Government of Canada (coupon interest range 0.5% to 5.0%; maturing in 1.5 to 25.2 years)           |   |   | 50,195  |   |   |   | 149,206 |   |
| Government of Saskatchewan (coupon interest range 4.2% to 5.8%; maturing in 4.4 to 16.9 years)     |   |   | 3,192   |   |   |   | 4,657 |   |
| Other (coupon interest range 3.0% to 12.1%; maturing in 1.5 to 44.3 years)                         |   |   | 120,766 |   |   |   | 5,596 |   |
| Total Bonds and Debentures                                                                         |   |   | 754,402 |   |   |   | 834,784 |   |

|                                                    |   |   |   |   |   |   |
|---------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                    |   | 2012   |   |   | 2011   |   |
|                                                    |   |   |   |   |   |   |
| Equities subject to significant influence               |   |   |   |   |   |   |
|     Meadow Lake OSB Limited Partnership1 |   |   | 10,800 |   |   |   | 23,695 |   |
|     Other                                |   |   | 15,417 |   |   |   | 16,766 |   |
| Other                                                   |   |   | 45,361 |   |   |   | 34,801 |   |
| Total Equities                                          |   |   | 71,578 |   |   |   | 75,262 |   |

| 1 | The Government, as a limited partner, holds a 25 per cent interest in Meadow Lake OSB Limited Partnership (MLOSB), an oriented strand board facility near Meadow Lake.  The Government had issued options to purchase its units of MLOSB.  These options expired, unexercised, in 2011. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Accounts Payable and Accrued Liabilities                                    |   |   |      |   | Schedule 5 |   |
|-----------------------------------------------------------------------------|--------|--------|-----------|--------|------------|--------|
| As at March 31, 2012                                                        |   |   |      |   |       |   |
| (thousands of dollars)                                                      |   |   |      |   |       |   |
|                                                                        |   |   |      |   |       |   |
|                                                                        |   | 2012   |      |   | 2011       |   |
|                                                                        |   |   |      |   |       |   |
|                                                                        |   |   |      |   |       |   |
| Accrued salaries and benefits                                               |   |   | 537,326   |   |       |   | 594,461 |   |
| Transfers                                                                   |   |   |      |   |       |   |   |   |
|    Operating1                                                     |   |   | 499,868   |   |       |   | 464,437 |   |
|    Capital                                                        |   |   | 32,155    |   |       |   | 51,153 |   |
| Supplier payments                                                           |   |   | 441,817   |   |       |   | 375,211 |   |
| Equalization and Canada Health and Social Transfer repayable to the federal |   |   |      |   |       |   |   |   |
|    government                                                |   |   | 227,530   |   |       |   | 251,191 |   |
| Accrued interest                                                            |   |   | 107,657   |   |       |   | 109,987 |   |
| Other                                                                       |   |   | 219,609   |   |       |   | 369,485 |   |
| Total Accounts Payable and Accrued Liabilities                              |   |   | 2,065,962 |   |       |   | 2,215,925 |   |

| 1 | Includes transfers to the federal government of $145.0 million (2011 - $119.6 million). |
|---|-----------------------------------------------------------------------------------------|

| Other Liabilities                                                  |   |   |    |   | Schedule 6 |   |
|--------------------------------------------------------------------|--------|--------|---------|--------|------------|--------|
| As at March 31, 2012                                               |   |   |    |   |       |   |
| (thousands of dollars)                                             |   |   |    |   |       |   |
|                                                               |   |   |    |   |       |   |
|                                                               |   | 2012   |    |   | 2011       |   |
|                                                               |   |   |    |   |       |   |
|                                                               |   |   |    |   |       |   |
| Environmental                                                      |   |   | 95,867  |   |       |   | 161,816 |   |
| Funds held on behalf of government business enterprises and others |   |   |    |   |       |   |   |   |
|    Liquor and Gaming Authority                      |   |   | 40,020  |   |       |   | 44,363 |   |
|    Other                                            |   |   | 55,087  |   |       |   | 54,005 |   |
| Capital leases (note 7)                                            |   |   | 43,297  |   |       |   | 37,356 |   |
| Other                                                              |   |   | 78,132  |   |       |   | 94,276 |   |
| Total Other Liabilities                                            |   |   | 312,403 |   |       |   | 391,816 |   |

| Unearned Revenue                |   |   |    |   | Schedule 7 |   |
|---------------------------------|--------|--------|---------|--------|------------|--------|
| As at March 31, 2012            |   |   |    |   |       |   |
| (thousands of dollars)          |   |   |    |   |       |   |
|                            |   |   |    |   |       |   |
|                            |   | 2012   |    |   | 2011       |   |
|                            |   |   |    |   |       |   |
|                            |   |   |    |   |       |   |
| Housing contributions           |   |   | 113,747 |   |       |   | 139,637 |   |
| Motor vehicle licensing fees    |   |   | 61,692  |   |       |   | 50,441 |   |
| Education contributions         |   |   | 48,846  |   |       |   | 51,727 |   |
| Water supply and infrastructure |   |   | 40,887  |   |       |   | 45,097 |   |
| Health contributions            |   |   | 37,776  |   |       |   | 39,773 |   |
| Crown mineral leases            |   |   | 20,288  |   |       |   | 20,950 |   |
| Other                           |   |   | 35,798  |   |       |   | 31,234 |   |
| Total Unearned Revenue          |   |   | 359,034 |   |       |   | 378,859 |   |

----

----

----

| Public Debt                                          |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   | Schedule 8 |   |
|------------------------------------------------------|--------|-----------|-----------|--------|-------------|--------|-----------|--------|--------|--------|-----------|--------|--------|------------------|-----------|--------|------------|--------|
| As at March 31, 2012                                 |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |
| (thousands of dollars)                               |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |
|                                                 |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |
|                                                 |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |
|                                                 |   | 2012      |      |   | 2011        |   |
|                                                 |   |      |      |   | Government  |   |      |   |   |   |      |   |   | Government       |      |   |       |   |
|                                                 |   |      |      |   | Business    |   |      |   |   |   |      |   |   | Business         |      |   |       |   |
|                                                 |   |      |      |   | Enterprise  |   |      |   |   |   |      |   |   |  Enterprise |      |   |       |   |
|                                                 |   | General   |      |   | Specific    |   |      | Public |   |   | General   |   |   | Specific         |      |   | Public     |   |
|                                                 |   | Debt1 2 3 |      |   | Debt 2 |   |      | Debt   |   |   | Debt1 2 3 |   |   | Debt 2      |      |   | Debt       |   |
|                                                 |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |
| General Revenue Fund                                 |   |      | 3,807,590 |   |        |   | -         |   |   |   | 3,807,590 |   |   |             | 4,135,226 |   |       |   | - |   |   |   | 4,135,226 |   |
|    Less amounts held by government         |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |   |   |   |
|       service organizations |   |      | (23,170   | )      |        |   | -         |   |   |   | (23,170   | )      |   |             | (45,211   | )      |       |   | - |   |   |   | (45,211 | ) |
| Saskatchewan Power Corporation4                      |   |      | 96,547    |   |        |   | 2,646,587 |   |   |   | 2,743,134 |   |   |             | 97,823    |   |       |   | 2,490,267 |   |   |   | 2,588,090 |   |
| SaskEnergy Incorporated4                             |   |      | 304,209   |   |        |   | 628,987   |   |   |   | 933,196   |   |   |             | 376,342   |   |       |   | 489,749 |   |   |   | 866,091 |   |
| Saskatchewan Telecommunications Holding              |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |
|    Corporation4                            |   |      | 14,200    |   |        |   | 507,827   |   |   |   | 522,027   |   |   |             | -         |   |       |   | 369,928 |   |   |   | 369,928 |   |
| Municipal Financing Corporation                      |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |   |   |   |
|     of Saskatchewan4                  |   |      | 14,842    |   |        |   | 120,807   |   |   |   | 135,649   |   |   |             | 6,249     |   |       |   | 97,330 |   |   |   | 103,579 |   |
| Regional Health Authorities                          |   |      | 81,690    |   |        |   | -         |   |   |   | 81,690    |   |   |             | 81,227    |   |       |   | - |   |   |   | 81,227 |   |
| Boards of Education                                  |   |      | 74,487    |   |        |   | -         |   |   |   | 74,487    |   |   |             | 74,079    |   |       |   | - |   |   |   | 74,079 |   |
| Saskatchewan Immigrant Investor Fund Inc.            |   |      | 71,738    |   |        |   | -         |   |   |   | 71,738    |   |   |             | 17,297    |   |       |   | - |   |   |   | 17,297 |   |
| Saskatchewan Water Corporation                       |   |      | 54,067    |   |        |   | -         |   |   |   | 54,067    |   |   |             | 49,151    |   |       |   | - |   |   |   | 49,151 |   |
| Saskatchewan Opportunities Corporation               |   |      | 35,729    |   |        |   | -         |   |   |   | 35,729    |   |   |             | 36,170    |   |       |   | - |   |   |   | 36,170 |   |
| Saskatchewan Housing Corporation                     |   |      | 35,037    |   |        |   | -         |   |   |   | 35,037    |   |   |             | 38,745    |   |       |   | - |   |   |   | 38,745 |   |
| Saskatchewan Gaming Corporation4                     |   |      | -         |   |        |   | 13,090    |   |   |   | 13,090    |   |   |             | -         |   |       |   | 14,585 |   |   |   | 14,585 |   |
| Information Services Corporation                     |   |      |      |   |        |   |      |   |   |   |      |   |   |             |      |   |       |   |   |   |   |
|     of Saskatchewan                   |   |      | 9,935     |   |        |   | -         |   |   |   | 9,935     |   |   |             | 13,547    |   |       |   | - |   |   |   | 13,547 |   |
| Other                                                |   |      | 7,885     |   |        |   | -         |   |   |   | 7,885     |   |   |             | 5,131     |   |       |   | - |   |   |   | 5,131 |   |
| Public Debt1 5                                       |   |      | 4,584,786 |   |        |   | 3,917,298 |   |   |   | 8,502,084 |   |   |             | 4,885,776 |   |       |   | 3,461,859 |   |   |   | 8,347,635 |   |

| 1 | Public debt on the Statement of Financial Position includes only general debt. |
|---|--------------------------------------------------------------------------------|

| 2 | General debt and government business enterprise specific debt are presented net of sinking funds. |
|---|---------------------------------------------------------------------------------------------------|

| 3 | General debt includes $73.5 million (2011 - $78.9 million) secured primarily by assets with a carrying value of $106.8 million (2011 - $113.7 million). |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Public debt of government business enterprises includes both general debt and government business enterprise specific debt.  General debt of government business enterprises represents amounts transferred from the General Revenue Fund to government business enterprises and recorded as loans receivable (schedule 2).  Government business enterprise specific debt represents debt issued by, or specifically on behalf of, government business enterprises. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Schedule 3 provides information on government business enterprises as presented in their audited financial statements closest to March 31, 2012.  Public debt of government business enterprises shown above has been adjusted for transactions occurring from the audited financial statements to March 31, 2012 as follows: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                             |   |          |      |   |         |   |    |   |   |   |      |   |
|------------------------------------------------------------------|--------|---------------|-----------|--------|--------------|--------|---------|--------|--------|--------|-----------|--------|
|                                                             |   | 2012          |      |   | 2011         |   |
|                                                             |   | Government    |      |   |         |   |    |   |   |   |      |   |
|                                                             |   | Business      |      |   |         |   |    |   |   |   |      |   |
|                                                             |   | Enterprise    |      |   | Transactions |   |    | Public |   |   | Public    |   |
|                                                             |   | Debt          |      |   | to March 31  |   |    | Debt   |   |   | Debt b    |   |
|                                                             |   | (schedule 3)a |      |   |         |   |    |   |   |   |      |   |
|                                                             |   |          |      |   |         |   |    |   |   |   |      |   |
|    Saskatchewan Power Corporation                      |   |          | 2,605,104 |   |         |   | 138,030 |   |   |   | 2,743,134 |   |   |   | 2,588,090 |   |
|    SaskEnergy Incorporated                             |   |          | 954,918   |   |         |   | (21,722 | )      |   |   | 933,196   |   |   |   | 866,091 |   |
|    Saskatchewan Telecommunications Holding Corporation |   |          | 459,528   |   |         |   | 62,499  |   |   |   | 522,027   |   |   |   | 369,928 |   |
|    Municipal Financing Corporation of Saskatchewan     |   |          | 124,107   |   |         |   | 11,542  |   |   |   | 135,649   |   |   |   | 103,579 |   |
|    Saskatchewan Gaming Corporation                     |   |          | 13,407    |   |         |   | (317    | )      |   |   | 13,090    |   |   |   | 14,585 |   |
|    Total Government Business Enterprises               |   |          | 4,157,064 |   |         |   | 190,032 |   |   |   | 4,347,096 |   |   |   | 3,942,273 |   |

| a | Includes gross debt net of sinking funds reported on schedule 3. |
|---|------------------------------------------------------------------|

| b | Reported on the basis of Canadian generally accepted accounting principles (note 12). |
|---|---------------------------------------------------------------------------------------|

----

----

----

| Public Debt (continued) | Schedule 8 |   |
|-------------------------|------------|--------|

| 5 | Included in public debt is U.S. dollar debt converted to $23.9 million Canadian (2011 - $37.2 million) at the exchange rate in effect at March 31, 2012 of 0.9991 (2011 - 0.9718). |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Public debt is comprised of gross debt net of sinking funds as follows: |
|--------|-------------------------------------------------------------------------|

|   |                                                              |   | 2012   |       |
|--------|-------------------------------------------------------------------|--------|--------|------------|
|   |                                                              |   | Gross  |       |   | Sinking |   |   | Public |   |
|   |                                                              |   | Debt a |       |   | Funds |   |   | Debt |   |
|   |                                                              |   |   |       |   | (schedule 9) |   |   |   |   |
|   |                                                              |   |   |       |   |   |   |   |   |   |
|   | General Revenue Fund                                              |   |   | 5,906,884  |   |   |   | (2,099,294 | ) |   |   | 3,807,590 |   |
|   |   Less amounts held by government service organizations |   |   | (23,170    | ) |   |   | - |   |   |   | (23,170 | ) |
|   | Saskatchewan Power Corporation                                    |   |   | 3,096,922  |   |   |   | (353,788 | ) |   |   | 2,743,134 |   |
|   | SaskEnergy Incorporated                                           |   |   | 1,005,999  |   |   |   | (72,803 | ) |   |   | 933,196 |   |
|   | Saskatchewan Telecommunications Holding Corporation               |   |   | 600,800    |   |   |   | (78,773 | ) |   |   | 522,027 |   |
|   | Municipal Financing Corporation of Saskatchewan                   |   |   | 137,746    |   |   |   | (2,097 | ) |   |   | 135,649 |   |
|   | Regional Health Authorities                                       |   |   | 81,690     |   |   |   | - |   |   |   | 81,690 |   |
|   | Boards of Education                                               |   |   | 74,487     |   |   |   | - |   |   |   | 74,487 |   |
|   | Saskatchewan Immigrant Investor Fund Inc.                         |   |   | 71,738     |   |   |   | - |   |   |   | 71,738 |   |
|   | Saskatchewan Water Corporation                                    |   |   | 62,661     |   |   |   | (8,594 | ) |   |   | 54,067 |   |
|   | Saskatchewan Opportunities Corporation                            |   |   | 36,684     |   |   |   | (955 | ) |   |   | 35,729 |   |
|   | Saskatchewan Housing Corporation                                  |   |   | 59,803     |   |   |   | (24,766 | ) |   |   | 35,037 |   |
|   | Saskatchewan Gaming Corporation                                   |   |   | 13,090     |   |   |   | - |   |   |   | 13,090 |   |
|   | Information Services Corporation of Saskatchewan                  |   |   | 9,935      |   |   |   | - |   |   |   | 9,935 |   |
|   | Other                                                             |   |   | 7,885      |   |   |   | - |   |   |   | 7,885 |   |
|   | Public Debt                                                       |   |   | 11,143,154 |   |   |   | (2,641,070 | ) |   |   | 8,502,084 |   |

|   | a | The average effective interest rate on gross debt during 2011-12 was 6.2 per cent (2010-11 - 6.4 per cent) and includes the impact of foreign exchange and the amortization of any premiums or discounts associated with the debentures.  The average term to maturity of gross debt is 11.5 years (2011 - 11.5 years). |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Debt principal payment requirements in each of the next five years and thereafter are as follows: |
|--------|---------------------------------------------------------------------------------------------------|

|   |                        |   |   |       |       |   |       |   |
|--------|-----------------------------|--------|--------|------------|------------|--------|------------|--------|
|   |                        |   |   |  2012 |       |   |  2011 |   |
|   |                        |   |   |       |       |   |       |   |
|   | Year of Maturity            |   |   |       |       |   |       |   |
|   |                        |   |   |       |       |   |       |
|   | Short-term promissory notes |   |   |       | 692,340    |   |       |   | 586,293 |   |
|   | 2011-12                     |   |   |       | -          |   |       |   | 292,342 |   |
|   | 2012-13                     |   |   |       | 1,198,743  |   |       |   | 1,184,522 |   |
|   | 2013-14                     |   |   |       | 811,077    |   |       |   | 819,201 |   |
|   | 2014-15                     |   |   |       | 945,699    |   |       |   | 925,781 |   |
|   | 2015-16                     |   |   |       | 515,373    |   |       |   | 538,696 |   |
|   | 2016-17                     |   |   |       | 422,161    |   |       |   | - |   |
|   | 6-10 years                  |   |   |       | 1,730,728  |   |       |   | 1,799,612 |   |
|   | Thereafter                  |   |   |       | 4,827,033  |   |       |   | 4,633,009 |   |
|   | Gross debt a                |   |   |       | 11,143,154 |   |       |   | 10,779,456 |   |
|   | Sinking funds               |   |   |       | (2,641,070 | )      |       |   | (2,431,821 | ) |
|   | Public Debt                 |   |   |       | 8,502,084  |   |       |   | 8,347,635 |   |

|   | a | Gross debt includes Canada Pension Plan debentures of $745.1 million (2011 - $745.1 million).  These debentures are callable in whole or in part before maturity, at the option of the Minister of Finance of Saskatchewan. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Sinking Funds                                   |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   | Schedule 9 |   |
|-------------------------------------------------|--------|---------|-----------|--------|----------------|--------|--------|-----------|--------|--------|--------------|--------|--------|------------|---------|--------|------------|--------|
| As at March 31, 2012                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
| (thousands of dollars)                          |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
|                                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
|                                            |   | 2011    |      |   | 2012           |   |
|                                            |   | Sinking |      |   |           |   |   |      |   |   |         |   |   | Currency   |    |   | Sinking    |   |
|                                            |   | Funds   |      |   | Contributions1 |   |   | Earnings2 |   |   | Redemptions3 |   |   | Adjustment |    |   | Funds      |   |
|                                            |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |
| General Revenue Fund                            |   |    | 1,976,416 |   |           |   | 46,718 |      |   |   | 166,510      |   |   |       | (96,992 | )      |       |   | 6,642 |   |   |   | 2,099,294 |   |
| Saskatchewan Power Corporation                  |   |    | 298,734   |   |           |   | 26,723 |      |   |   | 28,331       |   |   |       | -       |   |       |   | - |   |   |   | 353,788 |   |
| Saskatchewan Telecommunications Holding         |   |    |      |   |           |   |   |      |   |   |         |   |   |       |    |   |       |   |   |   |   |   |   |   |
|     Corporation                  |   |    | 66,672    |   |           |   | 5,866  |      |   |   | 6,235        |   |   |       | -       |   |       |   | - |   |   |   | 78,773 |   |
| SaskEnergy Incorporated                         |   |    | 59,908    |   |           |   | 7,112  |      |   |   | 5,783        |   |   |       | -       |   |       |   | - |   |   |   | 72,803 |   |
| Saskatchewan Housing Corporation                |   |    | 22,242    |   |           |   | 520    |      |   |   | 2,004        |   |   |       | -       |   |       |   | - |   |   |   | 24,766 |   |
| Saskatchewan Water Corporation                  |   |    | 5,761     |   |           |   | 2,241  |      |   |   | 592          |   |   |       | -       |   |       |   | - |   |   |   | 8,594 |   |
| Municipal Financing Corporation of Saskatchewan | 1,574  |    |      |   | 362            |   |   |      | 161    |   |         |   | -      |       |    |   | -          |   |   |   | 2,097 |   |
| Saskatchewan Opportunities Corporation          |   |    | 514       |   |           |   | 367    |      |   |   | 74           |   |   |       | -       |   |       |   | - |   |   |   | 955 |   |
| Total Sinking Funds4                            |   |    | 2,431,821 |   |           |   | 89,909 |      |   |   | 209,690      |   |   |       | (96,992 | )      |       |   | 6,642 |   |   |   | 2,641,070 |   |

| 1 | Annual contributions, established by Order in Council, are set at not less than one per cent of debentures outstanding.  The aggregate amount of contributions estimated to be required in each of the next five years and thereafter to meet sinking fund requirements by debt classification (see footnote 4) are as follows: |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
|--------|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
|   |                             |   | 2013   |   |   | 2014   |   |   | 2015   |   |   | 2016   |   |   | 2017   |   |   | Thereafter |   |   | Total  |   |
|   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
|   | General debta                    |   |   | 51,481 |   |   |   | 51,481 |   |   |   | 44,595 |   |   |   | 35,257 |   |       |   | 31,012 |   |   |   | 358,148 |   |   |   | 571,974 |   |
|   | Government business enterprise   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
|   |     specific debt |   |   | 38,394 |   |   |   | 38,394 |   |   |   | 37,372 |   |   |   | 36,872 |   |       |   | 36,322 |   |   |   | 520,328 |   |   |   | 707,682 |   |
|   | Total Sinking Fund Contributions |   |   | 89,875 |   |   |   | 89,875 |   |   |   | 81,967 |   |   |   | 72,129 |   |       |   | 67,334 |   |   |   | 878,476 |   |   |   | 1,279,656 |   |

|   | a  | Each year, until 2015, includes contributions of 1.0 million U.S. dollars.  |
|--------|---------|----------------------------------------------------------------------------------|

| 2 | Sinking fund earnings include gains on investment sales of $128.2 million (2011 - $71.6 million). |
|---|---------------------------------------------------------------------------------------------------|

| 3 | The redemption value is based on the market value of the sinking fund units at the date of redemption. |
|---|--------------------------------------------------------------------------------------------------------|

| 4 | The market value of total sinking funds is $2,683.1 million (2011 - $2,415.6 million).  Total sinking funds by debt classification are as follows: |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                         |   |    |      |   |          |   |   |     |   |   |        |   |   |       |    |   |     |   |   |    |   |   |      |   |
|--------|----------------------------------------------|--------|---------|-----------|--------|---------------|--------|--------|----------|--------|--------|-------------|--------|--------|------------|---------|--------|----------|--------|--------|---------|--------|--------|-----------|--------|
|   |                                         |   |    | 2011      |   |          |   | 2012   |     |
|   |                                         |   | Sinking |      |   |          |   |   |     |   |   |        |   |   |       |    |   | Currency |   |   | Sinking |   |
|   |                                         |   | Funds   |      |   | Contributions |   |   | Earnings |   |   | Redemptions |   |   | Adjustment |    |   | Funds    |   |
|   |                                         |   |    |      |   |          |   |   |     |   |   |        |   |   |       |    |   |     |   |   |    |   |   |      |   |
|   | General debt                                 |   |    | 2,010,768 |   |          |   | 52,546 |     |   |   | 169,889     |   |   |       | (96,992 | )      |     |   | 6,642  |    |   |   | 2,142,853 |   |
|   | Government business enterprise specific debt |   |    | 421,053   |   |          |   | 37,363 |     |   |   | 39,801      |   |   |       | -       |   |     |   | -      |    |   |   | 498,217   |   |
|   | Total Sinking Funds                          |   |    | 2,431,821 |   |          |   | 89,909 |     |   |   | 209,690     |   |   |       | (96,992 | )      |     |   | 6,642  |    |   |   | 2,641,070 |   |

|   |  Sinking fund assets have been invested as follows:  |    |
|--------|----------------------------------------------------------------|--------------|

|   |                                                                                                                  |   | 2012   |      |   | 2011   |   |
|--------|-----------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|   | Long-term investments in securities of:                                                                               |   |   |      |   |   |   |
|   |     Governments of other provinces (coupon interest range 0.0% to 9.6%; maturing in 1.9 to 31.7 years) |   |   | 1,292,057 |   |   |   | 1,257,328 |   |
|   |     Government of Saskatchewan (coupon interest range 0.0% to 10.3%; maturing in 1.2 to 29.8 years)    |   |   | 555,455   |   |   |   | 382,781 |   |
|   |     Government of Canada (coupon interest range 2.8% to 4.0%; maturing in 4.2 to 29.2 years)           |   |   | 54,566    |   |   |   | 128,655 |   |
|   |     Government of the United States (coupon interest 2.0%; maturing in 9.9 years)                      |   |   | 4,951     |   |   |   | 6,954 |   |
|   |     Corporations                                                                                       |   |   | -         |   |   |   | 10,499 |   |
|   | Cash, short-term investments and accrued interest a                                                                   |   |   | 734,041   |   |   |   | 645,604 |   |
|   | Total Sinking Funds b                                                                                                 |   |   | 2,641,070 |   |   |   | 2,431,821 |   |

|   | a | Cash, short-term investments and accrued interest are disclosed net of $0.3 million (2011 - $0.5 million) in liabilities. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------|

|   | b | Included in total sinking funds are U.S. dollar cash, investments and accrued interest converted to $250.9 million Canadian (2011 - $230.1 million) at the exchange rate in effect at March 31, 2012 of 0.9991 (2011 - 0.9718). |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Pension Liabilities                     |   |   |      |   |   |   |      |   |   |   |    |   |   | Schedule 10 |       |
|-----------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|-------------|------------|
| As at March 31, 2012                    |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
| (thousands of dollars)                  |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
|                                    |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
|                                    |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
|                                    |   | 2012   |      |   | 2011   |   |
|                                    |   | TSP1   |      |   | PSSP   |   |      | Others |   |   | Total   |   |   | Total       |       |
|                                    |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
| Accrued benefit obligation,             |   |   |      |   |   |   |      |   |   |   |    |   |   |        |       |
|   beginning of year           |   |   | 5,118,905 |   |   |   | 1,910,768 |   |   |   | 584,740 |   |   |        | 7,614,413  |   |   |   | 7,560,764 |   |
| Current period benefit cost             |   |   | 28,818    |   |   |   | 5,002     |   |   |   | 9,780   |   |   |        | 43,600     |   |   |   | 53,445 |   |
| Interest cost                           |   |   | 241,003   |   |   |   | 87,047    |   |   |   | 19,897  |   |   |        | 347,947    |   |   |   | 365,637 |   |
| Actuarial losses                        |   |   | 741,338   |   |   |   | 209,136   |   |   |   | 44,775  |   |   |        | 995,249    |   |   |   | 44,766 |   |
| Joint defined benefit plan (SHEPP)2     |   |   | -         |   |   |   | -         |   |   |   | 30,938  |   |   |        | 30,938     |   |   |   | 59,786 |   |
| Benefit payments                        |   |   | (333,480  | )      |   |   | (126,456  | )      |   |   | (26,238 | )      |   |        | (486,174   | ) |   |   | (469,985 | ) |
| Accrued Benefit Obligation, End of Year |   |   | 5,796,584 |   |   |   | 2,085,497 |   |   |   | 663,892 |   |   |        | 8,545,973  |   |   |   | 7,614,413 |   |
| Plan assets, beginning of year          |   |   | 1,018,566 |   |   |   | -         |   |   |   | 275,025 |   |   |        | 1,293,591  |   |   |   | 1,442,005 |   |
| Employer contributions                  |   |   | 142,367   |   |   |   | 125,311   |   |   |   | 9,421   |   |   |        | 277,099    |   |   |   | 217,345 |   |
| Employee contributions                  |   |   | 6,692     |   |   |   | 1,145     |   |   |   | 1,967   |   |   |        | 9,804      |   |   |   | 12,899 |   |
| Return on plan assets                   |   |   | 56,789    |   |   |   | -         |   |   |   | 28,888  |   |   |        | 85,677     |   |   |   | 87,646 |   |
| Actuarial (losses) gains                |   |   | (139,770  | )      |   |   | -         |   |   |   | 7,340   |   |   |        | (132,430   | ) |   |   | 3,681 |   |
| Benefit payments                        |   |   | (333,480  | )      |   |   | (126,456  | )      |   |   | (26,238 | )      |   |        | (486,174   | ) |   |   | (469,985 | ) |
| Plan Assets, End of Year3               |   |   | 751,164   |   |   |   | -         |   |   |   | 296,403 |   |   |        | 1,047,567  |   |   |   | 1,293,591 |   |
|                                    |   |   | 5,045,420 |   |   |   | 2,085,497 |   |   |   | 367,489 |   |   |        | 7,498,406  |   |   |   | 6,320,822 |   |
| Unamortized estimation adjustments4     |   |   | (930,097  | )      |   |   | (220,437  | )      |   |   | (30,825 | )      |   |        | (1,181,359 | ) |   |   | (145,027 | ) |
| Total Pension Liabilities5              |   |   | 4,115,323 |   |   |   | 1,865,060 |   |   |   | 336,664 |   |   |        | 6,317,047  |   |   |   | 6,175,795 |   |

| 1 | The TSP had an actual rate of return on plan assets of 1.7 per cent (2011 - 10.8 per cent). |
|---|---------------------------------------------------------------------------------------------|

| 2 | The joint defined benefit plan includes only the Government’s employer portion of the pension liability.  At December 31, 2011, the SHEPP had a total accrued benefit obligation of $4,089.0 million (2010 - $3,763.3 million) and pension fund assets of $3,675.6 million (2010 - $3,467.2 million) at market related values and unamortized estimation adjustment gains of $11.9 million (2010 - $48.9 million).  The pension liability would increase by $583.5 million or would decrease by $474.7 million if the discount rate was decreased or increased by one percentage point respectively.  The market value of the pension fund investments was $3,540.8 million (2010 - $3,330.9 million).  Of this amount, 35.0 per cent (2010 - 34.0 per cent) was invested in fixed income securities and 57.0 per cent (2010 - 59.0 per cent) in equity investments.  The plan assets had an actual rate of return of 2.9 per cent (2010 – 11.6 per cent).  The Government and member contributions to the plan totalled $130.1 million (2010 - $108.9 million) and $128.8 million (2010 - $103.7 million) respectively.  Benefit payments from the plan totalled $165.5 million (2010 - $143.5 million). |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | At March 31, 2012, the market value of defined benefit plan investments was $1,037.6 million (2011 - $1,185.5 million).  Of this amount, 43.8 per cent (2011 - 42.6 per cent) was invested in fixed income securities and 43.3 per cent (2011 - 45.2 per cent) in equity investments. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Unamortized estimation adjustments are amortized to pension expense over periods ranging from 3.5 to 4.0 years for the TSP, from 0.3 to 1.5 years for the PSSP and from 0.9 to 13 years for the other plans.  These represent the expected average remaining service life of active plan members at the time the estimation adjustments arose. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | The total pension liabilities are based on the latest actuarial valuations extrapolated to March 31, 2012 for the defined benefit plans and December 31, 2011 for the joint defined benefit plan.  Changes in assumptions can result in significantly higher or lower estimates of pension liabilities.  A one percentage point decrease in the discount rate would result in a $697.5 million and $258.0 million increase in the pension liabilities for the TSP and the PSSP respectively, and a one percentage point increase would result in a $571.7 million and $213.1 million decrease in the pension liabilities for the TSP and the PSSP respectively. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Tangible Capital Assets                    |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |  Schedule 11 |   |
|--------------------------------------------|--------|----------------|---------|--------|-----------------|--------|-----------|-----------|--------|--------|-----------|--------|--------|--------------|---------|--------|-----------|--------|---------|-------------------|--------|
| As at March 31, 2012                       |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |
| (thousands of dollars)                     |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |
|                                       |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |
|                                  |   | 2012           |    |   | 2011            |   |
|                                       |   | Land &     |    |   | Buildings & |   |      | Machinery |   |   | Trans-    |   |   | Office & |    |   |      |   |    |              |   |   |   |   |
|                                       |   | Improve-       |    |   | Improve-        |   |      | &     |   |   | portation |   |   | Information  |    |   | Infra-    |   |    |              |   |   |   |   |
|                                       |   | ments          |    |   | ments           |   |      | Equipment |   |   | Equipment |   |   | Technology   |    |   | structure |   |    | Total             |   |   | Total |   |
| Estimated useful life (in years)           |   | 3 - indefinite |    |   |            | 2-80   |      |      |   | 2-33   |      |   |   | 3-40         |    |   |      | 2-25   |    |              |   | 3-60 |   |   |   |   |   |   |   |
|                                       |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |   |   |   |   |   |
| Opening Net Book Value of                  |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |   |   |   |   |   |
|    Tangible Capital Assets1      |   |           | 408,303 |   |            |   | 2,795,966 |      |   |   | 333,983   |   |   |         | 269,502 |   |      |   | 254,880 |              |   |   | 2,482,780 |   |   |   | 6,545,414 |   |   |   | 6,211,612 |   |
|                                       |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening cost                               |   |           | 456,071 |   |            |   | 5,331,959 |      |   |   | 1,133,893 |   |   |         | 504,193 |   |      |   | 742,894 |              |   |   | 4,442,540 |   |   |   | 12,611,550 |   |   |   | 11,926,921 |   |
| Acquisitions                               |   |           | 19,072  |   |            |   | 308,724   |      |   |   | 91,549    |   |   |         | 27,807  |   |      |   | 109,480 |              |   |   | 343,118 |   |   |   | 899,750 |   |   |   | 814,084 |   |
| Write-downs                                |   |           | (763    | )      |            |   | (10,474   | )         |   |   | (4,915    | )      |   |         | (1,384  | )      |      |   | (6,181  | )                 |   |   | - |   |   |   | (23,717 | ) |   |   | (31,402 | ) |
| Disposals                                  |   |           | (5,891  | )      |            |   | (18,399   | )         |   |   | (103,818  | )      |   |         | (15,517 | )      |      |   | (20,231 | )                 |   |   | (20,476 | ) |   |   | (184,332 | ) |   |   | (98,053 | ) |
| Closing Cost 2                             |   |           | 468,489 |   |            |   | 5,611,810 |      |   |   | 1,116,709 |   |   |         | 515,099 |   |      |   | 825,962 |              |   |   | 4,765,182 |   |   |   | 13,303,251 |   |   |   | 12,611,550 |   |
|                                       |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening accumulated amortization           |   |           | 47,768  |   |            |   | 2,535,993 |      |   |   | 799,910   |   |   |         | 234,691 |   |      |   | 488,014 |              |   |   | 1,959,760 |   |   |   | 6,066,136 |   |   |   | 5,715,309 |   |
| Annual amortization                        |   |           | 5,076   |   |            |   | 153,737   |      |   |   | 68,606    |   |   |         | 32,551  |   |      |   | 75,247  |              |   |   | 136,182 |   |   |   | 471,399 |   |   |   | 450,715 |   |
| Write-downs                                |   |           | (671    | )      |            |   | (2,084    | )         |   |   | (4,915    | )      |   |         | (1,341  | )      |      |   | (6,181  | )                 |   |   | - |   |   |   | (15,192 | ) |   |   | (25,933 | ) |
| Disposals                                  |   |           | (193    | )      |            |   | (16,041   | )         |   |   | (101,955  | )      |   |         | (12,829 | )      |      |   | (19,351 | )                 |   |   | (20,197 | ) |   |   | (170,566 | ) |   |   | (73,955 | ) |
| Closing Accumulated Amortization           |   |           | 51,980  |   |            |   | 2,671,605 |      |   |   | 761,646   |   |   |         | 253,072 |   |      |   | 537,729 |              |   |   | 2,075,745 |   |   |   | 6,351,777 |   |   |   | 6,066,136 |   |
|  Closing Net Book Value of            |   |           |    |   |            |   |      |      |   |   |      |   |   |         |    |   |      |   |    |              |   |   |   |   |   |   |   |   |   |   |   |   |
|    Tangible Capital Assets1 |   |           | 416,509 |   |            |   | 2,940,205 |      |   |   | 355,063   |   |   |         | 262,027 |   |      |   | 288,233 |              |   |   | 2,689,437 |   |   |   | 6,951,474 |   |   |   | 6,545,414 |   |

| 1 | Net book value of tangible capital assets does not include the following: |
|---|---------------------------------------------------------------------------|

|   | • | works of art and historical treasures, such as the Legislative Building; |
|--------|---------|--------------------------------------------------------------------------|

|   | •   | items inherited by right of the Crown, such as Crown lands, forests, water and mineral resources, which are not recognized in these financial statements; and |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | capital assets held by government business enterprises (schedule 3). |
|--------|---------|----------------------------------------------------------------------|

| 2 | Closing cost includes work-in-progress of $471.8 million (2011 - $401.8 million). |
|---|-----------------------------------------------------------------------------------|

----

----

----

| Revenue                                                               |   |   |       |   | Schedule 12 |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|-------------|--------|
| For the Year Ended March 31, 2012                                     |   |   |       |   |        |   |
| (thousands of dollars)                                                |   |   |       |   |        |   |
|                                                                  |   |   |       |   |        |   |
|                                                                  |   | 2012   |       |   | 2011        |   |
|                                                                  |   |   |       |   |        |   |
| Taxation                                                              |   |   |       |   |        |   |
| Individual income                                                     |   |   | 1,897,409  |   |        |   | 1,795,788 |   |
| Provincial sales                                                      |   |   | 1,322,161  |   |        |   | 1,186,992 |   |
| Corporation income                                                    |   |   | 793,790    |   |        |   | 1,155,273 |   |
| Property                                                              |   |   | 590,786    |   |        |   | 605,495 |   |
| Fuel                                                                  |   |   | 475,452    |   |        |   | 463,147 |   |
| Tobacco                                                               |   |   | 242,853    |   |        |   | 237,507 |   |
| Other                                                                 |   |   | 303,642    |   |        |   | 292,935 |   |
| Total Taxation                                                        |   |   | 5,626,093  |   |        |   | 5,737,137 |   |
|                                                                  |   |   |       |   |        |   |   |   |
| Non-renewable Resources                                               |   |   |       |   |        |   |   |   |
| Oil                                                                   |   |   | 1,528,808  |   |        |   | 1,274,053 |   |
| Resource surcharge                                                    |   |   | 452,807    |   |        |   | 360,848 |   |
| Potash                                                                |   |   | 438,372    |   |        |   | 262,540 |   |
| Crown land sales                                                      |   |   | 235,507    |   |        |   | 466,993 |   |
| Natural gas                                                           |   |   | 17,389     |   |        |   | 29,741 |   |
| Other                                                                 |   |   | 149,074    |   |        |   | 133,624 |   |
| Total Non-renewable Resources                                         |   |   | 2,821,957  |   |        |   | 2,527,799 |   |
|                                                                  |   |   |       |   |        |   |   |   |
| Other Own-source Revenue                                              |   |   |       |   |        |   |   |   |
| Fees                                                                  |   |   |       |   |        |   |   |   |
|    Health care                                         |   |   | 249,334    |   |        |   | 230,135 |   |
|    Motor vehicle licensing                             |   |   | 173,151    |   |        |   | 161,093 |   |
|    Education                                           |   |   | 137,283    |   |        |   | 137,035 |   |
|    Real property sales and leases                      |   |   | 115,000    |   |        |   | 106,707 |   |
|    Subsidized housing rental                           |   |   | 100,325    |   |        |   | 96,817 |   |
|    Registry                                            |   |   | 75,124     |   |        |   | 66,385 |   |
|    Other                                               |   |   | 293,279    |   |        |   | 241,335 |   |
| Investment income                                                     |   |   |       |   |        |   |   |   |
|    Interest and dividends                              |   |   | 264,164    |   |        |   | 247,221 |   |
|    Gains and losses on other investments (schedule 16) |   |   | 12,037     |   |        |   | 14,418 |   |
| Insurance                                                             |   |   | 231,948    |   |        |   | 177,617 |   |
| Commodity sales                                                       |   |   | 25,081     |   |        |   | 19,331 |   |
| Other1                                                                |   |   | 477,837    |   |        |   | 459,803 |   |
| Total Other Own-source Revenue                                        |   |   | 2,154,563  |   |        |   | 1,957,897 |   |
| Total Own-source Revenue                                              |   |   | 10,602,613 |   |        |   | 10,222,833 |   |
|                                                                  |   |   |       |   |        |   |   |   |
| Transfers from the Federal Government                                 |   |   |       |   |        |   |   |   |
| Canada Health Transfer                                                |   |   | 846,771    |   |        |   | 795,422 |   |
| Canada Social Transfer                                                |   |   | 352,420    |   |        |   | 342,626 |   |
| Agricultural stability contributions                                  |   |   | 203,531    |   |        |   | 273,461 |   |
| Crop insurance contributions                                          |   |   | 197,945    |   |        |   | 147,866 |   |
| Housing subsidy                                                       |   |   | 91,485     |   |        |   | 83,322 |   |
| Other                                                                 |   |   | 522,410    |   |        |   | 462,156 |   |
| Total Transfers from the Federal Government                           |   |   | 2,214,562  |   |        |   | 2,104,853 |   |
| Total Revenue                                                         |   |   | 12,817,175 |   |        |   | 12,327,686 |   |

| 1  | Includes reversals and refunds of prior year expenses of $18.0 million (2011 - $58.7 million).  |
|---------|------------------------------------------------------------------------------------------------------|

----

----

----

| Expense by Object                                     |   |   |       |   | Schedule 13 |   |
|-------------------------------------------------------|--------|--------|------------|--------|-------------|--------|
| For the Year Ended March 31, 2012                     |   |   |       |   |        |   |
| (thousands of dollars)                                |   |   |       |   |        |   |
|                                                  |   |   |       |   |        |   |
|                                                  |   | 2012   |       |   | 2011        |   |
|                                                  |   |   |       |   |        |   |
|                                                  |   |   |       |   |        |   |
| Salaries and benefits                                 |   |   | 5,521,974  |   |        |   | 5,274,142 |   |
| Transfers                                             |   |   |       |   |        |   |   |   |
|    Operating                           |   |   | 4,025,055  |   |        |   | 3,786,488 |   |
|    Capital                             |   |   | 289,981    |   |        |   | 409,678 |   |
| Operating costs                                       |   |   | 2,135,905  |   |        |   | 1,942,223 |   |
| Debt charges (schedule14)                             |   |   | 682,385    |   |        |   | 709,275 |   |
| Amortization of tangible capital assets (schedule 11) |   |   | 471,399    |   |        |   | 450,715 |   |
| Other                                                 |   |   | 584,717    |   |        |   | 738,370 |   |
| Total Expense                                         |   |   | 13,711,416 |   |        |   | 13,310,891 |   |

| Debt Charges                                              |   |   |     |   | Schedule 14 |   |
|-----------------------------------------------------------|--------|--------|----------|--------|-------------|--------|
| For the Year Ended March 31, 2012                         |   |   |     |   |        |   |
| (thousands of dollars)                                    |   |   |     |   |        |   |
|                                                      |   |   |     |   |        |   |
|                                                      |   | 2012   |     |   | 2011        |   |
|                                                      |   |   |     |   |        |   |
|                                                      |   |   |     |   |        |   |
| Total interest costs                                      |   |   | 909,255  |   |        |   | 930,563 |   |
| Interest reimbursed from government business enterprises1 |   |   | (232,404 | )      |        |   | (225,651 | ) |
| Net foreign exchange loss (gain)                          |   |   | 2,005    |   |        |   | (213 | ) |
| Other costs                                               |   |   | 3,529    |   |        |   | 4,576 |   |
| Total Debt Charges                                        |   |   | 682,385  |   |        |   | 709,275 |   |

| 1 | Interest reimbursed for debt borrowed by the Government specifically on behalf of government business enterprises. |
|---|--------------------------------------------------------------------------------------------------------------------|

----

----

----

| Comparison of Estimated to Actual Results |   |       |     |   |    |   |     | Schedule 15 |   |
|-------------------------------------------|--------|------------|----------|--------|---------|--------|----------|-------------|--------|
| For the Year Ended March 31, 2012         |   |       |     |   |    |   |     |        |   |
| (thousands of dollars)                    |   |       |     |   |    |   |     |        |   |
|                                      |   |       |     |   |    |   |     |        |   |
|                                      |   | 2012       |     |   | 2011    |   |
|                                      |   | Estimated1 |     |   | Actual1 |   |     | Actual      |   |
| Treasury Board Organizations              |   |       |     |   |    |   |     |        |   |
| General Revenue Fund                      |   |       | 382,517  |   |    |   | 352,334  |        |   |   | 47,669 |   |
| Growth and Financial Security Fund        |   |       | (267,483 | )      |    |   | (297,666 | )           |   |   | 47,669 |   |
| Other Treasury Board Organizations2       |   |       | (423,908 | )      |    |   | (182,046 | )           |   |   | 90,542 |   |
|                                      |   |       | (308,874 | )      |    |   | (127,378 | )           |   |   | 185,880 |   |
| CIC Board Organizations2                  |   |       | 227,920  |   |    |   | 167,183  |        |   |   | (167,647 | ) |
|                                      |   |       | (80,954  | )      |    |   | 39,805   |        |   |   | 18,233 |   |
| Not-for-Profit Insurance Organizations    |   |       | 135,254  |   |    |   | (144,768 | )           |   |   | (31,525 | ) |
| (Deficit) Surplus                         |   |       | 54,300   |   |    |   | (104,963 | )           |   |   | (13,292 | ) |

| 1 | Presented on the basis of the summary financial budget. |
|---|---------------------------------------------------------|

| 2 | Net of dividends paid to other government organizations. |
|---|----------------------------------------------------------|

----

----

----

| Supplemental Cash Flow Information                                  |   |   |     |   | Schedule 16 |   |
|---------------------------------------------------------------------|--------|--------|----------|--------|-------------|--------|
| For the Year Ended March 31, 2012                                   |   |   |     |   |        |   |
| (thousands of dollars)                                              |   |   |     |   |        |   |
|                                                                |   |   |     |   |        |   |
|                                                                |   | 2012   |     |   | 2011        |   |
|                                                                |   |   |     |   | (Restated)  |   |
|                                                                |   |   |     |   |        |   |   |   |
| Other Non-cash Items Included in the Deficit                        |   |   |     |   |        |   |   |   |
| Amortization of tangible capital assets(schedule 11)                |   |   | 471,399  |   |        |   | 450,715 |   |
| Write-downs of tangible capital assets (schedule 11)                |   |   | 8,525    |   |        |   | 5,469 |   |
| Net (gain) loss on other investments1                               |   |   | (2,056   | )      |        |   | 7,571 |   |
| Net foreign exchange loss (gain) (schedule 14)                      |   |   | 2,005    |   |        |   | (213 | ) |
| Net decrease to provision for loss on loans receivable (schedule 2) |   |   | (6,152   | )      |        |   | (1,450 | ) |
| Net gain on disposal of tangible capital assets                     |   |   | (7,719   | )      |        |   | (5,765 | ) |
| Earnings retained in sinking funds (schedule 9)                     |   |   | (169,889 | )      |        |   | (150,796 | ) |
| Total Other Non-cash Items Included in the Deficit                  |   |   | 296,113  |   |        |   | 305,531 |   |
|                                                                |   |   |     |   |        |   |   |   |
| Net Change in Non-cash Operating Activities                         |   |   |     |   |        |   |   |   |
| Increase in accounts receivable                                     |   |   | (164,828 | )      |        |   | (43,146 | ) |
| (Increase) decrease in inventories held for resale                  |   |   | (887     | )      |        |   | 1,324 |   |
| Decrease in deferred charges                                        |   |   | 4,212    |   |        |   | 3,460 |   |
| Decrease in accounts payable and accrued liabilities                |   |   | (149,963 | )      |        |   | (38,063 | ) |
| (Decrease) increase in unearned revenue                             |   |   | (19,825  | )      |        |   | 57,558 |   |
| Increase in pension liabilities                                     |   |   | 141,252  |   |        |   | 304,025 |   |
| Increase in prepaid expenses                                        |   |   | (2,354   | )      |        |   | (5,360 | ) |
| Increase in inventories held for consumption                        |   |   | (7,679   | )      |        |   | (9,967 | ) |
| Net Change in Non-cash Operating Activities                         |   |   | (200,072 | )      |        |   | 269,831 |   |
|                                                                |   |   |     |   |        |   |   |   |
| Other Supplemental Information                                      |   |   |     |   |        |   |   |   |
| Cash interest paid during the year                                  |   |   | 417,218  |   |        |   | 433,511 |   |
| Cash interest received during the year                              |   |   | 142,029  |   |        |   | 151,627 |   |

| 1      | Net (gain) loss on other investments consists of: |   |   |    |    |   |       |    |    |
|--------|---------------------------------------------------|--------|--------|---------|---------|--------|------------|---------|---------|
|   |                                              |   |   | 2012    |    |   |       | 2011    |    |
|   |                                              |   |   |    |    |   | (Restated) |    |
|   |                                              |   |   |    |    |   |       |    |
|   | Gain on sale of bonds and equities                |   |   | (25,864 | )       |   |       | (20,065 | )       |
|   | Losses from equities and pooled funds             |   |   | 10,473  |    |   |       | 592     |    |
|   | Amortization of bond premiums and discounts       |   |   | 3,354   |    |   |       | 5,055   |    |
|   | Gains and losses on other investments             |   |   | (12,037 | )  |   |       | (14,418 | )  |
|   | Provision for loss                                |   |   | 9,981   |    |   |       | 21,989  |    |
|   | Net (gain) loss on other investments              |   |   | (2,056  | )       |   |       | 7,571   |    |
|   |                                              |   |   |    |    |   |       |    |

----

----

----

| Segment Disclosure                                              |   |                          |       |   |   |   |
|-----------------------------------------------------------------|--------|-------------------------------|------------|--------|--------|--------|
| For the Year Ended March 31, 2012                               |   |                          |       |   |   |   |
| (thousands of dollars)                                          |   |                          |       |   |   |   |
|                                                            |   |                          |       |   |   |   |
|                                                            |   |                          |       |   |   |   |
|                                                            |   | Treasury Board Organizations1 |       |
|                                                            |   | 2012                          |       |   | 2011   |   |
|                                                            |   |                          |       |   |   |   |
| Revenue                                                         |   |                          |       |   |   |   |
| Taxation                                                        |   |                          | 5,626,093  |   |   |   | 5,737,137 |   |
| Non-renewable resources                                         |   |                          | 2,821,957  |   |   |   | 2,527,799 |   |
| Transfers from government organizations                         |   |                          | 240,000    |   |   |   | 479,500 |   |
| Other own-source revenue                                        |   |                          | 1,743,120  |   |   |   | 1,687,806 |   |
| Transfers from the federal government                           |   |                          | 1,989,641  |   |   |   | 1,894,547 |   |
| Total Revenue (schedule 12)                                     |   |                          | 12,420,811 |   |   |   | 12,326,789 |   |
| Expense                                                         |   |                          |       |   |   |   |   |   |
| Agriculture                                                     |   |                          | 620,482    |   |   |   | 690,566 |   |
| Community development                                           |   |                          | 528,019    |   |   |   | 532,166 |   |
| Debt charges (schedule 14)                                      |   |                          | 680,043    |   |   |   | 708,858 |   |
| Economic development                                            |   |                          | 233,977    |   |   |   | 248,783 |   |
| Education                                                       |   |                          | 2,959,902  |   |   |   | 2,997,736 |   |
| Environment and natural resources                               |   |                          | 262,462    |   |   |   | 214,238 |   |
| Health                                                          |   |                          | 4,891,671  |   |   |   | 4,676,530 |   |
| Protection of persons and property                              |   |                          | 633,223    |   |   |   | 493,153 |   |
| Social services and assistance                                  |   |                          | 1,146,893  |   |   |   | 1,079,279 |   |
| Transportation                                                  |   |                          | 506,981    |   |   |   | 478,724 |   |
| Other                                                           |   |                          | 552,011    |   |   |   | 459,643 |   |
| Total Expense (schedule 13)                                     |   |                          | 13,015,664 |   |   |   | 12,579,676 |   |
| (Deficit) surplus from government service organizations         |   |                          | (594,853   | )      |   |   | (252,887 | ) |
| Income (loss) from government business enterprises (schedule 3) |   |                          | 467,475    |   |   |   | 438,767 |   |
| (Deficit) Surplus (schedule 15)                                 |   |                          | (127,378   | )      |   |   | 185,880 |   |

| 1 | Treasury Board organizations include the General Revenue Fund, Growth and Financial Security Fund and organizations such as Regional Health Authorities, Boards of Education and Liquor and Gaming Authority. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | CIC Board organizations are agencies that are responsible to the Crown Investment Corporation of Saskatchewan (CIC) and include organizations such as Saskatchewan Power Corporation, Saskatchewan Telecommunications Holding Corporation and CIC Asset Management Inc. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Not-for-profit insurance organizations are intended to be actuarially sound over the long term.  These entities typically adjust rates to break even over the longer term and include Saskatchewan Auto Fund, Saskatchewan Crop Insurance Corporation, Crop Reinsurance Fund of Saskatchewan and Workers’ Compensation Board (Saskatchewan). |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |  Schedule 17 |   |
|--------------------------|---------|--------|-----------------------------------------|--------|----------|--------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|-------------------|--------|
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |
| CIC Board Organizations2 |    |   | Not-for-Profit Insurance Organizations3 |   |     | Eliminations |   |   | Total    |   |
| 2012                     |    |   | 2011                                    |   |     | 2012         |   |   | 2011     |   |   | 2012   |     |   | 2011   |   |     | 2012   |   |   | 2011              |   |
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 5,626,093 |   |   |   | 5,737,137 |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 2,821,957 |   |   |   | 2,527,799 |   |
|                     | -       |   |                                    |   | -        |         |   |   | 206,596  |   |   |   | 194,411  |   |   |   | (446,596 | )      |   |   | (673,911          | )      |   |   | - |   |   |   | - |   |
|                     | 195,443 |   |                                    |   | 151,007  |         |   |   | 219,512  |   |   |   | 160,584  |   |   |   | (3,512   | )      |   |   | (41,500           | )      |   |   | 2,154,563 |   |   |   | 1,957,897 |   |
|                     | -       |   |                                    |   | -        |         |   |   | 224,921  |   |   |   | 210,306  |   |   |   | -        |   |   |   | -                 |   |   |   | 2,214,562 |   |   |   | 2,104,853 |   |
|                     | 195,443 |   |                                    |   | 151,007  |         |   |   | 651,029  |   |   |   | 565,301  |   |   |   | (450,108 | )      |   |   | (715,411          | )      |   |   | 12,817,175 |   |   |   | 12,327,686 |   |
|                     |    |   |                                    |   |     |         |   |   |     |   |   |   |     |   |   |   |     |   |   |   |              |   |   |   |   |   |   |   |   |   |
|                     | -       |   |                                    |   | -        |         |   |   | 645,829  |   |   |   | 677,289  |   |   |   | (207,673 | )      |   |   | (233,165          | )      |   |   | 1,058,638 |   |   |   | 1,134,690 |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 528,019 |   |   |   | 532,166 |   |
|                     | 4,777   |   |                                    |   | 3,163    |         |   |   | -        |   |   |   | -        |   |   |   | (2,435   | )      |   |   | (2,746            | )      |   |   | 682,385 |   |   |   | 709,275 |   |
|                     | 39,044  |   |                                    |   | 42,769   |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 273,021 |   |   |   | 291,552 |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 2,959,902 |   |   |   | 2,997,736 |   |
|                     | (6,468  | )      |                                    |   | 27,009   |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 255,994 |   |   |   | 241,247 |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 4,891,671 |   |   |   | 4,676,530 |   |
|                     | 53,319  |   |                                    |   | 44,266   |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 686,542 |   |   |   | 537,419 |   |
|                     | -       |   |                                    |   | -        |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 1,146,893 |   |   |   | 1,079,279 |   |
|                     | 29,878  |   |                                    |   | 27,030   |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 536,859 |   |   |   | 505,754 |   |
|                     | 139,481 |   |                                    |   | 145,600  |         |   |   | -        |   |   |   | -        |   |   |   | -        |   |   |   | -                 |   |   |   | 691,492 |   |   |   | 605,243 |   |
|                     | 260,031 |   |                                    |   | 289,837  |         |   |   | 645,829  |   |   |   | 677,289  |   |   |   | (210,108 | )      |   |   | (235,911          | )      |   |   | 13,711,416 |   |   |   | 13,310,891 |   |
|                     | (64,588 | )      |                                    |   | (138,830 | )            |   |   | 5,200    |   |   |   | (111,988 | )      |   |   | (240,000 | )      |   |   | (479,500          | )      |   |   | (894,241 | ) |   |   | (983,205 | ) |
|                     | 471,771 |   |                                    |   | 450,683  |         |   |   | (149,968 | )      |   |   | 80,463   |   |   |   | -        |   |   |   | -                 |   |   |   | 789,278 |   |   |   | 969,913 |   |
|                     | 407,183 |   |                                    |   | 311,853  |         |   |   | (144,768 | )      |   |   | (31,525  | )      |   |   | (240,000 | )      |   |   | (479,500          | )      |   |   | (104,963 | ) |   |   | (13,292 | ) |

----

----

----

| Government Reporting Entity       |  Schedule 18 |   |
|-----------------------------------|-------------------|--------|
| For the Year Ended March 31, 2012 |              |   |

| Agricultural Credit Corporation of Saskatchewan | Forest Management Funds |
|-------------------------------------------------|-------------------------|

| Agricultural Implements Board |   | Crown Agricultural Land Forest Fund |
|-------------------------------|--------|-------------------------------------|

| Boards of Education 3c |   | Island Forests Management Fund |
|------------------------|--------|--------------------------------|

|   | Chinook School Division No. 211 |   | Meadow Lake OSB Forest Management Trust Fund |
|--------|---------------------------------|--------|----------------------------------------------|

|   | Christ the Teacher Roman Catholic Separate School Division |   | Mee-Toos Forest Management Fund Trust |
|--------|------------------------------------------------------------|--------|---------------------------------------|

|   | No. 212 |   | Mistik Forest Management Trust |
|--------|--------------|--------|--------------------------------|

|   | Conseil des écoles fransaskoises no. 310 |   | North West Communities Wood Products Forest Management |
|--------|-----------------------------------------------|--------|--------------------------------------------------------|

|   | Creighton School Division No. 111 |   | Fund Trust |
|--------|-----------------------------------|--------|------------|

|   | Englefeld Protestant Separate School Division No. 132 |   | Park Land Forests Management Fund |
|--------|-------------------------------------------------------|--------|-----------------------------------|

|   | Good Spirit School Division No. 204 |   | Sakaw Forest Renewable Trust Fund 2 |
|--------|-------------------------------------|--------|-------------------------------------|

|   | Holy Family Roman Catholic Separate School Division No. 140 |   | Zelensky Bros. Forest Management Fund Trust |
|--------|-------------------------------------------------------------|--------|---------------------------------------------|

|   | Holy Trinity Roman Catholic Separate School Division No. 22 | General Revenue Fund |
|--------|-------------------------------------------------------------|----------------------|

|   | Horizon School Division No. 205 | Global Transportation Hub Authority |
|--------|---------------------------------|-------------------------------------|

|   | Ile-a-la Crosse School Division No. 112 | Government House Foundation |
|--------|-----------------------------------------|-----------------------------|

|   | Light of Christ Roman Catholic Separate School Division No. 16 | Gradworks Inc. 3d 4a |
|--------|----------------------------------------------------------------|----------------------|

|   | Living Sky School Division No. 202 | Growth and Financial Security Fund |
|--------|------------------------------------|------------------------------------|

|   | Lloydminster Roman Catholic Separate School Division No. 89 | Health Quality Council |
|--------|-------------------------------------------------------------|------------------------|

|   | Lloydminster School Division No. 99 | Horned Cattle Fund |
|--------|-------------------------------------|--------------------|

|   | North East School Division No. 200 | Individual Cattle Feeder Loan Guarantee Provincial Assurance Fund |
|--------|------------------------------------|-------------------------------------------------------------------|

|   | Northern Lights School Division No. 113 | Information Services Corporation of Saskatchewan 3d 4a |
|--------|-----------------------------------------|--------------------------------------------------------|

|   | Northwest School Division No. 203 | Innovation Saskatchewan |
|--------|-----------------------------------|-------------------------|

|   | Prairie South School Division No. 210 | Institutional Control Monitoring and Maintenance Fund |
|--------|---------------------------------------|-------------------------------------------------------|

|   | Prairie Spirit School Division No. 206 | Institutional Control Unforeseen Events Fund |
|--------|----------------------------------------|----------------------------------------------|

|   | Prairie Valley School Division No. 208 | Law Reform Commission of Saskatchewan |
|--------|----------------------------------------|---------------------------------------|

|   | Prince Albert Roman Catholic Separate School Division No. 6 | Livestock Services Revolving Fund |
|--------|-------------------------------------------------------------|-----------------------------------|

|   | Regina Roman Catholic Separate School Division No. 81 | North Sask Laundry and Support Services Ltd. |
|--------|-------------------------------------------------------|----------------------------------------------|

|   | Regina School Division No. 4 | Northern Municipal Trust Account 3d |
|--------|------------------------------|-------------------------------------|

|   | Saskatchewan Rivers School Division No. 119 | Oil and Gas Orphan Fund |
|--------|---------------------------------------------|-------------------------|

|   | Saskatoon School Division No. 13 | Operator Certification Board |
|--------|----------------------------------|------------------------------|

|   | South East Cornerstone School Division No. 209 | Pastures Revolving Fund |
|--------|------------------------------------------------|-------------------------|

|   | St. Paul's Roman Catholic Separate School Division No. 20 | Physician Recruitment Agency of Saskatchewan |
|--------|-----------------------------------------------------------|----------------------------------------------|

|   | Sun West School Division No. 207 | Prairie Agricultural Machinery Institute |
|--------|----------------------------------|------------------------------------------|

| Century Plaza Properties (The Owners: Condominium Corporation     | Prince of Wales Scholarship Fund 2 |
|---------------------------------------------------------------------------------------|------------------------------------|

|   | No. 101100609) | Public Employees Benefits Agency Revolving Fund |
|--------|----------------|-------------------------------------------------|

| CIC Apex Equity Holdco Ltd. 3d 4a | Public Employees Dental Fund 3d |
|-----------------------------------|---------------------------------|

| CIC Asset Management Inc. 3d 4a | Public Employees Disability Income Fund 3d |
|---------------------------------|--------------------------------------------|

| CIC Economic Holdco Ltd. 3d 4a | Public Employees Group Life Insurance Fund 3d |
|--------------------------------|-----------------------------------------------|

| Commercial Revolving Fund | Queen’s Printer Revolving Fund |
|---------------------------|--------------------------------------|

| Community Initiatives Fund | Regional Colleges 3a |
|----------------------------|----------------------|

| Correctional Facilities Industries Revolving Fund |   | Carlton Trail Regional College |
|---------------------------------------------------|--------|--------------------------------|

| Criminal Property Forfeiture Fund |   | Cumberland Regional College |
|-----------------------------------|--------|-----------------------------|

| Crop Reinsurance Fund of Saskatchewan 4b |   | Great Plains College |
|------------------------------------------|--------|----------------------|

| Crown Investments Corporation of Saskatchewan |   | North West Regional College |
|-----------------------------------------------|--------|-----------------------------|

|   | (non-consolidated) 3d 4a |   | Northlands College |
|--------|-------------------------------|--------|--------------------|

| eHealth Saskatchewan |   | Parkland Regional College |
|----------------------|--------|---------------------------|

| Enterprise Saskatchewan |   | Southeast Regional College |
|-------------------------|--------|----------------------------|

| Extended Health Care Plan for Certain Other Employees 3d | Regional Health Authorities |
|----------------------------------------------------------|-----------------------------|

| Extended Health Care Plan for Certain Other Retired Employees 3d |   | Cypress Regional Health Authority |
|------------------------------------------------------------------|--------|-----------------------------------|

| First Nations and Métis Fund Inc. 3d 4a |   | Five Hills Regional Health Authority |
|----------------------------------------------|--------|--------------------------------------|

| Fish and Wildlife Development Fund |   | Heartland Regional Health Authority |
|------------------------------------|--------|-------------------------------------|

----

----

----

| Government Reporting Entity (continued) |  Schedule 18 |   |
|-----------------------------------------|-------------------|--------|

| Regional Health Authorities (continued)                           | Saskatchewan Impaired Driver Treatment Centre Board of |
|-------------------------------------------------------------------|--------------------------------------------------------|
|                                                              | Keewatin Yatthé Regional Health Authority         |   | Governors |
|                                                              | Kelsey Trail Regional Health Authority                 | Saskatchewan Institute of Applied Science and Technology 3a |
|                                                              | Mamawetan Churchill River Regional Health Authority    | Saskatchewan Labour Market Commission 1 |
|                                                              | Prairie North Regional Health Authority                | Saskatchewan Legal Aid Commission |
|                                                              | Prince Albert Parkland Regional Health Authority       | Saskatchewan Lotteries Trust Fund for Sport, Culture and |
|                                                              | Regina Qu'Appelle Regional Health Authority            |   | Recreation |
|                                                              | Saskatoon Regional Health Authority                    | Saskatchewan Opportunities Corporation 3d 4a |
|                                                              | Sun Country Regional Health Authority                  | Saskatchewan Research Council |
|                                                              | Sunrise Regional Health Authority                      | Saskatchewan Snowmobile Fund |
| Saskatchewan Agricultural Stabilization Fund                      | Saskatchewan Student Aid Fund                          |
| Saskatchewan Apprenticeship and Trade Certification Commission 3a | Saskatchewan Transportation Company 3d 4a              |
| Saskatchewan Archives Board                                       | Saskatchewan Water Corporation 3d 4a                   |
| Saskatchewan Arts Board                                           | Saskatchewan Watershed Authority                       |
| Saskatchewan Association of Health Organizations                  | Saskatchewan Western Development Museum                |
| Saskatchewan Cancer Agency                                        | Sask911 Account                                        |
| Saskatchewan Centre of the Arts Fund                              | School Division Tax Loss Compensation Fund             |
| Saskatchewan Crop Insurance Corporation 4b                        | Technology Supported Learning Revolving Fund           |
| Saskatchewan Development Fund Corporation 3d 4a                   | Training Completions Fund                              |
| Saskatchewan Financial Services Commission Fund                   | Transportation Partnerships Fund                       |
| Saskatchewan Grain Car Corporation 3b                             | University of Regina Crown Foundation                  |
| Saskatchewan Health Research Foundation                           | University of Saskatchewan Crown Foundation            |
| Saskatchewan Heritage Foundation                                  | Victims’ Fund                                    |
| Saskatchewan Housing Corporation 3d                               | Water Appeal Board                                     |
| Saskatchewan Immigrant Investor Fund Inc. 3d 4a                   |                                                   |

| Government Business Enterprises(Modified Equity) |
|--------------------------------------------------|

| Liquor and Gaming Authority |
|-----------------------------|

| Municipal Financing Corporation of Saskatchewan 3d |
|----------------------------------------------------|

| Saskatchewan Auto Fund 3d 4b |
|------------------------------|

| Saskatchewan Gaming Corporation 3d 4a |
|---------------------------------------|

| Saskatchewan Government Insurance 3d 4a |
|-----------------------------------------|

| Saskatchewan Power Corporation 3d 4a |
|--------------------------------------|

| Saskatchewan Telecommunications Holding Corporation 3d 4a |
|-----------------------------------------------------------|

| SaskEnergy Incorporated 3d 4a |
|-------------------------------|

| Workers’ Compensation Board (Saskatchewan) 3d 4b |
|--------------------------------------------------------|

----

| 1 | Organization wound up during 2011-12. |
|---|---------------------------------------|

| 2 | Organization determined to be part of the government reporting entity during 2011-12. |
|---|---------------------------------------------------------------------------------------|

| 3 | The year-ends of certain organizations differ from March 31, 2012:  a June 2011; b July 2011; c August 2011; d December 2011. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------|

| 4 | For segment disclosure (schedule 17) certain organizations are classified into categories other than Treasury Board Organizations as follows:  a CIC Board Organizations; b Not-for-Profit Insurance Organizations. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| Growth and Financial Security Fund            |   |   |      |   |   |   |      |   |   |
|-----------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Schedule of Transfers and Accumulated Balance |   |   |      |   |   |   |      |   |   |
| For the Year Ended March 31, 2012             |   |   |      |   |   |   |      |   |   |
| (thousands of dollars)                        |   |   |      |   |   |   |      |   |   |
|                                          |   |   |      |   |   |   |      |   |   |
|                                          |   | 2012   |      |   | 2011   |   |
|                                          |   | Budget |      |   | Actual |   |      | Actual |   |
|                                          |   |   |      |   |   |   |      |   |   |
| Balance, beginning of year                    |   |   | 1,005,968 |   |   |   | 1,005,968 |   |   |   | 958,299 |   |
| Transfer from the General Revenue Fund        |   |   | 57,517    |   |   |   | 27,334    |   |   |   | 47,669 |   |
| Transfer to the General Revenue Fund          |   |   | (325,000  | )      |   |   | (325,000  | )      |   |   | - |   |
| Balance, End of Year                          |   |   | 738,485   |   |   |   | 708,302   |   |   |   | 1,005,968 |   |

| •   | to assist in the achievement of the Province’s long-term objectives by providing for financial security of the Government from year to year; and |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | to provide a source of funds that are available for programs that have been identified as promoting or enhancing the economic development of the Province. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                         |                                                                                            |   | 2012    |    |   | 2011   |      |
|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|--------|---------|---------|--------|--------|-----------|
|  Long-term investments in securities of:                                |                                                                                            |   |    |    |   |   |
|                                                                         | Other provincial governments (coupon interest range 1.9% to 5.3%; maturing in 1.2 to 5.7 years) |   |    | 319,320 |   |   |      | 409,839 |   |
|                                                                         | Corporations (coupon interest range 2.1% to 5.2%; maturing in 2.1 to 4.6 years)                 |   |    | 102,640 |   |   |      | 189,598 |   |
|                                                                         | Government of Canada (coupon interest range 2.1% to 2.8%; maturing in 2.7 to 5.2 years)         |   |    | 25,977  |   |   |      | 123,325 |   |
|                                                                         | Government of Saskatchewan (coupon interest 0.0% to 4.5%; maturing in 2.0 to 4.4 years)         |   |    | 23,170  |   |   |      | 45,211 |   |
|  Cash, accounts receivable, short-term investments and accrued interest |                                                                                            |   | 237,195 |    |   |   | 237,995   |   |
|  Total Growth and Financial Security Fund                               |                                                                                            |   | 708,302 |    |   |   | 1,005,968 |   |

----

----

----

|                                                                                 |        |     |       |     |       |        |        |              |                                                                        |  Equity of                                                  |                                                                                                                                                                      | Sinking Fund                                                                                                                                            |                                                                                                                                                    |
|-------------------------------------------------------------------------------------------|-------------|----------|------------|----------|------------|-------------|-------------|-------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date of                                                                                   | Date of     | Interest | Interest   |     | Purpose of | Amount      |        |  Total Issue |                                                                        |  Applicable                                                 |                                                                                                                                                                      | Contribution                                                                                                                                            |                                                                                                                                                    |
| Issue                                                                                     | Maturity    | Rate %   | Payments   | Currency | Issue      | Outstanding |        |  Outstanding |                                                                        |  Sinking Fund                                               |                                                                                                                                                                      |  2011-12                                                                                                                                           |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 15/07                                                                                | July 15/12  | 4.20     | Annual     | Can.     | GRF        |        | 174,808,200 |              |        174,808,200                       |                                                             |                            – |                                                                                                                                                    |                         – |   |
| (Savings Bond; Redeemable annually at the option of the holder or any time                |        |     |       |     |       |
| on the death of the holder; The bonds pay a minimum interest rate of 4.20%;               |        |     |       |     |       |
| The Province reserves the right to increase the interest rate after                       |        |     |       |     |       |        |        |
| July 14, 2008; Payable at any Saskatchewan branch of a chartered bank,                    |        |     |       |     |       |
| trust company and the Credit Union Central of Saskatchewan)                               |        |     |       |     |       |        |        |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Sept. 20/02                                                                               | Dec. 3/12   | 5.25     | Semiannual | Can.     | GRF        | 300,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | SaskEnergy |        | 50,000,000  |              |        350,000,000                       |                                                             |        334,485,771                                                                                                                     |                                                                                                                                                    |            500,000                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                    |        |     |       |     |       |
| for Securities)                                                                           |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Feb. 2/93                                                                                 | Feb. 1/13   | 7.613    | Semiannual | Can.     | GRF        |        | 568,212,000 |              |        568,212,000                       |                                                             |        606,168,389                                                                                                                     |                                                                                                                                                    |                         – |   |
| (The original 8% 400,000,000 U.S. dollar debentures have been swapped                     |        |     |       |     |       |
| into Canadian dollars at an interest rate of 7.613%; Non-callable; Payable                |        |     |       |     |       |
| in New York)                                                                              |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| June 17/03                                                                                | June 17/13  | 4.75     | Annual     | Can.     | GRF        | 195,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | MFC        |        | 5,000,000   |              |        200,000,000                       |                                                             |        115,798,053                                                                                                                     |                                                                                                                                                    |         2,000,000                                                                                               |   |
| (Euro medium term note; Non-callable; Payable in London)                                  |        |     |       |     |       |        |        |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 20/93                                                                                | July 15/13  | 7.375    | Semiannual | U.S.     | GRF        | 50,000,000  | *           |              |                                                                        |          55,460,747 | *                                                                                                                                                                         |                         – |                                                                                                                                                    |
|                                                                                      |        | 7.809    |       | Can.     | Sask Power | 97,147,500  |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        | 7.753    |       | Can.     | GRF        |        | 228,639,500 |              |        375,787,000                       |                                                             |          63,750,246                                                                                                          |                                                                                                                                                    |         3,907,900                                                                                               |   |
| (175,000,000 U.S. dollars of the GRF's 225,000,000 U.S. dollar share of the               |        |     |       |     |       |
| 7.375% debenture issue has been swapped into Canadian dollars at an                       |        |     |       |     |       |
| interest rate of 7.753%.  Interest payments on the remaining 50,000,000 U.S.    |        |     |       |     |       |
| dollars have been swapped  into Canadian dollars at an interest rate of 7.912%; |        |     |       |     |       |
| Sask Power's 75,000,000 U.S. dollar share of the 7.375% debenture issue                   |        |     |       |     |       |
| has been swapped into Canadian dollars at an interest rate of 7.809%;                     |        |     |       |     |       |        |
| Non-callable; Payable in New York)                                                        |        |     |       |     |       |        |        |              |                                                                        |                                                             |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 15/08                                                                                | July 15/13  | 2.50     | Annual     | Can.     | GRF        |        | 2,648,600   |              |            2,648,600 |                                                             |                            – |                                                                                                                                                    |                         – |   |
| (Savings Bond; Redeemable annually at the option of the holder or any time                |        |     |       |     |       |
| on the death of the holder; The bonds pay a minimum interest rate of 2.50%;               |        |     |       |     |       |
| The Province reserves the right to increase the interest rate after                       |        |     |       |     |       |        |        |
| July 14, 2009; Payable at any Saskatchewan branch of a chartered bank,                    |        |     |       |     |       |
| trust company and the Credit Union Central of Saskatchewan)                               |        |     |       |     |       |        |        |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Sept. 30/03                                                                               | Dec. 3/13   | 4.90     | Semiannual | Can.     | GRF        | 150,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | SaskEnergy |        | 50,000,000  |              |        200,000,000                       |                                                             |          20,601,026                                                                                                          |                                                                                                                                                    |         2,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                    |        |     |       |     |       |
| for Securities)                                                                           |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| March 14/91                                                                               | April 10/14 | 10.25    | Semiannual | Can.     | GRF        |        | 583,916,000 |              |        583,916,000                       |                                                             |        267,025,926                                                                                                                     |                                                                                                                                                    |         5,839,160                                                                                               |   |
| (Non-callable; Payable at any Canadian branch of the Royal Bank of                        |        |     |       |     |       |        |        |
| Canada)                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| June 22/04                                                                                | June 3/14   | 5.25     | Semiannual | Can.     | GRF        | 250,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | SaskEnergy |        | 50,000,000  |              |        300,000,000                       |                                                             |          27,035,480                                                                                                          |                                                                                                                                                    |         3,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                    |        |     |       |     |       |
| for Securities)                                                                           |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 15/09                                                                                | July 15/14  | 1.00     | Annual     | Can      | GRF        |        | 1,669,400   |              |            1,669,400 |                                                             |                            – |                                                                                                                                                    |                         – |   |
| (Savings Bonds; Redeemable annually at the option of the holder or any time               |        |     |       |     |       |
| on the death of the holder; The bonds pay a minimum interest of 1.00%;                    |        |     |       |     |       |
| The Province reserves the right to increase the interest rate after July 14,              |        |     |       |     |       |
| 2010; Payable at any Saskatchewan branch of a chartered bank, trust                       |        |     |       |     |       |        |        |
| company and the Credit Union Central of Saskatchewan)                                     |        |     |       |     |       |        |        |              |
|                                                                                      |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| June 3/05                                                                                 | Dec. 3/15   | 4.25     | Semiannual | Can.     | GRF        | 145,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | SaskEnergy | 50,000,000  |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                      |        |     |       |     | MFC        |        | 5,000,000   |              |        200,000,000                       |                                                             |          17,418,659                                                                                                          |                                                                                                                                                    |         2,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                    |        |     |       |     |       |
| for Securities)                                                                           |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |

----

----

----

|                                                                              |        |     |       |     |       |        |        |              |                                                                        |  Equity of                                                  |                                                                                                                                                                      | Sinking Fund                                                                                                                                            |                                                                                                                                                    |
|----------------------------------------------------------------------------------------|-------------|----------|------------|----------|------------|-------------|-------------|-------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date of                                                                                | Date of     | Interest | Interest   |     | Purpose of | Amount      |        |  Total Issue |                                                                        |  Applicable                                                 |                                                                                                                                                                      | Contribution                                                                                                                                            |                                                                                                                                                    |
| Issue                                                                                  | Maturity    | Rate %   | Payments   | Currency | Issue      | Outstanding |        |  Outstanding |                                                                        | Sinking Fund                                                     |                                                                                                                                                                      |  2011-12                                                                                                                                           |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Nov.15/05                                                                              | Jan. 15/16  | 4.305    | Semiannual | Can.     | GRF        |        | 274,654,700 |              |        274,654,700                       |                                                             |          19,827,213                                                                                                          |                                                                                                                                                    |         2,746,575                                                                                               |   |
| (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;             |        |     |       |     |       |
| Payable in Zurich)                                                                     |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Aug. 23/06                                                                             | Aug. 23/16  | 4.50     | Semiannual | Can.     | GRF        | 255,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        |     |       |     | SaskEnergy |        | 45,000,000  |              | 300,000,000                                                                 |                                                             |          18,105,953                                                                                                          |                                                                                                                                                    |         3,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                 |        |     |       |     |       |
| for Securities)                                                                        |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Sept. 17/96                                                                            | Sept. 17/16 | 8.10     | Semiannual | Can.     | GRF        |        | 7,888,000   |              |            7,888,000 |                                                             |                            – |                                                                                                                                                    |                         – |   |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| (Canadian medium term serial note; Payable in annual instalments;                      |        |     |       |     |       |        |        |
|  Non-callable; Payable in Regina)                                                 |        |     |       |     |       |        |        |              |                                                                        |                                                             |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Sept. 5/07                                                                             | Sept. 5/17  | 4.65     | Semiannual | Can.     | GRF        | 160,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        |     |       |     | SaskEnergy |        | 40,000,000  |              |        200,000,000                       |                                                             |            9,321,893                                                                                               |                                                                                                                                                    |         2,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                 |        |     |       |     |       |
| for Securities)                                                                        |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| June 17/04                                                                             | June 17/19  | 5.50     | Semiannual | Can.     | GRF        |        | 33,000,000  |              |          33,000,000            |                                                             |            3,273,996                                                                                               |                                                                                                                                                    |            330,000                                                                               |   |
| (Canadian medium term note; After June 17, 2014, this note pays interest               |        |     |       |     |       |
| at the three month bankers' acceptance rate less 0.245%; Non-callable;                 |        |     |       |     |       |
| This book-based note is held in the Canadian Depository for Securities)                |        |     |       |     |       |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Aug. 3/04                                                                              | June 17/19  | 5.50     | Semiannual | Can.     | GRF        |        | 26,000,000  |              |          26,000,000            |                                                             |          21,003,679                                                                                                          |                                                                                                                                                    |            260,000                                                                               |   |
| (Canadian medium term note; Non-callable; This book-based note is held                 |        |     |       |     |       |
| in the Canadian Depository for Securities)                                             |        |     |       |     |       |        |        |              |                                                                        |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 28/10                                                                             | July 28/20  | 3.90     | Semiannual | Can.     | GRF        | 150,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        |     |       |     | SaskTel    |        | 150,000,000 |              |        300,000,000                       |                                                             |            4,831,891                                                                                               |                                                                                                                                                    |         4,500,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository                 |        |     |       |     |       |
| for Securities)                                                                        |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Dec. 20/90                                                                             | Dec. 15/20  | 9.375    | Semiannual | U.S.     | GRF        | 45,000,000  | *           |              |                                                                        |          36,232,796 | *                                                                                                                                                                         |                         – |                                                                                                                                                    |
|                                                                                   |        | 9.653    |       | Can.     | GRF        | 65,972,500  |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        | 10.08    |       | Can.     | SaskTel    | 126,600,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        | 9.965    |       | Can.     | Sask Power |        | 128,797,500 |              |        366,370,000                       |                                                             |          88,102,359                                                                                                          |                                                                                                                                                    |         3,753,500                                                                                               |   |
| (55,000,000 U.S. dollars of the GRF's 100,000,000 U.S. dollar share of the             |        |     |       |     |       |
| 9.375% debenture issue has been swapped into Canadian dollars at an                    |        |     |       |     |       |
| interest rate of 9.653%.  Interest payments on the remaining 45,000,000 U.S. |        |     |       |     |       |
| dollars have  been swapped into Canadian dollars at an interest rate of      |        |     |       |     |       |
| 9.653%. SaskTel's 100,000,000 U.S. dollar share of the 9.375% debenture                |        |     |       |     |       |
| issue has been swapped into Canadian dollars at an interest rate of 10.08%;            |        |     |       |     |       |
| Sask Power's 100,000,000 U.S. dollar share of the 9.375% debenture issue               |        |     |       |     |       |
| has been swapped into Canadian dollars at an interest rate of 9.965%;                  |        |     |       |     |       |        |
| Non-callable; Payable in New York)                                                     |        |     |       |     |       |        |        |              |                                                                        |                                                             |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Feb. 26/91                                                                             | Feb. 15/21  | 9.254    | Semiannual | Can.     | GRF        | 147,600,000 |        |              |                                                                        |          21,203,799 |                                                                                                                                                                      |         2,460,000                                                                                               |                                                                                                                                                    |
|                                                                                   |        | 9.125    |       | U.S.     | GRF        |        | 80,000,000  | *                 |        227,600,000                       |                                                             |          71,358,543                                                                                                          | *                                                                                                                                                       |                         – |   |
| (120,000,000 U.S. dollars of this debenture issue has been swapped into                |        |     |       |     |       |
| Canadian dollars at an interest rate of 9.254%.  Interest payments on the    |        |     |       |     |       |
| remaining 80,000,000 U.S. dollars have been swapped into Canadian                      |        |     |       |     |       |        |
| dollars at an interest rate of 9.254%; Non-callable; Payable in New York)              |        |     |       |     |       |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| Feb. 4/92                                                                              | Feb. 4/22   | 9.60     | Semiannual | Can.     | Sask Power | 240,000,000 |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        |     |       |     | GRF        |        | 15,000,000  |              |        255,000,000                       |                                                             |        103,740,798                                                                                                                     |                                                                                                                                                    |         2,550,000                                                                                               |   |
| (Non-callable; Payable at any Canadian branch of the Royal Bank of                     |        |     |       |     |       |        |        |
| Canada)                                                                                |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
|                                                                                   |        |     |       |     |       |        |        |              |                                                                        |                                                             |                                                                                                                                                                      |                                                                                                                                                    |                                                                                                                                                    |
| July 21/92                                                                             | July 15/22  | 8.50     | Semiannual | U.S.     | GRF        | 100,000,000 | *           |              |                                                                        |          88,076,440 | *                                                                                                                                                                         |            972,700                                                                               | **                                                                                                                                                      |
|                                                                                   |        | 8.942    |       | Can.     | Sask Power |        | 256,320,000 |              |        356,320,000                       |                                                             |          33,669,614                                                                                                          |                                                                                                                                                    |         2,563,200                                                                                               |   |
| (Interest payments on the GRF's 100,000,000 U.S. dollar share of the 8.50%             |        |     |       |     |       |
| debenture issue have been swapped into Canadian dollars at an interest                 |        |     |       |     |       |
| rate of 8.497%; Sask Power's 200,000,000 U.S. dollar share of the 8.50%                |        |     |       |     |       |
| debenture issue has been swapped into Canadian dollars at an interest                  |        |     |       |     |       |
| rate of 8.942%; Non-callable; Payable in New York)                                     |        |     |       |     |       |        |        |              |

----

----

----

|                                                                     |       |     |       |     |       |        |        |              |                                                             |  Equity of  |                                                                                                                                                                      | Sinking Fund  |                                                                                                                                                    |
|-------------------------------------------------------------------------------|------------|----------|------------|----------|------------|-------------|-------------|-------------------|------------------------------------------------------------------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date of                                                                       | Date of    | Interest | Interest   |     | Purpose of | Amount      |        |  Total Issue |                                                             |  Applicable |                                                                                                                                                                      | Contribution  |                                                                                                                                                    |
| Issue                                                                         | Maturity   | Rate %   | Payments   | Currency | Issue      | Outstanding |        |  Outstanding |                                                             | Sinking Fund     |                                                                                                                                                                      |  2011-12 |                                                                                                                                                    |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| May 30/95                                                                     | May 30/25  | 8.75     | Semiannual | Can.     | Sask Power | 100,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy |        | 75,000,000  |              |        175,000,000            |             |          51,237,079                                                                                                          |          |         1,750,000                                                                                               |   |
| (Non-callable; Payable at any Canadian branch of the Royal Bank of            |       |     |       |     |       |        |        |
| Canada)                                                                       |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Dec. 4/98                                                                     | March 5/29 | 5.75     | Semiannual | Can.     | GRF        | 250,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskTel    | 75,000,000  |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy |        | 25,000,000  |              |        350,000,000            |             |          63,564,813                                                                                                          |          |         3,500,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| March 24/99                                                                   | March 5/29 | 5.60     | Semiannual | Can.     | SaskTel    | 35,000,000  |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy |        | 25,000,000  |              |          60,000,000 |             |            4,290,392                                                                                               |          |            600,000                                                                               |   |
| (Canadian medium term note; Non-callable; This book-based note is held in the |       |     |       |     |       |
| Canadian Depository for Securities)                                           |       |     |       |     |       |        |        |              |                                                             |             |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Jan. 25/00                                                                    | Jan. 25/30 | 6.35     | Semiannual | Can.     | GRF        |        | 199,995,000 |              | 199,995,000                                                      |             |          34,386,292                                                                                                          |          |         2,000,000                                                                                               |   |
| (Canadian medium term note; This book-based note is held in the Canadian      |       |     |       |     |       |
| Depository for Securities)                                                    |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Feb. 17/00                                                                    | Jan. 25/30 | 6.25     | Semiannual | Can.     | GRF        |        | 25,000,000  |              |          25,000,000 |             |            4,427,936                                                                                               |          |            250,000                                                                               |   |
| (Canadian medium term note; Non-callable; This book-based note is held        |       |     |       |     |       |
| in the Canadian Depository for Securities)                                    |       |     |       |     |       |        |        |              |                                                             |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Dec. 10/01                                                                    | Sept. 5/31 | 6.40     | Semiannual | Can.     | GRF        | 190,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | Sask Power | 300,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy |        | 60,000,000  |              |        550,000,000            |             |          75,540,759                                                                                                          |          |         5,500,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Feb. 13/02                                                                    | Feb. 13/32 | 6.30     | Semiannual | Can.     | GRF        |        | 29,954,000  |              |          29,954,000 |             |            7,962,305                                                                                               |          |            299,540                                                                               |   |
| (Canadian medium term note; Non-callable; This book-based note is held        |       |     |       |     |       |
| in the Canadian Depository for Securities)                                    |       |     |       |     |       |        |        |              |                                                             |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| May 12/03                                                                     | Sept. 5/33 | 5.80     | Semiannual | Can.     | GRF        | 150,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | Sask Power |        | 300,000,000 |              |        450,000,000            |             |          47,237,459                                                                                                          |          |         4,500,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| June 10/03                                                                    | Sept. 5/33 | 5.80     | Semiannual | Can.     | GRF        |        | 104,500,000 |              |        104,500,000            |             |          75,310,089                                                                                                          |          |         1,045,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Aug. 12/04                                                                    | Sept. 5/35 | 5.60     | Semiannual | Can.     | GRF        | 200,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | Sask Power |        | 200,000,000 |              |        400,000,000            |             |          35,472,846                                                                                                          |          |         4,000,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
|  for Securities)                                                         |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Feb. 15/05                                                                    | March 5/37 | 5.00     | Semiannual | Can.     | SaskEnergy | 25,000,000  |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | Sask Power |        | 400,000,000 |              |        425,000,000            |             |          35,022,812                                                                                                          |          |         4,250,000                                                                                               |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| May 26/06                                                                     | June 1/40  | 4.75     | Semiannual | Can.     | GRF        | 325,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy | 75,000,000  |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | Sask Power |        | 650,000,000 |              |    1,050,000,000                                  |             |          41,876,977                                                                                                          |          |       10,500,000                                                                                                          |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
| Feb. 3/12                                                                     | Feb 3/42   | 3.40     | Semiannual | Can.     | SaskTel    | 150,000,000 |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |
|                                                                          |       |     |       |     | SaskEnergy |        | 150,000,000 |              |        300,000,000            |             |                            – |          |                         – |   |
| (Non-callable; This book-based note is held in the Canadian Depository        |       |     |       |     |       |
| for Securities)                                                               |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |
|                                                                          |       |     |       |     |       |        |        |              |                                                             |             |                                                                                                                                                                      |          |                                                                                                                                                    |

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|                                                                   |       |     |       |     |       |   |             |                                                                                    |                                                             |  Equity of                                                                         |                                                                        |  Sinking Fund                                                                                                                                      |                                                                      |
|------------------------------------------------------------------------|------------|----------|------------|----------|------------|--------|------------------|-----------------------------------------------------------------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
| Date of                                                                | Date of    | Interest | Interest   |     | Purpose of | Amount |             |  Total Issue                                                                       |                                                             |  Applicable                                                                        |                                                                        | Contribution                                                                                                                                            |                                                                      |
| Issue                                                                  | Maturity   | Rate %   | Payments   | Currency | Issue      |   | Outstanding      |                                                                                    |  Outstanding                                                |                                                                                    | Sinking Fund                                                                |                                                                                                                                                    |  2011-12                                                             |   |
|                                                                   |       |     |       |     |       |   |             |                                                                                    |                                                             |                                                                                    |                                                                        |                                                                                                                                                    |                                                                      |
| Sept. 16/02                                                            | Sept. 5/42 | 5.70     | Semiannual | Can.     | GRF        |   |  50,000,000 |                                                                                    |          50,000,000 |                                                                                    |            6,147,532 |                                                                                                                                                    |            500,000 |   |
| (Canadian medium term note; Non-callable; This book-based note is held |       |     |       |     |       |
| in the Canadian Depository for Securities)                             |       |     |       |     |       |   |             |                                                                                    |                                                             |
|                                                                   |       |     |       |     |       |   |             |                                                                                    |                                                             |                                                                                    |                                                                        |                                                                                                                                                    |                                                                      |
| Adjustment                                                             |       |     |       |     |       |   |             |              (247,500) | *                                                                |              (226,016) | *                                                                           |                         – |                                                                      |
| Total                                                                  |       |     |       |     |       |   |             |    9,473,075,400                                                         |                                                             |    2,508,744,546                                                         |                                                                        |       83,077,575                                                                                                          |                                                                      |
|                                                                   |       |     |       |     |       |   |             |                                                                                    |                                                             |                                                                                    |                                                                        |                                                                                                                                                    |                                                                      |

| * | Adjustment to reflect conversion of debentures and related sinking funds quoted in foreign currencies to Canadian dollars using the exchange rate in effect at March 31, 2012 (U.S. $0.9991) |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Sinking fund contributions to U.S. dollar sinking funds are made in U.S. dollars. Contributions are shown at the cost in Canadian dollars to purchase U.S. dollars equal to the contribution amount. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|       |   |   |     |   |       |         |       |   |        |    |   |   | Equity of    |   |   | Sinking Fund |        |
|------------|--------|--------|----------|--------|------------|--------------|------------|--------|-------------|---------|--------|--------|--------------|--------|--------|--------------|-------------|
| Year of    |   |   | Interest |   | Purpose of |         | Total      |   |        | Total   |   |   | Applicable   |   |   | Contribution |        |
| Maturity   |   |   | Rate %   |   | Issue(s)   |         | By Purpose |   |        | By Year |   |   | Sinking Fund |   |   |         | 2011-12     |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |
| 2012-13    |   |   |     | 9.37   |       | GRF          |       |   | 62,705,000  |    |   |   | 62,705,000   |   |   |         | 66,883,059  |   |   |   | – |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| 2013-14    |   |   |     | 3.80   |       | MFC          |       |   | 4,800,000   |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Water   |       |   | 5,000,000   |    |   |   | 9,800,000    |   |   |         | –     |   |   |   | – |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| 2014-15    |   |   |     | 3.05   |       | MFC          |       |   | 53,274,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Gaming  |       |   | 6,000,000   |    |   |   | 59,274,000   |   |   |         | –     |   |   |   | – |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| 2015-16    |   |   |     | 3.40   |       | GRF          |       |   | 10,718,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Water   |       |   | 4,807,000   |    |   |   | 15,525,000   |   |   |         | 2,687,137   |   |   |   | 415,000 |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| 2016-17    |   |   |     | 4.37   |       | GRF          |       |   | 23,557,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | MFC          |       |   | 10,000,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Water   |       |   | 55,221,000  |    |   |   | 88,778,000   |   |   |         | 4,742,232   |   |   |   | 787,780 |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| 6-10 Years |   |   |     | 5.40   |       | GRF          |       |   | 35,913,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | MFC          |       |   | 25,400,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Housing |       |   | 52,004,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Water   |       |   | 21,093,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | SaskEnergy   |       |   | 85,962,000  |    |   |   | 220,372,000  |   |   |         | 43,607,824  |   |   |   | 3,240,216 |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| Thereafter |   |   |     | 4.54   |       | GRF          |       |   | 169,718,000 |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | MFC          |       |   | 19,430,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | SOCO         |       |   | 36,684,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Tel     |       |   | 50,000,000  |    |   |   |         |   |   |         |        |   |   |   |   |   |
|       |   |   |     |   |       | Sask Water   |       |   | 12,800,000  |    |   |   | 288,632,000  |   |   |         | 14,377,617  |   |   |   | 2,388,320 |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |
| Total      |   |   |     |   |       |         |       |   |        |    |   |   | 745,086,000  |   |   |         | 132,297,869 |   |   |   | 6,831,316 |   |
|       |   |   |     |   |       |         |       |   |        |    |   |   |         |   |   |         |        |   |   |   |   |   |

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