|  The Honourable Ken KrawetzDeputy PremierMinister of Finance       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |
| SASKATCHEWAN BUDGET UPDATE12-13                                                                       |
|                                                                                                  |
| KEEPING THE SASKATCHEWAN ADVANTAGE                                                                    |
| 1ST QUARTERFINANCIAL REPORT                                                                           |

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| 1st Quarter Financial ReportGovernment of SaskatchewanAugust 3, 2012 |
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|  2012-13 1st Quarter Financial ReportGeneral Revenue Fund Update |
|-----------------------------------------------------------------------|

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| ●   | Investment in new dwellings is up 23.9 per cent. |
|---------------------|--------------------------------------------------|

| ●   | The number of housing starts is up 38.5 per cent. |
|---------------------|---------------------------------------------------|

| ●   | Non-residential building construction is up 16.9 per cent. |
|---------------------|------------------------------------------------------------|

| ●   | The value of building permits is up 32.7 per cent. |
|---------------------|----------------------------------------------------|

| Real GDP growth forecasts for Saskatchewan, per cent change |   |
|-------------------------------------------------------------|--------|
|                                                        |   | 2011 |   |   | 2012 |   |   | 2013 |   |
| Ministry of Finance, at budget                              |   |   | 3.6 |   |   |   | 2.8 |   |   |   | 2.6 |   |
| Private sector, at budget                                   |   |   | 3.8 |   |   |   | 3.1 |   |   |   | 3.3 |   |
| Private sector, latest                                      |   |   | 4.6 |   |   |   | 3.0 |   |   |   | 3.0 |   |

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| ●   | the budget remains balanced; |
|---------------------|------------------------------|

| ●   | there is $714.2 million in the GFSF; and, |
|---------------------|-------------------------------------------|

| ●   | government general public debt remains at the March 31, 2012 level of $3.8 billion. |
|---------------------|-------------------------------------------------------------------------------------|

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| ●   | revenue is down $113.2 million or 1.0 per cent from budget; and, |
|---------------------|-----------------------------------------------------------------------|

| ●   | expense is down $30.0 million or 0.3 per cent from budget. |
|---------------------|-----------------------------------------------------------------|

| 2012-13 GRF 1st Quarter Financial Overview                                                                                                                                                           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                 |   | Budget |   |   | 1st Quarter |   |   | Change from |   |
|                                                                                                                                                                                                 |   | Estimate |   |   | Forecast |   |   | Budget |   |
|                                                                                                                                                                                                 |   | (millions of dollars) |   |
| Revenue                                                                                                                                                                                              |   |   | 11,290.9 |   |   |   | 11,177.7 |   |   |   | (113.2 | ) |
| Expense                                                                                                                                                                                              |   |   | 11,195.9 |   |   |   | 11,165.9 |   |   |   | (30.0 | ) |
| Pre-Transfer Surplus                                                                                                                                                                                 |   |   | 95.0 |   |   |   | 11.8 |   |   |   | (83.2 | ) |
|     Transfer (to) GFSF                                                                                                                                                                |   |   | (47.5 | ) |   |   | (5.9 | ) |   |   | 41.6 |   |
|     Transfer from GFSF                                                                                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |
| Net Transfer from (to) GFSF                                                                                                                                                                          |   |   | (47.5 | ) |   |   | (5.9 | ) |   |   | 41.6 |   |
| GRF Surplus                                                                                                                                                                                          |   |   | 47.5 |   |   |   | 5.9 |   |   |   | (41.6 | ) |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| GFSF Opening Balance *                                                                                                                                                                               |   |   | 708.9 |   |   |   | 708.3 |   |   |   | (0.6 | ) |
|     Net Transfer from (to) GRF                                                                                                                                                        |   |   | 47.5 |   |   |   | 5.9 |   |   |   | (41.6 | ) |
| GFSF Balance                                                                                                                                                                                         |   |   | 756.4 |   |   |   | 714.2 |   |   |   | (42.2 | ) |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Government General Public Debt **                                                                                                                                                                    |   |   | 3,807.6 |   |   |   | 3,807.6 |   |   |   | - |   |
| * 1st Quarter Forecast of 2012-13 opening balance has been adjusted to reflect 2011-12 actual transfers to the GFSF.** Budget Estimate figure has been adjusted to reflect the 2011-12 actual level. |   |

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|  Revenue Reconciliation                         |   |
|------------------------------------------------------|--------|
|  (millions of dollars)                          |   |
|                                                 |   |   |   |   |
|  Budget Estimate                                |   |  $ |  11,290.9 |   |
|  First Quarter Changes                          |   |   |   |   |
|  Own-Source Revenue                             |   |   |   |   |
|     Corporation Income Tax  |   |   | + 81.1  |   |
|     SLGA                         |   |   | + 19.4  |   |
|     Oil                          |   |   | - 159.0  |   |
|     Crown Land Sales             |   |   | - 92.2  |   |
|     Other net changes            |   |   | + 20.5  |   |
|  Own-Source Change                              |   |   | - 130.2  |   |
|                                                 |   |   |   |   |
|     Federal Transfers            |   |   | + 17.0  |   |
|  Total Change                                   |   |   | - 113.2  |   |
|                                                 |   |   |   |   |
|  1st Quarter Forecast                           |   |  $ | 11,177.7  |   |
|                                                 |   |   |   |   |

| ●   | Corporation Income Tax revenue is forecast to be $81.1 million higher due to accelerated installment payments from the federal government in the 2012-13 fiscal year. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | In addition, strong economic growth has resulted in a $15.1 million increase in the Other Taxes category, primarily Insurance Premiums Tax and Corporation Capital Tax. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Crown land sales revenue is forecast to decrease by $92.2 million, reflecting lower-than-expected sales in April and June and a reduced outlook for the remainder of the year as industry focuses its capital towards drilling. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Oil is forecast to decrease by $159.0 million, primarily due to a lower average West Texas Intermediate (WTI) oil price forecast and a wider light-heavy differential, partially offset by a lower average exchange rate forecast. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ●   | Other changes in non-renewable resources amount to a $5.4 million increase from budget.  Natural gas revenue is forecast to be $5.4 million lower than budget, primarily due to a lower price forecast, but this is more than offset by a $10.8 million increase in other non-renewable resources, primarily uranium. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  Expense Reconciliation                       |   |
|----------------------------------------------------|--------|
|  (millions of dollars)                        |   |
|                                               |   |   |   |   |
|  Budget Estimate                              |   |  $ |  11,195.9 |   |
|  First Quarter Changes                        |   |   |   |   |
|     Government Relations  |   |   | + 20.0  |   |
|     Parks, Culture and Sport   |   |   | + 5.0  |   |
|     Expense Management         |   |   | - 55.0  |   |
|  Total Change                                 |   |   | - 30.0  |   |
|                                               |   |   |   |   |
|  1st Quarter Forecast                         |   |  $ | 11,165.9  |   |
|                                               |   |   |   |   |

| ●   | Government Relations is up $20.0 million from budget for the Provincial Disaster Assistance Program as a result of higher-than-anticipated claims and payments for 2010 and 2011 damages.  This pressure is largely offset by a $17.0 million increase in GRF revenue as a result of federal disaster assistance funding. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Parks, Culture and Sport is up $5.0 million from budget due to funding to be provided to the City of Regina for the replacement of Mosaic Stadium. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2012-13 1st Quarter Debt Overview                    |   |
|------------------------------------------------------|--------|
|                                                 |   |   |   |   | As at March 31, 2013 |   |   | Change from |   |
|                                                 |   |   | 2011-12 |   |   | Budget |   |   | 1st Quarter |   |   |   | 2011-12 |   |   | Budget |   |
| Debt as at March 31                                  |   | Actual |   |   | Estimate |   |   | Forecast |   |   | Actual |   |   | Estimate |   |
|                                                 |   | (millions of dollars) |   |
| GRF Government General Public Debt                   |   |   | 3,807.6 |   |   |   | 3,810.2 |   |   |   | 3,807.6 |   |   |   | - |   |   |   | (2.6 | ) |
| GRF Crown Corporation Public Debt                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Corporation General               |   |   | 556.8 |   |   |   | 724.0 |   |   |   | 653.8 |   |   |   | 97.0 |   |   |   | (70.2 | ) |
|    Government Business Enterprise Specific |   |   | 3,905.3 |   |   |   | 4,722.8 |   |   |   | 4,872.4 |   |   |   | 967.1 |   |   |   | 149.6 |   |
| GRF Crown Corporation Public Debt                    |   |   | 4,462.1 |   |   |   | 5,446.8 |   |   |   | 5,526.2 |   |   |   | 1,064.1 |   |   |   | 79.4 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GRF Public Debt                                      |   |   | 8,269.7 |   |   |   | 9,257.0 |   |   |   | 9,333.8 |   |   |   | 1,064.1 |   |   |   | 76.8 |   |
| Guaranteed Debt                                      |   |   | 93.8 |   |   |   | 152.1 |   |   |   | 149.1 |   |   |   | 55.3 |   |   |   | (3.0 | ) |

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| 2012-13 1st Quarter Financial Report          |   |                   |       |   |        |   |       |        |   |
|-----------------------------------------------|--------|------------------------|------------|--------|-------------|--------|------------|-------------|--------|
| Province of Saskatchewan                      |   |                   |       |   |        |   |       |        |   |
| General Revenue Fund                          |   |                   |       |   |        |   |       |        |   |
| Statement of Revenue                          |   |                   |       |   |        |   |       |        |   |
|                                          |   | Budget                 |       |   | 1st Quarter |   |       | Change from |   |
|                                          |   | Estimate               |       |   | Forecast    |   |       | Budget      |   |
|                                          |   | (thousands of dollars) |       |
|                                          |   |                   |       |   |        |   |       |        |   |
| Corporation Income                            |   |                   | 817,200    |   |        |   | 898,300    |        |   |   | 81,100 |   |
| Fuel                                          |   |                   | 508,300    |   |        |   | 508,300    |        |   |   | - |   |
| Individual Income                             |   |                   | 2,084,300  |   |        |   | 2,084,300  |        |   |   | - |   |
| Provincial Sales                              |   |                   | 1,348,700  |   |        |   | 1,348,700  |        |   |   | - |   |
| Tobacco                                       |   |                   | 247,100    |   |        |   | 247,100    |        |   |   | - |   |
| Other                                         |   |                   | 309,400    |   |        |   | 324,500    |        |   |   | 15,100 |   |
| Taxes                                         |   |                   | 5,315,000  |   |        |   | 5,411,200  |        |   |   | 96,200 |   |
|                                          |   |                   |       |   |        |   |       |        |   |   |   |   |
| Crown Land Sales                              |   |                   | 220,000    |   |        |   | 127,800    |        |   |   | (92,200 | ) |
| Natural Gas                                   |   |                   | 12,500     |   |        |   | 7,100      |        |   |   | (5,400 | ) |
| Oil                                           |   |                   | 1,600,900  |   |        |   | 1,441,900  |        |   |   | (159,000 | ) |
| Potash                                        |   |                   | 705,200    |   |        |   | 705,200    |        |   |   | - |   |
| Resource Surcharge                            |   |                   | 485,900    |   |        |   | 485,900    |        |   |   | - |   |
| Other                                         |   |                   | 123,800    |   |        |   | 134,600    |        |   |   | 10,800 |   |
| Non-Renewable Resources                       |   |                   | 3,148,300  |   |        |   | 2,902,500  |        |   |   | (245,800 | ) |
|                                          |   |                   |       |   |        |   |       |        |   |   |   |   |
| Crown Investments Corporation of Saskatchewan |   |                   | 150,000    |   |        |   | 150,000    |        |   |   | - |   |
| - Special Dividend                            |   |                   | 3,000      |   |        |   | 3,000      |        |   |   | - |   |
| Saskatchewan Liquor and Gaming Authority      |   |                   | 439,900    |   |        |   | 459,300    |        |   |   | 19,400 |   |
| Other Enterprises and Funds                   |   |                   | 46,500     |   |        |   | 46,500     |        |   |   | - |   |
| Transfers from Crown Entities                 |   |                   | 639,400    |   |        |   | 658,800    |        |   |   | 19,400 |   |
|                                          |   |                   |       |   |        |   |       |        |   |   |   |   |
| Fines, Forfeits and Penalties                 |   |                   | 16,200     |   |        |   | 16,200     |        |   |   | - |   |
| Interest, Premium, Discount and Exchange      |   |                   | 145,400    |   |        |   | 145,400    |        |   |   | - |   |
| Motor Vehicle Fees                            |   |                   | 172,800    |   |        |   | 172,800    |        |   |   | - |   |
| Other Licences and Permits                    |   |                   | 25,400     |   |        |   | 25,400     |        |   |   | - |   |
| Sales, Services and Service Fees              |   |                   | 124,600    |   |        |   | 124,600    |        |   |   | - |   |
| Transfers from Other Governments              |   |                   | 16,900     |   |        |   | 16,900     |        |   |   | - |   |
| Other                                         |   |                   | 100,000    |   |        |   | 100,000    |        |   |   | - |   |
| Other Revenue                                 |   |                   | 601,300    |   |        |   | 601,300    |        |   |   | - |   |
| Own-Source Revenue                            |   |                   | 9,704,000  |   |        |   | 9,573,800  |        |   |   | (130,200 | ) |
|                                          |   |                   |       |   |        |   |       |        |   |   |   |   |
| Canada Health Transfer                        |   |                   | 902,900    |   |        |   | 902,900    |        |   |   | - |   |
| Canada Social Transfer                        |   |                   | 363,700    |   |        |   | 363,700    |        |   |   | - |   |
| Other                                         |   |                   | 320,300    |   |        |   | 337,300    |        |   |   | 17,000 |   |
| Transfers from the Government of Canada       |   |                   | 1,586,900  |   |        |   | 1,603,900  |        |   |   | 17,000 |   |
| Revenue                                       |   |                   | 11,290,900 |   |        |   | 11,177,700 |        |   |   | (113,200 | ) |

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| 2012-13 1st Quarter Financial Report                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|------------|--------|-------------|--------|------------|-------------|--------|
| Province of Saskatchewan                                                                                                                                                                                             |   |                   |       |   |        |   |       |        |   |
| General Revenue Fund                                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |
| Statement of Expense                                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |
|                                                                                                                                                                                                                 |   | Budget                 |       |   | 1st Quarter |   |       | Change from |   |
|                                                                                                                                                                                                                 |   | Estimate 1             |       |   | Forecast 1  |   |       | Budget      |   |
|                                                                                                                                                                                                                 |   | (thousands of dollars) |       |
| Ministries and Agencies                                                                                                                                                                                              |   |                   |       |   |        |   |       |        |   |
| Advanced Education                                                                                                                                                                                                   |   |                   | 750,513    |   |        |   | 750,513    |        |   |   | - |   |
| Agriculture                                                                                                                                                                                                          |   |                   | 430,777    |   |        |   | 430,777    |        |   |   | - |   |
| Central Services                                                                                                                                                                                                     |   |                   | 35,564     |   |        |   | 35,564     |        |   |   | - |   |
| Economy                                                                                                                                                                                                              |   |                   | 230,405    |   |        |   | 230,405    |        |   |   | - |   |
| Education                                                                                                                                                                                                            |   |                   | 1,351,175  |   |        |   | 1,351,175  |        |   |   | - |   |
|  - Teachers' Pensions and Benefits                                                                                                                                                                              |   |                   | 244,892    |   |        |   | 244,892    |        |   |   | - |   |
| Enterprise Saskatchewan                                                                                                                                                                                              |   |                   | 33,063     |   |        |   | 33,063     |        |   |   | - |   |
| Environment                                                                                                                                                                                                          |   |                   | 178,282    |   |        |   | 178,282    |        |   |   | - |   |
| Executive Council                                                                                                                                                                                                    |   |                   | 16,631     |   |        |   | 16,631     |        |   |   | - |   |
| Finance                                                                                                                                                                                                              |   |                   | 68,419     |   |        |   | 68,419     |        |   |   | - |   |
|  - Public Service Pensions and Benefits                                                                                                                                                                         |   |                   | 283,517    |   |        |   | 283,517    |        |   |   | - |   |
| Finance Debt Servicing                                                                                                                                                                                               |   |                   | 400,000    |   |        |   | 400,000    |        |   |   | - |   |
| Government Relations                                                                                                                                                                                                 |   |                   | 478,283    |   |        |   | 498,283    |        |   |   | 20,000 |   |
| Health                                                                                                                                                                                                               |   |                   | 4,680,168  |   |        |   | 4,680,168  |        |   |   | - |   |
| Highways and Infrastructure                                                                                                                                                                                          |   |                   | 425,910    |   |        |   | 425,910    |        |   |   | - |   |
| Innovation Saskatchewan                                                                                                                                                                                              |   |                   | 6,769      |   |        |   | 6,769      |        |   |   | - |   |
| Justice                                                                                                                                                                                                              |   |                   | 515,050    |   |        |   | 515,050    |        |   |   | - |   |
| Labour Relations and Workplace Safety                                                                                                                                                                                |   |                   | 17,489     |   |        |   | 17,489     |        |   |   | - |   |
| Parks, Culture and Sport                                                                                                                                                                                             |   |                   | 95,658     |   |        |   | 100,658    |        |   |   | 5,000 |   |
| Public Service Commission                                                                                                                                                                                            |   |                   | 38,541     |   |        |   | 38,541     |        |   |   | - |   |
| Saskatchewan Research Council                                                                                                                                                                                        |   |                   | 18,983     |   |        |   | 18,983     |        |   |   | - |   |
| Social Services                                                                                                                                                                                                      |   |                   | 852,725    |   |        |   | 852,725    |        |   |   | - |   |
|                                                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |   |   |   |
| Legislative Assembly and its Officers                                                                                                                                                                                |   |                   |       |   |        |   |       |        |   |   |   |   |
| Chief Electoral Officer                                                                                                                                                                                              |   |                   | 2,471      |   |        |   | 2,471      |        |   |   | - |   |
| Children's Advocate                                                                                                                                                                                                  |   |                   | 1,944      |   |        |   | 1,944      |        |   |   | - |   |
| Conflict of Interest Commissioner                                                                                                                                                                                    |   |                   | 145        |   |        |   | 145        |        |   |   | - |   |
| Information and Privacy Commissioner                                                                                                                                                                                 |   |                   | 1,065      |   |        |   | 1,065      |        |   |   | - |   |
| Legislative Assembly                                                                                                                                                                                                 |   |                   | 26,067     |   |        |   | 26,067     |        |   |   | - |   |
| Ombudsman                                                                                                                                                                                                            |   |                   | 3,075      |   |        |   | 3,075      |        |   |   | - |   |
| Provincial Auditor                                                                                                                                                                                                   |   |                   | 8,332      |   |        |   | 8,332      |        |   |   | - |   |
|                                                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |   |   |   |
| Expense Management                                                                                                                                                                                                   |   |                   | -          |   |        |   | (55,000    | )           |   |   | (55,000 | ) |
|                                                                                                                                                                                                                 |   |                   |       |   |        |   |       |        |   |   |   |   |
| Expense                                                                                                                                                                                                              |   |                   | 11,195,913 |   |        |   | 11,165,913 |        |   |   | (30,000 | ) |
| 1 Budget and forecast expenses reflect organizational changes announced on May 25, 2012 that resulted in responsibility for certain functions being transferred between ministries. See Appendix A for more details. |   |

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| 2012-13 1st Quarter Financial Report                |   |                         |       |   |          |   |       |          |   |
|-----------------------------------------------------|--------|------------------------------|------------|--------|---------------|--------|------------|---------------|--------|
| Province of Saskatchewan                            |   |                         |       |   |          |   |       |          |   |
| General Revenue Fund                                |   |                         |       |   |          |   |       |          |   |
| Statement of Debt                                   |   |                         |       |   |          |   |       |          |   |
|                                                |   |                         |       |   |  2012-13 |   |       | Change from   |   |
|                                                |   |  2011-12                |       |   | 1st Quarter   |   |       |  2011-12 |   |
| Debt as at March 31                                 |   | Actual                       |       |   | Forecast      |   |       | Actual        |   |
|                                                |   | (thousands of dollars)  |       |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Government General Public Debt                      |   |                         | 3,807,590  |   |          |   | 3,807,590  |          |   |   | - |   |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Crown Corporation General Debt                      |   |                         |       |   |          |   |       |          |   |   |   |   |
| Information Services Corporation of Saskatchewan    |   |                         | 9,935      |   |          |   | 9,935      |          |   |   | - |   |
| Municipal Financing Corporation of Saskatchewan     |   |                         | 14,842     |   |          |   | 22,746     |          |   |   | 7,904 |   |
| Saskatchewan Housing Corporation                    |   |                         | 27,238     |   |          |   | 25,732     |          |   |   | (1,506 | ) |
| Saskatchewan Opportunities Corporation              |   |                         | 35,729     |   |          |   | 35,318     |          |   |   | (411 | ) |
| Saskatchewan Power Corporation                      |   |                         | 96,547     |   |          |   | 95,382     |          |   |   | (1,165 | ) |
| Saskatchewan Telecommunications Holding Corporation |   |                         | 14,200     |   |          |   | 33,200     |          |   |   | 19,000 |   |
| Saskatchewan Water Corporation                      |   |                         | 54,067     |   |          |   | 54,712     |          |   |   | 645 |   |
| SaskEnergy Incorporated                             |   |                         | 304,209    |   |          |   | 376,749    |          |   |   | 72,540 |   |
| Crown Corporation General Public Debt               |   |                         | 556,767    |   |          |   | 653,774    |          |   |   | 97,007 |   |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Government Business Enterprise Specific Debt        |   |                         |       |   |          |   |       |          |   |   |   |   |
| Municipal Financing Corporation of Saskatchewan     |   |                         | 120,807    |   |          |   | 132,421    |          |   |   | 11,614 |   |
| Saskatchewan Gaming Corporation                     |   |                         | 6,000      |   |          |   | 6,000      |          |   |   | - |   |
| Saskatchewan Liquor and Gaming Authority            |   |                         | -          |   |          |   | 146,430    |          |   |   | 146,430 |   |
| Saskatchewan Power Corporation                      |   |                         | 2,646,587  |   |          |   | 3,369,155  |          |   |   | 722,568 |   |
| Saskatchewan Telecommunications Holding Corporation |   |                         | 507,827    |   |          |   | 647,259    |          |   |   | 139,432 |   |
| SaskEnergy Incorporated                             |   |                         | 624,171    |   |          |   | 571,188    |          |   |   | (52,983 | ) |
| Government Business Enterprise Specific Public Debt |   |                         | 3,905,392  |   |          |   | 4,872,453  |          |   |   | 967,061 |   |
| Public Debt                                         |   |                         | 8,269,749  |   |          |   | 9,333,817  |          |   |   | 1,064,068 |   |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Public Debt by Category                             |   |                         |       |   |          |   |       |          |   |   |   |   |
| Government General Gross Debt                       |   |                         | 5,906,884  |   |          |   | 5,008,392  |          |   |   | (898,492 | ) |
| Government General Sinking Funds                    |   |                         | (2,099,294 | )      |          |   | (1,200,802 | )             |   |   | 898,492 |   |
| Government General Public Debt                      |   |                         | 3,807,590  |   |          |   | 3,807,590  |          |   |   | - |   |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Crown Corporation Gross Debt                        |   |                         | 5,003,935  |   |          |   | 6,128,065  |          |   |   | 1,124,130 |   |
| Crown Corporation Sinking Funds                     |   |                         | (541,776   | )      |          |   | (601,838   | )             |   |   | (60,062 | ) |
| Crown Corporation Public Debt                       |   |                         | 4,462,159  |   |          |   | 5,526,227  |          |   |   | 1,064,068 |   |
| Public Debt                                         |   |                         | 8,269,749  |   |          |   | 9,333,817  |          |   |   | 1,064,068 |   |
|                                                |   |                         |       |   |          |   |       |          |   |   |   |   |
| Guaranteed Debt                                     |   |                         | 93,854     |   |          |   | 149,115    |          |   |   | 55,261 |   |

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|  2012-13 1st Quarter Financial ReportGeneral Revenue Fund UpdateAppendix A: GRF Expense Restatement |
|----------------------------------------------------------------------------------------------------------|

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| 2012-13 1st Quarter Financial Report             |   |                   |       |   |        |   |     |      |   |
|--------------------------------------------------|--------|------------------------|------------|--------|-------------|--------|----------|-----------|--------|
| Province of Saskatchewan                         |   |                   |       |   |        |   |     |      |   |
| General Revenue Fund                             |   |                   |       |   |        |   |     |      |   |
| Statement of Expense - Government Reorganization |   |                   |       |   |        |   |     |
|                                             |   | Approved               |       |   |        |   |     | Restated  |   |
|                                             |   | Estimates              |       |   | Adjustments |   |     | Estimates |   |
|                                             |   | (thousands of dollars) |       |
| Ministries and Agencies                          |   |                   |       |   |        |   |     |      |   |
| Advanced Education 1                             |   |                   | 890,598    |   |        |   | (140,085 | )         |   |   | 750,513 |   |
| Agriculture                                      |   |                   | 430,777    |   |        |   | -        |      |   |   | 430,777 |   |
| Central Services 8,9                             |   |                   | 14,542     |   |        |   | 21,022   |      |   |   | 35,564 |   |
| Corrections, Public Safety and Policing 2,3      |   |                   | 374,731    |   |        |   | (374,731 | )         |   |   | - |   |
| Economy 1,4,5,11,12                              |   |                   | 43,037     |   |        |   | 187,368  |      |   |   | 230,405 |   |
| Education                                        |   |                   | 1,351,175  |   |        |   | -        |      |   |   | 1,351,175 |   |
|  - Teachers' Pensions and Benefits          |   |                   | 244,892    |   |        |   | -        |      |   |   | 244,892 |   |
| Enterprise and Innovation Programs 12            |   |                   | 27,347     |   |        |   | (27,347  | )         |   |   | - |   |
| Enterprise Saskatchewan                          |   |                   | 33,063     |   |        |   | -        |      |   |   | 33,063 |   |
| Environment 4                                    |   |                   | 178,462    |   |        |   | (180     | )         |   |   | 178,282 |   |
| Executive Council 7                              |   |                   | 16,572     |   |        |   | 59       |      |   |   | 16,631 |   |
| Finance                                          |   |                   | 68,419     |   |        |   | -        |      |   |   | 68,419 |   |
|  - Public Service Pensions and Benefits     |   |                   | 283,517    |   |        |   | -        |      |   |   | 283,517 |   |
| Finance Debt Servicing                           |   |                   | 400,000    |   |        |   | -        |      |   |   | 400,000 |   |
| First Nations and Métis Relations 5,6       |   |                   | 81,943     |   |        |   | (81,943  | )         |   |   | - |   |
| Government Relations 3,6,7                       |   |                   | 386,783    |   |        |   | 91,500   |      |   |   | 478,283 |   |
| Health                                           |   |                   | 4,680,168  |   |        |   | -        |      |   |   | 4,680,168 |   |
| Highways and Infrastructure                      |   |                   | 425,910    |   |        |   | -        |      |   |   | 425,910 |   |
| Information Technology Office 8                  |   |                   | 16,681     |   |        |   | (16,681  | )         |   |   | - |   |
| Innovation Saskatchewan                          |   |                   | 6,769      |   |        |   | -        |      |   |   | 6,769 |   |
| Justice 2                                        |   |                   | 152,558    |   |        |   | 362,492  |      |   |   | 515,050 |   |
| Labour Relations and Workplace Safety            |   |                   | 17,489     |   |        |   | -        |      |   |   | 17,489 |   |
| Office of the Provincial Capital Commission 9,10 |   |                   | 14,715     |   |        |   | (14,715  | )         |   |   | - |   |
| Parks, Culture and Sport 10,11                   |   |                   | 102,417    |   |        |   | (6,759   | )         |   |   | 95,658 |   |
| Public Service Commission                        |   |                   | 38,541     |   |        |   | -        |      |   |   | 38,541 |   |
| Saskatchewan Research Council                    |   |                   | 18,983     |   |        |   | -        |      |   |   | 18,983 |   |
| Social Services                                  |   |                   | 852,725    |   |        |   | -        |      |   |   | 852,725 |   |
|                                             |   |                   |       |   |        |   |     |      |   |   |   |   |
| Legislative Assembly and its Officers            |   |                   |       |   |        |   |     |      |   |   |   |   |
| Chief Electoral Officer                          |   |                   | 2,471      |   |        |   | -        |      |   |   | 2,471 |   |
| Children's Advocate                              |   |                   | 1,944      |   |        |   | -        |      |   |   | 1,944 |   |
| Conflict of Interest Commissioner                |   |                   | 145        |   |        |   | -        |      |   |   | 145 |   |
| Information and Privacy Commissioner             |   |                   | 1,065      |   |        |   | -        |      |   |   | 1,065 |   |
| Legislative Assembly                             |   |                   | 26,067     |   |        |   | -        |      |   |   | 26,067 |   |
| Ombudsman                                        |   |                   | 3,075      |   |        |   | -        |      |   |   | 3,075 |   |
| Provincial Auditor                               |   |                   | 8,332      |   |        |   | -        |      |   |   | 8,332 |   |
|                                             |   |                   |       |   |        |   |     |      |   |   |   |   |
| Expense                                          |   |                   | 11,195,913 |   |        |   | -        |      |   |   | 11,195,913 |   |

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| 1.        |   | Responsibility for employment and immigration assigned to Economy.                                                   |
|-----------|--------|----------------------------------------------------------------------------------------------------------------------|
| 2.        |   | Responsibility for corrections and policing assigned to Justice.                                                     |
| 3.        |   | Responsibility for public safety assigned to Government Relations.                                                   |
| 4.        |   | Responsibility for business development assigned to Economy.                                                         |
|  5.  |   | Responsibility for First Nations and Métis economic development assigned to Economy.                            |
|  6.  |   | Responsibility for northern development and First Nations and Métis relations assigned to Government Relations. |
|  7.  |   | Responsibility for a position providing support for provincial secretary assigned to Executive Council.              |
|  8.  |   | Responsibility for information technology assigned to Central Services.                                              |
|  9.  |   | Responsibility for Saskatchewan Archives Board assigned to Central Services.                                         |
|  10. |   | Responsibility for capital commission operations assigned to Parks, Culture and Sport.                               |
|  11. |   | Responsibility for tourism assigned to Economy.                                                                      |
|  12. |   | Responsibility for Enterprise and Innovation Programs assigned to Economy.                                           |

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