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|   | 3                                           |   | Letters of Transmittal                                 |
|--------|---------------------------------------------|--------|--------------------------------------------------------|
|   | 4                                           |   | Introduction to the Public Accounts                    |
|   |                                        |   |                                                   |
|   | Financial Statement Discussion and Analysis |
|   |                                        |   |                                                   |
|   | 7                                           |   | Summary Financial Statements - Discussion and Analysis |
|   |                                        |   |                                                   |
|   | Summary Financial Statements                |
|   |                                        |   |                                                   |
|   | 33                                          |   | Statement of Responsibility                            |
|   | 35                                          |   | Independent Auditor's Report                           |
|   | 37                                          |   | Summary Financial Statements                           |
|   | 41                                          |   | Notes to the Summary Financial Statements              |
|   | 54                                          |   | Schedules to the Summary Financial Statements          |
|   |                                        |   |                                                   |
|   | 74                                          |   | 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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| •   | reconciliation of GRF results to the SFS; |
|---------------------|-------------------------------------------|

| •   | revenue and expense schedules and details; |
|---------------------|--------------------------------------------|

| •   | capital asset acquisitions schedule and details; |
|---------------------|--------------------------------------------------|

| •   | expense details; |
|---------------------|------------------|

| •   | listing of suppliers who received $50,000 or more for goods and services and capital assets supplied to the GRF and Revolving Funds during the fiscal year; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Growth and Financial Security Fund transfers and accumulated balance; |
|---------------------|-----------------------------------------------------------------------|

| •   | Debt Retirement Fund accumulated balance; |
|---------------------|-------------------------------------------|

| •   | assets, liabilities and residual balances of pension plans and trust funds administered by the Government; |
|---------------------|------------------------------------------------------------------------------------------------------------|

| •   | remissions of taxes and fees; and |
|---------------------|-----------------------------------|

| •   | road-use fuel tax accountability revenues and expenditures. |
|---------------------|-------------------------------------------------------------|

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|                                |                                                                                 |                 |   |      |   |   |   |   |   |   |        |   |   |   |   |   |   |
|-------------------------------------|--------------------------------------------------------------------------------------|----------------------|--------|-----------|--------|--------|--------|--------|--------|--------|-------------|--------|--------|--------|--------|--------|--------|
| (millions of dollars)               |                                                                                 |                 |   |      |   |   |   |   |   |   | Change from |   |
|                                |                                                                                 |                 |   |      |   |   | 2014   |   |   | 2013   |        |   |   |   |   | 2013   |   |
|                                |                                                                                 |                 |   | Budget1 2 |   |   | Actual |   |   | Actual |        |   | Budget |   |   | Actual |   |
|                                |                                                                                 |                 |   |      |   |   |   |   |   |   |        |   |   |   |   |   |   |
| Revenue                             |                                                                                 |                 | 14,179 |      |   |   | 14,418 |   |   |   | 14,323      |   |   |   | 239    |   |   |   | 95 |   |
| Expense                             |                                                                                 |                 | 14,030 |      |   |   | 13,829 |   |   |   | 14,285      |   |   |   | (200   | )      |   |   | (456 | ) |
| Surplus                             |                                                                                 |                 | 150    |      |   |   | 589    |   |   |   | 37          |   |   |   | 439    |   |   |   | 551 |   |
|  Financial assets              |                                                                                 |                 |   |      |   |   | 10,096 |   |   |   | 9,534       |   |   |   |   |   |   |   | 562 |   |
|                                | Less:                                                                                | Pension liabilities  |   |      |   |   |   |   | (7,085 | )      |        |   | (6,774 | )      |   |   |   |   |   |   | (310 | ) |
|                                |                                                                                 | Public debt          |   |      |   |   |   |   | (4,927 | )      |        |   | (4,949 | )      |   |   |   |   |   |   | 22 |   |
|                                |                                                                                 | Other liabilities    |   |      |   |   |   |   | (2,700 | )      |        |   | (2,920 | )      |   |   |   |   |   |   | 221 |   |
| Net debt                            |                                                                                 |                 |   |      |   |   | (4,615 | )      |   |   | (5,109      | )      |   |   |   |   |   |   | 494 |   |
|                                | Plus:                                                                                | Non-financial assets |   |      |   |   |   |   | 8,085  |   |        |   | 7,558  |   |   |   |   |   |   |   | 527 |   |
| Accumulated Surplus                 |                                                                                 |                 |   |      |   |   | 3,469  |   |   |   | 2,449       |   |   |   |   |   |   |   | 1,021 |   |
| Totals may not add due to rounding. |                                                                                 |                 |   |      |   |   |   |   |   |   |        |   |   |   |   |   |   |   |   |   |
| 1                                   | The Budget does not include a statement of financial position.                       |                 |
| 2                                   | Includes details of budgeted revenue and expense as presented in the 2014-15 Budget. |                 |

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

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| * | Beginning in 2012, 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 are presented on the basis of Canadian Generally Accepted Accounting Principles and have not been restated. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| * | In 2013-14, key components of “other” include community development ($538 million), transportation ($537 million), agriculture ($520 million), economic development ($344 million) and environment and natural resources ($231 million). |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| *     | Supports third party salary, capital and other costs. |
|---------------------------|-------------------------------------------------------|

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

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

|   | s | debt issued by the General Revenue Fund (GRF) and other government service organizations (GSOs); and |
|--------|---|------------------------------------------------------------------------------------------------------|

|   | s | debt issued by the GRF and subsequently loaned to government business enterprises (GBEs); and |
|--------|---|-----------------------------------------------------------------------------------------------|

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

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| •   | net debt from the acquisition of non-financial assets, primarily representing the Government’s investment in educational and health care facilities and highways; net of |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | the accumulated surplus, representing the extent to which past revenues have exceeded past expenses. |
|---------------------|------------------------------------------------------------------------------------------------------|

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| * | In 2013-14, primarily accounts receivable ($1.58 billion), other investments ($0.83 billion) and loans receivable ($0.73 billion). |
|---|------------------------------------------------------------------------------------------------------------------------------------|

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| * |  In 2013-14, primarily accounts payable ($2.16 billion). |
|---|---------------------------------------------------------------|

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| •   | by investing in government-owned capital; and |
|---------------------|-----------------------------------------------|

| •   | by providing transfers to third parties, including municipalities and universities, for capital purposes. |
|---------------------|-----------------------------------------------------------------------------------------------------------|

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|                                                                   | Rating Agency1                 |
|------------------------------------------------------------------------|--------------------------------|
|   Jurisdiction                                               | Moody's Investors Service Inc. |  Standard & Poor's |  Dominion Bond Rating Service |
| Alberta                                                                | Aaa                            | AAA | AAA |
| British Columbia                                                       | Aaa (neg)                      | AAA | AA(high) |
| Saskatchewan                                                           | Aa1 (pos)                      | AAA | AA |
| Manitoba                                                               | Aa1                            | AA | A(high) |
| Ontario                                                                | Aa2                            | AA- (neg) | AA (low) |
| Quebec                                                                 | Aa2                            | A+ | A(high) |
| New Brunswick                                                          | Aa2                            | A+ | A(high) |
| Nova Scotia                                                            | Aa2                            | A+ | A (high) |
| Newfoundland & Labrador                                            | Aa2                            | A+ | A |
| Prince Edward Island                                                   | Aa2                            | A | A(low) |
|                                                                   |                           |   |   |
| Ratings reflect the latest credit ratings available at March 31, 2014. |                           |   |   |

| 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-. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| •   | exposure to 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 insurance, health care and social services; |
|---------------------|-----------------------------------------------------------------------------------------|

| •   | other unforeseen developments including unusual weather patterns and natural and other disasters; |
|---------------------|---------------------------------------------------------------------------------------------------|

| •   | criminal or malicious attacks, both cyber and physical in nature, potentially resulting in business interruption, privacy breach and loss of, or damage to, information, facilities and equipment; |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | identification and quantification of environmental liabilities; |
|---------------------|-----------------------------------------------------------------|

| •   | factors that could hinder the safe delivery of products and services; |
|---------------------|-----------------------------------------------------------------------|

| •   | outcomes from litigation, arbitration and negotiations with third parties; |
|---------------------|----------------------------------------------------------------------------|

| •   | changes in reported results where actual experience may differ from initial estimates as discussed in note 2 of the Summary financial statements; and |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| Summary Statement of Financial Position                                                        |   |   |       |   |   |   |
|------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| As at March 31, 2014                                                                           |   |   |       |   |   |   |
| (thousands of dollars)                                                                         |   |   |       |   |   |   |
|                                                                                           |   |   |       |   |   |   |
|                                                                                           |   | 2014   |       |   | 2013   |   |
| Financial Assets                                                                               |   |   |       |   |   |   |
| Cash and temporary investments (note 3)                                                        |   |   | 1,987,475  |   |   |   | 1,814,961 |   |
| Accounts receivable (schedule 1)                                                               |   |   | 1,578,372  |   |   |   | 1,690,375 |   |
| Inventories held for resale                                                                    |   |   | 3,699      |   |   |   | 4,060 |   |
| Deferred charges                                                                               |   |   | 5,240      |   |   |   | 3,271 |   |
| Loans receivable (schedule 2)                                                                  |   |   | 731,344    |   |   |   | 964,137 |   |
| Investment in government business enterprises (schedule 3)                                     |   |   | 4,959,853  |   |   |   | 4,141,189 |   |
| Other investments (schedule 4)                                                                 |   |   | 829,615    |   |   |   | 915,953 |   |
| Total Financial Assets                                                                         |   |   | 10,095,598 |   |   |   | 9,533,946 |   |
| Liabilities                                                                                    |   |   |       |   |   |   |   |   |
| Accounts payable and accrued liabilities (schedule 5)                                          |   |   | 2,163,595  |   |   |   | 2,319,626 |   |
| Other liabilities (schedule 6)                                                                 |   |   | 339,583    |   |   |   | 401,893 |   |
| Unearned revenue (schedule 7)                                                                  |   |   | 191,810    |   |   |   | 192,791 |   |
| Public debt (note 4)(schedule 8)                                                               |   |   | 4,926,902  |   |   |   | 4,948,746 |   |
| Unamortized foreign exchange gain                                                              |   |   | 4,513      |   |   |   | 5,773 |   |
| Pension liabilities (note 5)(schedule 10)                                                      |   |   | 7,084,550  |   |   |   | 6,774,483 |   |
| Total Liabilities                                                                              |   |   | 14,710,953 |   |   |   | 14,643,312 |   |
| Net Debt                                                                                       |   |   | (4,615,355 | )      |   |   | (5,109,366 | ) |
| Non-Financial Assets                                                                           |   |   |       |   |   |   |   |   |
| Prepaid expenses                                                                               |   |   | 49,163     |   |   |   | 47,534 |   |
| Inventories held for consumption                                                               |   |   | 172,758    |   |   |   | 164,235 |   |
| Tangible capital assets (schedule 11)                                                          |   |   | 7,862,717  |   |   |   | 7,346,186 |   |
| Total Non-Financial Assets                                                                     |   |   | 8,084,638  |   |   |   | 7,557,955 |   |
| Accumulated Surplus                                                                            |   |   | 3,469,283  |   |   |   | 2,448,589 |   |
|  Contingencies (note 6)                                                                   |   |   |       |   |   |   |   |   |
| Contractual obligations (note 7)                                                               |   |   |       |   |   |   |   |   |
|  The accompanying notes and schedules are an integral part of these financial statements. |   |

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| Summary Statement of Operations                              |                                                                                 |    |       |   |   |   |       |   |   |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------|---------|------------|--------|--------|--------|------------|--------|--------|
| For the Year Ended March 31, 2014                            |                                                                                 |    |       |   |   |   |       |   |   |
| (thousands of dollars)                                       |                                                                                 |    |       |   |   |   |       |   |   |
|                                                         |                                                                                 |    |       |   |   |   |       |   |   |
|                                                         |                                                                                 |    |       |   | 2014   |   |       | 2013   |   |
|                                                         |                                                                                 | Budget1 |       |   | Actual |   |       | Actual |   |
|                                                         |                                                                                 |    |       |   |   |   |       |   |   |
| Revenue                                                      |                                                                                 |    |       |   |   |   |       |   |   |
| Taxation                                                     |                                                                                 |    | 6,613,800  |   |   |   | 6,550,674  |   |   |   | 6,192,800 |   |
| Non-renewable resources                                      |                                                                                 |    | 2,670,600  |   |   |   | 2,520,964  |   |   |   | 2,515,869 |   |
| Other own-source revenue                                     |                                                                                 |    | 2,079,200  |   |   |   | 2,271,945  |   |   |   | 2,179,371 |   |
| Transfers from the federal government                        |                                                                                 |    | 1,955,000  |   |   |   | 2,022,199  |   |   |   | 2,314,671 |   |
| Net income from government business enterprises (schedule 3) |                                                                                 |    | 860,700    |   |   |   | 1,052,179  |   |   |   | 1,119,836 |   |
| Total Revenue(schedule 12)                                   |                                                                                 |    | 14,179,300 |   |   |   | 14,417,961 |   |   |   | 14,322,547 |   |
| Expense                                                      |                                                                                 |    |       |   |   |   |       |   |   |   |   |   |
| Agriculture                                                  |                                                                                 |    | 830,200    |   |   |   | 520,489    |   |   |   | 1,107,553 |   |
| Community development                                        |                                                                                 |    | 552,800    |   |   |   | 537,799    |   |   |   | 553,624 |   |
| Debt charges(schedule 14)                                    |                                                                                 |    | 599,500    |   |   |   | 580,072    |   |   |   | 642,775 |   |
| Economic development                                         |                                                                                 |    | 322,300    |   |   |   | 343,555    |   |   |   | 323,944 |   |
| Education                                                    |                                                                                 |    | 3,498,100  |   |   |   | 3,568,643  |   |   |   | 3,364,958 |   |
| Environment and natural resources                            |                                                                                 |    | 230,300    |   |   |   | 231,084    |   |   |   | 221,093 |   |
| Health                                                       |                                                                                 |    | 5,242,000  |   |   |   | 5,146,447  |   |   |   | 5,060,841 |   |
| Protection of persons and property                           |                                                                                 |    | 603,100    |   |   |   | 661,630    |   |   |   | 724,978 |   |
| Social services and assistance                               |                                                                                 |    | 1,119,600  |   |   |   | 1,142,121  |   |   |   | 1,071,831 |   |
| Transportation                                               |                                                                                 |    | 528,900    |   |   |   | 536,902    |   |   |   | 533,066 |   |
| Other                                                        |                                                                                 |    | 502,700    |   |   |   | 560,353    |   |   |   | 680,436 |   |
| Total Expense (schedule 13)                             |                                                                                 |    | 14,029,500 |   |   |   | 13,829,095 |   |   |   | 14,285,099 |   |
| Surplus                                                      |                                                                                 |    | 149,800    |   |   |   | 588,866    |   |   |   | 37,448 |   |
| 1                                                            | Includes details of budgeted revenue and expense as presented in the 2014-15 Budget. |    |

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| Summary Statement of Accumulated Surplus       |   |   |      |   |   |   |      |   |   |
|------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| For the Year Ended March 31, 2014              |   |   |      |   |   |   |      |   |   |
| (thousands of dollars)                         |   |   |      |   |   |   |      |   |   |
|                                           |   |   |      |   |   |   |      |   |   |
|                                           |   |   |      |   | 2014   |   |      | 2013   |   |
|                                           |   | Budget |      |   | Actual |   |      | Actual |   |
|                                           |   |   |      |   |   |   |      |   |   |
|                                           |   |   |      |   |   |   |      |   |   |
| Accumulated surplus, beginning of year         |   |   | 2,448,589 |   |   |   | 2,448,589 |   |   |   | 2,617,352 |   |
| Adjustment to accumulated surplus (note 10)    |   |   | -         |   |   |   | (25,611   | )      |   |   | (133,469 | ) |
| Surplus                                        |   |   | 149,800   |   |   |   | 588,866   |   |   |   | 37,448 |   |
| Other comprehensive income (loss) (schedule 3) |   |   | -         |   |   |   | 457,439   |   |   |   | (72,742 | ) |
| Accumulated Surplus, End of Year               |   |   | 2,598,389 |   |   |   | 3,469,283 |   |   |   | 2,448,589 |   |

| Summary Statement of Change in Net Debt                                                              |   |   |       |   |   |   |       |   |   |   |       |   |
|------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
| For the Year Ended March 31, 2014                                                                    |   |   |       |   |   |   |       |   |   |   |       |   |
| (thousands of dollars)                                                                               |   |   |       |   |   |   |       |   |   |   |       |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
|                                                                                                 |   |   |       |   |   |   | 2014       |   |   |   | 2013       |   |
|                                                                                                 |   | Budget |       |   | Actual |   |       | Actual |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
| Surplus                                                                                              |   |   | 149,800    |   |   |   | 588,866    |   |   |   | 37,448     |   |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
| Tangible Capital Assets                                                                              |   |   |       |   |   |   |       |   |   |   |       |   |
| Acquisitions(schedule 11)                                                                            |   |   | (1,243,000 | )      |   |   | (1,064,880 | )      |   |   | (1,038,061 | )      |
| Amortization (schedule 11)                                                                           |   |   | 537,400    |   |   |   | 501,928    |   |   |   | 485,206    |   |
| Proceeds on disposal                                                                                 |   |   | -          |   |   |   | 57,408     |   |   |   | 77,025     |   |
| Write-downs(schedule 11)                                                                             |   |   | -          |   |   |   | 1,934      |   |   |   | 187        |   |
| Net gain on disposal                                                                                 |   |   | -          |   |   |   | (12,921    | )      |   |   | (58,020    | )      |
| Net Acquisition of Tangible Capital Assets                                                           |   |   | (705,600   | )      |   |   | (516,531   | )      |   |   | (533,663   | )      |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
| Other Non-Financial Assets                                                                           |   |   |       |   |   |   |       |   |   |   |       |   |
| Net (acquisition) use of prepaid expenses                                                            |   |   | -          |   |   |   | (1,629     | )      |   |   | 1,475      |   |
| Net acquisition of inventories held for consumption                                                  |   |   | -          |   |   |   | (8,523     | )      |   |   | (4,561     | )      |
| Net Acquisition of Other Non-Financial Assets                                                        |   |   | -          |   |   |   | (10,152    | )      |   |   | (3,086     | )      |
|                                                                                                 |   |   |       |   |   |   |       |   |   |   |       |   |
| Decrease (increase) in net debt                                                                      |   |   | (555,800   | )      |   |   | 62,183     |   |   |   | (499,301   | )      |
| Net debt, beginning of year                                                                          |   |   | (5,109,366 | )      |   |   | (5,109,366 | )      |   |   | (4,543,201 | )      |
| Adjustment to accumulated surplus (note 10)                                                          |   |   | -          |   |   |   | (25,611    | )      |   |   | 5,878      |   |
| Other comprehensive income (loss) (schedule 3)                                                       |   |   | -          |   |   |   | 457,439    |   |   |   | (72,742    | )      |
| Net Debt, End of Year                                                                                |   |   | (5,665,166 | )      |   |   | (4,615,355 | )      |   |   | (5,109,366 | )      |
|   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, 2014                                         |                                                                                     |   |       |       |   |   |
| (thousands of dollars)                                                    |                                                                                     |   |       |       |   |   |
|                                                                      |                                                                                     |   |       |       |   |   |   |
|                                                                      |                                                                                     |   | 2014       |       |   | 2013   |   |
|                                                                      |                                                                                     |   |       |       |   |   |   |
| Operating Activities                                                      |                                                                                     |   |       |       |   |   |
| Surplus                                                                   |                                                                                     |   | 588,866    |       |   |   | 37,448 |   |
| Non-cash items included in the surplus                                    |                                                                                     |   |       |       |   |   |   |   |
|                                                                      | Net income from government business enterprises(schedule 3)                              |   |       | (1,052,179 | )      |   |   | (1,119,836 | ) |
|                                                                      | Gain on sale of Information Services Corporation shares (note 11)                        |   |       | (141,243   | )      |   |   | - |   |
|                                                                      | Other non-cash items included in the surplus (schedule 15)                               |   |       | 391,749    |   |   |   | 308,434 |   |
| Net change in non-cash operating activities (schedule15)                  |                                                                                     |   | 253,298    |       |   |   | 368,325 |   |
| Adjustment for unrealized inter-organizational gain (schedule 3)          |                                                                                     |   | 20,474     |       |   |   | - |   |
| Dividends received from government business enterprises (schedule 3)      |                                                                                     |   | 644,869    |       |   |   | 672,632 |   |
| Dividends received from other investments                                 |                                                                                     |   | 5,972      |       |   |   | - |   |
| Cash Provided by Operating Activities                                     |                                                                                     |   | 711,806    |       |   |   | 267,003 |   |
| Capital Activities                                                        |                                                                                     |   |       |       |   |   |   |   |
| Acquisition of tangible capital assets(schedule 11)                       |                                                                                     |   | (1,064,880 | )          |   |   | (1,038,061 | ) |
| Proceeds on disposal of tangible capital assets                           |                                                                                     |   | 57,408     |       |   |   | 77,025 |   |
| Cash Used for Capital Activities                                          |                                                                                     |   | (1,007,472 | )          |   |   | (961,036 | ) |
| Investing Activities                                                      |                                                                                     |   |       |       |   |   |   |   |
| Net decrease (increase) in loans receivable                               |                                                                                     |   | 233,770    |       |   |   | (386,545 | ) |
| Net proceeds on sale of Information Services Corporation shares (note 11) |                                                                                     |   | 156,199    |       |   |   | - |   |
| Net disposal of equity of Information Services Corporation (note 11)      |                                                                                     |   | (21,676    | )          |   |   | - |   |
| Repayment of equity advances by government business enterprises           |                                                                                     |   | -          |       |   |   | 8,805 |   |
| Acquisition of other investments                                          |                                                                                     |   | (673,358   | )          |   |   | (723,387 | ) |
| Disposition of other investments                                          |                                                                                     |   | 816,053    |       |   |   | 799,927 |   |
| Sinking fund contributions for general debt (schedule 9)                  |                                                                                     |   | (51,601    | )          |   |   | (51,114 | ) |
| Sinking fund redemptions for general debt (schedule 9)                    |                                                                                     |   | 250,104    |       |   |   | 1,039,846 |   |
| Cash Provided by Investing Activities                                     |                                                                                     |   | 709,491    |       |   |   | 687,532 |   |
| Financing Activities                                                      |                                                                                     |   |       |       |   |   |   |   |
| Proceeds from public debt                                                 |                                                                                     |   | 497,712    |       |   |   | 656,281 |   |
| Repayment of public debt                                                  |                                                                                     |   | (676,713   | )          |   |   | (1,134,640 | ) |
| Net (decrease) increase in other liabilities                              |                                                                                     |   | (62,310    | )          |   |   | 91,672 |   |
| Cash Used for Financing Activities                                        |                                                                                     |   | (241,311   | )          |   |   | (386,687 | ) |
|                                                                      |                                                                                     |   |       |       |   |   |   |   |   |
| Increase (decrease) in cash and temporary investments                     |                                                                                     |   | 172,514    |       |   |   | (393,188 | ) |
| Cash and temporary investments, beginning of year                         |                                                                                     |   | 1,814,961  |       |   |   | 2,228,622 |   |
| Adjustment to accumulated surplus (note 10)                               |                                                                                     |   | -          |       |   |   | (20,473 | ) |
| Cash and Temporary Investments, End of Year                               |                                                                                     |   | 1,987,475  |       |   |   | 1,814,961 |   |
|                                                                      |                                                                                     |   |
|                                                                      | The accompanying notes and schedules are an integral part of these financial statements. |   |
|                                                                      |                                                                                     |   |       |       |   |   |   |   |   |

----

----

| 1. | Significant Accounting Policies |
|----|---------------------------------|

----

----

| 1. | Significant Accounting Policies(continued) |
|----|--------------------------------------------|

|   | Equitiesare investments in shares of private or public companies.  Investments that are subject to significant influence and the Government has less than a controlling interest are accounted for by the modified equity method.  Using this method, the Government’s investment, which is initially recorded at cost, is adjusted annually for the Government’s share of the investees’ net earnings or losses and is reduced by dividends and partnership distributions received from these investments.  Investments that are not subject to significant influence are recorded at cost; dividends from these shares are recorded as income when receivable.Pooled investment funds are recorded at market value.All other investments are recorded at amortized cost. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | 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. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1. | Significant Accounting Policies(continued) |
|----|--------------------------------------------|

----

----

| 2. | Measurement Uncertainty |
|----|-------------------------|

| •   | in pension obligations of $7,312.3 million (2013 - $7,364.3 million), insurance claim obligations of $2,968.6 million (2013 - $2,749.4 million - restated) and environmental obligations of $317.5 million (2013 - $267.0 million) because actual experience may differ significantly from actuarial or historical estimations and assumptions; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in corporate and individual income taxation revenue of $3,487.2 million (2013 - $3,244.5 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 $1,530.3 million (2013 - $1,295.2 million) because of price and production sensitivities in the royalty revenue structures; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in resource surcharge non-renewable resource revenue of $436.9 million (2013 - $627.7 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 $346.0 million (2013 - $364.5 million) because actual operating profits may differ from initial estimates; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in the Canada Health Transfer and Canada Social Transfer revenue of $1,349.2 million (2013 - $1,300.4 million) because of changes in economic and demographic conditions in the Province and the country; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in the Provincial Disaster Assistance Program receivable of $210.4 million (2013 - $373.5 million) because actual settlement payments may differ from initial estimates; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | in unbilled utility revenue of $141.3 million (2013 - $116.4 million) because actual usage may differ from estimated usage; and |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------|

| •   | in agricultural income stability program obligations of $122.8 million (2013 - $247.3 million) because historical production margins may differ from actual experience. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Cash and Temporary Investments |
|----|--------------------------------|

----

----

| 4. | Risk Management of Public Debt |
|----|--------------------------------|

| •   | debentures totalling 575.0 million U.S. dollars (2013 - 825.0 million) fully hedged to $725.3 million Canadian (2013 - $1,051.1 million); |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | debentures totalling 300.0 million Swiss francs (2013 - 300.0 million) fully hedged to $274.7 million Canadian (2013 - $274.7 million); and |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | interest payments on debentures of 225.0 million U.S. dollars (2013 - 275.0 million) hedged to Canadian dollars at an exchange rate of 1.2172 (2013 - 1.2325). |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 5. | Retirement Benefits |
|----|--------------------------|

----

----

| 5. | Retirement Benefits(continued) |
|----|--------------------------------|

|                                            |                                                                     |       |             |   |             |   |             |     |   |      |       |      |   |   | 2014      |   |   | 2013   |   |
|-------------------------------------------------|--------------------------------------------------------------------------|------------|------------------|--------|------------------|--------|------------------|----------|--------|-----------|------------|-----------|--------|--------|-----------|--------|--------|--------|--------|
|                                            |                                                                     |       | TSP              |   |             | PSSP   |             |     | Others |      |       | SHEPP     |   |   | Total     |   |   | Total  |   |
|                                            |                                                                     |       |             |   |             |   |             |     |   |      |       |      |   |   |      |   |   |   |   |
|                                            |                                                                     |       |             |   |             |   |             |     |   |      |       |      |   |   |      |   |   |   |   |
| Plan status                                     |                                                                     | closed     |             |   | closed           |   |             | closed 1 |   |      | open       |      |   |   | n/a       |   |   |   | n/a    |   |
| Member contribution rate (percentage of salary) |  7.85                                                               |       |  7.00-9.002 |   |  5.00-9.002 |   |  7.70-10.00 |     |   |      | n/a        |      |   |   | n/a       |   |
| Number of active members                        |                                                                     |       | 748              |   |             |   | 206              |     |   |      | 953        |      |   |   | 35,529    |   |   |   | 37,436 |   |   |   | 37,207 |   |
| Average age of active members(years)            |                                                                     |       | 59.9             |   |             |   | 60.3             |     |   |      | 47.5       |      |   |   | 46.2      |   |   |   | 46.6   |   |   |   | 45.1 |   |
| Number of former members entitled to deferred   |                                                                     |       |             |   |             |   |             |     |   |      |       |      |   |   |      |   |   |   |   |   |   |
|                                            | pension benefits                                                         |       |             | 4,103  |             |   |             | 21       |   |      |       | 168       |   |   |      | 1,619  |   |   |   | 5,911 |   |   |   | 6,054 |   |
| Number of superannuates and surviving spouses   |                                                                     |       | 11,497           |   |             |   | 5,536            |     |   |      | 504        |      |   |   | 13,603    |   |   |   | 31,140 |   |   |   | 30,334 |   |
| Actuarial valuation date                        |                                                                     | June 30/13 |             |   | 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      |       |      |   | 3.50   |      |   |   | n/a    |   |   |   | n/a |   |
|                                            | Expected rate of return on plan assets (percentage)                      | 4.85       |             |   |             | n/a    |             |     |   | 5.50-5.95 |       |      |   | 7.25   |      |   |   | n/a    |   |   |   | n/a |   |
|                                            | Discount rate(percentage)                                                |       |             | 3.60   |             |   |             | 3.50     |   |      |       | 3.10-5.95 |   |   |      | 7.25   |   |   |   | n/a |   |   |   | n/a |   |
|                                            | Inflation rate(percentage)                                               |       |             | 2.50   |             |   |             | 2.50     |   |      |       | 2.50      |   |   |      | 2.50   |   |   |   | n/a |   |   |   | n/a |   |
|                                            | Expected average remaining service life (years)                          | 2.8        |             |   |             | 0.3    |             |     |   | 0.9-12.0  |       |      |   | 11.4   |      |   |   | n/a    |   |   |   | n/a |   |
|                                            | Post-retirement index (percentage of annual                              |       |             |   |             |   |             |     |   |      |       |      |   |   |      |   |   |   |   |   |   |   |   |   |   |
|                                            |   increase in Consumer Price Index)                            |       |             | 80     |             |   |             | 70       |   |      |       | 0-75      |   |   | 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.             |       |             |   |             |   |             |     |   |      |       |      |   |   |

|                                                |                                                                                                                                                                                                                            |   |  2014           |   |       | 2013    |   |
|-----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|------------|---------|--------|
|                                                |                                                                                                                                                                                                                            |   |                 |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |                                                                                                                                                                                                                            |   | 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)      | 5.00-9.004                                                                                                                                                                                                                      |   |                 |   | 5.00-7.504 |    |   |   | 7.80-10.00 |   |   |   | 8.15 |   |   |   | 8.42-13.96 |   |   |   | n/a |   |   |   | n/a |   |
| Government contribution rate (percentage of salary) | 5.00-9.514                                                                                                                                                                                                                      |   |                 |   | 5.50-7.504 |    |   |   | 7.00-9.00 |   |   |   | 8.15 |   |   |   | 8.42-13.96 |   |   |   | n/a |   |   |   | n/a |   |
| Government service organization participation       |                                                                                                                                                                                                                            |   |                 |   |       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                | Number of active members                                                                                                                                                                                                        |   |                 | 15,969 |       |    |   | 666 |   |   |   | 14,871 |   |   |   | 9,712 |   |   |   | 2,086 |   |   |   | 43,304 |   |   |   | 42,637 |   |
|                                                | Member contributions (thousands of dollars)                                                                                                                                                                                     | 75,806 |                 |   |       | 2,632   |   |   |   | 81,581 |   |   |   | 21,620 |   |   |   | 11,908 |   |   |   | 193,547 |   |   |   | 185,810 |   |
|                                                | Government contributions (thousands of dollars)                                                                                                                                                                                 | 80,810 |                 |   |       | 3,229   |   |   |   | 71,775 |   |   |   | 21,620 |   |   |   | 12,190 |   |   |   | 189,624 |   |   |   | 188,408 |   |
| 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, 2013, audited financial statements for the MEPP reported an accrued benefit obligation of $1,472.0 million (2012 - $1,394.3 million) and pension fund assets at market value of $1,658.3 million (2012 - $1,534.9 million - restated). |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, 2013, audited financial statements for the RCESP reported an accrued benefit obligation of $1,228.1 million (2012 - $1,243.0 million) and pension fund assets at market value of $1,110.2 million (2012 - $991.5 million). |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

| 5. | Retirement Benefits(continued) |
|----|-------------------------------------|

| (thousands of dollars)                 |                                                                     | 2014   |    |    | 2013   |   |
|----------------------------------------|--------------------------------------------------------------------------|--------|---------|---------|--------|--------|
|                                   |                                                                     |   |    |    |   |   |   |
|                                   |                                                                     |   |    |    |   |   |   |
| Defined benefit plans                  |                                                                     |   |    |    |   |   |
|                                   | Current period benefit cost                                              |   |    | 34,171  |   |   |   | 37,006 |   |
|                                   | Amortization of estimation adjustments                                   |   |    | 476,522 |   |   |   | 510,919 |   |
|                                   | Employee contributions                                                   |   |    | (8,167  | )      |   |   | (7,652 | ) |
|                                   | Cost of financing unfunded pension obligation (pension interest expense) |   |    | 244,891 |   |   |   | 247,606 |   |
| Pension expense, defined benefit plans |                                                                     |   | 747,417 |    |   |   | 787,879 |   |
| Other plans                            |                                                                     |   |    |    |   |   |   |   |
|                                   | Pension expense, joint defined benefit plan                              |   |    | 35,004  |   |   |   | 149,035 |   |
|                                   | Pension expense, defined contribution plans                              |   |    | 189,624 |   |   |   | 188,408 |   |
| Total Pension Expense                  |                                                                     |   | 972,045 |    |   |   | 1,125,322 |   |

|                                                          |                                                    |                  |   |  2014 |      |   | 2013    |    |
|---------------------------------------------------------------|---------------------------------------------------------|-----------------------|--------|------------|-----------|--------|---------|---------|
|                                                          |                                                    |                  |   | SaskPower  |      |   | SaskTel |    |   | Others |   |   | Total |   |   | Total |   |
|                                                          |                                                    |                  |   |       |      |   |    |    |   |   |   |   |   |   |   |   |   |
|                                                          |                                                    |                  |   |       |      |   |    |    |   |   |   |   |   |   |   |   |   |
| Plan status                                                   |                                                    | closed                |   |       | closed    |   |    | closed  |   |   |   | n/a |   |   |   | n/a |   |
| Number of active members                                      |                                                    |                  | 100    |       |      |   | 57      |    |   |   | 18 |   |   |   | 175 |   |   |   | 228 |   |
| Number of former members, superannuates and surviving spouses | 1,840                                                   |                  |   |       | 2,042     |   |    |    | 417 |   |   |   | 4,299 |   |   |   | 4,328 |   |
| Member contributions (thousands of dollars)                   |                                                    |                  | 3      |       |      |   | -       |    |   |   | 17 |   |   |   | 20 |   |   |   | 187 |   |
| Government contributions (thousands of dollars)               |                                                    |                  | 4      |       |      |   | -       |    |   |   | 3,739 |   |   |   | 3,743 |   |   |   | 3,754 |   |
| Benefits paid (thousands of dollars)                          |                                                    |                  | 60,954 |       |      |   | 68,308  |    |   |   | 9,338 |   |   |   | 138,600 |   |   |   | 136,299 |   |
| Actuarial valuation date                                      |                                                    | Sept. 30/13           |   |       | Dec.31/10 |   |    | Various |   |   |   | n/a |   |   |   | n/a |   |
| Long-term assumptions used                                    |                                                    |                  |   |       |      |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          | Rate of compensation increase (percentage)              |                  |   | 2.00       |      |   |    | 3.00    |   |   |   | 2.50-3.50 |   |   |   | n/a |   |   |   | n/a |   |
|                                                          | Discount rate (percentage)                              |                  |   | 4.50       |      |   |    | 4.60    |   |   |   | 4.10-4.50 |   |   |   | n/a |   |   |   | n/a |   |
|                                                          | Inflation rate (percentage)                             |                  |   | 2.00       |      |   |    | 2.50    |   |   |   | 2.50 |   |   |   | n/a |   |   |   | n/a |   |
|                                                          | Post-retirement index (percentage of annual increase in |                  |   |       |      |   |    |    |   |   |   |   |   |   |   |   |   |   |
|                                                          |                                                    | Consumer Price Index) |   |       | 70        |   |    |    | 100 |   |   |   | 0-70 |   |   |   | n/a |   |   |   | n/a |   |
|                                                          |                                                    |                  |   |       |      |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| 5. | Retirement Benefits(continued) |
|----|--------------------------------|

| (thousands of dollars)     |                                                                                                                                                                                                                                                                                                                 |  2014 |    |   | 2013    |   |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------|--------|---------|--------|
|                       |                                                                                                                                                                                                                                                                                                                 | SaskPower  |    |   | SaskTel |   |   | Others |   |   | Total |   |   | Total |   |
|                       |                                                                                                                                                                                                                                                                                                                 |       |    |   |    |   |   |   |   |   |   |   |   |   |   |
| Accrued benefit obligation |                                                                                                                                                                                                                                                                                                                 |       | 893,617 |   |    |   | 1,057,701 |   |   |   | 129,485 |   |   |   | 2,080,803 |   |   |   | 2,357,750 |   |
| Fair value of plan assets  |                                                                                                                                                                                                                                                                                                                 |       | 790,596 |   |    |   | 983,118 |   |   |   | 79,368 |   |   |   | 1,853,082 |   |   |   | 1,762,209 |   |
| Plan deficit               |                                                                                                                                                                                                                                                                                                                 |       | 103,021 |   |    |   | 74,583 |   |   |   | 50,117 |   |   |   | 227,721 |   |   |   | 595,541 |   |
| Unamortized amounts1       |                                                                                                                                                                                                                                                                                                                 |       | -       |   |    |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,687 | ) |
| Pension Liabilities        |                                                                                                                                                                                                                                                                                                                 |       | 103,021 |   |    |   | 74,583 |   |   |   | 50,117 |   |   |   | 227,721 |   |   |   | 589,854 |   |
| 1                          | During 2013-14, government business enterprises adopted amendments to the International Financial Reporting Standard IAS 19, Employee Benefits.  As a result, the deferral of actuarial gains and losses on employee benefits is no longer allowed.  Comparative figures have not been restated. |       |

|                                                 |                                            |      | 2014   |   |      | 2013    |   |
|------------------------------------------------------|-------------------------------------------------|-----------|--------|--------|-----------|---------|--------|
|                                                 |                                            |      | PEPP   |   |      | Capital |   |   | Total |   |   | Total |   |
|                                                 |                                            |      |   |   |      |    |   |   |   |   |   |   |   |
| Plan status                                          |                                            | open      |   |   | open      |    |   |   | n/a |   |   |   | n/a |   |
| Member contribution rate (percentage of salary)1     |                                            | 4.25-7.25 |   |   | 4.00-5.50 |    |   |   | n/a |   |   |   | n/a |   |
| Government contribution rate (percentage of salary)1 |                                            | 6.00-7.25 |   |   | 6.00-8.00 |    |   |   | n/a |   |   |   | n/a |   |
| Government business enterprise participation         |                                            |      |   |   |      |    |   |   |   |   |   |   |   |   |   |   |
|                                                 | Number of active members                        |      |   | 9,528  |      |    |   | 2,713 |   |   |   | 12,241 |   |   |   | 12,117 |   |
|                                                 | Government contributions (thousands of dollars) |      |   | 48,246 |      |    |   | 9,354 |   |   |   | 57,600 |   |   |   | 52,500 |   |

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

| (thousands of dollars)                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2014   |     |   | 2013   |   |
|---------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|--------|
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     |   |   |   |   |
| Pension Expense                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     |   |   |   |
|                                                    | Defined benefit plans1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | 23,668 |   |   |   | (6,700 | ) |
|                                                    | Defined contribution plans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     | 57,600 |   |   |   | 52,500 |   |
| Total Pension Expense                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 81,268   |   |   |   | 45,800 |   |
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     |   |   |   |   |   |   |
| Net (gain) loss included in Other Comprehensive Income1 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (387,725 | )      |   |   | 71,900 |   |
| 1                                                       | During 2013-14, government business enterprises adopted amendments to the International Financial Reporting Standard IAS19, Employee Benefits.  For defined benefit plans, re-measurements are recognized immediately in other comprehensive income and all current service costs and interest income or expense is recognized immediately in net earnings.  Interest income or expense is calculated by applying the discount rate to the net accrued benefit obligation or asset.  Comparative figures have not been restated. |   |

----

----

| 6. | Contingencies |
|----|---------------|

| 7. | Contractual Obligations |
|----|-------------------------|

| (millions of dollars)            |                                                                                       | 2015        |      |    | 2016      |    |      | 2017    |    |   | 2018    |    |    | 2019   |    |   | Thereafter |   |    | Total  |    |
|----------------------------------|--------------------------------------------------------------------------------------------|-------------|-----------|---------|-----------|---------|-----------|---------|---------|--------|---------|---------|---------|--------|---------|--------|------------|--------|---------|--------|---------|
|                             |                                                                                       |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |
| Government Service Organizations |                                                                                       |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |
|                             | Construction and acquisition of tangible capital assets                                    | 538,512     |      |    |      | 64,963  |      |    |    | 18,149 |    |    |    | 2,289  |    |   |       | 2,289  |    |   |    | - |   |   |   | 626,202 |   |
|                             | Leases                                                                                     |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |   |
|                             |                                                                                       | Operating   |      |    | 70,103    |    |      |    | 59,588  |   |    |    | 48,276  |   |    |   | 41,369     |   |    |   | 31,236  |   |   |   | 33,739 |   |   |   | 284,311 |   |
|                             |                                                                                       | Capital1    |      |    | 12,570    |    |      |    | 10,408  |   |    |    | 7,722   |   |    |   | 6,764      |   |    |   | 7,694   |   |   |   | 71,136 |   |   |   | 116,294 |   |
|                             | Housing subsidies, transfers and loans                                                     | 137,471     |      |    |      | 43,077  |      |    |    | 12,522 |    |    |    | 12,470 |    |   |       | 12,283 |    |   |    | - |   |   |   | 217,823 |   |
|                             | Computer service agreements                                                                |        |      | 108,299 |      |    |      | 42,602  |    |   |    | 23,781  |    |   |    | 12,496 |       |   |    | 342    |    |   |   | - |   |   |   | 187,520 |   |
|                             | Research and development                                                                   |        |      | 25,337  |      |    |      | 23,586  |    |   |    | 17,262  |    |   |    | 14,962 |       |   |    | 7,481  |    |   |   | 2,038 |   |   |   | 90,666 |   |
|                             | Beverage container collection and recycling programs                                       | 23,724      |      |    |      | 25,266  |      |    |    | -      |    |    |    | -      |    |   |       | -      |    |   |    | - |   |   |   | 48,990 |   |
|                             | Economic growth projects                                                                   |        |      | 7,895   |      |    |      | 7,895   |    |   |    | 2,815   |    |   |    | 1,515  |       |   |    | 1,515  |    |   |   | 16,355 |   |   |   | 37,990 |   |
|                             | Other transfers                                                                            |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |   |
|                             |                                                                                       | Capital     |      |    | 64,389    |    |      |    | 31,640  |   |    |    | 8,246   |   |    |   | 5,246      |   |    |   | -       |   |   |   | - |   |   |   | 109,521 |   |
|                             |                                                                                       | Operating   |      |    | 166,879   |    |      |    | 85,051  |   |    |    | 1,240   |   |    |   | -          |   |    |   | -       |   |   |   | - |   |   |   | 253,170 |   |
|                             | Other                                                                                      |        |      | 26,894  |      |    |      | 19,274  |    |   |    | 13,382  |    |   |    | 5,784  |       |   |    | 5,234  |    |   |   | - |   |   |   | 70,568 |   |
|                             |                                                                                       |        |      |    | 1,182,073 |    |      |    | 413,350 |   |    |    | 153,395 |   |    |   | 102,895    |   |    |   | 68,074  |   |   |   | 123,268 |   |   |   | 2,043,055 |   |
|                             |                                                                                       |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |   |   |
| Government Business Enterprises  |                                                                                       |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |
|                             | Leases                                                                                     |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |   |
|                             |                                                                                       | Capital1    |      |    | 165,947   |    |      |    | 169,376 |   |    |    | 172,872 |   |    |   | 176,463    |   |    |   | 180,112 |   |   |   | 2,636,104 |   |   |   | 3,500,874 |   |
|                             |                                                                                       | Operating   |      |    | 12,532    |    |      |    | 10,752  |   |    |    | 9,168   |   |    |   | 7,630      |   |    |   | 6,346   |   |   |   | 15,643 |   |   |   | 62,071 |   |
|                             | Forward purchase contracts                                                                 |        |      |    |      |    |      |    |    |   |    |    |    |   |    |   |       |   |    |   |    |   |   |   |   |   |   |   |   |
|                             |                                                                                       | Coal        |      |    | 132,683   |    |      |    | 200,094 |   |    |    | 149,651 |   |    |   | 153,336    |   |    |   | 156,514 |   |   |   | 952,667 |   |   |   | 1,744,945 |   |
|                             |                                                                                       | Natural gas |      |    | 82,516    |    |      |    | 95,001  |   |    |    | 89,492  |   |    |   | 88,933     |   |    |   | 82,651  |   |   |   | 253,041 |   |   |   | 691,634 |   |
|                             |                                                                                       | Power       |      |    | 82,005    |    |      |    | 24,522  |   |    |    | 15,222  |   |    |   | 6,078      |   |    |   | 3,030   |   |   |   | 6,059 |   |   |   | 136,916 |   |
|                             | Construction, acquisition and maintenance of capital assets                                | 1,288,085   |      |    |      | 220,649 |      |    |    | 91,437 |    |    |    | 21,362 |    |   |       | 5,463  |    |   |    | 11,842 |   |   |   | 1,638,838 |   |
|                             | Other                                                                                      |        |      | 152,985 |      |    |      | 116,863 |    |   |    | 114,691 |    |   |    | 3,125  |       |   |    | 3,504  |    |   |   | 26,164 |   |   |   | 417,332 |   |
|                             |                                                                                       |        |      |    | 1,916,753 |    |      |    | 837,257 |   |    |    | 642,533 |   |    |   | 456,927    |   |    |   | 437,620 |   |   |   | 3,901,520 |   |   |   | 8,192,610 |   |
| Total Contractual Obligations    |                                                                                       |        | 3,098,826 |    |      |    | 1,250,607 |    |    |   | 795,928 |    |    |   | 559,822 |   |       |   | 505,694 |   |    |   | 4,024,788 |   |   |   | 10,235,665 |   |
| 1                                | These financial statements report capital lease obligations of $1,202.2 million including: |        |

|    | • | $1,143.1 million for government business enterprises representing aggregate payments of $3,500.9 million (reported above) net of interest and executory costs of $2,357.8 million; and |
|--------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $59.1 million (schedule 6) for government service organizations representing aggregate payments of $116.3 million (reported above) net of interest and executory costs of $57.2 million. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 8. | Governmnent Partnerships |
|----|--------------------------|

| •   | shared control of Battlefords First Nations Joint Board of Education, which operates Sakewew High School in North Battleford; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------|

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

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

| •   | 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. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (thousands of dollars)                            |                                                                                                   | 2014   |   |   | 2013   |   |
|---------------------------------------------------|--------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
|                                              |                                                                                                   |   |   |   |   |   |
| Financial assets                                  |                                                                                                   |   | 7,666  |   |   |   | 8,370 |   |
| Liabilities                                       |                                                                                                   |   | 1,079  |   |   |   | 897 |   |
| Net assets                                        |                                                                                                   |   | 6,587  |   |   |   | 7,473 |   |
| Non-financial assets                              |                                                                                                   |   | 801    |   |   |   | 547 |   |
| Accumulated Surplus                               |                                                                                                   |   | 7,388  |   |   |   | 8,020 |   |
|                                              |                                                                                                   |   |   |   |   |   |   |   |
| Revenue                                           |                                                                                                   |   | 4,777  |   |   |   | 9,711 |   |
| Expense                                           |                                                                                                   |   | 4,441  |   |   |   | 5,166 |   |
| Surplus                                           |                                                                                                   |   | 336    |   |   |   | 4,545 |   |
| Accumulated partnership losses, beginning of year |                                                                                                   |   | (3,509 | )      |   |   | (148 | ) |
| Sale of partnership1                              |                                                                                                   |   | -      |   |   |   | (7,906 | ) |
| Accumulated partnership losses, end of year       |                                                                                                   |   | (3,173 | )      |   |   | (3,509 | ) |
| Equity advances from government organizations     |                                                                                                   |   | 10,561 |   |   |   | 11,529 |   |
| Accumulated Surplus                               |                                                                                                   |   | 7,388  |   |   |   | 8,020 |   |
| 1                                                 | During 2012-13, the Government sold its 60.0 per cent interest in Apex Investment Limited Partnership. |   |

----

----

| 9. | Trust Funds |
|----|-------------|

| (thousands of dollars)                      |                                                                                                          | 2014   |       |   | 2013   |   |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------|--------|
|                                        |                                                                                                          |   |       |   |   |   |
| Pension plans                               |                                                                                                          |   | 12,332,065 |   |   |   | 11,168,595 |   |
| Employee benefit plans                      |                                                                                                          |   | 421,241    |   |   |   | 357,280 |   |
| Public Guardian and Trustee of Saskatchewan |                                                                                                          |   | 208,202    |   |   |   | 177,922 |   |
| Saskatchewan Pension Annuity Fund           |                                                                                                          |   | 191,129    |   |   |   | 193,985 |   |
| Other                                       |                                                                                                          |   | 66,847     |   |   |   | 61,674 |   |
| Total Trust Fund Assets1                    |                                                                                                          |   | 13,219,484 |   |   |   | 11,959,456 |   |
| 1                                           | Amounts are based on the latest financial statements of the funds closest to March 31, 2014, where available. |   |       |   |   |   |   |   |   |

| 10. | Adjustment to Accumulated Surplus |
|-----|-----------------------------------|

| (thousands of dollars) |                                                                                    |   |    |                |   |   |
|------------------------|-----------------------------------------------------------------------------------------|--------|---------|---------------------|--------|--------|
|                   |                                                                                    |   |    | Increase (Decrease) |   |
|                   |                                                                                    |   |    | 2013                |   |   |   | 2012 | 1 |
| Financial assets       |                                                                                    |   |    |                |   |   |   |
|                   | Cash and temporary investments                                                          |   |    | -                   |   |   |   | (20,473 | ) |
|                   | Investment in government business enterprises                                           |   |    | (25,611             | )      |   |   | 39,167 |   |
|                   | Other financial assets                                                                  |   |    | -                   |   |   |   | 6,324 |   |
| Liabilities            |                                                                                    |   | -       |                |   |   | 19,140 |   |
| Net debt               |                                                                                    |   | 25,611  |                |   |   | (5,878 | ) |
| Non-financial assets   |                                                                                    |   |    |                |   |   |   |   |
|                   | Tangible capital assets                                                                 |   |    | -                   |   |   |   | (138,951 | ) |
|                   | Other non-financial assets                                                              |   |    | -                   |   |   |   | (396 | ) |
| Accumulated Surplus    |                                                                                    |   | (25,611 | )                   |   |   | (133,469 | ) |
| 1                      | Includes an adjustment to non-cash operating activities of $69.5 million (schedule 15). |   |    |                |   |   |   |   |   |

----

----

| 11. | Information Services Corporation of Saskatchewan |
|-----|--------------------------------------------------|

| 12. | Comparative Figures |
|-----|---------------------|

----

----

| Accounts Receivable                   |   |  Schedule 1 |      |
|---------------------------------------|--------|------------------|-----------|
| As at March 31, 2014                  |   |             |      |   |   |   |
| (thousands of dollars)                |   |             |      |   |   |   |
|                                  |   |             |      |   |   |   |
|                                  |   | 2014             |      |   | 2013 |   |
|                                  |   |             |      |   |   |   |
|                                  |   |             |      |   |   |   |
| Taxation                              |   |             | 433,199   |   |   |   | 429,458 |   |
| Non-renewable resources               |   |             | 352,193   |   |   |   | 248,613 |   |
| Other own-source revenue              |   |             | 521,252   |   |   |   | 512,713 |   |
| Transfers from the federal government |   |             | 383,287   |   |   |   | 601,933 |   |
|                                  |   |             | 1,689,931 |   |   |   | 1,792,717 |   |
| Provision for loss                    |   |             | (111,559  | ) |   |   | (102,342 | ) |
| Total Accounts Receivable             |   |             | 1,578,372 |   |   |   | 1,690,375 |   |

| Loans Receivable                |   |  Schedule 2 |    |
|---------------------------------|--------|------------------|---------|
| As at March 31, 2014            |   |             |    |   |   |   |
| (thousands of dollars)          |   |             |    |   |   |   |
|                            |   |             |    |   |   |   |
|                            |   | 2014             |    |   | 2013 |   |
|                            |   |             |    |   |   |   |
| Government business enterprises |   |             | 578,213 |   |   |   | 815,976 |   |
| Student loans                   |   |             | 143,447 |   |   |   | 137,838 |   |
| Affordable housing loans        |   |             | 54,438  |   |   |   | 41,892 |   |
| Other                           |   |             | 25,988  |   |   |   | 40,150 |   |
|                            |   |             | 802,086 |   |   |   | 1,035,856 |   |
| Provision for loss              |   |             | (70,742 | ) |   |   | (71,719 | ) |
| Total Loans Receivable          |   |             | 731,344 |   |   |   | 964,137 |   |

----

----

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

----

----

| Investment in Government Business Enterprises                         |                                               |       |      |   |      |   |      |    |     |   |      |   |
|-----------------------------------------------------------------------|----------------------------------------------------|------------|-----------|--------|-----------|--------|-----------|---------|----------|--------|-----------|--------|
| As at March 31, 2014                                                  |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |
| (thousands of dollars)                                                |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |
|                                                                  |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |
|                                                                  |                                               | SaskEnergy |      |   | SaskPower |   |      | SaskTel |     |   | SaskWater |   |   | SGI |   |
|                                                                  |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |
| Assets                                                                |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |
| Cash and cash equivalents                                             |                                               |       | 67        |   |      |   | (1,965    | )       |     |   | 24,365    |   |   |   | 4,232 |   |   |   | 42,608 |   |
| Accounts receivable                                                   |                                               |       | 147,583   |   |      |   | 269,913   |    |     |   | 135,264   |   |   |   | 21,268 |   |   |   | 194,985 |   |
| Inventories                                                           |                                               |       | 220,521   |   |      |   | 186,833   |    |     |   | 16,450    |   |   |   | 361 |   |   |   | - |   |
| Prepaid expenses                                                      |                                               |       | -         |   |      |   | 11,691    |    |     |   | 18,542    |   |   |   | 494 |   |   |   | 83,448 |   |
| Investments                                                           |                                               |       | -         |   |      |   | 41,699    |    |     |   | 2,952     |   |   |   | - |   |   |   | 763,916 |   |
| Capital assets                                                        |                                               |       | 1,681,510 |   |      |   | 7,641,341 |    |     |   | 1,451,465 |   |   |   | 185,088 |   |   |   | 32,835 |   |
| Intangible assets                                                     |                                               |       | 47,421    |   |      |   | 76,198    |    |     |   | 260,201   |   |   |   | - |   |   |   | - |   |
| Sinking funds (schedule 8)                                            |                                               |       | 78,242    |   |      |   | 368,062   |    |     |   | 90,677    |   |   |   | 12,504 |   |   |   | - |   |
| Other assets                                                          |                                               |       | 32,153    |   |      |   | 8,705     |    |     |   | 9,690     |   |   |   | - |   |   |   | 2,963 |   |
| Total Assets3                                                         |                                               |       | 2,207,497 |   |      |   | 8,602,477 |    |     |   | 2,009,606 |   |   |   | 223,947 |   |   |   | 1,120,755 |   |
| Liabilities                                                           |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                              |                                               |       | 122,627   |   |      |   | 472,493   |    |     |   | 168,738   |   |   |   | 13,816 |   |   |   | 72,291 |   |
| Dividends payable to government organizations                         |                                               |       | 9,923     |   |      |   | -         |    |     |   | 30,402    |   |   |   | - |   |   |   | 9,925 |   |
| Gross debt (schedule 8)                                               |                                               |       | 1,141,815 |   |      |   | 4,371,365 |    |     |   | 834,514   |   |   |   | 63,941 |   |   |   | - |   |
| Unearned revenue                                                      |                                               |       | 67,870    |   |      |   | 24,717    |    |     |   | 114,967   |   |   |   | 98,374 |   |   |   | 295,426 |   |
| Provision for insurance claims                                        |                                               |       | -         |   |      |   | -         |    |     |   | -         |   |   |   | - |   |   |   | 420,753 |   |
| Other liabilities                                                     |                                               |       | 120,795   |   |      |   | 1,510,874 |    |     |   | 95,569    |   |   |   | 2,082 |   |   |   | 27,406 |   |
| Total Liabilities3                                                    |                                               |       | 1,463,030 |   |      |   | 6,379,449 |    |     |   | 1,244,190 |   |   |   | 178,213 |   |   |   | 825,801 |   |
| Net Assets (Debt)                                                     |                                               |       | 744,467   |   |      |   | 2,223,028 |    |     |   | 765,416   |   |   |   | 45,734 |   |   |   | 294,954 |   |
| Revenue                                                               |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |   |   |   |   |   |
| Operating                                                             |                                               |       | 908,110   |   |      |   | 2,059,532 |    |     |   | 1,219,261 |   |   |   | 42,271 |   |   |   | 502,668 |   |
| Investment income                                                     |                                               |       | -         |   |      |   | 2,577     |    |     |   | 1,845     |   |   |   | 37 |   |   |   | 58,672 |   |
| Total Revenue3                                                        |                                               |       | 908,110   |   |      |   | 2,062,109 |    |     |   | 1,221,106 |   |   |   | 42,308 |   |   |   | 561,340 |   |
| Expense                                                               |                                               |       |      |   |      |   |      |    |     |   |      |   |   |   |   |   |   |   |   |   |
| Operating                                                             |                                               |       | 784,104   |   |      |   | 1,657,655 |    |     |   | 1,091,949 |   |   |   | 36,383 |   |   |   | 198,977 |   |
| Insurance claims                                                      |                                               |       | -         |   |      |   | -         |    |     |   | -         |   |   |   | - |   |   |   | 322,632 |   |
| Debt charges4                                                         |                                               |       | 45,083    |   |      |   | 290,657   |    |     |   | 39,052    |   |   |   | 2,425 |   |   |   | 839 |   |
| Total Expense3                                                        |                                               |       | 829,187   |   |      |   | 1,948,312 |    |     |   | 1,131,001 |   |   |   | 38,808 |   |   |   | 522,448 |   |
| Net Income (Loss)                                                     |                                               |       | 78,923    |   |      |   | 113,797   |    |     |   | 90,105    |   |   |   | 3,500 |   |   |   | 38,892 |   |
| Retained earnings (deficit), beginning of year                        |                                               |       | 623,603   |   |      |   | 1,204,222 |    |     |   | 328,857   |   |   |   | 33,516 |   |   |   | 200,991 |   |
| Adjustment to retained earnings (deficit) (note 10)              |                                               |       | 1,743     |   |      |   | 142,907   |    |     |   | 169,390   |   |   |   | 21 |   |   |   | 5,991 |   |
| Adjustment for unrealized inter-organizational gains                  |                                               |       | -         |   |      |   | -         |    |     |   | -         |   |   |   | - |   |   |   | - |   |
| Dividends to government organizations                                 |                                               |       | (30,443   | )      |      |   | -         |    |     |   | (81,095   | )      |   |   | - |   |   |   | (25,592 | ) |
| Transfer from accumulated other comprehensive income (loss)           |                                               |       | -         |   |      |   | -         |    |     |   | -         |   |   |   | - |   |   |   | - |   |
| Retained earnings (deficit), end of year                              |                                               |       | 673,826   |   |      |   | 1,460,926 |    |     |   | 507,257   |   |   |   | 37,037 |   |   |   | 220,282 |   |
| Accumulated other comprehensive income (loss), beginning of year      | 160                                                |       |      |   | (6,041    | )      |      |    | -        |   |      |   | - |   |   |   | - |   |
| Adjustment to accumulated other comprehensive income (loss) (note 10) | (1,743                                             | )          |      |   | (142,907  | )      |      |    | (182,427 | )      |      |   | (21 | ) |   |   | (7,461 | ) |
| Other comprehensive income (loss)                                     |                                               |       | 693       |   |      |   | 251,057   |    |     |   | 190,586   |   |   |   | 18 |   |   |   | 2,133 |   |
| Transfer to retained earnings (deficit)                               |                                               |       | -         |   |      |   | -         |    |     |   | -         |   |   |   | - |   |   |   | - |   |
| Accumulated other comprehensive income (loss), end of year            |                                               |       | (890      | )      |      |   | 102,109   |    |     |   | 8,159     |   |   |   | (3 | ) |   |   | (5,328 | ) |
| Equity advances from government organizations                         |                                               |       | 71,531    |   |      |   | 659,993   |    |     |   | 250,000   |   |   |   | 8,700 |   |   |   | 80,000 |   |
| Net Assets (Debt)                                                     |                                               |       | 744,467   |   |      |   | 2,223,028 |    |     |   | 765,416   |   |   |   | 45,734 |   |   |   | 294,954 |   |
| 1                                                                     | Net assets are restricted as disclosed on page 58. |       |

| 2      | Adjustments include:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | significant intervening period transactions; and |
|   | s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | elimination of unrealized inter-organizational gains and losses. |
| 3      | Total assets includes $719.3 million (2013 - $793.3 million) due from or invested in government organizations; total liabilities includes $6,636.4 million (2013 - $5,754.0 million) in gross debt owing to government organizations and $296.1 million (2013 - $284.1 million - restated) in accounts payable or services due from government organizations; total revenue includes $340.4 million (2013 - $318.5 million - restated) from government organizations; and total expense includes $613.8 million (2013 - $543.3 million - restated) paid and owing to government organizations. |
| 4      | Debt charges is reported net of sinking fund earnings.  Interest in the amount of $301.8 million (2013 - $246.8 million) was paid and owing to government organizations.                                                                                                                                                                                                                                                                                                                                                                                                             |

----

----

|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   | Schedule 3 |   |
|------------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------------|--------|---------|--------|------------|--------|
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    | 2014   |       |   | 2013 |   |
| Auto Fund1 |      |   | WCB1   |   |      | SLGA   |   |   | SGC       |   |   | MFC    |    |   | Adjustments2 |   |    | Total  |       |   | Total |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |
|       | 60,215    |   |   |   | 136,258   |   |   |   | 67,076    |   |   |   | 10,841  |   |         |   | -       |   |       |   | (51,828 | ) |   |   | 291,869 |   |   |   | 212,970 |   |
|       | 235,938   |   |   |   | 31,423    |   |   |   | 78,987    |   |   |   | 419     |   |         |   | 2,460   |   |       |   | - |   |   |   | 1,118,240 |   |   |   | 1,006,990 |   |
|       | 3,470     |   |   |   | -         |   |   |   | 29,178    |   |   |   | 321     |   |         |   | -       |   |       |   | - |   |   |   | 457,134 |   |   |   | 453,641 |   |
|       | 31,421    |   |   |   | 710       |   |   |   | 951       |   |   |   | 638     |   |         |   | -       |   |       |   | - |   |   |   | 147,895 |   |   |   | 146,660 |   |
|       | 1,611,714 |   |   |   | 1,728,917 |   |   |   | -         |   |   |   | -       |   |         |   | 165,106 |   |       |   | - |   |   |   | 4,314,304 |   |   |   | 3,981,346 |   |
|       | 42,358    |   |   |   | 11,484    |   |   |   | 106,857   |   |   |   | 66,638  |   |         |   | -       |   |       |   | 940 |   |   |   | 11,220,516 |   |   |   | 9,308,433 |   |
|       | 2,255     |   |   |   | 29,973    |   |   |   | 24,746    |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 440,794 |   |   |   | 363,339 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | 2,318   |   |       |   | - |   |   |   | 551,803 |   |   |   | 565,977 |   |
|       | -         |   |   |   | 639       |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 54,150 |   |   |   | 71,411 |   |
|       | 1,987,371 |   |   |   | 1,939,404 |   |   |   | 307,795   |   |   |   | 78,857  |   |         |   | 169,884 |   |       |   | (50,888 | ) |   |   | 18,596,705 |   |   |   | 16,110,767 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |   |   |   |   |   |   |   |   |
|       | 67,203    |   |   |   | 31,625    |   |   |   | 32,631    |   |   |   | 15,077  |   |         |   | 919     |   |       |   | - |   |   |   | 997,420 |   |   |   | 899,436 |   |
|       | -         |   |   |   | -         |   |   |   | 106,038   |   |   |   | 1,578   |   |         |   | -       |   |       |   | (51,828 | ) |   |   | 106,038 |   |   |   | 95,809 |   |
|       | -         |   |   |   | -         |   |   |   | 125,000   |   |   |   | 13,722  |   |         |   | 158,150 |   |       |   | - |   |   |   | 6,708,507 |   |   |   | 5,764,885 |   |
|       | 371,222   |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | (37,867 | ) |   |   | 934,709 |   |   |   | 846,798 |   |
|       | 1,384,592 |   |   |   | 1,085,532 |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 2,890,877 |   |   |   | 2,654,982 |   |
|       | -         |   |   |   | 186,207   |   |   |   | 49,330    |   |   |   | 7,038   |   |         |   | -       |   |       |   | - |   |   |   | 1,999,301 |   |   |   | 1,707,668 |   |
|       | 1,823,017 |   |   |   | 1,303,364 |   |   |   | 312,999   |   |   |   | 37,415  |   |         |   | 159,069 |   |       |   | (89,695 | ) |   |   | 13,636,852 |   |   |   | 11,969,578 |   |
|       | 164,354   |   |   |   | 636,040   |   |   |   | (5,204    | )      |   |   | 41,442  |   |         |   | 10,815  |   |       |   | 38,807 |   |   |   | 4,959,853 |   |   |   | 4,141,189 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |   |   |   |   |   |   |   |   |
|       | 845,714   |   |   |   | 301,382   |   |   |   | 1,078,803 |   |   |   | 127,030 |   |         |   | -       |   |       |   | (4,355 | ) |   |   | 7,080,416 |   |   |   | 6,665,360 |   |
|       | 86,713    |   |   |   | 252,609   |   |   |   | -         |   |   |   | -       |   |         |   | 6,092   |   |       |   | - |   |   |   | 408,545 |   |   |   | 255,211 |   |
|       | 932,427   |   |   |   | 553,991   |   |   |   | 1,078,803 |   |   |   | 127,030 |   |         |   | 6,092   |   |       |   | (4,355 | ) |   |   | 7,488,961 |   |   |   | 6,920,571 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |   |   |   |   |   |   |   |   |
|       | 161,059   |   |   |   | 80,681    |   |   |   | 590,849   |   |   |   | 105,207 |   |         |   | 29      |   |       |   | (967 | ) |   |   | 4,705,926 |   |   |   | 4,339,810 |   |
|       | 739,103   |   |   |   | 283,358   |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 1,345,093 |   |   |   | 1,182,876 |   |
|       | -         |   |   |   | -         |   |   |   | 1,664     |   |   |   | 1,277   |   |         |   | 4,766   |   |       |   | - |   |   |   | 385,763 |   |   |   | 278,049 |   |
|       | 900,162   |   |   |   | 364,039   |   |   |   | 592,513   |   |   |   | 106,484 |   |         |   | 4,795   |   |       |   | (967 | ) |   |   | 6,436,782 |   |   |   | 5,800,735 |   |
|       | 32,265    |   |   |   | 189,952   |   |   |   | 486,290   |   |   |   | 20,546  |   |         |   | 1,297   |   |       |   | (3,388 | ) |   |   | 1,052,179 |   |   |   | 1,119,836 |   |
|       | 132,089   |   |   |   | 445,950   |   |   |   | -         |   |   |   | 33,333  |   |         |   | 19,518  |   |       |   | 52,662 |   |   |   | 3,074,741 |   |   |   | 2,669,700 |   |
|       | -         |   |   |   | 2,719     |   |   |   | 3,181     |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 325,952 |   |   |   | 30,467 |   |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | (20,474 | ) |   |   | (20,474 | ) |   |   | - |   |
|       | -         |   |   |   | -         |   |   |   | (491,302  | )      |   |   | (16,437 | )      |         |   | (10,000 | )      |       |   | 10,000 |   |   |   | (644,869 | ) |   |   | (672,632 | ) |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | - |   |   |   | (72,630 | ) |
|       | 164,354   |   |   |   | 638,621   |   |   |   | (1,831    | )      |   |   | 37,442  |   |         |   | 10,815  |   |       |   | 38,800 |   |   |   | 3,787,529 |   |   |   | 3,074,741 |   |
|       | -         |   |   |   | -         |   |   |   | (1,902    | )      |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | (7,783 | ) |   |   | (7,671 | ) |
|       | -         |   |   |   | (8,406    | )      |   |   | (8,598    | )      |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | (351,563 | ) |   |   | - |   |
|       | -         |   |   |   | 5,825     |   |   |   | 7,127     |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 457,439 |   |   |   | (72,742 | ) |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | - |   |   |   | 72,630 |   |
|       | -         |   |   |   | (2,581    | )      |   |   | (3,373    | )      |   |   | -       |   |         |   | -       |   |       |   | - |   |   |   | 98,093 |   |   |   | (7,783 | ) |
|       | -         |   |   |   | -         |   |   |   | -         |   |   |   | 4,000   |   |         |   | -       |   |       |   | 7 |   |   |   | 1,074,231 |   |   |   | 1,074,231 |   |
|       | 164,354   |   |   |   | 636,040   |   |   |   | (5,204    | )      |   |   | 41,442  |   |         |   | 10,815  |   |       |   | 38,807 |   |   |   | 4,959,853 |   |   |   | 4,141,189 |   |
|       |      |   |   |   |      |   |   |   |      |   |   |   |    |   |         |   |    |   |       |   |   |   |   |   |   |   |   |   |   |   |

----

----

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

----

----

| Other Investments       |   |   |  Schedule 4 |   |
|-------------------------|--------|--------|------------------|--------|
| As at March 31, 2014    |   |   |             |   |   |   |
| (thousands of dollars)  |   |   |             |   |   |   |
|                    |   |   |             |   |   |   |
|                    |   | 2014   |             |   | 2013 |   |
|                    |   |   |             |   |   |   |
| Bonds and debentures    |   |   | 587,776          |   |   |   | 673,973 |   |
| Pooled investment funds |   |   | 121,846          |   |   |   | 103,387 |   |
| Equities                |   |   | 35,826           |   |   |   | 45,573 |   |
| Other                   |   |   | 84,167           |   |   |   | 93,020 |   |
| Total Other Investments |   |   | 829,615          |   |   |   | 915,953 |   |

|                                                                                          |   |   | 2014    |   |   |       | 2013    |   |
|----------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|------------|---------|--------|
|                                                                                               |   |   |    |   |   | (Restated) |    |
| Corporations (coupon interest range 1.8% to 8.9%; maturing in 1.0 to 27.7 years)                   |   |   | 262,192 |   |   |       | 259,998 |   |
| Governments of other provinces (coupon interest range 1.4% to 5.7%; maturing in 1.1 to 23.2 years) |   |   | 190,364 |   |   |       | 229,986 |   |
| Government of Canada (coupon interest range 0.5% to 5.0%; maturing in 1.8 to 23.2 years)           |   |   | 103,955 |   |   |       | 108,541 |   |
| Government of Saskatchewan (coupon interest range 4.5% to 5.8%; maturing in 2.4 to 14.9 years)     |   |   | 2,823   |   |   |       | 2,982   |   |
| Other (coupon interest range 3.0% to 5.4%; maturing in 2.2 to 42.3 years)                          |   |   | 28,442  |   |   |       | 72,466  |   |
| Total Bonds and Debentures                                                                         |   |   | 587,776 |   |   |       | 673,973 |   |

----

----

| Accounts Payable and Accrued Liabilities                                    |                                                                                            |   |   Schedule 5 |    |
|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|--------|------------------------|---------|
| As at March 31, 2014                                                        |                                                                                            |   |                   |    |   |   |
| (thousands of dollars)                                                      |                                                                                            |   |                   |    |   |   |
|                                                                        |                                                                                            |   |                   |    |   |   |   |
|                                                                        |                                                                                            |   | 2014                   |    |   | 2013 |   |
|                                                                        |                                                                                            |   |                   |    |   |   |   |
|                                                                        |                                                                                            |   |                   |    |   |   |   |
| Accrued salaries and benefits1                                              |                                                                                            |   | 718,073                |    |   |   | 671,770 |   |
| Transfers                                                                   |                                                                                            |   |                   |    |   |   |   |   |
|                                                                        | Operating2                                                                                      |   |                   | 592,427 |   |   |   | 779,332 |   |
|                                                                        | Capital                                                                                         |   |                   | 22,730  |   |   |   | 52,055 |   |
| Supplier payments                                                           |                                                                                            |   | 420,760                |    |   |   | 379,628 |   |
| Equalization and Canada Health and Social Transfer repayable to the federal |                                                                                            |   |                   |    |   |   |   |   |
|                                                                        | government                                                                                      |   |                   | 180,387 |   |   |   | 204,095 |   |
| Accrued interest                                                            |                                                                                            |   | 77,449                 |    |   |   | 86,078 |   |
| Other                                                                       |                                                                                            |   | 151,769                |    |   |   | 146,668 |   |
| Total Accounts Payable and Accrued Liabilities                              |                                                                                            |   | 2,163,595              |    |   |   | 2,319,626 |   |
| 1                                                                           | Includes other employee future benefits of $298.7 million (2013 - $297.4 million).              |   |                   |    |   |   |
| 2                                                                           | Includes transfers payable to the federal government of $110.4 million (2013 - $126.1 million). |   |                   |    |   |   |

----

----

| Other Liabilities                                                  |                        |   |  Schedule 6 |   |
|--------------------------------------------------------------------|-----------------------------|--------|------------------|--------|
| As at March 31, 2014                                               |                        |   |             |   |   |   |
| (thousands of dollars)                                             |                        |   |             |   |   |   |
|                                                               |                        |   |             |   |   |   |   |
|                                                               |                        |   | 2014             |   |   | 2013 |   |
|                                                               |                        |   |             |   |   |   |   |
|                                                               |                        |   |             |   |   |   |   |
| Funds held on behalf of government business enterprises and others |                        |   |             |   |   |   |
|                                                               | Liquor and Gaming Authority |   |             | 64,940 |   |   |   | 120,309 |   |
|                                                               | Other                       |   |             | 74,034 |   |   |   | 67,388 |   |
| Environmental                                                      |                        |   | 88,396           |   |   |   | 91,627 |   |
| Capital leases (note 7)                                            |                        |   | 59,065           |   |   |   | 63,650 |   |
| Other                                                              |                        |   | 53,148           |   |   |   | 58,919 |   |
| Total Other Liabilities                                            |                        |   | 339,583          |   |   |   | 401,893 |   |

| Unearned Revenue             |   |   |   Schedule 7 |   |
|------------------------------|--------|--------|------------------------|--------|
| As at March 31, 2014         |   |   |                   |   |   |   |
| (thousands of dollars)       |   |   |                   |   |   |   |
|                         |   |   |                   |   |   |   |
|                         |   | 2014   |                   |   | 2013 |   |
|                         |   |   |                   |   |   |   |
| Motor vehicle licensing fees |   |   | 61,393                 |   |   |   | 58,832 |   |
| Education contributions      |   |   | 50,032                 |   |   |   | 47,119 |   |
| Health contributions         |   |   | 28,855                 |   |   |   | 31,821 |   |
| Crown mineral leases         |   |   | 22,875                 |   |   |   | 20,442 |   |
| Other                        |   |   | 28,655                 |   |   |   | 34,577 |   |
| Total Unearned Revenue       |   |   | 191,810                |   |   |   | 192,791 |   |
|                         |   |   |                   |   |   |   |   |   |

----

----

| Public Debt                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    |    |   |       |      |   |   |  Schedule 8 |    |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|---------|-------------|-----------|---------|---------|--------|------------|-----------|--------|--------|------------------|---------|
| As at March 31, 2014                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    |    |   |       |      |   |   |             |    |   |   |
| (thousands of dollars)                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    |    |   |       |      |   |   |             |    |   |   |
|                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    |    |   |       |      |   |   |             |    |   |   |   |
|                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    | 2014    |   |       |      |   |   |             |    |   | 2013 |   |
|                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    | 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                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 3,803,006 |    |    |        | -         |    |    |   | 3,803,006  |      |   |   | 3,804,817        |    |   |   | - |   |   |   | 3,804,817 |   |
|                                             | Less amounts held by government organizations                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |      | (14,453 | )       |        |      | -       |    |   |       | (14,453   | )      |   |             | (41,814 | ) |   |   | - |   |   |   | (41,814 | ) |
| Saskatchewan Power Corporation4                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 94,066    |    |    |        | 4,028,032 |    |    |   | 4,122,098  |      |   |   | 95,303           |    |   |   | 3,251,648 |   |   |   | 3,346,951 |   |
| SaskEnergy Incorporated4                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 175,905   |    |    |        | 865,188   |    |    |   | 1,041,093  |      |   |   | 407,117          |    |   |   | 574,871 |   |   |   | 981,988 |   |
| Saskatchewan Telecommunications Holding          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      |    |    |        |      |    |    |   |       |      |   |   |             |    |   |   |   |   |   |
|                                             | Corporation4                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      | 158,400 |    |        |      | 634,308 |    |   |       | 792,708   |   |   |             | 157,000 |   |   |   | 495,754 |   |   |   | 652,754 |   |
| Municipal Financing Corporation of Saskatchewan4 | 128,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |      |    | 132,432 |        |      |    | 260,432 |   |       |      | 15,289 |   |             |    | 132,377 |   |   |   | 147,666 |   |
| Saskatchewan Immigrant Investor Fund Inc.        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 176,423   |    |    |        | -         |    |    |   | 176,423    |      |   |   | 107,558          |    |   |   | - |   |   |   | 107,558 |   |
| Boards of Education                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 174,439   |    |    |        | -         |    |    |   | 174,439    |      |   |   | 80,551           |    |   |   | - |   |   |   | 80,551 |   |
| Liquor and Gaming Authority4                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | -         |    |    |        | 124,575   |    |    |   | 124,575    |      |   |   | 125,064          |    |   |   | - |   |   |   | 125,064 |   |
| Regional Health Authorities                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 103,091   |    |    |        | -         |    |    |   | 103,091    |      |   |   | 91,014           |    |   |   | - |   |   |   | 91,014 |   |
| Saskatchewan Water Corporation4                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 21,842    |    |    |        | 23,866    |    |    |   | 45,708     |      |   |   | 16,203           |    |   |   | 32,044 |   |   |   | 48,247 |   |
| Saskatchewan Opportunities Corporation           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 34,851    |    |    |        | -         |    |    |   | 34,851     |      |   |   | 35,291           |    |   |   | - |   |   |   | 35,291 |   |
| Saskatchewan Housing Corporation                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 28,657    |    |    |        | -         |    |    |   | 28,657     |      |   |   | 31,761           |    |   |   | - |   |   |   | 31,761 |   |
| Water Security Agency                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 20,154    |    |    |        | -         |    |    |   | 20,154     |      |   |   | 12,503           |    |   |   | - |   |   |   | 12,503 |   |
| Global Transportation Hub Authority              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 20,000    |    |    |        | -         |    |    |   | 20,000     |      |   |   | -                |    |   |   | - |   |   |   | - |   |
| Saskatchewan Gaming Corporation4                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | -         |    |    |        | 10,362    |    |    |   | 10,362     |      |   |   | -                |    |   |   | 11,769 |   |   |   | 11,769 |   |
| Other                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2,521     |    |    |        | -         |    |    |   | 2,521      |      |   |   | 11,089           |    |   |   | - |   |   |   | 11,089 |   |
| Public Debt1 5                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 4,926,902 |    |    |        | 5,818,763 |    |    |   | 10,745,665 |      |   |   | 4,948,746        |    |   |   | 4,498,463 |   |   |   | 9,447,209 |   |
| 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 $89.1 million (2013 - $81.5 million) secured primarily by assets with a carrying value of $105.5 million (2013 - $114.7 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, 2014.  Public debt of government business enterprises shown above has been adjusted for transactions occurring from the audited financial statements to March 31, 2014 as follows:                                                                                                                                       |   |

|                                 |                                                        |   |               |      |   |         |   |    | 2014   |   |   | 2013      |   |
|--------------------------------------|------------------------------------------------------------------|--------|--------------------|-----------|--------|--------------|--------|---------|--------|--------|--------|-----------|--------|
|        |                                                             |   | Government         |      |   |         |   |    |   |   |   |      |   |
|                                 |                                                             |   | Business           |      |   |         |   |    |   |   |   |      |   |
|                                 |                                                             |   | Enterprise         |      |   | Transactions |   |    | Public |   |   | Public    |   |
|                                 |                                                             |   | Debt               |      |   | to March 31  |   |    | Debt   |   |   | Debt      |   |
|                                 |                                                             |   |  (schedule 3) | a         |   |         |   |    |   |   |   |      |   |
|                                 |                                                             |   |               |      |   |         |   |    |   |   |   |      |   |
|                                 | Saskatchewan Power Corporation                                   |   |               | 4,003,303 |   |         |   | 118,795 |   |   |   | 4,122,098 |   |   |   | 3,346,951 |   |
|                                 | SaskEnergy Incorporated                                          |   |               | 1,063,573 |   |         |   | (22,480 | )      |   |   | 1,041,093 |   |   |   | 981,988 |   |
|                                 | Saskatchewan Telecommunications Holding Corporation              |   |               | 743,837   |   |         |   | 48,871  |   |   |   | 792,708   |   |   |   | 652,754 |   |
|                                 | Municipal Financing Corporation of Saskatchewan                  |   |               | 155,832   |   |         |   | 104,600 |   |   |   | 260,432   |   |   |   | 147,666 |   |
|                                 | Liquor and Gaming Authority                                      |   |               | 125,000   |   |         |   | (425    | )      |   |   | 124,575   |   |   |   | 125,064 |   |
|                                 | Saskatchewan Water Corporation                                   |   |               | 51,437    |   |         |   | (5,729  | )      |   |   | 45,708    |   |   |   | 48,247 |   |
|                                 | Saskatchewan Gaming Corporation                                  |   |               | 13,722    |   |         |   | (3,360  | )      |   |   | 10,362    |   |   |   | 11,769 |   |
|                                 | Total Government Business Enterprises                            |   |               | 6,156,704 |   |         |   | 240,272 |   |   |   | 6,396,976 |   |   |   | 5,314,439 |   |
| a                                    | Includes gross debt net of sinking funds reported on schedule 3. |   |               |      |   |         |   |    |   |   |   |      |   |   |   |   |   |

----

----

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

| 5 | Included in public debt is U.S. dollar debt converted to $4.6 million Canadian (2013 - $3.9 million) at the exchange rate in effect at March 31, 2014 of 1.1053 (2013 - 1.0156). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   |                                                |                                                                                                                                                                                                                                                                                                                                    |   |       |    |   |               |       |   | 2014   |   |
|--------|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|--------|--------------------|------------|--------|--------|--------|
|   |                                           |                                                                                                                                                                                                                                                                                                                                    |   | Gross      |    |   | Sinking            |       |   | Public |   |
|   |                                                |                                                                                                                                                                                                                                                                                                                                    |   | Debt       | a       |   | Funds              |       |   | Debt   |   |
|   |                                                |                                                                                                                                                                                                                                                                                                                                    |   |       |    |   |  (schedule 9) |       |   |   |   |
|   |                                                |                                                                                                                                                                                                                                                                                                                                    |   |       |    |   |               |       |   |   |   |
|   | General Revenue Fund                                |                                                                                                                                                                                                                                                                                                                                    |   | 4,885,910  |    |   |               | (1,082,904 | )      |   |   | 3,803,006 |   |
|   |                                                | Less amounts held by government organizations                                                                                                                                                                                                                                                                                           |   |       | (14,453 | )      |               |       | -      |   |   |   | (14,453 | ) |
|   | Saskatchewan Power Corporation                      |                                                                                                                                                                                                                                                                                                                                    |   | 4,534,969  |    |   |               | (412,871   | )      |   |   | 4,122,098 |   |
|   | SaskEnergy Incorporated                             |                                                                                                                                                                                                                                                                                                                                    |   | 1,128,964  |    |   |               | (87,871    | )      |   |   | 1,041,093 |   |
|   | Saskatchewan Telecommunications Holding Corporation |                                                                                                                                                                                                                                                                                                                                    |   | 895,000    |    |   |               | (102,292   | )      |   |   | 792,708 |   |
|   | Municipal Financing Corporation of Saskatchewan     |                                                                                                                                                                                                                                                                                                                                    |   | 263,000    |    |   |               | (2,568     | )      |   |   | 260,432 |   |
|   | Saskatchewan Immigrant Investor Fund Inc.           |                                                                                                                                                                                                                                                                                                                                    |   | 176,423    |    |   |               | -          |   |   |   | 176,423 |   |
|   | Boards of Education                                 |                                                                                                                                                                                                                                                                                                                                    |   | 174,439    |    |   |               | -          |   |   |   | 174,439 |   |
|   | Liquor and Gaming Authority                         |                                                                                                                                                                                                                                                                                                                                    |   | 124,575    |    |   |               | -          |   |   |   | 124,575 |   |
|   | Regional Health Authorities                         |                                                                                                                                                                                                                                                                                                                                    |   | 103,091    |    |   |               | -          |   |   |   | 103,091 |   |
|   | Saskatchewan Water Corporation                      |                                                                                                                                                                                                                                                                                                                                    |   | 60,542     |    |   |               | (14,834    | )      |   |   | 45,708 |   |
|   | Saskatchewan Opportunities Corporation              |                                                                                                                                                                                                                                                                                                                                    |   | 36,684     |    |   |               | (1,833     | )      |   |   | 34,851 |   |
|   | Saskatchewan Housing Corporation                    |                                                                                                                                                                                                                                                                                                                                    |   | 57,068     |    |   |               | (28,411    | )      |   |   | 28,657 |   |
|   | Water Security Agency                               |                                                                                                                                                                                                                                                                                                                                    |   | 20,154     |    |   |               | -          |   |   |   | 20,154 |   |
|   | Global Transportation Hub Authority                 |                                                                                                                                                                                                                                                                                                                                    |   | 20,000     |    |   |               | -          |   |   |   | 20,000 |   |
|   | Saskatchewan Gaming Corporation                     |                                                                                                                                                                                                                                                                                                                                    |   | 10,362     |    |   |               | -          |   |   |   | 10,362 |   |
|   | Other                                               |                                                                                                                                                                                                                                                                                                                                    |   | 2,521      |    |   |               | -          |   |   |   | 2,521 |   |
|   | Public Debt                                         |                                                                                                                                                                                                                                                                                                                                    |   | 12,479,249 |    |   |               | (1,733,584 | )      |   |   | 10,745,665 |   |
|   | a                                                   | The average effective interest rate on gross debt during 2013-14 was 5.2 per cent (2012-13 - 5.6 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 13.3 years (2013 - 11.8 years).  |   |

|   | Debt principal payment requirements in each of the next five years and thereafter are as follows: |                                                                                                                                                                                                                                  |   |   |       |   |   |   |
|--------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|   |                                                                                              |                                                                                                                                                                                                                                  |   | 2014   |       |   | 2013   |   |
|   | Year of Maturity                                                                                  |                                                                                                                                                                                                                                  |   |   |       |   |   |   |
|   |                                                                                              |                                                                                                                                                                                                                                  |   |   |       |   |   |   |
|   | Short-term promissory notes                                                                       |                                                                                                                                                                                                                                  |   |   | 1,303,886  |   |   |   | 1,385,978 |   |
|   | 2013-14                                                                                           |                                                                                                                                                                                                                                  |   |   | -          |   |   |   | 837,273 |   |
|   | 2014-15                                                                                           |                                                                                                                                                                                                                                  |   |   | 1,036,545  |   |   |   | 928,382 |   |
|   | 2015-16                                                                                           |                                                                                                                                                                                                                                  |   |   | 534,481    |   |   |   | 526,020 |   |
|   | 2016-17                                                                                           |                                                                                                                                                                                                                                  |   |   | 573,066    |   |   |   | 464,579 |   |
|   | 2017-18                                                                                           |                                                                                                                                                                                                                                  |   |   | 293,014    |   |   |   | 299,103 |   |
|   | 2018-19                                                                                           |                                                                                                                                                                                                                                  |   |   | 363,372    |   |   |   | - |   |
|   | 6-10 years                                                                                        |                                                                                                                                                                                                                                  |   |   | 2,063,335  |   |   |   | 1,913,722 |   |
|   | Thereafter                                                                                        |                                                                                                                                                                                                                                  |   |   | 6,311,550  |   |   |   | 4,926,870 |   |
|   | Gross debt a                                                                                      |                                                                                                                                                                                                                                  |   |   | 12,479,249 |   |   |   | 11,281,927 |   |
|   | Sinking funds                                                                                     |                                                                                                                                                                                                                                  |   |   | (1,733,584 | )      |   |   | (1,834,718 | ) |
|   | Public Debt                                                                                       |                                                                                                                                                                                                                                  |   |   | 10,745,665 |   |   |   | 9,447,209 |   |
|   | a                                                                                                 | Gross debt includes Canada Pension Plan debentures of $745.1 million (2013 - $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, 2014                                |                                                                                                                                                                                                                                                                                                                                      |    |      |   |           |   |   |      |   |   |         |   |   |       |             |   |   |   |
| (thousands of dollars)                              |                                                                                                                                                                                                                                                                                                                                      |    |      |   |           |   |   |      |   |   |         |   |   |       |             |   |   |   |
|                                                |                                                                                                                                                                                                                                                                                                                                      |    |      |   |           |   |   |      |   |   |         |   |   |       |             |   |   |   |
|                                           |                                                                                                                                                                                                                                                                                                                                      | 2013    |      |   |           |   |   |      |   |   |         |   |   |       |             |   | 2014 |   |
|                                                |                                                                                                                                                                                                                                                                                                                                      | Sinking |      |   |           |   |   |      |   |   |         |   |   | Currency   |             |   | Sinking |   |
|                                                |                                                                                                                                                                                                                                                                                                                                      | Funds   |      |   | Contributions1 |   |   | Earnings2 |   |   | Redemptions3 |   |   | Adjustment |             |   | Funds |   |
|                                                |                                                                                                                                                                                                                                                                                                                                      |    |      |   |           |   |   |      |   |   |         |   |   |       |             |   |   |   |
| General Revenue Fund                                |                                                                                                                                                                                                                                                                                                                                      |    | 1,220,677 |   |           |   | 48,014 |      |   |   | 39,998       |   |   |       | (247,465         | )      |   |   | 21,680 |   |   |   | 1,082,904 |   |
| Saskatchewan Power Corporation                      |                                                                                                                                                                                                                                                                                                                                      |    | 401,790   |   |           |   | 30,723 |      |   |   | 14,531       |   |   |       | (34,173          | )      |   |   | - |   |   |   | 412,871 |   |
| Saskatchewan Telecommunications Holding Corporation | 90,846                                                                                                                                                                                                                                                                                                                                    |    |      |   | 7,366          |   |   |      | 4,080  |   |         |   | -      |       |             |   | - |   |   |   | 102,292 |   |
| SaskEnergy Incorporated                             |                                                                                                                                                                                                                                                                                                                                      |    | 79,011    |   |           |   | 8,112  |      |   |   | 3,387        |   |   |       | (2,639           | )      |   |   | - |   |   |   | 87,871 |   |
| Saskatchewan Housing Corporation                    |                                                                                                                                                                                                                                                                                                                                      |    | 26,722    |   |           |   | 520    |      |   |   | 1,169        |   |   |       | -                |   |   |   | - |   |   |   | 28,411 |   |
| Saskatchewan Water Corporation                      |                                                                                                                                                                                                                                                                                                                                      |    | 11,656    |   |           |   | 2,637  |      |   |   | 541          |   |   |       | -                |   |   |   | - |   |   |   | 14,834 |   |
| Municipal Financing Corporation of Saskatchewan     | 2,623                                                                                                                                                                                                                                                                                                                                     |    |      |   | 513            |   |   |      | 89     |   |         |   | (657   | )          |             |   | - |   |   |   | 2,568 |   |
| Saskatchewan Opportunities Corporation              |                                                                                                                                                                                                                                                                                                                                      |    | 1,393     |   |           |   | 367    |      |   |   | 73           |   |   |       | -                |   |   |   | - |   |   |   | 1,833 |   |
| Total Sinking Funds4                                |                                                                                                                                                                                                                                                                                                                                      |    | 1,834,718 |   |           |   | 98,252 |      |   |   | 63,868       |   |   |       | (284,934         | )      |   |   | 21,680 |   |   |   | 1,733,584 |   |
| 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: |    |

|   |                                                                                                                                                         |          |   | 2015    |   |   | 2016   |   |   | 2017   |   |   | 2018   |   |   | 2019   |   |   | Thereafter |   |   | Total  |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
|   |                                                                                                                                                         |          |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
|   | General debt                                                                                                                                                 |          |   | 48,215  |   |   |   | 39,876 |   |   |   | 35,679 |   |   |   | 32,443 |   |   |       | 30,843 |   |   |   | 380,875 |   |   |   | 567,931 |   |
|   | Government business enterprise                                                                                                                               |          |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |
|   |                                                                                                                                                         | specific debt |   |    | 52,477 |   |   |   | 51,977 |   |   |   | 51,379 |   |   |   | 50,827 |   |       |   | 50,063 |   |   |   | 814,854 |   |   |   | 1,071,577 |   |
|   | Total Sinking Fund Contributions                                                                                                                             |          |   | 100,692 |   |   |   | 91,853 |   |   |   | 87,058 |   |   |   | 83,270 |   |   |       | 80,906 |   |   |   | 1,195,729 |   |   |   | 1,639,508 |   |
| 2      | Sinking fund earnings include gains on investment sales of $23.1 million (2013 - $80.3 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 $1,663.3 million (2013 - $1,834.0 million).  Total sinking funds by debt classification are as follows: |          |

|   |                                               |          |   | 2013      |    |   |          |   |   |     |   |   |        |   |   |       |    |   | 2014    |   |
|--------|----------------------------------------------------|---------------|--------|-----------|---------|--------|---------------|--------|--------|----------|--------|--------|-------------|--------|--------|------------|---------|--------|---------|--------|
|   |                                               |          |   | Sinking   |    |   |          |   |   |     |   |   |        |   |   | Currency   |    |   | Sinking |   |
|   |                                               |          |   | Funds     |    |   | Contributions |   |   | Earnings |   |   | Redemptions |   |   | Adjustment |    |   | Funds   |   |
|   |                                               |          |   |      |    |   |          |   |   |     |   |   |        |   |   |       |    |   |    |   |
|   | General debt                                       |          |   | 1,261,372 |    |   |          | 51,601 |   |     |   | 41,628 |        |   |   | (250,104   | )       |   |    | 21,680 |   |   |   | 1,126,177 |   |
|   | Government business enterprise                     |          |   |      |    |   |          |   |   |     |   |   |        |   |   |       |    |   |    |   |   |   |   |   |   |
|   |                                               | specific debt |   |      | 573,346 |   |          |   | 46,651 |     |   |   | 22,240      |   |   |       | (34,830 | )      |    |   | - |   |   |   | 607,407 |   |
|   | Total Sinking Funds                                |          |   | 1,834,718 |    |   |          | 98,252 |   |     |   | 63,868 |        |   |   | (284,934   | )       |   |    | 21,680 |   |   |   | 1,733,584 |   |
|   | Sinking fund assets have been invested as follows: |          |   |      |    |   |          |   |   |     |   |   |        |   |   |       |    |   |    |   |   |   |   |   |   |

|   |                                              |                                                                                                                                                                                                 |   | 2014      |    |   | 2013   |      |
|--------|---------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|--------|-----------|
|   | Long-term investments in securities of:           |                                                                                                                                                                                                 |   |      |    |   |   |
|   |                                              | Governments of other provinces (coupon interest range 1.0% to 9.3%; maturing in 2.3 to 35.9 years)                                                                                                   |   |      | 786,585 |   |   |      | 859,692 |   |
|   |                                              | Government of Saskatchewan (coupon interest range 0.0% to 9.4%; maturing in 6.7 to 31.2 years)                                                                                                       |   |      | 409,390 |   |   |      | 430,937 |   |
|   |                                              | Government of Canada (coupon interest 3.5%; maturing in 31.7 years)                                                                                                                                  |   |      | 49,718  |   |   |      | 8,002 |   |
|   |                                              | Government of the United States (coupon interest 2.9%; maturing in 29.1 years)                                                                                                                       |   |      | 15,990  |   |   |      | 19,257 |   |
|   | Cash, short-term investments and accrued interest |                                                                                                                                                                                                 |   | 471,901   |    |   |   | 516,830   |   |
|   | Total Sinking Funds a                             |                                                                                                                                                                                                 |   | 1,733,584 |    |   |   | 1,834,718 |   |
|   | a                                                 | Includes U.S. dollar cash, investments and accrued interest converted to $244.1 million Canadian (2013 - $275.4 million) at the exchange rate in effect at March 31, 2014 of 1.1053 (2013 - 1.0156). |   |

----

----

| Pension Liabilities                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    |  Schedule 10 |   |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|--------|-----------|-----------|--------|--------|---------|-------------------|--------|
| As at March 31, 2014                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    |              |   |   |   |
| (thousands of dollars)                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    |              |   |   |   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    |              |   |   |   |   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    | 2014              |   |   | 2013 |   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | TSP1      |      |   | PSSP   |      |      | Others |   |    | Total             |   |   | Total |   |
| Accrued benefit obligation,             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |   |      |      |   |   |    |              |   |   |   |
|                                    | beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      | 5,944,264 |   |   |      | 2,155,898 |   |   |    | 519,412           |   |   |   | 8,619,574 |   |   |   | 8,360,453 |   |
| Current period benefit cost             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 20,322    |      |   |   | 1,374     |      |   |   | 12,475  |              |   |   | 34,171 |   |   |   | 37,006 |   |
| Interest cost                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 199,342   |      |   |   | 62,743    |      |   |   | 13,158  |              |   |   | 275,243 |   |   |   | 291,549 |   |
| Actuarial (losses) gains                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (61,022   | )         |   |   | (125,615  | )         |   |   | 10,064  |              |   |   | (176,573 | ) |   |   | 399,023 |   |
| Joint defined benefit plan (SHEPP)2     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | -         |      |   |   | -         |      |   |   | (97,695 | )                 |   |   | (97,695 | ) |   |   | 18,999 |   |
| Benefit payments                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (344,414  | )         |   |   | (131,047  | )         |   |   | (14,957 | )                 |   |   | (490,418 | ) |   |   | (487,456 | ) |
| Accrued Benefit Obligation, End of Year |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 5,758,492 |      |   |   | 1,963,353 |      |   |   | 442,457 |              |   |   | 8,164,302 |   |   |   | 8,619,574 |   |
| Plan assets, beginning of year          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 661,377   |      |   |   | -         |      |   |   | 111,016 |              |   |   | 772,393 |   |   |   | 862,047 |   |
| Employer contributions                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 198,822   |      |   |   | 130,791   |      |   |   | 10,042  |              |   |   | 339,655 |   |   |   | 349,442 |   |
| Employee contributions                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 5,150     |      |   |   | 256       |      |   |   | 2,761   |              |   |   | 8,167 |   |   |   | 7,652 |   |
| Return on plan assets                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 28,056    |      |   |   | -         |      |   |   | 2,296   |              |   |   | 30,352 |   |   |   | 43,943 |   |
| Actuarial (losses) gains                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (31,599   | )         |   |   | -         |      |   |   | 1,884   |              |   |   | (29,715 | ) |   |   | (3,235 | ) |
| Benefit payments                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (344,414  | )         |   |   | (131,047  | )         |   |   | (14,957 | )                 |   |   | (490,418 | ) |   |   | (487,456 | ) |
| Plan Assets, End of Year3               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 517,392   |      |   |   | -         |      |   |   | 113,042 |              |   |   | 630,434 |   |   |   | 772,393 |   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      | 5,241,100 |   |   |      | 1,963,353 |   |   |    | 329,415           |   |   |   | 7,533,868 |   |   |   | 7,847,181 |   |
| Unamortized estimation adjustments4     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (533,244  | )         |   |   | 125,615   |      |   |   | (41,689 | )                 |   |   | (449,318 | ) |   |   | (1,072,698 | ) |
| Total Pension Liabilities5              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 4,707,856 |      |   |   | 2,088,968 |      |   |   | 287,726 |              |   |   | 7,084,550 |   |   |   | 6,774,483 |   |
| 1                                       | The TSP had an actual rate of return on plan assets of 4.8 per cent (2013 - 5.5 per cent).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| 2                                       | The joint defined benefit plan includes only the Government’s employer portion of the pension liability.  At December 31, 2013, the SHEPP had a total accrued benefit obligation of $4,694.0 million (2012 - $4,390.1 million), pension fund assets at market related values of $4,455.9 million (2012 - $3,941.7 million) and unamortized estimation adjustment gains of $21.8 million (2012 - $16.9 million).  The pension liability would increase by $669.8 million or would decrease by $545.0 million if the discount rate was decreased or increased by one percentage point respectively.  The market value of the pension fund investments was $4,760.1 million (2012 - $4,047.8 million).  The plan assets had an actual rate of return of 15.1 per cent (2012 - 11.2 per cent).  The Government and member contributions to the plan totalled $132.7 million (2012 - $130.0 million) and $131.6 million (2012 - $128.7 million) respectively.  Benefit payments from the plan totalled $203.3 million (2012 - $178.5 million). |   |
| 3                                       | At March 31, 2014, the market value of defined benefit plan investments was $661.1 million (2013 - $760.9 million).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| 4                                       | Unamortized estimation adjustments are amortized to pension expense over periods ranging from 2.8 to 3.5 years for the TSP, 0.3 years for the PSSP and from 0.9 to 12.0 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, 2014 for the defined benefit plans and December 31, 2013 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 $807.0 million and $243.4 million increase in the pension liabilities for the TSP and the PSSP respectively, and a one percentage point increase would result in a $657.0 million and $200.2 million decrease in the pension liabilities for the TSP and the PSSP respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |

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| Tangible Capital Assets          |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |  Schedule 11 |    |
|----------------------------------|--------------------------|--------|------------|---------|-----------|-----------------|-----------|-----------|-----------|--------|-----------|-----------|---------|--------|--------------|-------------------|---------|
| As at March 31, 2014             |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |              |    |   |   |   |   |   |   |   |
| (thousands of dollars)           |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |              |    |   |   |   |   |   |   |   |
|                             |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |              |    |   |   |   |   |   |   |   |   |
|                             |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |              |    |   |   |   | 2014 |   |   | 2013 |   |
|                             |                     |   | 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 |   |       | 431,044 |      |            |      | 3,267,587 |      |   |      | 350,223   |    |   |         | 261,768           |    |   |   | 310,881 |   |   |   | 2,724,683 |   |   |   | 7,346,186 |   |   |   | 6,951,474 |   |
| Opening cost                     |                     |   | 487,161    |    |      |            | 6,087,947 |      |      |   | 1,146,541 |      |    |   | 536,507      |              |    |   | 891,513 |   |   |   | 4,846,228 |   |   |   | 13,995,897 |   |   |   | 13,303,251 |   |
| Adjustment3                      |                     |   | -          |    |      |            | -         |      |      |   | -         |      |    |   | -            |              |    |   | - |   |   |   | - |   |   |   | - |   |   |   | (205,079 | ) |
| Acquisitions                     |                     |   | 80,865     |    |      |            | 456,606   |      |      |   | 59,390    |      |    |   | 26,454       |              |    |   | 106,875 |   |   |   | 334,690 |   |   |   | 1,064,880 |   |   |   | 1,038,061 |   |
| Write-downs                      |                     |   | (338       | )       |      |            | (1,858    | )         |      |   | (339      | )         |    |   | (409         | )                 |    |   | (5,835 | ) |   |   | - |   |   |   | (8,779 | ) |   |   | (3,517 | ) |
| Disposals                        |                     |   | (15,353    | )       |      |            | (24,157   | )         |      |   | (17,530   | )         |    |   | (17,557      | )                 |    |   | (141,431 | ) |   |   | (33,722 | ) |   |   | (249,750 | ) |   |   | (136,819 | ) |
| Closing Cost2                    |                     |   | 552,335    |    |      |            | 6,518,538 |      |      |   | 1,188,062 |      |    |   | 544,995      |              |    |   | 851,122 |   |   |   | 5,147,196 |   |   |   | 14,802,248 |   |   |   | 13,995,897 |   |
| Opening accumulated amortization | 56,117                   |   |       |    | 2,820,360 |            |      |      | 796,318   |   |      |      | 274,739 |   |         |              | 580,632 |   |   |   | 2,121,545 |   |   |   | 6,649,711 |   |   |   | 6,351,777 |   |
| Adjustment3                      |                     |   | -          |    |      |            | -         |      |      |   | -         |      |    |   | -            |              |    |   | - |   |   |   | - |   |   |   | - |   |   |   | (66,128 | ) |
| Annual amortization              |                     |   | 5,247      |    |      |            | 168,852   |      |      |   | 67,876    |      |    |   | 35,012       |              |    |   | 83,161 |   |   |   | 141,780 |   |   |   | 501,928 |   |   |   | 485,206 |   |
| Write-downs                      |                     |   | -          |    |      |            | (1,372    | )         |      |   | (2        | )         |    |   | (409         | )                 |    |   | (5,062 | ) |   |   | - |   |   |   | (6,845 | ) |   |   | (3,330 | ) |
| Disposals                        |                     |   | (18        | )       |      |            | (16,694   | )         |      |   | (14,355   | )         |    |   | (15,846      | )                 |    |   | (124,628 | ) |   |   | (33,722 | ) |   |   | (205,263 | ) |   |   | (117,814 | ) |
| Closing Accumulated Amortization | 61,346                   |   |       |    | 2,971,146 |            |      |      | 849,837   |   |      |      | 293,496 |   |         |              | 534,103 |   |   |   | 2,229,603 |   |   |   | 6,939,531 |   |   |   | 6,649,711 |   |
| Closing Net Book Value of        |                     |   |       |    |      |            |      |      |      |   |      |      |    |   |         |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             | Tangible Capital Assets1 |   |       | 490,989 |      |            |      | 3,547,392 |      |   |      | 338,225   |    |   |         | 251,499           |    |   |   | 317,019 |   |   |   | 2,917,593 |   |   |   | 7,862,717 |   |   |   | 7,346,186 |   |

| 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 $786.7 million (2013 - $664.0 million).                                                                                                                                                                     |
| 3      | During 2012-13, the net book value of tangible capital assets decreased by $139.0 million as a result of the reclassification of Saskatchewan Water Corporation from a government service organization to a government business enterprise (note 10). |

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| Revenue                                                           |                                                                                           |   |  Schedule 12 |    |
|-------------------------------------------------------------------|------------------------------------------------------------------------------------------------|--------|-------------------|---------|
| For the Year Ended March 31, 2014                                 |                                                                                           |   |              |    |   |   |
| (thousands of dollars)                                            |                                                                                           |   |              |    |   |   |
|                                                              |                                                                                           |   |              |    |   |   |   |
|                                                              |                                                                                           |   |              |    |   |   |   |
|                                                              |                                                                                           |   | 2014              |    |   | 2013 |   |
| Taxation                                                          |                                                                                           |   |              |    |   |   |
| Individual income                                                 |                                                                                           |   | 2,470,056         |    |   |   | 2,406,254 |   |
| Provincial sales                                                  |                                                                                           |   | 1,326,403         |    |   |   | 1,284,893 |   |
| Corporation income                                                |                                                                                           |   | 1,017,188         |    |   |   | 838,275 |   |
| Property                                                          |                                                                                           |   | 605,027           |    |   |   | 586,274 |   |
| Fuel                                                              |                                                                                           |   | 509,814           |    |   |   | 495,955 |   |
| Tobacco                                                           |                                                                                           |   | 276,234           |    |   |   | 253,353 |   |
| Other                                                             |                                                                                           |   | 345,952           |    |   |   | 327,796 |   |
| Total Taxation                                                    |                                                                                           |   | 6,550,674         |    |   |   | 6,192,800 |   |
| Non-Renewable Resources                                           |                                                                                           |   |              |    |   |   |   |   |
| Oil                                                               |                                                                                           |   | 1,513,835         |    |   |   | 1,283,877 |   |
| Resource surcharge                                                |                                                                                           |   | 436,868           |    |   |   | 627,675 |   |
| Potash                                                            |                                                                                           |   | 346,030           |    |   |   | 364,490 |   |
| Crown land sales                                                  |                                                                                           |   | 106,730           |    |   |   | 89,060 |   |
| Natural gas                                                       |                                                                                           |   | 16,455            |    |   |   | 11,354 |   |
| Other                                                             |                                                                                           |   | 101,046           |    |   |   | 139,413 |   |
| Total Non-Renewable Resources1                                    |                                                                                           |   | 2,520,964         |    |   |   | 2,515,869 |   |
| Other Own-Source Revenue                                          |                                                                                           |   |              |    |   |   |   |   |
| Fees                                                              |                                                                                           |   |              |    |   |   |   |   |
|                                                              | Health care                                                                                    |   |              | 235,864 |   |   |   | 252,383 |   |
|                                                              | Motor vehicle licensing                                                                        |   |              | 188,428 |   |   |   | 183,121 |   |
|                                                              | Education                                                                                      |   |              | 137,967 |   |   |   | 137,249 |   |
|                                                              | Subsidized housing rental                                                                      |   |              | 108,184 |   |   |   | 103,894 |   |
|                                                              | Real property sales and leases                                                                 |   |              | 87,402  |   |   |   | 97,299 |   |
|                                                              | Registry                                                                                       |   |              | 44,051  |   |   |   | 79,988 |   |
|                                                              | Other                                                                                          |   |              | 317,600 |   |   |   | 294,452 |   |
| Insurance                                                         |                                                                                           |   | 320,280           |    |   |   | 275,433 |   |
| Investment income                                                 |                                                                                           |   | 191,320           |    |   |   | 219,066 |   |
| Gain on sale of Information Services Corporation shares (note 11) |                                                                                           |   | 141,243           |    |   |   | - |   |
| Transfers from other governments                                  |                                                                                           |   | 116,992           |    |   |   | 93,056 |   |
| Other 2                                                           |                                                                                           |   | 382,614           |    |   |   | 443,430 |   |
| Total Other Own-Source Revenue                                    |                                                                                           |   | 2,271,945         |    |   |   | 2,179,371 |   |
| Transfers from the Federal Government                             |                                                                                           |   |              |    |   |   |   |   |
| Canada Health Transfer                                            |                                                                                           |   | 960,348           |    |   |   | 933,400 |   |
| Canada Social Transfer                                            |                                                                                           |   | 388,877           |    |   |   | 366,968 |   |
| Crop insurance contributions                                      |                                                                                           |   | 268,608           |    |   |   | 235,731 |   |
| Housing subsidy                                                   |                                                                                           |   | 58,419            |    |   |   | 177,233 |   |
| Agricultural stability contributions                              |                                                                                           |   | 54,077            |    |   |   | 230,592 |   |
| Other                                                             |                                                                                           |   | 291,870           |    |   |   | 370,747 |   |
| Total Transfers from the Federal Government                       |                                                                                           |   | 2,022,199         |    |   |   | 2,314,671 |   |
| Net income from government business enterprises (schedule 3)      |                                                                                           |   | 1,052,179         |    |   |   | 1,119,836 |   |
| Total Revenue                                                     |                                                                                           |   | 14,417,961        |    |   |   | 14,322,547 |   |
| 1                                                                 | Includes taxes of $476.0 million (2013 - $447.6 million).                                      |   |
| 2                                                                 | Includes reversals and refunds of prior year expenses of $35.0 million (2013 - $59.8 million). |   |

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| Expense by Object                                     |      |   |  Schedule 13 |      |
|-------------------------------------------------------|-----------|--------|-------------------|-----------|
| For the Year Ended March 31, 2014                     |      |   |              |      |   |   |
| (thousands of dollars)                                |      |   |              |      |   |   |
|                                                  |      |   |              |      |   |   |   |
|                                                  |      |   | 2014              |      |   | 2013 |   |
|                                                  |      |   |              |      |   |   |   |
|                                                  |      |   |              |      |   |   |   |
| Salaries and benefits                                 |      |   | 6,154,069         |      |   |   | 6,134,245 |   |
| Transfers                                             |      |   |              |      |   |   |   |   |
|                                                  | Operating |   |              | 4,042,344 |   |   |   | 4,192,973 |   |
|                                                  | Capital   |   |              | 164,135   |   |   |   | 212,465 |   |
| Operating costs                                       |      |   | 2,130,641         |      |   |   | 2,095,674 |   |
| Debt charges (schedule14)                             |      |   | 580,072           |      |   |   | 642,775 |   |
| Amortization of tangible capital assets (schedule 11) |      |   | 501,928           |      |   |   | 485,206 |   |
| Other                                                 |      |   | 255,906           |      |   |   | 521,761 |   |
| Total Expense                                         |      |   | 13,829,095        |      |   |   | 14,285,099 |   |

| Debt Charges                                              |                                                                                                               |   |  Schedule 14 |   |
|-----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|
| For the Year Ended March 31, 2014                         |                                                                                                               |   |              |   |   |   |
| (thousands of dollars)                                    |                                                                                                               |   |              |   |   |   |
|                                                      |                                                                                                               |   |              |   |   |   |
|                                                      |                                                                                                               | 2014   |              |   | 2013 |   |
|                                                      |                                                                                                               |   |              |   |   |   |
|                                                      |                                                                                                               |   |              |   |   |   |
| Total interest costs                                      |                                                                                                               |   | 842,619           |   |   |   | 890,716 |   |
| Interest reimbursed from government business enterprises1 |                                                                                                               |   | (264,476          | )      |   |   | (250,872 | ) |
| Net foreign exchange gain                                 |                                                                                                               |   | (978              | )      |   |   | (354 | ) |
| Other costs                                               |                                                                                                               |   | 2,907             |   |   |   | 3,285 |   |
| Total Debt Charges                                        |                                                                                                               |   | 580,072           |   |   |   | 642,775 |   |
| 1                                                         | Interest reimbursed for debt borrowed by the Government specifically on behalf of government business enterprises. |   |
|                                                      |                                                                                                               |   |              |   |   |   |   |   |

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| Supplemental Cash Flow Information                              |                                        |   |  Schedule 15 |    |
|-----------------------------------------------------------------|---------------------------------------------|--------|-------------------|---------|
| For the Year Ended March 31, 2014                               |                                        |   |              |    |   |   |
| (thousands of dollars)                                          |                                        |   |              |    |   |   |
|                                                            |                                        |   |              |    |   |   |   |
|                                                            |                                        |   | 2014              |    |   | 2013 |   |
|                                                            |                                        |   |              |    |   |   |
|                                                            |                                        |   |              |    |   |   |
| Other Non-Cash Items Included in the Surplus                    |                                        |   |              |    |   |   |
| Amortization of tangible capital assets(schedule 11)            |                                        |   | 501,928           |    |   |   | 485,206 |   |
| Write-downs of tangible capital assets (schedule 11)            |                                        |   | 1,934             |    |   |   | 187 |   |
| Net foreign exchange gain (schedule 14)                         |                                        |   | (978              | )       |   |   | (354 | ) |
| Net gain on other investments1                                  |                                        |   | (55,609           | )       |   |   | (2,782 | ) |
| Net decrease to provision for loss on loans receivable          |                                        |   | (977              | )       |   |   | (4,252 | ) |
| Net gain on disposal of tangible capital assets                 |                                        |   | (12,921           | )       |   |   | (58,020 | ) |
| Earnings retained in sinking funds (schedule 9)                 |                                        |   | (41,628           | )       |   |   | (111,551 | ) |
| Total Other Non-Cash Items Included in the Surplus              |                                        |   | 391,749           |    |   |   | 308,434 |   |
|                                                            |                                        |   |              |    |   |   |   |   |
| Net Change in Non-Cash Operating Activities                     |                                        |   |              |    |   |   |   |   |
| Decrease (increase) in accounts receivable                      |                                        |   | 112,003           |    |   |   | (110,237 | ) |
| Decrease (increase) in inventories held for resale              |                                        |   | 361               |    |   |   | (1,127 | ) |
| (Increase) decrease in deferred charges                         |                                        |   | (1,969            | )       |   |   | 6,983 |   |
| (Decrease) increase in accounts payable and accrued liabilities |                                        |   | (156,031          | )       |   |   | 253,664 |   |
| Decrease in unearned revenue                                    |                                        |   | (981              | )       |   |   | (166,243 | ) |
| Increase in pension liabilities                                 |                                        |   | 310,067           |    |   |   | 457,436 |   |
| (Increase) decrease in prepaid expenses                         |                                        |   | (1,629            | )       |   |   | 1,603 |   |
| Increase in inventories held for consumption                    |                                        |   | (8,523            | )       |   |   | (4,293 | ) |
|                                                            |                                        |   | 253,298           |    |   |   | 437,786 |   |
| Adjustment to accumulated surplus (note 10)                     |                                        |   |  -           |    |   |   | (69,461 | ) |
| Net Change in Non-Cash Operating Activities                     |                                        |   | 253,298           |    |   |   | 368,325 |   |
|                                                            |                                        |   |              |    |   |   |   |   |
| Other Supplemental Information                                  |                                        |   |              |    |   |   |   |   |
| Cash interest paid during the year                              |                                        |   | 341,904           |    |   |   | 406,997 |   |
| Cash interest received during the year                          |                                        |   | 97,545            |    |   |   | 123,821 |   |
| 1                                                               | Net gain on other investments consists of:  |   |              |    |   |   |   |   |   |
|                                                            |                                        |   |              | 2014    |   |   |   | 2013 |   |
|                                                            |                                        |   |              |    |   |   |   |   |   |
|                                                            |                                        |   |              |    |   |   |   |   |   |
|                                                            | Income from equities and pooled funds       |   |              | (44,725 | ) |   |   | (16,905 | ) |
|                                                            | Gain on sale of bonds and equities          |   |              | (22,728 | ) |   |   | (10,790 | ) |
|                                                            | Provision for loss                          |   |              | 9,738   |   |   |   | 23,510 |   |
|                                                            | Amortization of bond premiums and discounts |   |              | 2,106   |   |   |   | 1,403 |   |
|                                                            | Net gain on other investments               |   |              | (55,609 | ) |   |   | (2,782 | ) |
|                                                            |                                        |   |              |    |   |   |   |   |   |

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| Segment Disclosure                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|------------|--------|--------|--------|
| For the Year Ended March 31, 2014                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
| (thousands of dollars)                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         | Treasury Board Organizations1 |       |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         | 2014                               |       |   | 2013   |   |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
| Revenue                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |
| Taxation                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                         |                               | 6,550,674  |   |   |   | 6,192,800 |   |
| Non-renewable resources                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                         |                               | 2,520,964  |   |   |   | 2,515,869 |   |
| Transfers from government organizations                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                         |                               | 219,853    |   |   |   | 315,000 |   |
| Other own-source revenue                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                         |                               | 1,691,959  |   |   |   | 1,790,604 |   |
| Transfers from the federal government                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                         |                               | 1,737,855  |   |   |   | 1,886,465 |   |
| Net income from government business enterprises (schedule 3)                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                         |                               | 487,587    |   |   |   | 479,616 |   |
| Total Revenue (schedule 12)                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                         |                               | 13,208,892 |   |   |   | 13,180,354 |   |
|                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |   |   |
| Expense                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                         |                               |       |   |   |   |   |   |
| Agriculture                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                         |                               | 424,329    |   |   |   | 557,558 |   |
| Community development                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                         |                               | 537,799    |   |   |   | 553,624 |   |
| Debt charges (schedule 14)                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                         |                               | 582,192    |   |   |   | 643,998 |   |
| Economic development                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         |                               | 299,689    |   |   |   | 268,236 |   |
| Education                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                         |                               | 3,568,643  |   |   |   | 3,364,958 |   |
| Environment and natural resources                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                         |                               | 230,486    |   |   |   | 218,096 |   |
| Health                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                         |                               | 5,146,447  |   |   |   | 5,060,841 |   |
| Protection of persons and property                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                         |                               | 631,943    |   |   |   | 668,813 |   |
| Social services and assistance                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                         |                               | 1,142,121  |   |   |   | 1,071,831 |   |
| Transportation                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                         |                               | 507,109    |   |   |   | 504,302 |   |
| Other                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                         |                               | 543,839    |   |   |   | 655,094 |   |
| Total Expense (schedule 13)                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                         |                               | 13,614,597 |   |   |   | 13,567,351 |   |
| Surplus (Deficit)                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                         |                               | (405,705   | )      |   |   | (386,997 | ) |
| The segments of the Summary financial statements are based on the accountability and control relationships between the Government and the various organizations within the government reporting entity.  Schedule 17 identifies the organizations included in each segment. |                                                                                                                                                                                                                                                                                                                                                         |
| 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 16 |   |
|--------------------------|---------|--------|----------------------------------------------|--------|---------|--------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|----------|--------|-------------------|--------|
|                     |    |   |                                         |   |    |         |   |   |      |   |   |   |      |   |   |   |     |   |              |   |   |   |
|                     |    |   |                                         |   |    |         |   |   |      |   |   |   |      |   |   |   |     |   |              |   |   |   |
|                     |    |   |                                         |   |    |         |   |   |      |   |   |   |      |   |   |   |     |   |              |   |   |   |
| CIC Board Organizations2 |    |   | Not-for-Profit Insurance Organizations3 |   |    | Eliminations |   |   | Total     |   |
| 2014                     |    |   | 2013                                         |   |    | 2014         |   |   | 2013      |   |   | 2014   |      |   | 2013   |   |     | 2014   |              |   | 2013 |   |
|                     |    |   |                                         |   |    |         |   |   |      |   |   |   |      |   |   |   |     |   |              |   |   |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 6,550,674 |   |   |   | 6,192,800 |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 2,520,964 |   |   |   | 2,515,869 |   |
|                     | -       |   |                                         |   | -       |         |   |   | 250,842   |   |   |   | 326,294   |   |   |   | (470,695 | )      |              |   | (641,294 | ) |   |   | - |   |   |   | - |   |
|                     | 282,322 |   |                                         |   | 146,643 |         |   |   | 297,664   |   |   |   | 259,689   |   |   |   | -        |   |              |   | (17,565 | ) |   |   | 2,271,945 |   |   |   | 2,179,371 |   |
|                     | -       |   |                                         |   | -       |         |   |   | 284,344   |   |   |   | 428,206   |   |   |   | -        |   |              |   | - |   |   |   | 2,022,199 |   |   |   | 2,314,671 |   |
|                     | 342,375 |   |                                         |   | 495,919 |         |   |   | 222,217   |   |   |   | 144,301   |   |   |   | -        |   |              |   | - |   |   |   | 1,052,179 |   |   |   | 1,119,836 |   |
|                     | 624,697 |   |                                         |   | 642,562 |         |   |   | 1,055,067 |   |   |   | 1,158,490 |   |   |   | (470,695 | )      |              |   | (658,859 | ) |   |   | 14,417,961 |   |   |   | 14,322,547 |   |
|                     |    |   |                                         |   |    |         |   |   |      |   |   |   |      |   |   |   |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|                     | -       |   |                                         |   | -       |         |   |   | 341,452   |   |   |   | 890,001   |   |   |   | (245,292 | )      |              |   | (340,006 | ) |   |   | 520,489 |   |   |   | 1,107,553 |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 537,799 |   |   |   | 553,624 |   |
|                     | 3,430   |   |                                         |   | 2,630   |         |   |   | -         |   |   |   | -         |   |   |   | (5,550   | )      |              |   | (3,853 | ) |   |   | 580,072 |   |   |   | 642,775 |   |
|                     | 43,866  |   |                                         |   | 55,708  |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 343,555 |   |   |   | 323,944 |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 3,568,643 |   |   |   | 3,364,958 |   |
|                     | 598     |   |                                         |   | 2,997   |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 231,084 |   |   |   | 221,093 |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 5,146,447 |   |   |   | 5,060,841 |   |
|                     | 29,687  |   |                                         |   | 56,165  |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 661,630 |   |   |   | 724,978 |   |
|                     | -       |   |                                         |   | -       |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 1,142,121 |   |   |   | 1,071,831 |   |
|                     | 29,793  |   |                                         |   | 28,764  |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 536,902 |   |   |   | 533,066 |   |
|                     | 16,514  |   |                                         |   | 25,342  |         |   |   | -         |   |   |   | -         |   |   |   | -        |   |              |   | - |   |   |   | 560,353 |   |   |   | 680,436 |   |
|                     | 123,888 |   |                                         |   | 171,606 |         |   |   | 341,452   |   |   |   | 890,001   |   |   |   | (250,842 | )      |              |   | (343,859 | ) |   |   | 13,829,095 |   |   |   | 14,285,099 |   |
|                     | 500,809 |   |                                         |   | 470,956 |         |   |   | 713,615   |   |   |   | 268,489   |   |   |   | (219,853 | )      |              |   | (315,000 | ) |   |   | 588,866 |   |   |   | 37,448 |   |

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| Government Reporting Entity                    |   |  Schedule 17 |   |
|------------------------------------------------|--------|-------------------|--------|
| For the Year Ended March 31, 2014              |   |              |   |   |   |   |
|                                           |   |              |   |   |   |   |
| Government Service Organizations(Consolidated) |   |              |   |   |   |   |

| Government Organizations                                                        | Fish and Wildlife Development Fund                          |
|---------------------------------------------------------------------------------|-------------------------------------------------------------|
| Agricultural Credit Corporation of Saskatchewan                                 | Forest Management Funds                                     |
| Agricultural Implements Compensation Fund                                       |                                                        | Crown Agricultural Land Forest Fund |
| Boards of Education 6c                                                          |                                                        | Edgewood Forest Renewal Trust Fund 1 |
|                                                                            |                                                        | Chinook School Division No. 211 |   | Island Forests Management Fund |
|                                                                            |                                                        | Christ the Teacher Roman Catholic Separate School Division |   | Meadow Lake OSB Forest Management Trust Fund |
|                                                                            |                                                        |   | No. 212 |   | Mee-Toos Forest Management Fund Trust |
|                                                                            |                                                        | Conseil des écoles fransaskoises no. 310 |   | Mistik Forest Management Trust |
|                                                                            |                                                        | Creighton School Division No. 111 |   | North West Communities Wood Products Forest Management |
|                                                                            |                                                        | Englefeld Protestant Separate School Division No. 132 |   |   | Fund Trust |
|                                                                            |                                                        | Good Spirit School Division No. 204 |   | Park Land Forests Management Fund |
|                                                                            | Holy Family Roman Catholic Separate School Division No. 140 |   | Sakaw Forest Renewable Trust Fund |
|                                                                            |                                                        | Holy Trinity Roman Catholic Separate School Division No. 22 |   | Weyerhaeuser Forest Renewal Trust Fund 1 |
|                                                                            |                                                        | Horizon School Division No. 205 |   | Zelensky Bros. Forest Management Fund Trust |
|                                                                            |                                                        | Ile-a-la Crosse School Division No. 112 | General Revenue Fund |
|                                                                            |                                                        | Light of Christ Roman Catholic Separate School Division No. 16 | Global Transportation Hub Authority |
|                                                                            |                                                        | Living Sky School Division No. 202 | Government House Foundation |
|                                                                            |                                                        | Lloydminster Roman Catholic Separate School Division No. 89 | Gradworks Inc. 6d 7a |
|                                                                            |                                                        | Lloydminster School Division No. 99 | Growth and Financial Security Fund |
|                                                                            |                                                        | North East School Division No. 200 | Health Quality Council |
|                                                                            |                                                        | Northern Lights School Division No. 113 | Health Shared Services Saskatchewan |
|                                                                            |                                                        | Northwest School Division No. 203 | Horned Cattle Fund |
|                                                                            |                                                        | Prairie South School Division No. 210 | Individual Cattle Feeder Loan Guarantee Provincial Assurance Fund3 |
|                                                                            |                                                        | Prairie Spirit School Division No. 206 | Information Services Corporation of Saskatchewan 4 |
|                                                                            |                                                        | Prairie Valley School Division No. 208 | Innovation Saskatchewan |
|                                                                            |                                                        | Prince Albert Roman Catholic Separate School Division No. 6 | Institutional Control Monitoring and Maintenance Fund |
|                                                                            |                                                        | Regina Roman Catholic Separate School Division No. 81 | Institutional Control Unforeseen Events Fund |
|                                                                            |                                                        | Regina School Division No. 4 | Law Reform Commission of Saskatchewan |
|                                                                            |                                                        | Saskatchewan Rivers School Division No. 119 | Livestock Services Revolving Fund |
|                                                                            |                                                        | Saskatoon School Division No. 13 | North Sask Laundry and Support Services Ltd. |
|                                                                            |                                                        | South East Cornerstone School Division No. 209 | Northern Municipal Trust Account 6d |
|                                                                            |                                                        | St. Paul's Roman Catholic Separate School Division No. 20 | Oil and Gas Orphan Fund |
|                                                                            |                                                        | Sun West School Division No. 207 | Operator Certification Board |
| Century Plaza Properties (The Owners: Condominium Corporation    | Pastures Revolving Fund                                     |
|                                                                            | No. 101100609)                                              | Physician Recruitment Agency of Saskatchewan |
| CIC Asset Management Inc. 6d 7a                                                 | Prairie Agricultural Machinery Institute                    |
| CIC Economic Holdco Ltd. 6d 7a                                                  | Prince of Wales Scholarship Fund                            |
| Commercial Revolving Fund                                                       | Public Employees Benefits Agency Revolving Fund             |
| Community Initiatives Fund                                                      | Public Employees Dental Fund 6d                             |
| Correctional Facilities Industries Revolving Fund                               | Public Employees Disability Income Fund 6d                  |
| Creative Saskatchewan 1                                                         | Public Employees Group Life Insurance Fund 6d               |
| Criminal Property Forfeiture Fund                                               | Queen’s Printer Revolving Fund                        |
| Crop Reinsurance Fund of Saskatchewan 7b                                        | Regional Colleges 6a                                        |
| Crown Investments Corporation of Saskatchewan (separate) 6d 7a             |    Carlton Trail Regional College                 |
| eHealth Saskatchewan                                                            |    Cumberland Regional College                    |
| Enterprise Saskatchewan                                                         |    Great Plains College                           |
| Extended Health Care Plan for Certain Other Employees 6d                        |    North West Regional College                    |
| Extended Health Care Plan for Certain Other Retired Employees 6d                |    Northlands College                             |
| Financial and Consumer Affairs Authority of Saskatchewan                        |    Parkland Regional College                      |
| First Nations and Métis Fund Inc. 6d 7a                                    |    Southeast Regional College                     |

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----

| Government Reporting Entity (continued) |   Schedule 17 |
|-----------------------------------------|-------------------------|

| Regional Health Authorities                                       |                                                  | Saskatchewan Student Aid Fund                             |
|-------------------------------------------------------------------|-------------------------------------------------------|-----------------------------------------------------------|
|                                                              | Cypress Regional Health Authority                     |                                                      | Saskatchewan Transportation Company 6d 7a |
|                                                              | Five Hills Regional Health Authority                  |                                                      | SaskBuilds Corporation |
|                                                              | Heartland Regional Health Authority                   |                                                      | Sask911 Account |
|                                                              | Keewatin Yatthé Regional Health Authority        |                                                      | School Division Tax Loss Compensation Fund |
|                                                              | Kelsey Trail Regional Health Authority                |                                                      | Tourism Saskatchewan |
|                                                              | Mamawetan Churchill River Regional Health Authority   |                                                      | Training Completions Fund |
|                                                              | Prairie North Regional Health Authority               |                                                      | Transportation Partnerships Fund |
|                                                              | Prince Albert Parkland Regional Health Authority      |                                                      | University of Regina Crown Foundation 3 |
|                                                              | Regina Qu'Appelle Regional Health Authority           |                                                      | University of Saskatchewan Crown Foundation 3 |
|                                                              | Saskatoon Regional Health Authority                   |                                                      | Victims’ Fund |
|                                                              | Sun Country Regional Health Authority                 |                                                      | Water Appeal Board |
|                                                              | Sunrise Regional Health Authority                     |                                                      | Water Security Agency 5 |
| Saskatchewan Agricultural Stabilization Fund                      |                                                  | Western Development Museum Fund                           |
| Saskatchewan Apprenticeship and Trade Certification Commission 6a |                                                  |                                                      |
| Saskatchewan Archives Board                                       |                                                  |                                                      |
| Saskatchewan Arts Board                                           | Government Business Enterprises(Modified Equity)      |
| Saskatchewan Association of Health Organizations Inc.             |                                                  | Liquor and Gaming Authority                               |
| Saskatchewan Cancer Agency                                        |                                                  | Municipal Financing Corporation of Saskatchewan 6d        |
| Saskatchewan Centre of the Arts Fund                              |                                                  | Saskatchewan Auto Fund 6d 7b                              |
| Saskatchewan Crop Insurance Corporation 7b                        |                                                  | Saskatchewan Gaming Corporation 6d 7a                     |
| Saskatchewan Development Fund Corporation 3                       |                                                  | Saskatchewan Government Insurance 6d 7a                   |
| Saskatchewan Grain Car Corporation 6b                             |                                                  | Saskatchewan Power Corporation 6d 7a                      |
| Saskatchewan Health Research Foundation                           |                                                  | Saskatchewan Telecommunications Holding Corporation 6d 7a |
| Saskatchewan Heritage Foundation                                  |                                                  | Saskatchewan Water Corporation 6d 7a                      |
| Saskatchewan Housing Corporation 6d                               |                                                  | SaskEnergy Incorporated 6d 7a                             |
| Saskatchewan Immigrant Investor Fund Inc. 6d 7a                   |                                                  | Workers’ Compensation Board (Saskatchewan) 6d 7b    |
| Saskatchewan Impaired Driver Treatment Centre Board of            |                                                  |                                                      |
|                                                              | Governors                                             |                                                      |   |
| Saskatchewan Institute of Applied Science and Technology 6a       | Government Partnerships(Proportionately Consolidated) |
| Saskatchewan Legal Aid Commission                                 |                                                  | Battlefords First Nations Joint Board of Education 2      |
| Saskatchewan Lotteries Trust Fund for Sport, Culture and          |                                                  | Foragen Technologies Limited Partnership                  |
|                                                              | Recreation                                            |                                                      | Prairie Diagnostic Services Inc. |
| Saskatchewan Opportunities Corporation 6d 7a                      |                                                  | Saskatchewan Entrepreneurial Fund Joint Venture           |
| Saskatchewan Research Council                                     |                                                  |                                                      |
| Saskatchewan Snowmobile Fund                                      |                                                  |                                                      |

----

| 1 | Organization established during 2013-14. |
|---|------------------------------------------|

| 2 | Organization determined to be a government partnership during 2013-14. |
|---|------------------------------------------------------------------------|

| 3 | Organization wound up during 2013-14. |
|---|---------------------------------------|

| 4 | Controlling interest in the organization was sold during 2013-14 (note 11). |
|---|-----------------------------------------------------------------------------|

| 5 | Organization’s name changed during 2013-14 from Saskatchewan Watershed Authority. |
|---|-----------------------------------------------------------------------------------------|

| 6 | The year-ends of certain organizations differ from March 31, 2014: a June 2013; b July 2013; c August 2013; d December 2013. |
|---|------------------------------------------------------------------------------------------------------------------------------|

| 7 | For segment disclosure (schedule 16) certain organizations are classified into categories other than Treasury Board Organizations as follows: a CIC Board Organizations; b Not-for-Profit Insurance Organizations. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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