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| TABLE OF CONTENTS                                                                         |
|-------------------------------------------------------------------------------------------|
|                                                                                      |   |   |   |
|                                                                                      | Page |   |
| Province of Saskatchewan                                                                  |   | 1 |   |
| Overview of the Economy                                                                   |   | 3 |   |
| Finances of the Government                                                                |   | 16 |   |
| General Revenue Fund Supplementary Financial Information                                  |   | 32 |   |
| Detail of General Revenue Fund Debt                                                       |   | 51 |   |
| Crown Corporations                                                                        |   | 54 |   |
| Government of Saskatchewan Summary Financial Statements (Volume 1 of the Public Accounts) |   | Exhibit E |   |
| Sources of Information                                                                    |   | 62 |   |

| ● | the Saskatchewan Low-Income Tax Credit is netted against provincial sales taxation revenue, the type of tax revenue for which the credit is providing relief, rather than individual income taxation revenue, |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | penalties and interest collected on tax revenue are recorded separate from tax revenue, and |
|---------|---------------------------------------------------------------------------------------------|

| ● | commissions paid to retailers on the collection of taxes are recorded as an expense. |
|---------|--------------------------------------------------------------------------------------|

|                                           |   | 2008                                      |   | 2009                                      |   | 2010                                      |   | 2011                                      |   | 2012                                      |   | 2013*                                |
|------------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------|--------|-------------------------------------------|--------|--------------------------------------|
|                                           |   |                                      |   |                                      |   |                                      |   |                                      |   |                                      |   |                                 |
| High                                           |   |     102.89            |   |       97.16 |   |     100.54            |   |     105.83            |   |     102.99            |   |     105.99       |
| Low                                            |   |       77.11 |   |       76.92 |   |       92.78 |   |       94.30 |   |       95.99 |   |       98.39 |
|                                           |   |                                      |   |                                      |   |                                      |   |                                      |   |                                      |   |                                 |
| Source:  Bank of Canada - noon rate. |   |                                      |   |                                      |   |                                      |   |                                      |   |                                      |   |
| * First eleven months only.                    |   |                                      |   |                                      |   |                                      |   |                                      |   |                                      |   |                                 |

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|                                                              |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Compound    |
|-------------------------------------------------------------------|---------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-------------|
|                                                              | Calendar Year Ended December 31 |   |   | Annual |
|                                                              |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Growth Rate |
|                                                              |                            | 2008   |   |   | 2009   |   |   | 2010   |   |   | 2011   |   |   | 2012   |   |   |        | 2008-2012 |   |
|                                                              | (Millions)                      |   |   |   |   |
| Economy                                                           |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |        |   |   |
| Gross Domestic Product at Current                                 |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |        |
|    Market Prices *                                 |                            | $      | 67,826 |   |   | $      | 60,150 |   |   | $      | 63,427 |   |   | $      | 73,469 |   |        | $ | 77,925 |   |   |   | 3.5 | % |
| Farm Cash Receipts                                                |                            | $      | 9,427  |   |   | $      | 9,244  |   |   | $      | 9,117  |   |   | $      | 11,044 |   |        | $ | 11,838 |   |   |   | 5.9 |   |
| Mineral Sales                                                     |                            | $      | 23,764 |   |   | $      | 14,461 |   |   | $      | 17,985 |   |   | $      | 21,290 |   |        | n.a |   |   |   | n.a. |   |
| Manufacturing Shipments                                           |                            | $      | 13,181 |   |   | $      | 11,210 |   |   | $      | 10,656 |   |   | $      | 12,447 |   |        | $ | 14,188 |   |   |   | 1.9 |   |
| Exports *                                                         |                            | $      | 48,181 |   |   | $      | 40,157 |   |   | $      | 43,085 |   |   | $      | 51,051 |   |        | $ | 52,048 |   |   |   | 1.9 |   |
| Personal Income *                                                 |                            | $      | 31,606 |   |   | $      | 31,723 |   |   | $      | 32,863 |   |   | $      | 36,409 |   |        | $ | 38,717 |   |   |   | 5.2 |   |
| Population at July 1 (Thousands)                                  |                            |   | 1,017  |   |   |   | 1,035  |   |   |   | 1,051  |   |   |   | 1,066  |   |        |   | 1,088 |   |   |   | 1.7 |   |
| Unemployment Rate                                                 |                            |   | 4.1    | %      |   |   | 4.8    | %      |   |   | 5.2    | %      |   |   | 5.0    | %      |        |   | 4.7 | % |   | n.a. |   |
| Change in Consumer Price Index 1                                  |                            |   | 3.2    | %      |   |   | 1.1    | %      |   |   | 1.4    | %      |   |   | 2.8    | %      |        |   | 1.6 | % |   | n.a. |   |
| 1   2002 = 100                                          |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |        |   |   |   |   |   |   |   |
| n.a. = not applicable                                             |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |        |   |   |   |   |   |   |   |
| * = compound annual growth rate from 2008-2012                    |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |        |
| Source: Saskatchewan Bureau of Statistics, Statistics Canada |                            |   |   |   |   |   |   |   |   |

|                                                               | Fiscal Year Ended March 31 |   |
|--------------------------------------------------------------------|----------------------------|--------|
|                                                               |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Estimate |   |
|                                                               |                       | 2009   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
|                                                               | (Millions)                 |   |
| Government Finances - General Revenue Fund                         |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Budgetary surplus (deficit) 1                                      |                       | $      | 2,389 |   |   | $ | 425 |   |   | $ | 48 |   |   | $ | 352 |   |   | $ | 58 |   |   | $ | 32 |   |
| Add (deduct) non-cash items                                        |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Amortization of foreign exchange (gain) loss     |                       |   | 5 |   |   |   | (1 | ) |   |   | 0 |   |   |   | 2 |   |   |   | 0 |   |   |   | 0 |   |
|    Amortization of Capital Assets                   |                       |   | 167 |   |   |   | 146 |   |   |   | 172 |   |   |   | 167 |   |   |   | 176 |   |   |   | 203 |   |
|    (Gain) Loss on loans and investments             |                       |   | 1 |   |   |   | 3 |   |   |   | 0 |   |   |   | (1 | ) |   |   | 0 |   |   |   | (17 | ) |
|    Net change in non-cash operating activities      |                       |   | (115 | ) |   |   | 227 |   |   |   | (383 | ) |   |   | (317 | ) |   |   | (83 | ) |   |   | 68 |   |
|    Earnings retained in sinking funds               |                       |   | (79 | ) |   |   | (159 | ) |   |   | (149 | ) |   |   | (166 | ) |   |   | (109 | ) |   |   | (40 | ) |
| Capital Activities                                                 |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Cash (used for) Acquisition of capital assets    |                       |   | (342 | ) |   |   | (348 | ) |   |   | (370 | ) |   |   | (398 | ) |   |   | (489 | ) |   |   | (547 | ) |
| Investing Activities                                               |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Cash provided by (used for) investing activities |                       |   | (1,758 | ) |   |   | 546 |   |   |   | 780 |   |   |   | 94 |   |   |   | 764 |   |   |   | (602 | ) |
| Cash Provided (Required)                                           |                       | $      | 268 |   |   | $ | 839 |   |   | $ | 98 |   |   | $ | (267 | ) |   | $ | 317 |   |   | $ | (903 | ) |
|                                                               |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                                       | Fiscal Year Ended March 31 |   |
|------------------------------------------------------------|----------------------------|--------|
|                                                       |                       | 2009   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |
|                                                       | (Millions)                 |   |
| Debt - General Revenue Fund                                |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Gross Debt                               |                       | $      | 11,066 |   |   | $ | 10,690 |   |   | $ | 10,550 |   |   | $ | 10,911 |   |   | $ | 11,014 |   |
|    Less:  Equity in Sinking Funds |                       |   | (3,364 | ) |   |   | (2,697 | ) |   |   | (2,432 | ) |   |   | (2,641 | ) |   |   | (1,835 | ) |
|    Guaranteed Debt                          |                       |   | 20 |   |   |   | 17 |   |   |   | 35 |   |   |   | 94 |   |   |   | 132 |   |
| Total General Revenue Fund Debt                            |                       | $      | 7,722 |   |   | $ | 8,010 |   |   | $ | 8,153 |   |   | $ | 8,364 |   |   | $ | 9,311 |   |

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|  Population                 |                                                     | Area                                                                       |
|----------------------------------|----------------------------------------------------------|----------------------------------------------------------------------------|
|                             | 1,108,303 (July 1, 2013)                                 |                                                                       | Land: |
|                             |                                                     |                                                                       |   |   | ● | 570,700 square kilometres(220,350 square miles) |
| Major Urban Centres              |                                                     |                                                                       |   |   |
|                             | Regina                                                   |                                                                       |   | Fresh Water: |
|                             | ●                                                  | Capital of Saskatchewan                                                    |   | ● | 81,630 square kilometres |
|                             | ●                                                  | 226,312 (July 1, 2012)*                                                    |   |   | (31,520 square miles) |
|                             | Saskatoon                                                |                                                                       |   | Total: |
|                             | ●                                                  | Centre for Saskatchewan'sresource-based and advanced technology industries |   | ● | 652,330 square kilometres(251,870 square miles) |
|                             | ●                                                  | 284,008 (July 1, 2012)*                                                    |   | Farm Land: |
|                             |                                                     |                                                                       |   | ● | 268,655 square kilometres(103,730 square miles) |
| Population Density               |                                                     |                                                                       | Cultivated Farm Land: |
|                             | 1 person per 0.66 squarekilometre (0.25 per square mile) |                                                                       | ● | 202,470 square kilometres(78,170 square miles) |
|                             |                                                     |                                                                       |   |   |   | Commercial Forests: |
| Mean Temperatures Range (Regina) |                                                     | ●                                                                    | 126,300 square kilometres(48,760 square miles) |
|                             | January                                             | -11to -22 degrees Celsius                                                  |   |   |   |
|                             | July                                                     |   26  to  12 degrees Celsius                      |   |   |   |
|                             |                                                     |                                                                       |   |   |   |   |
| Mean Precipitation (Regina)      |                                                     |                                                                       |   |
|                             | January                                                  | 15millimetres                                                              |   |   |   |   |
|                             | July                                                     | 59millimetres                                                              |   |   |   |   |
|                             | Year                                                     | 364millimetres                                                             |   |   |   |   |
|                             |                                                     |                                                                       |   |   |   |   |   |
|                             |                                                     |                                                                       |   |   |   |   |   |

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| Summary of Economic Indicators                                     |
|--------------------------------------------------------------------|
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Compound |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Annual |   |
|                                                               |   | Calendar Year Ended December 31 |  Growth Rate |
|                                                               |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   |   | 2008-2012 |   |
| Gross Domestic Product - Saskatchewan                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Market Prices (Millions)                                   |   | $ | 67,826 |   |   | $ | 60,150 |   |   | $ | 63,427 |   |   | $ | 73,469 |   |   | $ | 77,925 |   |   |   | 3.5 | % |
| Annual Rate of Change                                              |   |   | 29.4 | % |   |   | (11.3 | )% |   |   | 5.4 | % |   |   | 15.8 | % |   |   | 6.1 | % |   | n.a. |   |
| Per Capita                                                         |   | $ | 66,669 |   |   | $ | 58,128 |   |   | $ | 60,325 |   |   | $ | 68,898 |   |   | $ | 71,653 |   |   |   | 1.8 | % |
| Chained 2007 Dollars (Millions)                                    |   | $ | 55,105 |   |   | $ | 52,772 |   |   | $ | 54,596 |   |   | $ | 57,382 |   |   | $ | 58,541 |   |   |   | 1.5 | % |
| Annual Rate of Change                                              |   |   | 5.1 | % |   |   | (4.2 | )% |   |   | 3.5 | % |   |   | 5.1 | % |   |   | 2.0 | % |   | n.a. |   |
| Per Capita                                                         |   | $ | 54,165 |   |   | $ | 50,998 |   |   | $ | 51,925 |   |   | $ | 53,812 |   |   | $ | 53,829 |   |   |   | (0.2 | ) % |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product - Canada                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Market Prices (Millions)                                   |   | $ | 1,645,974 |   |   | $ | 1,567,007 |   |   | $ | 1,662,757 |   |   | $ | 1,760,011 |   |   | $ | 1,819,967 |   |   |   | 3.0 | % |
| Annual Rate of Change                                              |   |   | 5.1 | % |   |   | (4.8 | )% |   |   | 6.1 | % |   |   | 5.8 | % |   |   | 3.4 | % |   | n.a. |   |
| Per Capita                                                         |   | $ | 49,509 |   |   | $ | 46,597 |   |   | $ | 48,897 |   |   | $ | 51,248 |   |   | $ | 52,367 |   |   |   | 1.9 | % |
| Chained 2007 Dollars (Millions)                                    |   | $ | 1,584,306 |   |   | $ | 1,541,348 |   |   | $ | 1,593,356 |   |   | $ | 1,633,640 |   |   | $ | 1,661,559 |   |   |   | 1.1 | % |
| Annual Rate of Change                                              |   |   | 1.2 | % |   |   | (2.7 | )% |   |   | 3.4 | % |   |   | 2.5 | % |   |   | 1.7 | % |   | n.a. |   |
| Per Capita                                                         |   | $ | 47,654 |   |   | $ | 45,834 |   |   | $ | 46,856 |   |   | $ | 47,569 |   |   | $ | 47,809 |   |   |   | 0.0 | % |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Price Index 1                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (Annual Percentage Change)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |   | 3.2 | % |   |   | 1.1 | % |   |   | 1.4 | % |   |   | 2.8 | % |   |   | 1.6 | % |   | n.a. |   |
|       Canada                         |   |   | 2.4 | % |   |   | 0.3 | % |   |   | 1.8 | % |   |   | 2.9 | % |   |   | 1.5 | % |   | n.a. |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Population (July 1)(Thousands)                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |   | 1,017 |   |   |   | 1,035 |   |   |   | 1,051 |   |   |   | 1,066 |   |   |   | 1,088 |   |   |   | 1.6 | % |
|       Canada                         |   |   | 33,246 |   |   |   | 33,629 |   |   |   | 34,005 |   |   |   | 34,343 |   |   |   | 34,754 |   |   |   | 1.1 | % |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unemployment Rate                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Saskatchewan                   |   |   | 4.1 | % |   |   | 4.8 | % |   |   | 5.2 | % |   |   | 5.0 | % |   |   | 4.7 | % |   | n.a. |   |
|       Canada                         |   |   | 6.1 | % |   |   | 8.3 | % |   |   | 8.0 | % |   |   | 7.5 | % |   |   | 7.2 | % |   | n.a. |   |
| 1   2007 = 100                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n.a. = not applicable                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sources: Saskatchewan Bureau of Statistics, Statistics Canada |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| Gross Domestic Product                                                                   |
|------------------------------------------------------------------------------------------|
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Compound |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Annual |   |
|                                                                                     | Year Ended December 31 |  Growth Rate |
|                                                                                     |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   |   | 2008-2012 |   |
|                                                                                     | (Millions) |   |   |   |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Current Market Prices                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final Consumption Expenditures                                                           |   | $ | 38,423 |   |   | $ | 39,972 |   |   | $ | 42,113 |   |   | $ | 44,134 |   |   | $ | 46,130 |   |   |   | 4.7 |  % |
| Gross Fixed Capital Formation                                                            |   |   | 15,282 |   |   |   | 15,582 |   |   |   | 18,146 |   |   |   | 20,352 |   |   |   | 21,673 |   |   |   | 9.1 |  % |
| Investment in Inventories                                                                |   |   | 1,762 |   |   |   | (881 | ) |   |   | (793 | ) |   |   | 471 |   |   |   | 566 |   |   |   | (24.7 | )% |
|       Non-Farm                                             |   |   | 136 |   |   |   | (1,199 | ) |   |   | (268 | ) |   |   | 563 |   |   |   | 1,447 |   |   | n.a. |   |
|       Farm                                                 |   |   | 1,626 |   |   |   | 318 |   |   |   | (525 | ) |   |   | (91 | ) |   |   | (883 | ) |   | n.a. |   |
|    Exports of Goods and Services                                          |   |   | 48,181 |   |   |   | 40,157 |   |   |   | 43,085 |   |   |   | 51,051 |   |   |   | 52,048 |   |   |   | 1.9 |  % |
|       Less:  Imports of Goods and Services       |   |   | 35,745 |   |   |   | 34,932 |   |   |   | 39,077 |   |   |   | 42,547 |   |   |   | 42,490 |   |   |   | 4.4 |  % |
| Total                                                                                    |   | $ | 67,826 |   |   | $ | 60,150 |   |   | $ | 63,427 |   |   | $ | 73,469 |   |   | $ | 77,925 |   |   |   | 3.5 |  % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Domestic Product                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Constant Chained 2007 Dollars                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Final Consumption Expenditures                                                           |   | $ | 37,219 |   |   | $ | 38,050 |   |   | $ | 39,206 |   |   | $ | 39,852 |   |   | $ | 40,851 |   |   |   | 2.4 |  % |
| Gross Fixed Capital Formation                                                            |   |   | 14,404 |   |   |   | 14,288 |   |   |   | 16,563 |   |   |   | 18,145 |   |   |   | 18,873 |   |   |   | 7.0 |  % |
| Investment in Inventories                                                                |   |   | 1,237 |   |   |   | (450 | ) |   |   | (1,036 | ) |   |   | 486 |   |   |   | 183 |   |   |   | (38.0 | )% |
|     Non-farm                                                         |   |   | (72 | ) |   |   | (1,055 | ) |   |   | (85 | ) |   |   | 672 |   |   |   | 1,437 |   |   | n.a. |   |
|     Farm                                                             |   |   | 1,172 |   |   |   | 517 |   |   |   | (889 | ) |   |   | (104 | ) |   |   | (842 | ) |   | n.a. |   |
|     Exports of Goods and Services                                    |   |   | 36,266 |   |   |   | 34,814 |   |   |   | 37,170 |   |   |   | 38,969 |   |   |   | 39,214 |   |   |   | 2.0 |  % |
|        Less:  Imports of Goods and Services |   |   | 34,732 |   |   |   | 34,934 |   |   |   | 38,440 |   |   |   | 41,408 |   |   |   | 41,800 |   |   |   | 4.7 |  % |
| Total                                                                                    |   | $ | 55,105 |   |   | $ | 52,772 |   |   | $ | 54,596 |   |   | $ | 57,382 |   |   | $ | 58,541 |   |   |   | 1.5 |  % |

| n.a. = not applicable |
|-----------------------|
| Note:            | Components may not add due to use of chained fisher price methodology. |
| Source:          | Saskatchewan Bureau of Statistics. |

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| Gross Fixed Capital Formation                 |
|-----------------------------------------------|
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Annual |
|                                          | Year Ended December 31 |  Growth Rate |
|                                          |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   |   | 2008-2012 |   |
|                                          | (Millions) |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture 1                                 |   | $ | 988 |   |   | $ | 1,416 |   |   | $ | 1,435 |   |   | $ | 1,212 |   |   | $ | 1,218 |   |   |   | 5.4 | % |
| Mining and Oil and Gas Extraction 2 |   |   | 5,354 |   |   |   | 4,795 |   |   |   | 6,668 |   |   |   | 8,318 |   |   |   | 8,320 |   |   |   | 11.6 |   |
| Construction                                  |   |   | 205 |   |   |   | 182 |   |   |   | 236 |   |   |   | 235 |   |   |   | 226 |   |   |   | 2.4 |   |
| Manufacturing 4                               |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |
| Transportation & Warehousing 4            |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |
| Information and Cultural Services             |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |
| Utilities                                     |   |   | 577 |   |   |   | 781 |   |   |   | 903 |   |   |   | 1,018 |   |   |   | 1,109 |   |   |   | 17.7 |   |
| Retail and Wholesale Trade                    |   |   | 436 |   |   |   | 491 |   |   |   | 486 |   |   |   | 519 |   |   |   | 665 |   |   |   | 11.1 |   |
| Finance and Insurance 3                       |   |   | 3,441 |   |   |   | 3,002 |   |   |   | 3,317 |   |   |   | 3,991 |   |   |   | 4,640 |   |   |   | 7.8 |   |
| Commercial Services 4                         |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |
| Institutions                                  |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |   | n.a. |   |
| Public Administration                         |   |   | 989 |   |   |   | 1,345 |   |   |   | 1,462 |   |   |   | 1,309 |   |   |   | 1,337 |   |   |   | 7.8 |   |
| Total                                         |   | $ | 15,282 |   |   | $ | 15,582 |   |   | $ | 18,146 |   |   | $ | 20,352 |   |   | $ | 21,673 |   |   |   | 9.1 | % |

| 1    Includes forestry, fishing, trapping and hunting.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 2   Includes oil and natural gas extraction, potash, uranium and other minerals. |   |   |   |   |   |
| 3   Includes real estate and other services not shown above.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 4   Data are not available due to confidential nature of the information.             |   |   |   |   |   |   |   |   |   |
| Components will not add to total.                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source: Saskatchewan Bureau of Statistics.                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Trade with the Rest of Canada and Abroad              |
|-------------------------------------------------------|
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   Compound |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   Annual |
|                                                  |   | Year Ended December 31 |   Growth Rate |
|                                                  |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   | 2008-2012 |
|                                                  |   | (Millions) |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exports                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Grain                               |   |  $ |   5,484 |   |   | $ |     5,273 |   |   | $ |    4,459 |   |   | $ |    5,232 |   |   | $ |    6,016 |   |   |        2.3 |   % |
|    Oil                                 |   |   | 10,437 |   |   |   | 6,952 |   |   |   | 7,830 |   |   |   | 9,598 |   |   |   | 9,538 |   |   |       (2.2 | ) |
|    Potash                              |   |   | 7,116 |   |   |   | 2,932 |   |   |   | 5,327 |   |   |   | 6,545 |   |   |   | 5,723 |   |   |       (5.3 | ) |
|    Manufactured Goods                  |   |   | 6,637 |   |   |   | 5,891 |   |   |   | 5,745 |   |   |   | 6,133 |   |   |   | 6,871 |   |   |        0.9 |   |
|    Other                               |   |   | 18,507 |   |   |   | 19,109 |   |   |   | 19,723 |   |   |   | 23,542 |   |   |   | 23,901 |   |   |        6.6 |   |
| Total Exports                                         |   | $ |  $ 48,181 |   |   | $ |   40,157 |   |   | $ |  43,085 |   |   | $ |   51,051 |   |   | $ |   52,048 |   |   |        1.9 |   % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Imports                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil                                 |   | $ |     1,393 |   |   | $ |     2,347 |   |   | $ |    3,170 |   |   | $ |     2,674 |   |   | $ |     2,215 |   |   |      12.3 |   % |
|    Manufactured Goods                  |   |   | 6,822 |   |   |   | 6,380 |   |   |   | 6,949 |   |   |   | 7,659 |   |   |   | 7,529 |   |   |        2.5 |   |
|    Other                               |   |   | 27,530 |   |   |   | 26,206 |   |   |   | 28,957 |   |   |   | 32,215 |   |   |   | 32,746 |   |   |        4.4 |   |
| Total Imports                                         |   | $ |  35,745 |   |   | $ |  34,932 |   |   | $ |  39,077 |   |   | $ |   42,547 |   |   | $ |   42,490 |   |   |        4.4 |   % |
| Source:  Saskatchewan Bureau of Statistics. |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Labour Force Statistics               |
|---------------------------------------|
|                                  |   |   |   |   |   |   |   |   |   |   |   |   Compound |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   Annual |
|                                  | Year Ended December 31 |   Growth Rate |
|                                  |   | 2008 |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   |   | 2008-2012 |
|                                  | (Thousands, Except Percentages) |   |   |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Labour Force                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |   | 534 |   | 546 |   | 553 |   | 553 |   | 564 |   |   |        1.3 | % |
|    Canada              |   | 18,204 |   | 18,329 |   | 18,525 |   | 18,699 |   | 18,876 |   |   |        0.9 | % |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Employed                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |   | 513 |   | 519 |   | 524 |   | 526 |   | 537 |   |   |        1.2 | % |
|    Canada              |   | 17,087 |   | 16,813 |   | 17,041 |   | 17,306 |   | 17,508 |   |   |        0.6 | % |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unemployed                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |   | 22 |   | 26 |   | 29 |   | 28 |   | 27 |   |   | 5.3 | % |
|    Canada              |   | 1,116 |   | 1,516 |   | 1,484 |   | 1,393 |   | 1,368 |   |   | 5.2 | % |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unemployment Rate                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |   | 4.1% |   | 4.8% |   | 5.2% |   | 5.0% |   | 4.7% |   |   | n.a. |   |
|    Canada              |   | 6.1% |   | 8.3% |   | 8.0% |   | 7.5% |   | 7.2% |   |   | n.a. |   |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Participation Rate                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Saskatchewan        |   | 69.6% |   | 70.0% |   | 69.9% |   | 69.2% |   | 69.5% |   |   | n.a. |   |
|    Canada              |   | 67.7% |   | 67.1% |   | 67.0% |   | 66.8% |   | 66.7% |   |   | n.a. |   |
| n.a. = not applicable                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:  Statistics Canada. |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Employment by Industry                                    |
|-----------------------------------------------------------|
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   | Compound |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   | Annual |
|                                                      | Year Ended December 31 |   | Growth Rate |
|                                                      |   | 2008 |   | 2009 |   | 2010 |   | 2011 |   | 2012 |   |   | 2008-2012 |
|                                                      | (Thousands) |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goods-Producing Industries                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Agriculture                             |   | 41 |   | 43 |   | 42 |   | 40 |   | 39 |   |   |       (1.3 | )% |
|    Mining                                  |   | 25 |   | 24 |   | 26 |   | 25 |   | 26 |   |   |        0.5 |   |
|    Construction                            |   | 36 |   | 38 |   | 40 |   | 40 |   | 44 |   |   |        5.3 |   |
|    Manufacturing                           |   | 31 |   | 29 |   | 31 |   | 27 |   | 27 |   |   |       (3.2 | ) |
| Subtotal                                                  |   |         133 |   |         135 |   |         138 |   |         132 |   |         136 |   |   |        0.5 |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service Industries                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Transportation, Communication,          |   |   |   |   |   |   |   |   |   |   |   |   |
|       Utilities and Storage |   | 30 |   | 25 |   | 26 |   | 26 |   | 26 |   |   |       (3.6 | ) |
|    Wholesale and Retail Trade              |   | 83 |   | 80 |   | 80 |   | 82 |   | 81 |   |   |       (0.9 | )  |
|    Finance, Insurance and Real Estate      | 28 |   | 29 |   | 31 |   | 31 |   | 30 |   |   |        1.6 |   |
|    Business and Community Services         | 209 |   | 215 |   | 216 |   | 219 |   | 227 |   |   |        2.1 |   |
|    Public Administration                   |   | 29 |   | 31 |   | 29 |   | 30 |   | 31 |   |   |        1.9 |   |
| Subtotal                                                  |   |         380 |   |         380 |   |         381 |   |         389 |   |         395 |   |   |        1.0 |   |
| Total                                                     |   |         513 |   |         519 |   |         524 |   |         526 |   |         537 |   |   |        1.2 |   % |

| Note:       | Components may not add due to rounding. |
|-------------------------------------------|-----------------------------------------|
| Source:                                   | Saskatchewan Bureau of Statistics       |

----

----

| Household Income                                         |
|----------------------------------------------------------|
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Annual |
|                                                     |   | Year Ended December 31 |  Growth Rate |
|                                                     |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   |  2008-2012 |
|                                                     |   | (Millions) |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Household Income                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Compensation of Employees              |   | $ | 22,731 |   |   | $ | 23,507 |   |   | $ | 24,530 |   |   | $ | 26,688 |   |   | $ | 28,846 |   |   |   | 6.1 | % |
|    Net Mixed Income                       |   |   | 5,868 |   |   |   | 5,308 |   |   |   | 5,250 |   |   |   | 6,395 |   |   |   | 6,247 |   |   |   | 1.6 |   |
|    Net Property Income 1                  |   |   | 3,007 |   |   |   | 2,908 |   |   |   | 3,083 |   |   |   | 3,326 |   |   |   | 3,624 |   |   |   | 4.8 |   |
| Primary Household Income                                 |   | $ | 31,606 |   |   | $ | 31,723 |   |   | $ | 32,863 |   |   | $ | 36,409 |   |   | $ | 38,717 |   |   |   | 5.2 | % |
|     Plus: Current Transfers Received |   |   | 5,257 |   |   |   | 5,203 |   |   |   | 5,369 |   |   |   | 5,456 |   |   |   | 5,625 |   |   |   | 1.7 |   |
|     Less: Current Transfers Paid     |   |   | 8,464 |   |   |   | 8,644 |   |   |   | 8,855 |   |   |   | 9,459 |   |   |   | 10,233 |   |   |   | 4.9 |   |
| Household Disposable Income                              |   | $ | 28,399 |   |   | $ | 28,282 |   |   | $ | 29,377 |   |   | $ | 32,406 |   |   | $ | 34,109 |   |   |   | 4.7 | % |
| 1  Includes rent.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n.a. = not applicable                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source: Saskatchewan Bureau of Statistics.          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Gross Domestic Product at Basic Prices by Industry in Millions of Chained 2007 Dollars |
|----------------------------------------------------------------------------------------|
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                                                                                   |   | Year Ended December 31 |   | Per Cent |   |  Annual |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | of 2012 |   |  Growth Rate |
|                                                                                   |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | Total |   |   |  2008-2012 |
|                                                                                   |   | (Millions) |   |   |   |   |   |   |   |
| Goods-Producing Industries                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture, forestry, fishing                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       and hunting                                        |   | $ | 3,670 |   |   | $ | 3,607 |   |   | $ | 2,920 |   |   | $ | 3,304 |   |   | $ | 3,379 |   |   |   | 6.1 |   |   |   | (2.0 | ) % |
|    Mining 1                                                             |   |   | 12,123 |   |   |   | 9,741 |   |   |   | 11,406 |   |   |   | 12,006 |   |   |   | 12,005 |   |   |   | 21.5 |   |   |   | (0.2 | ) % |
|    Utilities                                                            |   |   | 1,144 |   |   |   | 1,119 |   |   |   | 1,204 |   |   |   | 1,211 |   |   |   | 1,213 |   |   |   | 2.2 |   |   |   | 1.5 | % |
|    Manufacturing                                                        |   |   | 3,323 |   |   |   | 3,297 |   |   |   | 3,232 |   |   |   | 3,406 |   |   |   | 3,807 |   |   |   | 6.8 |   |   |   | 3.5 | % |
|    Construction                                                         |   |   | 3,514 |   |   |   | 3,962 |   |   |   | 4,287 |   |   |   | 4,542 |   |   |   | 4,477 |   |   |   | 8.0 |   |   |   | 6.2 | % |
| Subtotal                                                                               |   | $ | 23,774 |   |   | $ | 21,725 |   |   | $ | 23,049 |   |   | $ | 24,470 |   |   | $ | 24,880 |   |   |   | 44.6 | % |   |   | 1.1 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Services Industries                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Transportation and Warehousing                                       |   | $ | 2,501 |   |   | $ | 2,495 |   |   | $ | 2,465 |   |   | $ | 2,620 |   |   | $ | 2,704 |   |   |   | 4.8 | % |   |   | 2.0 | % |
|    Finance, Insurance and                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Real Estate                                        |   |   | 6,585 |   |   |   | 6,671 |   |   |   | 6,849 |   |   |   | 7,115 |   |   |   | 7,355 |   |   |   | 13.2 | % |   |   | 2.8 | % |
|    Wholesale and Retail Trade                                           |   |   | 5,246 |   |   |   | 4,992 |   |   |   | 5,316 |   |   |   | 5,825 |   |   |   | 6,023 |   |   |   | 10.8 | % |   |   | 3.5 | % |
|    Business Services                                                    |   |   | 5,363 |   |   |   | 5,495 |   |   |   | 5,585 |   |   |   | 5,765 |   |   |   | 5,957 |   |   |   | 10.7 | % |   |   | 2.7 | % |
|    Institutions                                                         |   |   | 5,569 |   |   |   | 5,739 |   |   |   | 5,820 |   |   |   | 5,886 |   |   |   | 6,012 |   |   |   | 10.8 | % |   |   | 1.9 | % |
|    Public Administration                                                |   |   | 2,997 |   |   |   | 3,111 |   |   |   | 3,204 |   |   |   | 3,325 |   |   |   | 3,407 |   |   |   | 6.1 | % |   |   | 3.3 | % |
| Subtotal                                                                               |   | $ | 28,261 |   |   | $ | 28,501 |   |   | $ | 29,239 |   |   | $ | 30,536 |   |   | $ | 31,458 |   |   |   | 56.4 | % |   |   | 2.7 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real Gross Domestic Product at                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Basic Prices                                                         |   | $ | 52,064 |   |   | $ | 49,656 |   |   | $ | 51,850 |   |   | $ | 54,570 |   |   | $ | 55,791 |   |   |   | 100.0 | % |   |   | 1.7 | % |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1   Includes oil, potash, uranium, natural gas and other minerals. |
|------------------------------------------------------------------------------|
| Note:                                                                   | Components may not add due to use of chained fisher dollar methodology. GDP at basic prices and GDP at market prics |
|                                                                         | differ by the amount of "indirect taxes net of subsidies on products." |
| Source:                                                                 | Statistics Canada. |

----

----

| Crop Production  |
|------------------|
|             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  2003 to 2012 |
|             |   | Calendar Year Ended December 31 |   |  10 year |
|             |   | 2003 |   |   | 2004 |   |   | 2005 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |  Average |
|             |   | (Millions of Tonnes) |   |   |   |
|             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wheat            |   |   | 7.0 |   |   |   | 7.8 |   |   |   | 8.1 |   |   |   | 8.4 |   |   |   | 6.0 |   |   |   | 7.9 |   |   |   | 8.6 |   |   |   | 7.0 |   |   |   | 8.0 |   |   |   | 8.8 |   |   |   | 7.8 |   |
| Durum            |   |   | 3.2 |   |   |   | 3.8 |   |   |   | 4.9 |   |   |   | 2.7 |   |   |   | 3.0 |   |   |   | 4.4 |   |   |   | 4.4 |   |   |   | 2.6 |   |   |   | 3.6 |   |   |   | 3.9 |   |   |   | 3.6 |   |
| Barley           |   |   | 4.4 |   |   |   | 4.7 |   |   |   | 5.0 |   |   |   | 3.4 |   |   |   | 3.9 |   |   |   | 4.6 |   |   |   | 4.1 |   |   |   | 1.9 |   |   |   | 2.4 |   |   |   | 2.4 |   |   |   | 3.7 |   |
| Canola           |   |   | 2.7 |   |   |   | 2.9 |   |   |   | 4.5 |   |   |   | 3.7 |   |   |   | 4.2 |   |   |   | 5.6 |   |   |   | 6.3 |   |   |   | 5.7 |   |   |   | 7.3 |   |   |   | 6.5 |   |   |   | 4.9 |   |
| Specialty Crops1 | 2.2 |   |   |   | 3.7 |   |   |   | 3.8 |   |   |   | 2.8 |   |   |   | 3.3 |   |   |   | 4.1 |   |   |   | 4.5 |   |   |   | 4.2 |   |   |   | 3.4 |   |   |   | 3.8 |   |   |   | 3.6 |   |
| Other2           |   |   | 1.8 |   |   |   | 1.9 |   |   |   | 2.6 |   |   |   | 2.9 |   |   |   | 3.3 |   |   |   | 3.2 |   |   |   | 2.6 |   |   |   | 1.5 |   |   |   | 2.1 |   |   |   | 2.2 |   |   |   | 2.4 |   |
| Total            |   |   | 21.1 |   |   |   | 24.7 |   |   |   | 28.9 |   |   |   | 23.8 |   |   |   | 23.7 |   |   |   | 29.9 |   |   |   | 30.4 |   |   |   | 22.9 |   |   |   | 26.8 |   |   |   | 27.6 |   |   |   | 26.0 |   |
|             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | Includes mustard, sunflowers, lentils, field peas and canary seed.     |
|---|------------------------------------------------------------------------|
| 2 | Includes oats, fall rye, spring rye, flax and other mixed grain.  |

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

----

----

| Farm Cash Receipts                      |
|-----------------------------------------|
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   Compound |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   Annual |
|                                    |   | Year Ended December 31 |  Growth Rate |
|                                    |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2008-2012 |   |
|                                    |   |   | (Millions) |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crop Cash Receipts                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Wheat and Durum       |   | $ | 2,718 |   |   | $ | 2,323 |   |   | $ | 1,705 |   |   | $ | 2,372 |   |   | $ | 2,946 |   |   |   | 2.0 | % |
|    Canola                |   |   | 2,009 |   |   |   | 2,348 |   |   |   | 2,719 |   |   |   | 3,872 |   |   |   | 4,056 |   |   |   | 19.2 |   |
|    Barley                |   |   | 388 |   |   |   | 257 |   |   |   | 243 |   |   |   | 337 |   |   |   | 281 |   |   |   | (7.7 | ) |
|    Other Crops 1         |   |   | 1,902 |   |   |   | 2,371 |   |   |   | 2,008 |   |   |   | 1,608 |   |   |   | 1,919 |   |   |   | 0.2 |   |
| Total Crop Receipts                     |   | $ | 7,017 |   |   | $ | 7,298 |   |   | $ | 6,675 |   |   | $ | 8,189 |   |   | $ | 9,202 |   |   |   | 7.0 |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Livestock Cash Receipts                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Cattle & Calves   |   | $ | 1,119 |   |   | $ | 945 |   |   | $ | 950 |   |   | $ | 986 |   |   | $ | 1,014 |   |   |   | (2.4 | ) |
|    Hogs                  |   |   | 240 |   |   |   | 174 |   |   |   | 218 |   |   |   | 261 |   |   |   | 265 |   |   |   | 2.5 |   |
|    Other 2               |   |   | 371 |   |   |   | 365 |   |   |   | 363 |   |   |   | 391 |   |   |   | 409 |   |   |   | 2.5 |   |
| Total Livestock                         |   | $ | 1,730 |   |   | $ | 1,484 |   |   | $ | 1,530 |   |   | $ | 1,638 |   |   | $ | 1,687 |   |   |   | (0.6 | ) |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplementary, Deficiency, Stablization |   | $ | 680 |   |   | $ | 462 |   |   | $ | 912 |   |   | $ | 1,218 |   |   | $ | 949 |   |   |   | 8.7 |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Farm Cash Receipts                |   | $ | 9,427 |   |   | $ | 9,244 |   |   | $ | 9,117 |   |   | $ | 11,044 |   |   | $ | 11,838 |   |   |   | 5.9 | % |

| 1 | Includes net deferments.                                                           |
|---|-----------------------------------------------------------------------------------------|
| 2 | Includes sheep, lambs, dairy products, poultry, eggs and other livestock products. |

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

----

----

| Mineral Sales                                            |
|----------------------------------------------------------|
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Annual |
|                                                     |   | Year Ended December 31 |  Growth Rate |
|                                                     |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2008-2012 |   |
|                                                     |   |   | (Millions of Dollars Unless Otherwise Indicated) |   |   |   |   |
| Value of Mineral Sales                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil                                    |   | $ | 13,329 |   |   | $ | 8,987 |   |   | $ | 10,324 |   |   | $ | 12,369 |   |   | n.a. |   |   | n.a. |   % |
|    Natural Gas                            |   |   | 1,684 |   |   |   | 746 |   |   |   | 639 |   |   |   | 491 |   |   |   | 385 |   |   |   | (30.8 | ) % |
|    Potash                                 |   |   | 7,379 |   |   |   | 3,067 |   |   |   | 5,582 |   |   |   | 6,853 |   |   |   | 5,972 |   |   |   | (5.2 | ) % |
|    Other 1                                |   |   | 1,372 |   |   |   | 1,661 |   |   |   | 1,441 |   |   |   | 1,577 |   |   |   | 1,450 |   |   |   | 1.4 |   % |
| Total                                                    |   | $ | 23,764 |   |   | $ | 14,461 |   |   | $ | 17,985 |   |   | $ | 21,290 |   |   |   | n.a. |   |   | n.a. |   %  |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume of Mineral Sales                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil (millions of barrels)              |   |   | 161 |   |   |   | 155 |   |   |   | 154 |   |   |   | 158 |   |   | n.a. |   |   | n.a. |   %  |
|    Natural Gas (millions of cubic metres) |   |   | 6,102 |   |   |   | 5,459 |   |   |   | 4,629 |   |   |   | 3,942 |   |   |   | 4,776 |   |   |   | (5.9 | ) % |
|    Potash (thousands of tonnes)           |   |   | 9,894 |   |   |   | 3,715 |   |   |   | 9,733 |   |   |   | 10,009 |   |   |   | 8,280 |   |   |   | (4.4 | ) % |

| 1 | Other includes Uranium, Gold, Sodium Sulphate, Salt, Coal, and Base Metals and Bentonite. |
|---|-------------------------------------------------------------------------------------------|

| Note:   | Components may not add due to rounding.                                              |
|---------|--------------------------------------------------------------------------------------|
| Source: | Saskatchewan Bureau of Statistics and Saskatchewan Ministry of Energy and Resources. |

----

----

----

----

| Value of Manufacturing Shipments |
|----------------------------------|
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Compound |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Annual |
|                             |   | Year Ended December 31 |  Growth Rate |
|                             |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2008-2012 |   |
|                             |   | (Millions) |   |   |   |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Food Processing                  |   | $ | 2,670 |   |   | $ | 2,378 |   |   | $ | 2,250 |   |   | $ | 2,604 |   |   | $ | 3,223 |   |   |   | 4.8 | % |
| Wood                             |   |   | 239 |   |   |   | 189 |   |   |   | 219 |   |   |   | 209 |   |   |   | 358 |   |   |   | 10.6 | % |
| Metal Fabrication                |   |   | 815 |   |   |   | 748 |   |   |   | 619 |   |   |   | 868 |   |   |   | 914 |   |   |   | 2.9 | % |
| Machinery                        |   |   | 1,204 |   |   |   | 1,358 |   |   |   | 1,175 |   |   |   | 1,283 |   |   |   | 1,654 |   |   |   | 8.3 | % |
| Chemical Products                |   |   | 1,395 |   |   |   | 1,286 |   |   |   | 1,339 |   |   |   | 1,719 |   |   |   | 1,944 |   |   |   | 8.6 | % |
| Other                            |   |   | 6,858 |   |   |   | 5,250 |   |   |   | 5,054 |   |   |   | 5,764 |   |   |   | 6,095 |   |   |   | (2.9 | ) % |
| Total                            |   | $ | 13,181 |   |   | $ | 11,210 |   |   | $ | 10,656 |   |   | $ | 12,447 |   |   | $ | 14,188 |   |   |   | 1.9 | % |

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

----

----

| ● | the Saskatchewan Low-Income Tax Credit is netted against provincial sales taxation revenue, the type of tax revenue for which the credit is providing relief, rather than individual income taxation revenue, |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | penalties and interest collected on tax revenue are recorded separate from tax revenue, and |
|---------|---------------------------------------------------------------------------------------------|

| ● | commissions paid to retailers on the collection of taxes are recorded as an expense. |
|---------|--------------------------------------------------------------------------------------|

----

----

| General Revenue Fund Statement of Cash Requirements and Financing        |
|--------------------------------------------------------------------------|
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   | Fiscal Year Ended March 31 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Estimated |   |
|                                                                     |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |   |   | 2014 |   |
|                                                                     |   | (Millions) |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Requirements                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Activities                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Revenue                                                |   | $ | 12,325 |   |   | $ | 10,267 |   |   | $ | 11,061 |   |   | $ | 11,120 |   |   | $ | 11,424 |   |   | $ | 11,607 |   |
|    Expenditures                                           |   |   | 10,355 |   |   |   | 10,099 |   |   |   | 10,965 |   |   |   | 11,066 |   |   |   | 11,408 |   |   |   | 11,543 |   |
|    Transfers (to) from Fiscal Stabilization Fund          |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Transfers (to) from Saskatchewan Infrastructure Fund   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Transfers (to) from Growth and Financial Security Fund |   | 419 |   |   |   | 257 |   |   |   | (48 | ) |   |   | 298 |   |   |   | 42 |   |   |   | (32 | ) |
| Budgetary Surplus (Deficit) 1                                            |   |   | 2,389 |   |   |   | 425 |   |   |   | 48 |   |   |   | 352 |   |   |   | 58 |   |   |   | 32 |   |
| Add (deduct) Non-Cash Items                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Amortization of Foreign Exchange (Gain) Loss           |   |   | 5 |   |   |   | (1 | ) |   |   | 0 |   |   |   | 2 |   |   |   | 0 |   |   |   | 0 |   |
|    Amortization of Capital Assets                         |   |   | 167 |   |   |   | 146 |   |   |   | 172 |   |   |   | 167 |   |   |   | 176 |   |   |   | 203 |   |
|    (Gain) Loss on Loans and Investments                   |   |   | 1 |   |   |   | 3 |   |   |   | 0 |   |   |   | (1 | ) |   |   | 0 |   |   |   | (17 | ) |
|    Net Change in Non-Cash Operating Activities            |   |   | (115 | ) |   |   | 227 |   |   |   | (383 | ) |   |   | (317 | ) |   |   | (83 | ) |   |   | 68 |   |
|    Earnings Retained in Sinking Funds                     |   |   | (79 | ) |   |   | (159 | ) |   |   | (149 | ) |   |   | (166 | ) |   |   | (109 | ) |   |   | (40 | ) |
| Cash provided by (used for) Operating Activities                         |   |   | 2,368 |   |   |   | 641 |   |   |   | (312 | ) |   |   | 37 |   |   |   | 42 |   |   |   | 246 |   |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital Activities                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Acquisition of Capital Assets                          |   |   | (342 | ) |   |   | (348 | ) |   |   | (370 | ) |   |   | (398 | ) |   |   | (489 | ) |   |   | (547 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investing Activities                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Receipts                                               |   |   | 565 |   |   |   | 1,012 |   |   |   | 1,037 |   |   |   | 244 |   |   |   | 1,252 |   |   |   | 721 |   |
|    Disbursements                                          |   |   | 2,323 |   |   |   | 466 |   |   |   | 257 |   |   |   | 150 |   |   |   | 488 |   |   |   | 1,323 |   |
| Cash (required for) provided by                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Investing Activities                                   |   |   | (1,758 | ) |   |   | 546 |   |   |   | 780 |   |   |   | 94 |   |   |   | 764 |   |   |   | (602 | ) |
| Cash provided (required)                                                 |   | $ | 268 |   |   | $ | 839 |   |   | $ | 98 |   |   | $ | (267 | ) |   | $ | 317 |   |   | $ | (903 | ) |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing Activities                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from Debt                                                       |   | $ | 32 |   |   | $ | 509 |   |   | $ | 183 |   |   | $ | 80 |   |   | $ | 592 |   |   | $ | 1,595 |   |
| Repayment of Debt                                                        |   |   | (755 | ) |   |   | (867 | ) |   |   | (688 | ) |   |   | (335 | ) |   |   | (1,107 | ) |   |   | (957 | ) |
| Proceeds from (repayment of) Debt                                        |   |   | (723 | ) |   |   | (358 | ) |   |   | (505 | ) |   |   | (255 | ) |   |   | (515 | ) |   |   | 638 |   |
| Increase (decrease) in Deposits Held                                     |   |   | 209 |   |   |   | (198 | ) |   |   | 7 |   |   |   | 306 |   |   |   | 194 |   |   |   | 185 |   |
| Decrease (increase) in Cash & Temporary Investments                  |   |   | 246 |   |   |   | (283 | ) |   |   | 400 |   |   |   | 216 |   |   |   | 4 |   |   |   | 80 |   |
| Total Financing                                                          |   | $ | (268 | ) |   | $ | (839 | ) |   | $ | (98 | ) |   | $ | 267 |   |   | $ | (317 | ) |   | $ | 903 |   |
| 1    See Notes 1-9 commencing on page 33.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

----

----

----

----

| General Revenue Fund Revenue1                                                                                   |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   | Fiscal Year Ended March 31 |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Percentage |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Budget |   |   | of Total |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Actual |   |   |   | Estimate |   |   | Revenue |   |
|                                                                                                            |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |   |   | 2014 |   |   | 2014 |   |
|                                                                                                            |   | (Thousands) |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxation                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Corporation Income                                                                            |   | $ | 591,930 |   |   | $ | 881,424 |   |   | $ | 1,155,273 |   |   | $ | 793,790 |   |   | $ | 838,275 |   |   | $ | 986,800 |   |   |   | 8.5 | % |
|    Individual Income                                                                             |   |   | 1,844,226 |   |   |   | 1,890,848 |   |   |   | 1,795,788 |   |   |   | 1,897,409 |   |   |   | 2,406,254 |   |   |   | 2,445,500 |   |   |   | 21.1 |   |
|    Sales                                                                                         |   |   | 1,108,628 |   |   |   | 1,084,001 |   |   |   | 1,186,992 |   |   |   | 1,322,161 |   |   |   | 1,284,893 |   |   |   | 1,401,400 |   |   |   | 12.1 |   |
|    Fuel                                                                                          |   |   | 429,162 |   |   |   | 441,533 |   |   |   | 463,147 |   |   |   | 475,452 |   |   |   | 495,955 |   |   |   | 526,100 |   |   |   | 4.5 |   |
|    Tobacco                                                                                       |   |   | 199,072 |   |   |   | 196,868 |   |   |   | 237,507 |   |   |   | 242,853 |   |   |   | 253,353 |   |   |   | 295,300 |   |   |   | 2.5 |   |
|    Other                                                                                         |   |   | 257,977 |   |   |   | 237,599 |   |   |   | 292,935 |   |   |   | 303,642 |   |   |   | 327,796 |   |   |   | 336,500 |   |   |   | 2.9 |   |
| Total                                                                                                           |   |   | 4,430,995 |   |   |   | 4,732,273 |   |   |   | 5,131,642 |   |   |   | 5,035,307 |   |   |   | 5,606,526 |   |   |   | 5,991,600 |   |   |   | 51.6 | % |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-Renewable Resources                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Oil                                                                                           |   |   | 1,616,071 |   |   |   | 1,294,670 |   |   |   | 1,274,053 |   |   |   | 1,528,808 |   |   |   | 1,283,877 |   |   |   | 1,441,200 |   |   |   | 12.4 | % |
|    Potash                                                                                        |   |   | 1,364,463 |   |   |   | (183,887 | ) |   |   | 262,540 |   |   |   | 438,372 |   |   |   | 364,490 |   |   |   | 519,900 |   |   |   | 4.5 |   |
|    Crown Land Sales                                                                              |   |   | 928,245 |   |   |   | 151,455 |   |   |   | 466,993 |   |   |   | 235,507 |   |   |   | 89,060 |   |   |   | 111,400 |   |   |   | 1.0 |   |
|    Natural Gas                                                                                   |   |   | 125,922 |   |   |   | 40,078 |   |   |   | 29,741 |   |   |   | 17,389 |   |   |   | 11,354 |   |   |   | 9,600 |   |   |   | 0.1 |   |
|    Resource Surcharge                                                                            |   |   | 458,299 |   |   |   | 475,632 |   |   |   | 360,848 |   |   |   | 452,807 |   |   |   | 627,675 |   |   |   | 488,800 |   |   |   | 4.2 |   |
|    Other                                                                                         |   |   | 119,408 |   |   |   | 132,676 |   |   |   | 133,624 |   |   |   | 149,074 |   |   |   | 139,413 |   |   |   | 99,700 |   |   |   | 0.9 |   |
| Total                                                                                                           |   |   | 4,612,408 |   |   |   | 1,910,624 |   |   |   | 2,527,799 |   |   |   | 2,821,957 |   |   |   | 2,515,869 |   |   |   | 2,670,600 |   |   |   | 23.0 | % |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfers from Government                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Entities and Other Revenues                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Investments Corporation                                                                 |   |   | 0 |   |   |   | 185,000 |   |   |   | 266,000 |   |   |   | 110,000 |   |   |   | 312,000 |   |   |   | 180,000 |   |   |   | 1.6 | % |
|     -  Special dividend                                                           |   |   | 365,000 |   |   |   | 570,000 |   |   |   | 213,500 |   |   |   | 130,000 |   |   |   | 3,000 |   |   |   | 16,600 |   |   |   | 0.1 |   |
|    Liquor & Gaming Authority                                                                 |   |   | 446,652 |   |   |   | 429,924 |   |   |   | 437,063 |   |   |   | 465,917 |   |   |   | 478,090 |   |   |   | 491,800 |   |   |   | 4.2 |   |
|    Other Enterprises and Funds                                                                   |   |   | 39,564 |   |   |   | 64,172 |   |   |   | 48,119 |   |   |   | 75,628 |   |   |   | 105,132 |   |   |   | 60,300 |   |   |   | 0.5 |   |
|    Motor Vehicles Fees                                                                           |   |   | 151,143 |   |   |   | 158,303 |   |   |   | 161,093 |   |   |   | 173,151 |   |   |   | 183,121 |   |   |   | 183,300 |   |   |   | 1.6 |   |
|    Other Licences and Permits                                                                    |   |   | 36,607 |   |   |   | 34,587 |   |   |   | 29,425 |   |   |   | 25,414 |   |   |   | 27,249 |   |   |   | 26,200 |   |   |   | 0.2 |   |
|    Sales, Services, and Service Fees                                                             |   |   | 101,885 |   |   |   | 110,555 |   |   |   | 132,073 |   |   |   | 132,039 |   |   |   | 112,992 |   |   |   | 132,800 |   |   |   | 1.1 |   |
|    Commercial operations                                                                         |   |   | 86,567 |   |   |   | 87,771 |   |   |   | 91,874 |   |   |   | 99,511 |   |   |   | 82,098 |   |   |   | 0 |   |   |   | 0.0 |   |
| Interest, premium, discount and                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       exchange                                                                    |   |   | 187,957 |   |   |   | 237,372 |   |   |   | 209,704 |   |   |   | 241,336 |   |   |   | 164,171 |   |   |   | 89,400 |   |   |   | 0.8 |   |
|    Other                                                                                         |   |   | 157,330 |   |   |   | 141,844 |   |   |   | 212,138 |   |   |   | 83,793 |   |   |   | 162,902 |   |   |   | 136,300 |   |   |   | 1.2 |   |
| Total                                                                                                           |   |   | 1,572,705 |   |   |   | 2,019,528 |   |   |   | 1,800,989 |   |   |   | 1,536,789 |   |   |   | 1,630,755 |   |   |   | 1,316,700 |   |   |   | 11.3 | % |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfers from the                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Federal Government                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Canada Health Transfer                                                                        |   |   | 823,496 |   |   |   | 819,262 |   |   |   | 795,422 |   |   |   | 846,771 |   |   |   | 933,400 |   |   |   | 959,200 |   |   |   | 8.3 | % |
|    Canada Social Transfer                                                                        |   |   | 338,301 |   |   |   | 334,976 |   |   |   | 342,626 |   |   |   | 352,420 |   |   |   | 366,968 |   |   |   | 377,900 |   |   |   | 3.3 |   |
|    Other                                                                                         |   |   | 547,167 |   |   |   | 449,795 |   |   |   | 462,200 |   |   |   | 527,187 |   |   |   | 370,971 |   |   |   | 291,300 |   |   |   | 2.5 |   |
| Total                                                                                                           |   |   | 1,708,964 |   |   |   | 1,604,033 |   |   |   | 1,600,248 |   |   |   | 1,726,378 |   |   |   | 1,671,339 |   |   |   | 1,628,400 |   |   |   | 14.0 | % |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenue                                                                                                   |   | $ | 12,325,072 |   |   | $ | 10,266,458 |   |   | $ | 11,060,678 |   |   | $ | 11,120,431 |   |   | $ | 11,424,489 |   |   | $ | 11,607,300 |   |   |   | 100.0 | % |
| 1   See "General Revenue Fund Statement of Operations and Accumulated Deficit" commencing on page 35. |   |   |   |   |   |

----

----

----

----

| General Revenue Fund Expense1, 2 |
|----------------------------------|
| (unaudited)                      |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             | Fiscal Year Ended March 31 |   |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Percentage |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Budget |   |   | of Total |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   | Actual |   |   | Estimate |   |   | Expense |   |
|                             |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |   |   | 2014 |   |   | 2014 |   |
|                             | (Thousands) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                      |   | $ | 424,396 |   |   | $ | 373,246 |   |   | $ | 482,306 |   |   | $ | 439,632 |   |   | $ | 504,065 |   |   | $ | 406,860 |   |   |   | 3.5 | % |
| Education 3                      |   |   | 2,200,752 |   |   |   | 2,200,456 |   |   |   | 2,299,065 |   |   |   | 2,423,439 |   |   |   | 2,376,211 |   |   |   | 2,491,200 |   |   |   | 21.6 |   |
| Environment                      |   |   | 177,129 |   |   |   | 172,304 |   |   |   | 213,895 |   |   |   | 200,169 |   |   |   | 169,101 |   |   |   | 163,275 |   |   |   | 1.4 |   |
| Finance                          |   |   | 290,832 |   |   |   | 326,558 |   |   |   | 314,102 |   |   |   | 358,237 |   |   |   | 362,849 |   |   |   | 359,864 |   |   |   | 3.1 |   |
| Finance Debt Servicing           |   |   | 520,181 |   |   |   | 479,962 |   |   |   | 424,334 |   |   |   | 411,957 |   |   |   | 390,790 |   |   |   | 340,000 |   |   |   | 2.9 |   |
| Health                           |   |   | 3,976,241 |   |   |   | 3,934,231 |   |   |   | 4,547,793 |   |   |   | 4,400,159 |   |   |   | 4,575,589 |   |   |   | 4,841,661 |   |   |   | 41.9 |   |
| Highways and Infrastructure      |   |   | 482,400 |   |   |   | 418,279 |   |   |   | 427,471 |   |   |   | 443,479 |   |   |   | 433,004 |   |   |   | 423,336 |   |   |   | 3.7 |   |
| Justice                          |   |   | 135,648 |   |   |   | 145,293 |   |   |   | 145,871 |   |   |   | 149,632 |   |   |   | 523,401 |   |   |   | 541,975 |   |   |   | 4.7 |   |
| Social Services                  |   |   | 676,604 |   |   |   | 740,087 |   |   |   | 795,778 |   |   |   | 787,314 |   |   |   | 851,499 |   |   |   | 889,607 |   |   |   | 7.7 |   |
| Other Expense                    |   |   | 1,470,956 |   |   |   | 1,308,337 |   |   |   | 1,314,725 |   |   |   | 1,451,745 |   |   |   | 1,222,046 |   |   |   | 1,084,750 |   |   |   | 9.4 |   |
| Total                            |   | $ | 10,355,139 |   |   | $ | 10,098,753 |   |   | $ | 10,965,340 |   |   | $ | 11,065,763 |   |   | $ | 11,408,555 |   |   | $ | 11,542,528 |   |   |   | 100.0 | % |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1      | See "General Revenue Fund Statement of Operations and Accumulated Deficit" commencing on page 35.                                                |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 2                               | During fiscal year 2013, the Government accounced organizational changes that resulted in responsibility for certain functions being transferred |
|                            | between ministries.  Expense figures for prior years have not been restated.                                                           |
| 3                               | Includes the Ministries of Advanced Education and Education (including Teachers' Pensions and Benefits)                                          |

----

----

| Transfers to (from) the Growth and Financial Security Fund1 |
|-------------------------------------------------------------|
|                                                        |   |   |
|                                                        |    Fiscal Year Ended March 31 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Budget |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Estimate |   |
|                                                        |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |   | 2014 |   |
|                                                        |   | (Thousands) |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Growth and Financial Security Fund                          |   | $ | (418,930 | ) |   | $ | (256,795 | ) |   | $ | 47,669 |   |   | $ | (297,666 | ) |   | $ | (42,033 | ) |   | $ | 0 |   |
| Growth and Financial Security Fund - Growth                 |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 32,386 |   |
| Growth and Financial Security Fund - Security               |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | 0 |   |

| 1      | Beginning in 2014, the Growth and Financial Security Fund is segmented into two components. |
|---------------------------------|---------------------------------------------------------------------------------------------|

----

----

| Transfers To (From) The Fiscal Stabilization Fund                                                |
|--------------------------------------------------------------------------------------------------|
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             | Fiscal Year Ended March 31 |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                                             | (Thousands) |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fiscal Stabilization Fund                                                                        |   | $ | (1,528,934 | ) * |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *   Transferred to the GFSF upon the passage of The Growth and Financial Security Act. |   |

| Transfers To (From) The Saskatchewan Infrastructure Fund                                         |
|--------------------------------------------------------------------------------------------------|
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             | Fiscal Year Ended March 31 |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                                             | (Thousands) |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Saskatchewan Infrastructure Fund                                                                 |   | $ | (105,090 | )  * |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *   Transferred to the GFSF upon the passage of The Growth and Financial Security Act. |   |   |   |   |   |

----

----

----

----

|                                                |   | Total Debt1 |       |
|-----------------------------------------------------|--------|-------------|------------|
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   | At March 31 |       |
|                                                |   |        | 2009       |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                |   | (Thousands) |       |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Promissory Notes                                    |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)              |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Corporations 2              |   | $           | 154,197    |   |   | $ | 455,630 |   |   | $ | 371,254 |   |   | $ | 622,595 |   |   | $ | 1,244,968 |   |
|    General Government Purposes 3     |   |        | 0          |   |   |   | 194,370 |   |   |   | 215,039 |   |   |   | 70,062 |   |   |   | 141,009 |   |
| Total                                               |   |        | 154,197    |   |   |   | 650,000 |   |   |   | 586,293 |   |   |   | 692,657 |   |   |   | 1,385,977 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debentures                                          |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)              |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Corporations 2              |   |        | 3,802,379  |   |   |   | 3,807,387 |   |   |   | 4,066,987 |   |   |   | 4,381,340 |   |   |   | 4,743,435 |   |
|    General Government Purposes 3     |   |        | 7,109,217  |   |   |   | 6,232,638 |   |   |   | 5,896,603 |   |   |   | 5,836,822 |   |   |   | 4,884,485 |   |
| Total                                               |   |        | 10,911,596 |   |   |   | 10,040,025 |   |   |   | 9,963,590 |   |   |   | 10,218,162 |   |   |   | 9,627,920 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Debt                                          |   |        | 11,065,793 |   |   |   | 10,690,025 |   |   |   | 10,549,883 |   |   |   | 10,910,819 |   |   |   | 11,013,897 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:  Equity in  Sinking Funds |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (for the purpose of)              |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Corporations                |   |        | 400,306    |   |   |   | 410,849 |   |   |   | 455,405 |   |   |   | 541,776 |   |   |   | 614,041 |   |
|    General Government Purposes 3     |   |        | 2,963,931  |   |   |   | 2,286,526 |   |   |   | 1,976,416 |   |   |   | 2,099,294 |   |   |   | 1,220,677 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                               |   |        | 3,364,237  |   |   |   | 2,697,375 |   |   |   | 2,431,821 |   |   |   | 2,641,070 |   |   |   | 1,834,718 |   |
|                                                |   |        | 7,701,556  |   |   |   | 7,992,650 |   |   |   | 8,118,062 |   |   |   | 8,269,749 |   |   |   | 9,179,179 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt                                     |   |        | 20,305     |   |   |   | 17,058 |   |   |   | 35,428 |   |   |   | 93,854 |   |   |   | 132,014 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt plus Guaranteed Debt                           |   | $           | 7,721,861  |   |   | $ | 8,009,708 |   |   | $ | 8,153,490 |   |   | $ | 8,363,603 |   |   | $ | 9,311,193 |   |
|                                                |   |        |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1    | Debt repayable in foreign currency has been restated in Canadian dollar equivalents based on the exchange rate in effect on March 31 of |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|      | each year.                                                                                                                              |
| 2                   | These enterprises are responsible for reimbursing the General Revenue Fund for the repayment of principal and interest.                 |
| 3                   | Debt for General Government Purposes is incurred for the general purposes of, and is repayable out of, the General Revenue Fund.        |

----

----

|                                                               | Gross Debt by Allocation1 |   |
|--------------------------------------------------------------------|---------------------------|--------|
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               | At March 31               |   |
|                                                               |                      |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                               | (Thousands)               |   |
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crown Corporations                                                 |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Information Services Corporation of Saskatchewan |                      | $      | 13,547 |   |   | $ | 13,547 |   |   | $ | 13,547 |   |   | $ | 9,935 |   |   | $ | 9,935 |   |
|    Liquor and Gaming Authority                      |                      |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 125,064 |   |
|    Municipal Financing Corporation of Saskatchewan  |                      |   | 39,092 |   |   |   | 97,660 |   |   |   | 105,153 |   |   |   | 137,746 |   |   |   | 150,289 |   |
|    Saskatchewan Crop Insurance Corporation          |                      |   | 50,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Gaming Corporation                  |                      |   | 0 |   |   |   | 6,000 |   |   |   | 6,000 |   |   |   | 6,000 |   |   |   | 6,000 |   |
|    Saskatchewan Housing Corporation                 |                      |   | 52,004 |   |   |   | 52,004 |   |   |   | 52,004 |   |   |   | 52,004 |   |   |   | 52,004 |   |
|    Saskatchewan Opportunities Corporation           |                      |   | 37,543 |   |   |   | 34,783 |   |   |   | 36,684 |   |   |   | 36,684 |   |   |   | 36,684 |   |
|    Saskatchewan Power Corporation                   |                      |   | 2,515,488 |   |   |   | 2,772,265 |   |   |   | 2,812,158 |   |   |   | 3,096,922 |   |   |   | 3,748,741 |   |
|    Saskatchewan Telecommunications                  |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Holding Corporation            |                      |   | 355,600 |   |   |   | 356,100 |   |   |   | 436,600 |   |   |   | 600,800 |   |   |   | 743,600 |   |
|    Saskatchewan Water Corporation                   |                      |   | 43,583 |   |   |   | 54,475 |   |   |   | 54,912 |   |   |   | 62,661 |   |   |   | 59,903 |   |
|    SaskEnergy Incorporated                          |                      |   | 849,819 |   |   |   | 876,183 |   |   |   | 921,183 |   |   |   | 1,001,183 |   |   |   | 1,056,183 |   |
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Crown Corporations                                           |                      |   | 3,956,676 |   |   |   | 4,263,017 |   |   |   | 4,438,241 |   |   |   | 5,003,935 |   |   |   | 5,988,403 |   |
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Government Purposes                                        |                      |   | 7,109,217 |   |   |   | 6,427,008 |   |   |   | 6,111,642 |   |   |   | 5,906,884 |   |   |   | 5,025,494 |   |
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Debt                                                         |                      | $      | 11,065,893 |   |   | $ | 10,690,025 |   |   | $ | 10,549,883 |   |   | $ | 10,910,819 |   |   | $ | 11,013,897 |   |
|                                                               |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1              | Debt repayable in foreign currency has been restated in Canadian dollar equivalents based on the exchange rate in effect on March 31 of each |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|      | year.                                                                                                                                   |

----

----

| Composition of Debentures Issued and Redeemed1 |
|------------------------------------------------|
| (unaudited)                                    |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | Fiscal Year Ended March 31 |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                           | (Millions) |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Debentures Issued                        |   | $ | 293.8 |   |   | $ | 105.1 |   |   | $ | 590.3 |   |   | $ | 404.2 |   |   | $ | 562.7 |   |
| Total Debentures Redeemed                      |   |   | 869.8 |   |   |   | 909.4 |   |   |   | 654.7 |   |   |   | 157.1 |   |   |   | 1,157.5 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (Decrease) in Debentures              |   | $ | (576.0 | ) |   | $ | (804.3 | ) |   | $ | (64.4 | ) |   | $ | 247.1 |   |   | $ | (594.8 | ) |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1                  | All foreign currency debt has been stated in the equivalent Canadian funds based on the exchange rate in effect on March 31 of |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|
|     | each year.                                                                                                                     |

| Composition of Debentures Outstanding1 |
|----------------------------------------|
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                   | Fiscal Year Ended March 31 |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                   | (Millions) |
| Debentures Outstanding                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| To the Public                          |   | $ | 10,166.5 |   |   | $ | 9,294.9 |   |   | $ | 9,218.5 |   |   | $ | 9,473.1 |   |   | $ | 8,882.8 |   |
| To the Canada Pension Plan             |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |   |   | 745.1 |   |
| Other Obligations                      |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                  |   | $ | 10,911.6 |   |   | $ | 10,040.0 |   |   | $ | 9,963.6 |   |   | $ | 10,218.2 |   |   | $ | 9,627.9 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1                  | All foreign currency debt has been stated in the equivalent Canadian funds based on the exchange rate in effect on March 31 of |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|
|     | each year.                                                                                                                     |

----

----

| Debt Indicators                                                   |
|-------------------------------------------------------------------|
| (unaudited)                                                       |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              | At March 31 |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total debt of the General Revenue Fund                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Per Capita 1                                    |   | $ | 7,590 |   |   | $ | 7,740 |   |   | $ | 7,755 |   |   | $ | 7,843 |   |   | $ | 8,562 |   |
|    As a Percentage of Saskatchewan Gross Domestic       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Product 2                     |   |   | 11.5 | % |   |   | 13.6 | % |   |   | 12.7 | % |   |   | 11.2 | % |   |   | 11.9 | % |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total debt of the General Revenue Fund -                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    General Government Purpose Portion 3            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Per Capita 1                                    |   | $ | 4,094 |   |   | $ | 4,018 |   |   | $ | 3,949 |   |   | $ | 3,587 |   |   | $ | 3,516 |   |
|    As a Percentage of General Revenue Fund Revenue |   |   | 33.8 | % |   |   | 40.5 | % |   |   | 37.5 | % |   |   | 34.4 | % |   |   | 33.3 | % |
|    As a Percentage of Saskatchewan Gross Domestic       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Product 2                     |   |   | 6.2 | % |   |   | 7.0 | % |   |   | 6.4 | % |   |   | 5.2 | % |   |   | 4.9 | % |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual Interest Payments on the General                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Government Purpose Portion of Gross Debt of          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    the General Revenue Fund                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    As a Percentage of General Revenue Fund Revenue |   |   | 4.2 | % |   |   | 4.7 | % |   |   | 3.8 | % |   |   | 3.7 | % |   |   | 3.4 | % |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1      | Debt per capita for 2009 through 2013 is calculated by dividing the debt at March 31 by the population of the Province on     |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------|
|                            | July 1 of the same calendar year.                                                                                             |
| 2                               | Debt as a percentage of Saskatchewan's GDP is calculated by dividing the debt at March 31 by the Province's current GDP for   |
|                            | the previous calendar year.                                                                                                   |
| 3                               | Debt of the General Revenue Fund - General Government Purpose Portion does not include debt incurred by the General Revenue   |
|                            | Fund on behalf of Crown entities for which the Crown entities are responsible for reimbursing the General Revenue Fund.  |

| Debt Maturity Schedule |
|------------------------|
|                   |   |   |   |   |   |   |   |   |   |   |
| Fiscal Year            |   |   | Canadian |  U.S. Dollar Debt | Total |   |
| ending March 31        |   |   | Dollar Debt |   |   | (Canadian Dollars) 1 |   |   | (Canadian Dollars) |   |
|                   |   |   |   |   |   | (Thousands) |   |   |   |   |
|                   |   |   |   |   |   |   |   |   |   |   |
| 2014                   |   |   | $ | 2,125,533 |   |   | $ | 50,780 |   |   | $ | 2,176,313 |   |
| 2015                   |   |   |   | 946,155 |   |   |   | 0 |   |   |   | 946,155 |   |
| 2016                   |   |   |   | 491,870 |   |   |   | 0 |   |   |   | 491,870 |   |
| 2017                   |   |   |   | 390,601 |   |   |   | 0 |   |   |   | 390,601 |   |
| 2018                   |   |   |   | 233,991 |   |   |   | 0 |   |   |   | 233,991 |   |
| 1 - 5 years            |   |   | $ | 4,188,150 |   |   | $ | 50,780 |   |   | $ | 4,238,930 |   |
|                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2019-2023              |   |   |   | 1,633,458 |   |   |   | 228,510 |   |   |   | 1,861,968 |   |
| 2024-2028              |   |   |   | 282,419 |   |   |   | 0 |   |   |   | 282,419 |   |
| 2029-2033              |   |   |   | 1,223,949 |   |   |   | 0 |   |   |   | 1,223,949 |   |
| 2034-2038              |   |   |   | 1,393,647 |   |   |   | 0 |   |   |   | 1,393,647 |   |
| 2039-2043              |   |   |   | 2,012,984 |   |   |   | 0 |   |   |   | 2,012,984 |   |
| After 2043             |   |   |   |   |   |   |   |   |   |   |   | - |   |
|                   |   |   | $ | 10,734,607 |   |   | $ | 279,290 |   |   | $ | 11,013,897 |   |
|                   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1      | Debentures repayable in U.S. dollars of $275.0 million have been converted to Canadian dollars at the exchange rate in effect at |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |     March 31, 2013.                                                                                          |
|   | (U.S. dollars - $1.0156)                                                                                                              |

----

----

|  Debt Characteristics |
|----------------------------|
|  (unaudited)     |
|                       |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   | As aPercentageof Total |   |   | Weighted AverageTerm to Maturity1(years) |   |   | Weighted AverageInterest Rate1 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |
|                       | Public Debentures2 |   |   |   | 80.6% |   |   |   | 13.95 |   |   |   | 6.10% |   |
|                       | Canada Pension Plan Debentures |   |   |   | 6.8% |   |   |   | 10.43 |   |   |   | 4.45% |   |
|                       | Promissory Notes |   |   |   |      12.6% |   |   |   | 0.05 |   |   |   | 0.98% |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       | Gross Debt |   |   |   | 100% |   |   |   |   |   |   |   | 5.34% |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | 1 | Weighted by the total principal amount of each loan issue. |
|--------|---|------------------------------------------------------------|
|   | 2 | Includes other debentures.                                 |

| Guaranteed Debt |
|-----------------|
|            |
|            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|            | At March 31 |
|            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|            |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|            | (Millions) |
|            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt |   | $ | 20.3 |   |   | $ | 17.1 |   |   | $ | 35.4 |   |   | $ | 93.9 |   |   | $ | 132.0 |   |

----

----

----

----

|   |   |                                                                 | Page  |   |
|--------|--------|----------------------------------------------------------------------|------------|--------|
| I.     |   | General Revenue Fund Statement of Financial Position                 | 33         |   |
|   |   |                                                                 |       |   |
| II.    |   | General Revenue Fund Statement of Operations and Accumulated Deficit | 35         |   |
|   |   |                                                                 |       |   |
| III.   |   | General Revenue Fund Statement of Change in Net Debt                 | 38         |   |
|   |   |                                                                 |       |   |
| IV.    |   | General Revenue Fund Statement of Investing Activities               | 39         |   |
|   |   |                                                                 |       |   |
| V.     |   | General Revenue Fund Statement of Cash Flow                          | 41         |   |
|   |   |                                                                 |       |   |
| VI.    |   | General Revenue Fund Notes to the Financial Statements               | 42         |   |

----

----

| Government of the Province of Saskatchewan                         |
|--------------------------------------------------------------------|
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Financial Position1-7            |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               | At March 31 |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | (Thousands of dollars) |   |
| Financial Assets                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Cash and temporary investments                   |   | $ | 575,895 |   |   | $ | 858,427 |   |   | $ | 457,912 |   |   | $ | 241,429 |   |   | $ | 237,264 |   |
|    Accounts receivable                              |   |   | 915,389 |   |   |   | 855,117 |   |   |   | 857,866 |   |   |   | 1,044,887 |   |   |   | 1,155,064 |   |
|    Deferred charges                                 |   |   | 14,166 |   |   |   | 9,775 |   |   |   | 7,128 |   |   |   | 3,729 |   |   |   | (2,441 | ) |
|    Loans to Crown corporations                      |   |   | 520,229 |   |   |   | 818,751 |   |   |   | 609,044 |   |   |   | 556,767 |   |   |   | 886,484 |   |
|    Other loans                                      |   |   | 122,454 |   |   |   | 100,168 |   |   |   | 91,165 |   |   |   | 92,131 |   |   |   | 99,707 |   |
|    Equity investment in Crown Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Corporation of Saskatchewan    |   |   | 1,051,152 |   |   |   | 1,051,152 |   |   |   | 1,058,889 |   |   |   | 1,058,889 |   |   |   | 908,889 |   |
| Total Financial Assets                                             |   |   | 3,199,285 |   |   |   | 3,693,390 |   |   |   | 3,082,004 |   |   |   | 2,997,832 |   |   |   | 3,284,967 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Accounts payable and accrued liabilities         |   |   | 1,721,516 |   |   |   | 1,896,708 |   |   |   | 1,513,501 |   |   |   | 1,376,712 |   |   |   | 1,413,746 |   |
|    Deposits held                                    |   |   | 594,355 |   |   |   | 396,122 |   |   |   | 403,672 |   |   |   | 709,881 |   |   |   | 904,223 |   |
|    Unearned revenue                                 |   |   | 76,454 |   |   |   | 75,642 |   |   |   | 91,323 |   |   |   | 100,387 |   |   |   | 95,628 |   |
|    Public Debt                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Government general debt        |   |   | 4,145,286 |   |   |   | 4,140,482 |   |   |   | 4,135,226 |   |   |   | 3,807,590 |   |   |   | 3,804,817 |   |
|       Crown corporation general debt |   |   | 520,229 |   |   |   | 818,751 |   |   |   | 609,044 |   |   |   | 556,767 |   |   |   | 886,484 |   |
|    Unamortized foreign exchange gain (loss)         |   |   | (10,503 | ) |   |   | 3,939 |   |   |   | 5,231 |   |   |   | 6,371 |   |   |   | 5,773 |   |
| Total Liabilities                                                  |   |   | 7,047,337 |   |   |   | 7,331,644 |   |   |   | 6,757,997 |   |   |   | 6,557,708 |   |   |   | 7,110,671 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Debt                                                           |   |   | (3,848,052 | ) |   |   | (3,638,254 | ) |   |   | (3,675,993 | ) |   |   | (3,559,876 | ) |   |   | (3,825,704 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-financial Assets                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Prepaid expenses                                 |   |   | 6,902 |   |   |   | 7,004 |   |   |   | 11,435 |   |   |   | 13,789 |   |   |   | 7,311 |   |
|    Inventories held for consumption                 |   |   | 97,345 |   |   |   | 109,411 |   |   |   | 120,652 |   |   |   | 124,096 |   |   |   | 127,649 |   |
|    Tangible capital assets                          |   |   | 2,772,877 |   |   |   | 2,975,411 |   |   |   | 3,045,147 |   |   |   | 3,275,566 |   |   |   | 3,588,286 |   |
| Total Non-financial Assets                                         |   |   | 2,877,124 |   |   |   | 3,091,826 |   |   |   | 3,177,234 |   |   |   | 3,413,451 |   |   |   | 3,723,246 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated Deficit                                                |   | $ | (970,928 | ) |   | $ | (546,428 | ) |   | $ | (498,759 | ) |   | $ | (146,425 | ) |   | $ | (102,458 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | The Government also prepares summary financial statements.  The Government=s summary financial statements provide a full accounting of the financial affairs and resources of all entities for which the Government is responsible.  The financial transactions of the General Revenue Fund and provincial Crown corporations, agencies, boards, and commissions are included in the Government=s summary financial statements. The Government=s summary financial statements are included in Exhibit (e) Volume 1 of the Public Accounts. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | In her opinion on the 2009, 2010, 2011, 2012 and 2013 General Revenue Fund financial statements, the Provincial Auditor directs the reader to refer to the Government=s summary financial statements to understand and assess the Government=s management of public financial affairs and resources as a whole. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The General Revenue Fund’s financial statements for 2009 are accompanied by a report of the Provincial Auditor which provides that, except for the effects of the following reservations, the financial statements present fairly, in all material respects, the financial position of the General Revenue Fund as at March 31: |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a.   | It is the auditor’s opinion that pension liabilities should be recorded in the financial statements.  Had pension liabilities been recorded, liabilities and accumulated deficit would increase by $5,442 million and, for the year, expenses would increase and surplus would decrease by $355 million. |
|--------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund as revenue and expense of the General Revenue Fund.  It is the auditor’s opinion that, instead of recording an expense, the financial statements should record an asset equal to the amount it owed or paid to these funds.  Had this been done, financial assets would increase and accumulated deficit would decrease by $1,215 million, and, for the year, the net transfer from the Growth and Financial Security Fund and surplus would decrease by $419 million. |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The General Revenue Fund’s financial statements for 2010 are accompanied by a report of the Provincial Auditor which provides that, except for the effects of the following reservations, the financial statements present fairly, in all material respects, the financial position of the General Revenue Fund as at March 31: |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a.   | It is the auditor’s opinion that the liabilities of several pension plans and a disability benefit plan should be recorded in the financial statements.  Had these liabilities been recorded, liabilities and accumulated deficit would increase by $5,783 million and, for the year, expenses would increase and surplus would decrease by $341 million. |
|--------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund as revenue and expense of the General Revenue Fund.  It is the auditor’s opinion that, instead of recording an expense, the financial statements should record an asset equal to the amount it owed or paid to this fund.  Had this been done, financial assets would increase and accumulated deficit would decrease by $958 million, and, for the year, the net transfer from the Growth and Financial Security Fund and surplus would decrease by $257 million. |
|--------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 5   | The General Revenue Fund’s financial statements for 2011 are accompanied by a report of the Provincial Auditor which provides that, except for the effects of the following reservations, the financial statements present fairly, in all material respects, the financial position of the General Revenue Fund as at March 31: |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a.   | It is the auditor’s opinion that pension liabilities and a disability benefit liability should be recorded in the financial statements.  Had pension liabilities and disability benefit liabilities been recorded, liabilities and accumulated deficit would increase by $6,024 million and, for the year, expenses would increase and surplus would decrease by $241 million. |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund as revenue and expense of the General Revenue Fund.  It is the auditor’s opinion that, instead of recording an expense, the financial statements should record an asset equal to the amount it owed or paid to this fund.  Had this been done, financial assets would increase and accumulated deficit would decrease by $1,006 million, and for the year, the net transfer to the Growth and Financial Security Fund would decrease and surplus would increase by $48 million. |
|--------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | The General Revenue Fund’s financial statements for 2012 are accompanied by a report of the Provincial Auditor which provides that, except for the effects of the following reservations, the financial statements present fairly, in all material respects, the financial position of the General Revenue Fund as at March 31: |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a.   | It is the auditor’s opinion that pension liabilities and a disability benefit liability should be recorded in the financial statements.  Had pension liabilities and disability benefit liabilities been recorded, liabilities and accumulated deficit would increase by $6,124 million and, for the year, expenses would increase and surplus would decrease by $100 million. |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund as revenue and expense of the General Revenue Fund.  It is the auditor’s opinion that, instead of recording an expense, the financial statements should record an asset equal to the amount it owed or paid to these funds.  Had this been done, financial assets would increase and accumulated deficit would decrease by $708 million, and, for the year, the net transfer from the Growth and Financial Security Fund and surplus would decrease by $298 million. |
|--------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7   | The General Revenue Fund’s financial statements for 2013 are accompanied by a report of the Provincial Auditor which provides an adverse opinion indicating that, given the significance of the following errors, the financial statements do not present fairly the financial position of the General Revenue Fund as at March 31: |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a.   | It is the auditor’s opinion that pension liabilities and a disability benefit liability should be recorded in the financial statements.  Had pension liabilities and disability benefit liabilities been recorded, liabilities and accumulated deficit would increase by $6,560 million and, for the year, expenses would increase and surplus would decrease by $436 million. |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.   | The Government records transactions between the General Revenue Fund and the Growth and Financial Security Fund as revenue and expense of the General Revenue Fund.  It is the auditor’s opinion that, instead of recording an expense, the financial statements should record an asset equal to the amount it owed or paid to these funds.  Had this been done, financial assets would increase and accumulated deficit would decrease by $666 million, and, for the year, the net transfer from the Growth and Financial Security Fund and surplus would decrease by $42 million. |
|--------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c.   | It is the auditor’s opinion that, school divisions, regional health authorities, and universities have an expectation or guarantee that the Government will fund their debt principle and interest payments, thereby creating an obligation and requiring the Government to record a liability and expense for certain entities’ debt.  Had liabilities been recorded, the accumulated deficit as at April 1, 2012 would increase by $169 million, liabilities and accumulated deficit would increase by $270 million, for the year, expenses would increase and surplus would decrease by $101 million. |
|--------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d.   | During the year, the Government recorded the General Revenue Fund’s financial contribution for the construction of schools and long-term care facilities as tangible capital assets of the General Revenue Fund.  It is the auditor’s opinion that the contributions should be recorded by the Government as capital grants rather than tangible capital assets.  Had the General Revenue Fund recorded the contributions as capital grants, tangible capital assets and surplus would decrease and expenses and accumulated deficit would increase by $69 million. |
|--------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           (see accompanying notes) |
|--------------------------------------------------------------------------------------|

----

----

| Government of the Province of Saskatchewan                            |                        |
|-----------------------------------------------------------------------|-----------------------------|
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Operations and Accumulated Deficit1 |                        |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  | For the Year Ended March 31 |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |                        |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |                        | (Thousands of dollars) |   |
| Revenue                                                               |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxation                                                              |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Corporation income                                  |                        | $ | 591,930 |   |   | $ | 881,424 |   |   | $ | 1,155,273 |   |   | $ | 793,790 |   |   | $ | 838,275 |   |
|    Fuel                                                |                        |   | 429,162 |   |   |   | 441,533 |   |   |   | 463,147 |   |   |   | 475,452 |   |   |   | 495,955 |   |
|    Individual income 2                                 |                        |   | 1,844,226 |   |   |   | 1,890,848 |   |   |   | 1,795,788 |   |   |   | 1,897,409 |   |   |   | 2,406,254 |   |
|    Provincial sales 2                                  |                        |   | 1,108,628 |   |   |   | 1,084,001 |   |   |   | 1,186,992 |   |   |   | 1,322,161 |   |   |   | 1,284,893 |   |
|    Tobacco                                             |                        |   | 199,072 |   |   |   | 196,868 |   |   |   | 237,507 |   |   |   | 242,853 |   |   |   | 253,353 |   |
|    Other                                               |                        |   | 257,977 |   |   |   | 237,599 |   |   |   | 292,935 |   |   |   | 303,642 |   |   |   | 327,796 |   |
| Total Taxation                                                        |                        |   | 4,430,995 |   |   |   | 4,732,273 |   |   |   | 5,131,642 |   |   |   | 5,035,307 |   |   |   | 5,606,526 |   |
| Non-renewable Resources                                               |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown land sales                                    |                        |   | 928,245 |   |   |   | 151,455 |   |   |   | 466,993 |   |   |   | 235,507 |   |   |   | 89,060 |   |
|    Natural gas                                         |                        |   | 125,922 |   |   |   | 40,078 |   |   |   | 29,741 |   |   |   | 17,389 |   |   |   | 11,354 |   |
|    Oil                                                 |                        |   | 1,616,071 |   |   |   | 1,294,670 |   |   |   | 1,274,053 |   |   |   | 1,528,808 |   |   |   | 1,283,877 |   |
|    Potash                                              |                        |   | 1,364,463 |   |   |   | (183,887 | ) |   |   | 262,540 |   |   |   | 438,372 |   |   |   | 364,490 |   |
|    Resource surcharge                                  |                        |   | 458,299 |   |   |   | 475,632 |   |   |   | 360,848 |   |   |   | 452,807 |   |   |   | 627,675 |   |
|    Other                                               |                        |   | 119,408 |   |   |   | 132,676 |   |   |   | 133,624 |   |   |   | 149,074 |   |   |   | 139,413 |   |
| Total Non-renewable Resources                                         |                        |   | 4,612,408 |   |   |   | 1,910,624 |   |   |   | 2,527,799 |   |   |   | 2,821,957 |   |   |   | 2,515,869 |   |
| Transfers from Government Entities                                    |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Crown Investments Corporation of Saskatchewan       |                        |   | 0 |   |   |   | 185,000 |   |   |   | 266,000 |   |   |   | 110,000 |   |   |   | 312,000 |   |
|       - Special dividend                |                        |   | 365,000 |   |   |   | 570,000 |   |   |   | 213,500 |   |   |   | 130,000 |   |   |   | 3,000 |   |
|    Liquor and Gaming Authority                         |                        |   | 446,652 |   |   |   | 429,924 |   |   |   | 437,063 |   |   |   | 465,917 |   |   |   | 478,090 |   |
|    Other enterprises and funds                         |                        |   | 39,564 |   |   |   | 64,172 |   |   |   | 48,119 |   |   |   | 75,628 |   |   |   | 105,132 |   |
| Total Transfers from Government Entities                              |                        |   | 851,216 |   |   |   | 1,249,096 |   |   |   | 964,682 |   |   |   | 781,545 |   |   |   | 898,222 |   |
| Other Own-source Revenue                                              |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Fines, forfeits and penalties                       |                        |   | 11,448 |   |   |   | 13,219 |   |   |   | 13,170 |   |   |   | 14,722 |   |   |   | 20,596 |   |
|    Interest, premiums, discounts and exchange 2, 3     |                        |   | 187,957 |   |   |   | 237,372 |   |   |   | 209,704 |   |   |   | 241,336 |   |   |   | 164,171 |   |
|    Motor vehicle fees                                  |                        |   | 151,143 |   |   |   | 158,303 |   |   |   | 161,093 |   |   |   | 173,151 |   |   |   | 183,121 |   |
|    Other licences and permits                          |                        |   | 36,607 |   |   |   | 34,587 |   |   |   | 29,425 |   |   |   | 25,414 |   |   |   | 27,249 |   |
|    Sales, services and service fees                    |                        |   | 101,885 |   |   |   | 110,555 |   |   |   | 132,073 |   |   |   | 132,039 |   |   |   | 112,992 |   |
|    Transfers from other governments                    |                        |   | 15,010 |   |   |   | 18,421 |   |   |   | 15,791 |   |   |   | 17,163 |   |   |   | 22,165 |   |
|    Commercial operations                               |                        |   | 86,567 |   |   |   | 87,771 |   |   |   | 91,874 |   |   |   | 99,511 |   |   |   | 82,098 |   |
|    Other 4                                             |                        |   | 130,872 |   |   |   | 110,204 |   |   |   | 183,177 |   |   |   | 51,908 |   |   |   | 120,141 |   |
| Total Other Own-source Revenue                                        |                        |   | 721,489 |   |   |   | 770,432 |   |   |   | 836,307 |   |   |   | 755,244 |   |   |   | 732,533 |   |
| Total Own-source Revenue                                              |                        |   | 10,616,108 |   |   |   | 8,662,425 |   |   |   | 9,460,430 |   |   |   | 9,394,053 |   |   |   | 9,753,150 |   |
| Transfers from the Federal Government                                 |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Canada Health Transfer                              |                        |   | 823,496 |   |   |   | 819,262 |   |   |   | 795,422 |   |   |   | 846,771 |   |   |   | 933,400 |   |
|    Canada Social Transfer                              |                        |   | 338,301 |   |   |   | 334,976 |   |   |   | 342,626 |   |   |   | 352,420 |   |   |   | 366,968 |   |
|    Other                                               |                        |   | 547,167 |   |   |   | 449,795 |   |   |   | 462,200 |   |   |   | 527,187 |   |   |   | 370,971 |   |
| Total Transfers from the Federal Government                           |                        |   | 1,708,964 |   |   |   | 1,604,033 |   |   |   | 1,600,248 |   |   |   | 1,726,378 |   |   |   | 1,671,339 |   |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenue                                                         |                        | $ | 12,325,072 |   |   | $ | 10,266,458 |   |   | $ | 11,060,678 |   |   | $ | 11,120,431 |   |   | $ | 11,424,489 |   |
|                                                                  |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Government of the Province of Saskatchewan                                       |
|----------------------------------------------------------------------------------|
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Operations and Accumulated Deficit (continued) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             | For the Year Ended March 31 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | (Thousands of dollars) |   |
| Expense                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ministries and Agencies                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Advanced Education 5, 6                                        |   | $ | 893,291 |   |   | $ | 866,110 |   |   | $ | 935,426 |   |   | $ | 859,199 |   |   | $ | 722,751 |   |
|    Agriculture                                                    |   |   | 424,396 |   |   |   | 373,246 |   |   |   | 482,306 |   |   |   | 439,632 |   |   |   | 504,065 |   |
|    Central Services 7                                             |   |   | 12,738 |   |   |   | 15,215 |   |   |   | 10,972 |   |   |   | 9,666 |   |   |   | 32,687 |   |
|    Central Services - commercial operations 7                     |   |   | 81,180 |   |   |   | 82,030 |   |   |   | 83,868 |   |   |   | 80,683 |   |   |   | 75,625 |   |
|    Corrections, Public Safety and Policing 8, 9                   |   |   | 315,083 |   |   |   | 340,314 |   |   |   | 390,156 |   |   |   | 517,971 |   |   |   | 0 |   |
| Corrections, Public Safety and Policing                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       - commercial operations 8                    |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 2,383 |   |   |   | 0 |   |
|    Crown Investments Corporation of Saskatchewan                  |   |   | 240,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Economy 6                                                      |   |   | 37,946 |   |   |   | 40,546 |   |   |   | 77,621 |   |   |   | 36,794 |   |   |   | 256,901 |   |
|    Education                                                      |   |   | 1,307,461 |   |   |   | 1,334,346 |   |   |   | 1,363,639 |   |   |   | 1,564,240 |   |   |   | 1,653,460 |   |
|    Enterprise and Innovation Programs 6                           |   |   | 54,618 |   |   |   | 22,497 |   |   |   | 24,114 |   |   |   | 24,578 |   |   |   | 0 |   |
|    Enterprise Saskatchewan                                        |   |   | 6,087 |   |   |   | 45,406 |   |   |   | 39,586 |   |   |   | 41,303 |   |   |   | 16,046 |   |
|    Environment 6                                                  |   |   | 177,129 |   |   |   | 172,304 |   |   |   | 213,895 |   |   |   | 200,169 |   |   |   | 169,101 |   |
|    Executive Council 10                                           |   |   | 8,293 |   |   |   | 8,478 |   |   |   | 11,629 |   |   |   | 11,623 |   |   |   | 16,111 |   |
|    Finance                                                        |   |   | 290,832 |   |   |   | 326,558 |   |   |   | 314,102 |   |   |   | 358,237 |   |   |   | 362,849 |   |
|    Finance Debt Servicing                                         |   |   | 520,181 |   |   |   | 479,962 |   |   |   | 424,334 |   |   |   | 411,957 |   |   |   | 390,790 |   |
|    First Nations and Metis Relations 6, 8                         |   |   | 86,526 |   |   |   | 86,842 |   |   |   | 71,630 |   |   |   | 78,576 |   |   |   | 0 |   |
|    Government Relations 8, 10                                     |   |   | 397,388 |   |   |   | 409,956 |   |   |   | 363,669 |   |   |   | 374,946 |   |   |   | 592,639 |   |
|    Government Relations - commercial operations 8                 |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,156 |   |
|    Health                                                         |   |   | 3,976,241 |   |   |   | 3,934,231 |   |   |   | 4,547,793 |   |   |   | 4,400,159 |   |   |   | 4,575,589 |   |
|    Highways and Infrastructure                                    |   |   | 482,400 |   |   |   | 418,279 |   |   |   | 427,471 |   |   |   | 443,479 |   |   |   | 433,004 |   |
|    Highways and Infrastructure - commercial operations            |   |   | 2,892 |   |   |   | 3,281 |   |   |   | 5,925 |   |   |   | 14,061 |   |   |   | 3,526 |   |
|    Information Technology Office 7                                |   |   | 5,384 |   |   |   | 11,834 |   |   |   | 16,744 |   |   |   | 20,921 |   |   |   | 0 |   |
|    Information Technology Office - commercial operations 7        |   |   | 1,630 |   |   |   | 1,574 |   |   |   | 1,931 |   |   |   | 2,110 |   |   |   | 0 |   |
|    Innovation Saskatchewan                                        |   |   | 0 |   |   |   | 0 |   |   |   | 9,818 |   |   |   | 3,467 |   |   |   | 6,769 |   |
|    Intergovernmental Affairs                                      |   |   | 3,519 |   |   |   | 3,295 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Justice 9                                                      |   |   | 135,648 |   |   |   | 145,293 |   |   |   | 145,871 |   |   |   | 149,632 |   |   |   | 523,401 |   |
|    Labour Relations and Workplace Safety                          |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 16,948 |   |   |   | 17,036 |   |
|    Office of the Provincial Capital Commission 7, 10              |   |   | 0 |   |   |   | 0 |   |   |   | 10,166 |   |   |   | 10,957 |   |   |   | 0 |   |
|    Office of the Provincial Secretary                             |   |   | 4,401 |   |   |   | 4,879 |   |   |   | 3,466 |   |   |   | 3,133 |   |   |   | 0 |   |
|    Parks, Culture and Sport 6                                     |   |   | 130,726 |   |   |   | 129,703 |   |   |   | 102,289 |   |   |   | 91,715 |   |   |   | 99,820 |   |
|    Public Service Commission                                      |   |   | 35,182 |   |   |   | 50,229 |   |   |   | 36,238 |   |   |   | 37,050 |   |   |   | 39,451 |   |
|    Saskatchewan Research Council                                  |   |   | 12,082 |   |   |   | 15,016 |   |   |   | 16,633 |   |   |   | 18,133 |   |   |   | 18,983 |   |
|    SaskBuilds Corporation                                         |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 2,000 |   |
|    Social Services                                                |   |   | 676,604 |   |   |   | 740,087 |   |   |   | 795,778 |   |   |   | 787,314 |   |   |   | 851,499 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Legislative Assembly and its Officers                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Advocate for Children and Youth                                |   |   | 1,529 |   |   |   | 1,628 |   |   |   | 1,648 |   |   |   | 1,922 |   |   |   | 1,941 |   |
|    Chief Electoral Officer                                        |   |   | 1,166 |   |   |   | 1,679 |   |   |   | 2,023 |   |   |   | 16,341 |   |   |   | 2,465 |   |
|    Conflict of Interest Commissioner                              |   |   | 145 |   |   |   | 143 |   |   |   | 298 |   |   |   | 128 |   |   |   | 131 |   |
|    Information and Privacy Commissioner                           |   |   | 812 |   |   |   | 874 |   |   |   | 964 |   |   |   | 1,131 |   |   |   | 1,024 |   |
|    Legislative Assembly                                           |   |   | 22,429 |   |   |   | 23,295 |   |   |   | 23,081 |   |   |   | 24,186 |   |   |   | 24,387 |   |
|    Ombudsman                                                      |   |   | 2,085 |   |   |   | 2,152 |   |   |   | 2,228 |   |   |   | 2,885 |   |   |   | 3,018 |   |
|    Provincial Auditor                                             |   |   | 7,115 |   |   |   | 7,471 |   |   |   | 8,028 |   |   |   | 8,134 |   |   |   | 8,330 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Expense                                                                    |   |  $ | 10,355,139 |   |   |  $ | 10,098,753 |   |   |  $ | 10,965,340 |   |   |  $ | 11,065,763 |   |   |  $ | 11,408,555 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Government of the Province of Saskatchewan                                       |
|----------------------------------------------------------------------------------|
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Operations and Accumulated Deficit (concluded) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             | For the Year Ended March 31 |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   | (Thousands of dollars) |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-transfer Surplus                                                             |   |   | 1,969,933 |   |   |   | 167,705 |   |   |   | 95,338 |   |   |   | 54,668 |   |   |   | 15,934 |   |
| Transfer to the Growth and Financial Security Fund                               |   |   | (984,967 | ) |   |   | (83,853 | ) |   |   | (47,669 | ) |   |   | (27,334 | ) |   |   | (7,967 | ) |
| Transfer from the Growth and Financial Security Fund                             |   |   | 1,403,897 |   |   |   | 340,648 |   |   |   | 0 |   |   |   | 325,000 |   |   |   | 50,000 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Surplus                                                                          |   | $ | 2,388,863 |   |   | $ | 424,500 |   |   | $ | 47,669 |   |   | $ | 352,334 |   |   | $ | 57,967 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated Deficit, Beginning of Year                                           |   |   | (3,359,791 | ) |   |   | (970,928 | ) |   |   | (546,428 | ) |   |   | (498,759 | ) |   |   | (146,425 | ) |
| Adjustment for sick leave benefit obligation 11                                  |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (14,000 | ) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated Deficit, End of Year                                                 |   | $ | (970,928 | ) |   | $ | (546,428 | ) |   | $ | (498,759 | ) |   | $ | (146,425 | ) |   | $ | (102,458 | ) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | See Notes 1-7 commencing on page 33. |
|---|--------------------------------------|

| 2 | During 2012-13, the Government adopted a new standard of accounting for tax revenue.  On the Statement of Operations: |
|---|---------------------------------------------------------------------------------------------------------------------------------|

|   | ● | the Saskatchewan Low-Income Tax Credit is netted against provincial sales taxation revenue, the type of tax revenue for which the credit it providing relief, rather than individual income taxation revenue, |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | penalties and interest collected on tax revenue are recorded separate from tax revenue, and |
|--------|---------|---------------------------------------------------------------------------------------------|

|   | ● | commissions paid to retailers on the collection of taxes are recorded as an expense. |
|--------|---------|--------------------------------------------------------------------------------------|

|   | The new tax revenue standard has been applied prospectively, and accordingly, comparative figures have not been restated. |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| 3 | Includes gains on investment sales of $70.2 million (2012 - $127.6 million). |
|---|------------------------------------------------------------------------------|

| 4 | Includes reversals and refunds of prior year expenses of $86.2 million (2012 – 21.6 million). |
|---|-----------------------------------------------------------------------------------------------------|

| 5 | For 2011, Advanced Education includes expenses for which administration has been transferred to the Ministry of Labour Relations and Workplace Safety and the Ministry of Social Services. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | For 2013, Economy assumed responsibility for Enterprise and Innovation Programs, employment and immigration from Advanced Education, business development from Environment, First Nations and Métis economic development from First Nations and Métis Relations and tourism from Parks, Culture and Sport. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | For 2013, Central Services assumed responsibility for the Information Technology Office and the Saskatchewan Archives Board from the Office of the Provincial Capital Commission. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | For 2013, Government Relations assumed responsibility for public safety from Corrections, Public Safety and Policing and First Nations and Métis relations from First Nations and Métis Relations. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | For 2013, Justice assumed responsibility for corrections and policing from Corrections, Public Safety and Policing. |
|---|---------------------------------------------------------------------------------------------------------------------|

| 10 | For 2013, Executive Council assumed responsibility for a position providing support for the Provincial Secretary from Government Relations and for capital commission operations from the Office of the Provincial Capital Commission. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | During 2012-13, the Government recorded a liability for an accumulated sick leave benefit obligation.  The liability has been accounted for retroactively without restatement of prior periods. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Government of the Province of Saskatchewan                                         |
|------------------------------------------------------------------------------------|
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Change in Net Debt 1                             |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   For the year ended March 31 |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |  (Thousands of dollars) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Surplus                                                                            |   | $ | 2,388,863 |   |   | $ | 424,500 |   |   | $ | 47,669 |   |   | $ | 352,334 |   |   | $ | 57,967 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tangible Capital Assets                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Acquisitions                                         |   |   | (349,349 | ) |   |   | (388,541 | ) |   |   | (390,042 | ) |   |   | (411,951 | ) |   |   | (513,056 | ) |
|      Amortization                                         |   |   | 151,521 |   |   |   | 160,175 |   |   |   | 179,522 |   |   |   | 174,971 |   |   |   | 188,643 |   |
|      Net loss (gain) on disposal                          |   |   | 5,153 |   |   |   | (13,284 | ) |   |   | (7,138 | ) |   |   | (7,521 | ) |   |   | (9,736 | ) |
|      Net transfers (from) to government organizations     |   |   | (1,341 | ) |   |   | (1,396 | ) |   |   | 127,737 |   |   |   | (682 | ) |   |   | (2,427 | ) |
|      Proceeds on disposal                                 |   |   | 7,082 |   |   |   | 40,332 |   |   |   | 19,914 |   |   |   | 14,304 |   |   |   | 23,678 |   |
|      Write downs                                          |   |   | 11,026 |   |   |   | 180 |   |   |   | 271 |   |   |   | 460 |   |   |   | 178 |   |
| Net Acquisition of Tangible Capital Assets                                         |   |   | (175,908 | ) |   |   | (202,534 | ) |   |   | (69,736 | ) |   |   | (230,419 | ) |   |   | (312,720 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Non-financial Assets                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net (acquisition) use  of prepaid expenses |   |   | (217 | ) |   |   | (102 | ) |   |   | (4,431 | ) |   |   | (2,354 | ) |   |   | 6,478 |   |
|      Net acquisition of inventories held for consumption  |   |   | (12,076 | ) |   |   | (12,066 | ) |   |   | (11,241 | ) |   |   | (3,444 | ) |   |   | (3,553 | ) |
| Net Acquisition of Other Non-financial Assets                                      |   |   | (12,293 | ) |   |   | (12,168 | ) |   |   | (15,672 | ) |   |   | (5,798 | ) |   |   | 2,925 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Decrease (increase) in net debt                                                    |   |   | 2,200,662 |   |   |   | 209,798 |   |   |   | (37,739 | ) |   |   | 116,117 |   |   |   | (251,828 | ) |
| Net Debt, beginning of year                                                        |   |   | (6,048,714 | ) |   |   | (3,848,052 | ) |   |   | (3,638,254 | ) |   |   | (3,675,993 | ) |   |   | (3,559,876 | ) |
| Adjustment for sick leave benefit obligation 2                                     |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (14,000 | ) |
| Net Debt, End of Year                                                              |   | $ | (3,848,052 | ) |   | $ | (3,638,254 | ) |   | $ | (3,675,993 | ) |   | $ | (3,559,876 | ) |   | $ | (3,825,704 | ) |

| 1 | See Notes 1-7 commencing on page 33. |
|---|--------------------------------------|

| 2 | During 2012-13, the Government recorded a liability for an accumulated sick leave benefit obligation.  The liability has been accounted for retroactively without restatement of prior periods. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Government of the Province of Saskatchewan                         |
|--------------------------------------------------------------------|
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Investing Activities 1           |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               | For the Year Ended March 31 |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | (Thousands of dollars) |   |
| Receipts                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Information Services Corporation of Saskatchewan |   | $ | 3,919 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 13,547 |   |   | $ | 0 |   |
|    Municipal Financing Corporation of Saskatchewan  |   |   | 0 |   |   |   | 0 |   |   |   | 107 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Crop Insurance Corporation          |   |   | 50,000 |   |   |   | 50,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Housing Corporation                 |   |   | 31,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Opportunities Corporation           |   |   | 17,985 |   |   |   | 2,760 |   |   |   | 11,099 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Power Corporation                   |   |   | 125,000 |   |   |   | 0 |   |   |   | 300,000 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Telecommunications                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Holding Corporation            |   |   | 0 |   |   |   | 0 |   |   |   | 29,500 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Water Corporation                   |   |   | 2,491 |   |   |   | 0 |   |   |   | 8,563 |   |   |   | 0 |   |   |   | 2,758 |   |
|    SaskEnergy Incorporated                          |   |   | 48,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 70,000 |   |   |   | 0 |   |
|    Other                                            |   |   | 54,440 |   |   |   | 62,217 |   |   |   | 59,498 |   |   |   | 57,662 |   |   |   | 56,314 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Loan Receipts                                                |   |   | 332,835 |   |   |   | 114,977 |   |   |   | 408,767 |   |   |   | 141,209 |   |   |   | 59,072 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sinking Funds                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Contributions                                    |   |   | 20,261 |   |   |   | 4,644 |   |   |   | 5,436 |   |   |   | 5,828 |   |   |   | 3,587 |   |
|    Redemptions                                      |   |   | 81,635 |   |   |   | 892,655 |   |   |   | 502,972 |   |   |   | 96,992 |   |   |   | 1,039,846 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Sinking Fund Receipts                                        |   |   | 101,896 |   |   |   | 897,299 |   |   |   | 508,408 |   |   |   | 102,820 |   |   |   | 1,043,433 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Investing Activities                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Equity investment in Crown Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Corporation of Saskatchewan    |   |   | 130,000 |   |   |   | 0 |   |   |   | 120,000 |   |   |   | 0 |   |   |   | 150,000 |   |
| Total Other Investing Activities                                   |   |   | 130,000 |   |   |   | 0 |   |   |   | 120,000 |   |   |   | 0 |   |   |   | 150,000 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Receipts                                                     |   | $ | 564,731 |   |   | $ | 1,012,276 |   |   | $ | 1,037,175 |   |   | $ | 244,029 |   |   | $ | 1,252,505 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Government of the Province of Saskatchewan                         |
|--------------------------------------------------------------------|
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General Revenue Fund Statement of Investing Activities (concluded) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               | For the Year Ended March 31 |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | (Thousands of dollars) |   |
| Disbursements                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Information Services Corporation of Saskatchewan |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 9,935 |   |   | $ | 0 |   |
|    Liquor and Gaming Authority                      |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 125,064 |   |
|    Municipal Financing Corporation of Saskatchewan  |   |   | 1,062 |   |   |   | 5,294 |   |   |   | 0 |   |   |   | 8,593 |   |   |   | 447 |   |
|    Saskatchewan Opportunities Corporation           |   |   | 23,684 |   |   |   | 0 |   |   |   | 13,000 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Power Corporation                   |   |   | 100,000 |   |   |   | 260,000 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|    Saskatchewan Telecommunications                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Holding Corporation            |   |   | 28,900 |   |   |   | 600 |   |   |   | 0 |   |   |   | 14,200 |   |   |   | 142,800 |   |
|    Saskatchewan Water Corporation                   |   |   | 5,000 |   |   |   | 10,892 |   |   |   | 9,000 |   |   |   | 7,749 |   |   |   | 0 |   |
|    SaskEnergy Incorporated                          |   |   | 170,000 |   |   |   | 32,500 |   |   |   | 125,000 |   |   |   | 0 |   |   |   | 105,000 |   |
|    Other                                            |   |   | 48,158 |   |   |   | 43,300 |   |   |   | 50,319 |   |   |   | 57,172 |   |   |   | 63,601 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Loan Disbursements                                           |   |   | 376,804 |   |   |   | 352,586 |   |   |   | 197,319 |   |   |   | 97,649 |   |   |   | 436,912 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sinking Funds                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Contributions                                    |   |   | 1,913,015 |   |   |   | 64,558 |   |   |   | 60,045 |   |   |   | 52,546 |   |   |   | 51,114 |   |
|    Redemptions                                      |   |   | 32,793 |   |   |   | 48,993 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Total Sinking Fund Disbursements                                   |   |   | 1,945,808 |   |   |   | 113,551 |   |   |   | 60,045 |   |   |   | 52,546 |   |   |   | 51,114 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Disbursements                                                |   | $ | 2,322,612 |   |   | $ | 466,137 |   |   | $ | 257,364 |   |   | $ | 150,195 |   |   | $ | 488,026 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Disbursements) Receipts                                       |   | $ | (1,757,881 | ) |   | $ | 546,139 |   |   | $ | 779,811 |   |   | $ | 93,834 |   |   | $ | 764,479 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1 | See Notes 1-7 commencing on page 33. |
|---|--------------------------------------|

----

----

| Government of the Province of Saskatchewan                         |
|--------------------------------------------------------------------|
| General Revenue Fund Statement of Cash Flow1                       |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               | For the Year Ended March 31 |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |   |   | 2013 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | (Thousands of dollars) |   |
| Operating Activities                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Surplus                                                            |   | $ | 2,388,863 |   |   | $ | 424,500 |   |   | $ | 47,669 |   |   | $ | 352,334 |   |   | $ | 57,967 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash items included in surplus                                 |   |   | 94,061 |   |   |   | (10,122 | ) |   |   | 23,472 |   |   |   | 1,268 |   |   |   | 66,607 |   |
| Net change in non-cash operating activities                        |   |   | (114,537 | ) |   |   | 226,875 |   |   |   | (383,300 | ) |   |   | (317,145 | ) |   |   | (82,807 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Provided by (Used for) Operating Activities                   |   |   | 2,368,387 |   |   |   | 641,253 |   |   |   | (312,159 | ) |   |   | 36,457 |   |   |   | 41,767 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital Activities                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition of tangible capital assets                             |   |   | (349,349 | ) |   |   | (388,541 | ) |   |   | (390,042 | ) |   |   | (411,951 | ) |   |   | (513,056 | ) |
| Proceeds on disposal of tangible capital assets                    |   |   | 7,082 |   |   |   | 40,332 |   |   |   | 19,914 |   |   |   | 14,304 |   |   |   | 23,678 |   |
| Cash Used for Capital Activities                                   |   |   | (342,267 | ) |   |   | (348,209 | ) |   |   | (370,128 | ) |   |   | (397,647 | ) |   |   | (489,378 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investing Activities                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan Advances                                                      |   |   | (376,804 | ) |   |   | (352,586 | ) |   |   | (197,319 | ) |   |   | (97,649 | ) |   |   | (436,912 | ) |
| Loan Repayments                                                    |   |   | 332,835 |   |   |   | 114,977 |   |   |   | 408,767 |   |   |   | 141,209 |   |   |   | 59,072 |   |
| Sinking Funds                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Contributions for general debt                   |   |   | (1,913,015 | ) |   |   | (64,558 | ) |   |   | (60,045 | ) |   |   | (52,546 | ) |   |   | (51,114 | ) |
|    Contributions received for                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Crown corporation general debt |   |   | 20,261 |   |   |   | 4,644 |   |   |   | 5,436 |   |   |   | 5,828 |   |   |   | 3,587 |   |
|    Redemptions for general debt                     |   |   | 81,635 |   |   |   | 892,655 |   |   |   | 502,972 |   |   |   | 96,992 |   |   |   | 1,039,846 |   |
|    Redemptions disbursed for                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Crown corporation general debt |   |   | (32,793 | ) |   |   | (48,993 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Equity investment in Crown Investments                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Corporation of Saskatchewan                      |   |   | 130,000 |   |   |   | 0 |   |   |   | 120,000 |   |   |   | 0 |   |   |   | 150,000 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash (Used for) Provided by Investing Activities                   |   |   | (1,757,881 | ) |   |   | 546,139 |   |   |   | 779,811 |   |   |   | 93,834 |   |   |   | 764,479 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing Activities                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from general debt                                         |   |   | 32,005 |   |   |   | 508,629 |   |   |   | 182,719 |   |   |   | 80,200 |   |   |   | 592,109 |   |
| Repayment of general debt                                          |   |   | (754,791 | ) |   |   | (867,047 | ) |   |   | (688,308 | ) |   |   | (335,536 | ) |   |   | (1,107,484 | ) |
| Increase (Decrease) in deposits held                               |   |   | 208,967 |   |   |   | (198,233 | ) |   |   | 7,550 |   |   |   | 306,209 |   |   |   | 194,342 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash (Used for) Provided by Financing Activities                   |   |   | (513,819 | ) |   |   | (556,651 | ) |   |   | (498,039 | ) |   |   | 50,873 |   |   |   | (321,033 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Decrease) Increase in Cash and                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Temporary investments                            |   |   | (245,580 | ) |   |   | 282,532 |   |   |   | (400,515 | ) |   |   | (216,483 | ) |   |   | (4,165 | ) |
| Cash and temporary investments,                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    beginning of year                                |   |   | 821,475 |   |   |   | 575,895 |   |   |   | 858,427 |   |   |   | 457,912 |   |   |   | 241,429 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and Temporary Investments,                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    End of Year                                      |   | $ | 575,895 |   |   | $ | 858,427 |   |   | $ | 457,912 |   |   | $ | 241,429 |   |   | $ | 237,264 |   |

| 1 | See Notes 1-7 commencing on page 33. |
|---|--------------------------------------|

----

----

| ● | transfers to and from the Growth and Financial Security Fund  are included in the determination of surplus for the year; and                                                                                             |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | pension liabilities and a disability benefit liability are not recorded in the financial statements.  The General Revenue Fund accounts for defined benefit pension plans and a disability benefit plan on a cash basis. |

----

----

| ● | Government general debt which is debt issued by the General Revenue Fund to fund government spending;                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | Crown corporation general debt which is debt issued by the General Revenue Fund and subsequently loaned to a Crown corporation; and                                                                                                                                                                   |
| ● | Government business enterprise specific debt which is debt issued by the General Revenue Fund specifically on behalf of government business enterprises where the government expects to realize the receivables from the government business enterprises and settle the external debt simultaneously. |

----

----

| ● | in corporate and individual income tax revenue of $3,244.5 million (2012 - $2,691.2 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 $1,295.2 million (2012 - $1,546.2 million) because of price and production sensitivities in the royalty revenue structures;                                     |
| ● | in resource surcharge non-renewable resource revenue of $627.7 million (2012 - $452.8 million) because the final valuation of resource sales may differ from initial estimates on which instalments are based; |
| ● | in potash non-renewable resource revenue of $364.5 million (2012 - $438.4 million) because actual operating profits may differ from initial estimates;                                                                   |
| ● | in the Canada Health Transfer and Canada Social Transfer revenue of $1,300.4 million (2012 - $1,199.2 million) because of changes in the economic and demographic conditions in the Province and the country;       |
| ● | in agricultural income stability programs expense of $203.6 million (2012 - $83.4 million) because actual program uptake may differ from initial estimates which are based on farm income forecasts; and       |
| ● | in the disclosure of liabilities for defined benefit pension plans of $6,552.6 million (2012 - $6,114.4 million) because actual experience may differ from actuarial estimations and assumptions.              |

----

----

| ● | debentures totaling 825.0 million U.S. dollars (2012 – 1,225.0 million) fully hedged to $1,051.1 million Canadian (2012 - $1,619.3 million);                   |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | debentures totaling 300.0 million Swiss francs (2012 – 300.0 million) fully hedged to $274.7 million Canadian (2012 - $274.7 million); and                |
| ● | interest payments on debentures of 275.0 million U.S. dollars (2012 - 275.0 million) hedged to Canadian dollars at an exchange rate of 1.2325 (2012 – 1.2325). |

----

----

|                                                                      | 2013                                                                  |                                                                             | 2012                                                                                        |
|---------------------------------------------------------------------------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
|                                                                      |  TSP                                                             |  PSSP                                                                       |  Others                                                                                |  Total |   |  Total |
|                                                                      |                                                                  |                                                                             |                                                                                        |   |   |   |
| Plan status                                                               |  closed                                                          |  closed                                                                     | closed1                                                                                     |  n/a |   |  n/a |
| Member contribution rate (percentage of salary)                           |           7.85      | 7.00-9.002                                                                       | 5.00-9.002                                                                                  |  n/a |   |  n/a |
| Number of active members                                                  |            970 |            285            |              53            |         1,308 |   |         1,712 |
| Average age of active members (years)                                     |           58.0      |           59.4                 |           58.1                            |           58.3 |   |           58.0 |
| Number of former members entitled to deferred pension benefits            |         4,234                 |              75 |                8 |         4,317 |   |         4,507 |
| Number of superannuates and surviving spouses                             |       11,498                            |         5,660                            |         2,241                                       |       19,399 |   |       19,384 |
| Actuarial valuation date                                                  |  June 30/11                                                      |  Dec. 31/11                                                                 |  Various                                                                               |  n/a |   |  n/a |
| Long-term assumptions used                                                |                                                                  |                                                                             |                                                                                        |   |   |   |
|    Rate of compensation increase (percentage)              | 3.50                                                                  | 3.50                                                                             | 3.50                                                                                        |  n/a |   |  n/a |
|    Expected rate of return on plan assets (percentage)     | 5.00                                                                  | n/a                                                                              | 5.50-5.85                                                                                   |  n/a |   |  n/a |
|    Discount rate (percentage)                              | 3.20                                                                  | 3.00                                                                             | 2.70-3.60                                                                                   |  n/a |   |  n/a |
|    Inflation rate (percentage)                             | 2.50                                                                  | 2.50                                                                             | 2.50                                                                                        |  n/a |   |  n/a |
|    Expected average remaining service life (years)         | 3.5                                                                   | 0.3                                                                              | 0.9-7.3                                                                                     |  n/a |   |  n/a |
|    Post-retirement index (percentage of annual increase in |                                                                  |                                                                             |                                                                                        |   |
|       Consumer Price Index)                 | 80                                                                    | 70                                                                               | 70-75                                                                                       |  n/a |   |  n/a |
| 1        | Judges is open to new membership; all other plans are closed. |
|---------------------------------------------|---------------------------------------------------------------|
| 2                            | Contribution rate varies based on age upon joining the plan.  |

| (thousands of dollars)                  | 2013                                                                                                          |                                                                                                          | 2012                                                                                    |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
|                                    | TSP1                                                                                                          |  PSSP                                                                                                    |  Others                                                                            |  Total |   |  Total |
|                                    |                                                                                                          |                                                                                                          |                                                                                    |   |   |   |
| Accrued benefit obligation,             |                                                                                                          |                                                                                                          |                                                                                    |   |   |   |
|   beginning of year           |      5,796,584                                                                       |      2,085,497                                                                       |         373,171                                 |      8,255,252 |   |      7,361,401 |
| Current period benefit cost             |           23,397                                            |             2,477                                 |             6,582           |           32,456 |   |           39,255 |
| Interest cost                           |         205,787                                                       |           72,791                                            |           13,657                      |         292,235 |   |         343,018 |
| Actuarial losses                        |         259,067                                                       |         126,732                                                       |           26,353                      |         412,152 |   |         994,278 |
| Benefit payments                        |        (340,571)                                                           |        (131,599)                                                           |         (23,082)                                |        (495,252) |   |        (482,700) |
| Accrued Benefit Obligation, End of Year |      5,944,264                                                                       |      2,155,898                                                                       |         396,681                                 |      8,496,843 |   |      8,255,252 |
| Plan assets, beginning of year          |         751,164                                                       |                   0 |         216,500                                 |         967,664 |   |      1,217,380 |
| Employer contributions                  |         208,420                                                       |         131,156                                                       |             6,302           |         345,878 |   |         273,829 |
| Employee contributions                  |             4,726                                 |               443                       |               589 |             5,758 |   |             8,387 |
| Return on plan assets                   |           37,638                                            |                   0 |           10,245                      |           47,883 |   |           81,068 |
| Actuarial (losses) gains                |                   0 |                   0 |           10,445                      |           10,445 |   |        (130,300) |
| Benefit payments                        |        (340,571)                                                           |        (131,599)                                                           |         (23,082)                                |        (495,252) |   |        (482,700) |
| Plan Assets, End of Year 2              |         661,377                                                       |                   0 |         220,999                                 |         882,376 |   |         967,664 |
|                                    |      5,282,887                                                                       |      2,155,898                                                                       |         175,682                                 |      7,614,467 |   |      7,287,588 |
| Unamortized estimation adjustments 3    |        (905,919)                                                           |        (126,732)                                                           |         (29,199)                                |     (1,061,850) |   |     (1,173,143) |
| Total Pension Liabilities 4             |      4,376,968                                                                       |      2,029,166                                                                       |         146,483                                 |      6,552,617 |   |      6,114,445 |

| 1     | The TSP had an actual rate of return on plan assets of 5.5 per cent (2012 - 1.7 per cent)                                                                                                                                                                                                                                                                                                                                                                              |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2                         | At March 31, 2013, the market value of plan investments was $875.0 million (2012 - $962.3 million).  Of this amount, 59.2 per cent (2012 - 44.6 per cent) was invested in fixed income securities and 26.2 per cent (2012 - 42.1 per cent) in equity investments.                                                                                                                                                                                            |
| 3                         | Unamortized estimation adjustments are amortized against the net obligation over periods ranging from 3.5 to 4.0 years for the TSP, 0.3 years for the PSSP, and from 0.9 to 10 years for the other plans.  These represent the expected average remaining service life of active plan members at the time the estimation adjustments arose.                                                                                                                  |
| 4                         | Changes in assumptions can result in significantly higher or lower estimates of pension liabilities.  A one percentage point decrease in the discount rate would result in a $787.1 million and $278.1 million increase in the pension liabilities for the TSP and the PSSP respectively, and a one percentage point increase would result in a $643.8 million and $228.5 million decrease in the pension liabilities for the TSP and the PSSP respectively. |

----

----

|                                                              | 2013                                       |                                       | 2012                                       |
|-------------------------------------------------------------------|--------------------------------------------|--------------------------------------------|--------------------------------------------|
|                                                              |  PEPP                                 |  STRP                                 |  Total                                |   |  Total |
| Plan status                                                       |  open                                 |  n/a                                  |  n/a                                  |   |  n/a |
| Member contribution rate (percentage of salary)                   | 5.00-9.002                                 |  n/a                                  |  n/a                                  |   |  n/a |
| Government contribution rate (percentage of salary)               | 6.00-9.002                                 |  n/a                                  |  n/a                                  |   |  n/a |
| Number of active members, all employers                           |       25,930 |  n/a                                  |       25,930 |   |          25,454 |
| General Revenue Fund participation                                |                                       |                                       |                                       |   |   |
|    Number of active members                        |       11,969 |  n/a                                  |       11,969 |   |          11,854 |
|    Member contributions (thousands of dollars)     |       56,698 |  n/a                                  |       56,698 |   |          54,776 |
|    Government contributions (thousands of dollars) |       60,303 |       66,779 |     127,082            |   |        124,986 |
| 1 | The STRP is a contributory defined benefit pension plan.  The Government contributes an amount which is set through provincial negotiations. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2 | Contribution rate varies based on employee group.                                                                                                      |

| (thousands of dollars)     |   | 2013                                              |   | 2012                                              |
|----------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------|
|                       |   |                                              |   |                                              |
|                       |   |                                              |   |                                              |
| Defined benefit plans      |   |        345,878 |   |        273,829 |
| Defined contribution plans |   |        127,082 |   |        124,986 |
|                       |   |                                              |   |                                              |
| Total Pension Expense      |   |        472,960 |   |        398,815 |

----

----

| (thousands of dollars)                                  |                     | 2014                                      |                     | 2015                                                                            |                     | 2016                                                                            |                                                                            | 2017                                                                            |                                                                            | 2018                                                                            |                                                                                  | Thereafter                                                                            | Total                                                  |
|---------------------------------------------------------|--------------------------|-------------------------------------------|--------------------------|---------------------------------------------------------------------------------|--------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|--------------------------------------------------------|
|                                                    |                     |                                      |                     |                                                                            |                     |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                                  |                                                                                  |                                                   |   |
| Construction and acquisition of tangible capital assets |  428,501            |                                      |    83,295 |                                                                            |    11,595 |                                                                            |       4,503                                       |                                                                            |          396                       |                                                                            |               0 |                                                                                  |       528,290            |
| Leases                                                  |                     |                                      |                     |                                                                            |                     |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                                  |                                                                                  |                                                   |   |
|    Capital 1                             |                     |       6,502 |                     |       6,330                                       |                     |       6,073                                       |                                                                            |       5,699                                       |                                                                            |       5,758                                       |                                                                                  |     75,938                                                        |                                                   |       106,300 |
|    Operating                             |                     |    43,034                  |                     |    37,589                                                        |                     |    28,439                                                        |                                                                            |    20,832                                                        |                                                                            |    14,295                                                        |                                                                                  |     50,766                                                        |                                                   |       194,955 |
| Computer and satellite service agreements               |    55,526 |                                      |    24,619 |                                                                            |    16,324 |                                                                            |    14,305                                                        |                                                                            |       9,080                                       |                                                                            |               0 |                                                                                  |       119,854            |
| Agriculture research and development                    |                     |    17,811                  |                     |    14,909                                                        |                     |    12,140                                                        |                                                                            |    10,348                                                        |                                                                            |       9,919                                       |                                                                                  |       4,895                                             |                                                   |         70,022 |
| Beverage container collection and recycling programs    |    22,752 |                                      |    22,000 |                                                                            |    22,000 |                                                                            |              0 |                                                                            |              0 |                                                                            |               0 |                                                                                  |         66,752 |
| Economic growth projects                                |                     |       6,649 |                     |       7,546                                       |                     |       7,545                                       |                                                                            |       2,465                                       |                                                                            |       1,165                                       |                                                                                  |     13,320                                                        |                                                   |         38,690 |
| Other transfers                                         |                     |                                      |                     |                                                                            |                     |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                                  |                                                                                  |                                                   |   |
|    Capital                               |                     |       2,434 |                     |    52,090                                                        |                     |    25,802                                                        |                                                                            |          162                       |                                                                            |              0 |                                                                                  |               0 |                                                   |         80,488 |
|    Operating                             |                     |    49,213                  |                     |    21,512                                                        |                     |              0 |                                                                            |              0 |                                                                            |              0 |                                                                                  |               0 |                                                   |         70,725 |
| Other                                                   |                     |       3,373 |                     |              0 |                     |              0 |                                                                            |              0 |                                                                            |              0 |                                                                                  |               0 |                                                   |           3,373 |
| Total Contractual Obligations                           |                     |  635,795                             |                     |  269,890                                                                   |                     |  129,918                                                                   |                                                                            |    58,314                                                        |                                                                            |    40,613                                                        |                                                                                  |  144,919                                                                         |                                                   |    1,279,449 |

| 1 | These financial statements include capital lease obligations of $45.2 million representing aggregate payments of $106.3 million (reported above) net of interest and executor costs of $61.1 million. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | payments to Saskatchewan Telecommunications Holding Corporation of approximately $22.1 million (2012 - $24.8 million); and                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | taxation and non-renewable resource revenue received from related parties during 2012-13 of approximately $111.5 million (2011-12 - $113.8 million).  In addition, Saskatchewan Provincial Sales Tax and Fuel Tax are received from related parties on all taxable purchases. |

| (thousands of dollars)                      | 2013                                                         |   | 2012                                                         |
|---------------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                        |                                                         |   |                                                         |
| Pension plans                               |     8,435,470                            |   |     7,809,106                            |
| Public Guardian and Trustee of Saskatchewan |        177,922            |   |        163,730            |
| Other                                       |          93,517 |   |          81,900 |
| Total Trust Fund Assets 1                   |     8,706,909                            |   |     8,054,736                            |

| 1 | Amounts are based on the latest financial statements of the funds closest to March 31, 2013, where available. |
|---|---------------------------------------------------------------------------------------------------------------|

----

----

| (thousands of dollars)                  | Budget                                                             |   | Actual                                                             |
|-----------------------------------------|--------------------------------------------------------------------|--------|--------------------------------------------------------------------|
|                                    |                                                               |   |                                                               |
| Debt Retirement Fund, beginning of year |      3,213,366                            |   |      3,213,366                            |
| Surplus for the year                    |           47,493 |   |           57,967 |
| Debt Retirement Fund, End of Year       |      3,260,859                            |   |      3,271,333                            |

| ●   | an increase in individual income taxation revenue of $84.9 million; |
|---------------------|--------------------------------------------------------------------------|

| ● | a decrease in provincial sales taxation revenue of $82.7 million; |
|---------|------------------------------------------------------------------------|

| ● | an increase of interest revenue of $7.4 million; |
|---------|-------------------------------------------------------|

| ● | an increase in penalties revenue of $4.1 million; |
|---------|---------------------------------------------------|

| ● | a decrease in resource surcharge revenue of $4.1 million; and, |
|---------|----------------------------------------------------------------|

| ● | an increase in goods and services expense of $9.8 million. |
|---------|------------------------------------------------------------|

----

----

| (thousands of dollars)                                 |   | 2013 Budget |       |   | 2013 Actual |   |
|--------------------------------------------------------|--------|-------------|------------|--------|-------------|--------|
|                                                   |   | Approved    |       |   |        |   |   | Statement of |   |   | Approved |   |   |   |   |   | Statement of |   |
|                                                   |   | Estimates   |       |   | Adjustments |   |   | Operations |   |   | Estimates |   |   | Adjustments |   |   | Operations |   |
| Ministries and Agencies                                |   |        |       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advanced Education1                                    |   |        | 890,598    |   |        |   | (165,977 | ) |   |   | 724,621 |   |   |   | 885,721 |   |   |   | (162,970 | ) |   |   | 722,751 |   |
| Agriculture                                            |   |        | 430,777    |   |        |   | 0 |   |   |   | 430,777 |   |   |   | 504,065 |   |   |   | 0 |   |   |   | 504,065 |   |
| Central Services2                                      |   |        | 14,542     |   |        |   | 21,022 |   |   |   | 35,564 |   |   |   | 13,002 |   |   |   | 19,685 |   |   |   | 32,687 |   |
| Central Services - commercial operations2              |   |        | 0          |   |        |   | 0 |   |   |   | 0 |   |   |   | 72,602 |   |   |   | 3,023 |   |   |   | 75,625 |   |
| Corrections, Public Safety and Policing3 4             |   |        | 374,731    |   |        |   | (374,731 | ) |   |   | 0 |   |   |   | 445,039 |   |   |   | (445,039 | ) |   |   | 0 |   |
| Corrections, Public Safety and Policing                |   |        |       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     - commercial operations3       |   |        | 0          |   |        |   | 0 |   |   |   | 0 |   |   |   | 3,156 |   |   |   | (3,156 | ) |   |   | 0 |   |
| Economy1                                               |   |        | 43,037     |   |        |   | 212,414 |   |   |   | 255,451 |   |   |   | 50,618 |   |   |   | 206,283 |   |   |   | 256,901 |   |
| Education                                              |   |        | 1,596,067  |   |        |   | 0 |   |   |   | 1,596,067 |   |   |   | 1,653,460 |   |   |   | 0 |   |   |   | 1,653,460 |   |
| Enterprise and Innovation Programs1                    |   |        | 27,347     |   |        |   | (27,347 | ) |   |   | 0 |   |   |   | 25,288 |   |   |   | (25,288 | ) |   |   | 0 |   |
| Enterprise Saskatchewan                                |   |        | 33,063     |   |        |   | 0 |   |   |   | 33,063 |   |   |   | 16,046 |   |   |   | 0 |   |   |   | 16,046 |   |
| Environment1                                           |   |        | 178,462    |   |        |   | (180 | ) |   |   | 178,282 |   |   |   | 169,101 |   |   |   | 0 |   |   |   | 169,101 |   |
| Executive Council5                                     |   |        | 16,572     |   |        |   | 59 |   |   |   | 16,631 |   |   |   | 16,111 |   |   |   | 0 |   |   |   | 16,111 |   |
| Finance                                                |   |        | 351,936    |   |        |   | 0 |   |   |   | 351,936 |   |   |   | 362,849 |   |   |   | 0 |   |   |   | 362,849 |   |
| Finance Debt Servicing                                 |   |        | 400,000    |   |        |   | 0 |   |   |   | 400,000 |   |   |   | 390,790 |   |   |   | 0 |   |   |   | 390,790 |   |
| First Nations and Métis Relations1 3              |   |        | 81,943     |   |        |   | (81,943 | ) |   |   | 0 |   |   |   | 79,667 |   |   |   | (79,667 | ) |   |   | 0 |   |
| Government Relations3 5                                |   |        | 386,783    |   |        |   | 91,716 |   |   |   | 478,499 |   |   |   | 432,732 |   |   |   | 159,907 |   |   |   | 592,639 |   |
| Government Relations - commercial operations3          |   |        | 0          |   |        |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,156 |   |   |   | 3,156 |   |
| Health                                                 |   |        | 4,680,168  |   |        |   | 0 |   |   |   | 4,680,168 |   |   |   | 4,575,589 |   |   |   | 0 |   |   |   | 4,575,589 |   |
| Highways and Infrastructure                            |   |        | 425,910    |   |        |   | 0 |   |   |   | 425,910 |   |   |   | 433,004 |   |   |   | 0 |   |   |   | 433,004 |   |
| Highways and Infrastructure - commercial operations    |   |        | 0          |   |        |   | 0 |   |   |   | 0 |   |   |   | 3,526 |   |   |   | 0 |   |   |   | 3,526 |   |
| Information Technology Office2                         |   |        | 16,681     |   |        |   | (16,681 | ) |   |   | 0 |   |   |   | 15,343 |   |   |   | (15,343 | ) |   |   | 0 |   |
| Information Technology Office - commercial operations2 | 0      |        |       |   | 0           |   |   |   | 0 |   |   |   | 3,023 |   |   |   | (3,023 | ) |   |   | 0 |   |
| Innovation Saskatchewan                                |   |        | 6,769      |   |        |   | 0 |   |   |   | 6,769 |   |   |   | 6,769 |   |   |   | 0 |   |   |   | 6,769 |   |
| Justice4                                               |   |        | 152,558    |   |        |   | 362,492 |   |   |   | 515,050 |   |   |   | 160,171 |   |   |   | 363,230 |   |   |   | 523,401 |   |
| Labour Relations and Workplace Safety                  |   |        | 17,489     |   |        |   | 0 |   |   |   | 17,489 |   |   |   | 17,036 |   |   |   | 0 |   |   |   | 17,036 |   |
| Office of the Provincial Capital Commission2 5         |   |        | 14,715     |   |        |   | (14,715 | ) |   |   | 0 |   |   |   | 12,634 |   |   |   | (12,634 | ) |   |   | 0 |   |
| Parks, Culture and Sport1                              |   |        | 102,417    |   |        |   | (6,129 | ) |   |   | 96,288 |   |   |   | 107,984 |   |   |   | (8,164 | ) |   |   | 99,820 |   |
| Public Service Commission                              |   |        | 38,541     |   |        |   | 0 |   |   |   | 38,541 |   |   |   | 39,451 |   |   |   | 0 |   |   |   | 39,451 |   |
| Saskatchewan Research Council                          |   |        | 18,983     |   |        |   | 0 |   |   |   | 18,983 |   |   |   | 18,983 |   |   |   | 0 |   |   |   | 18,983 |   |
| SaskBuilds Corporation                                 |   |        | 0          |   |        |   | 0 |   |   |   | 0 |   |   |   | 2,000 |   |   |   | 0 |   |   |   | 2,000 |   |
| Social Services                                        |   |        | 852,725    |   |        |   | 0 |   |   |   | 852,725 |   |   |   | 851,499 |   |   |   | 0 |   |   |   | 851,499 |   |
| Legislative Assembly and its Officers                  |   |        |       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advocate for Children and Youth                        |   |        | 1,944      |   |        |   | 0 |   |   |   | 1,944 |   |   |   | 1,941 |   |   |   | 0 |   |   |   | 1,941 |   |
| Chief Electoral Officer                                |   |        | 2,471      |   |        |   | 0 |   |   |   | 2,471 |   |   |   | 2,465 |   |   |   | 0 |   |   |   | 2,465 |   |
| Conflict of Interest Commissioner                      |   |        | 145        |   |        |   | 0 |   |   |   | 145 |   |   |   | 131 |   |   |   | 0 |   |   |   | 131 |   |
| Information and Privacy Commissioner                   |   |        | 1,065      |   |        |   | 0 |   |   |   | 1,065 |   |   |   | 1,024 |   |   |   | 0 |   |   |   | 1,024 |   |
| Legislative Assembly                                   |   |        | 26,067     |   |        |   | 0 |   |   |   | 26,067 |   |   |   | 24,387 |   |   |   | 0 |   |   |   | 24,387 |   |
| Ombudsman                                              |   |        | 3,075      |   |        |   | 0 |   |   |   | 3,075 |   |   |   | 3,018 |   |   |   | 0 |   |   |   | 3,018 |   |
| Provincial Auditor                                     |   |        | 8,332      |   |        |   | 0 |   |   |   | 8,332 |   |   |   | 8,330 |   |   |   | 0 |   |   |   | 8,330 |   |
| Total Expense                                          |   |        | 11,195,913 |   |        |   | 0 |   |   |   | 11,195,913 |   |   |   | 11,408,555 |   |   |   | 0 |   |   |   | 11,408,555 |   |
|                                                   |   |        |       |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1      | Economy assumed responsibility for Enterprise and Innovation Programs, employment and immigration from Advanced Education, business development from Environment, First Nations and Métis economics development from First Nations and Métis |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Relations and tourism from Parks, Culture and Sport.                                                                                                                                                                                                   |

| 2 | Central Services assumed responsibility for the Information Technology Office and the Saskatchewan Archives Board from the Office of the Provincial Capital Commission. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Government Relations assumed responsibility for public safety from Corrections, Public Safety and Policing and First Nations and Métis relations from First Nations and Métis Relations. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Justice assumed responsibility for corrections and policing from Corrections, Public Safety and Policing. |
|---|-----------------------------------------------------------------------------------------------------------|

| 5 | Executive Council assumed responsibility for a position providing support for the Provincial Secretary from Government Relations and for capital commission operations from the Office of the Province Capital Commission. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  Date of Issue                                                                                                                                                                                                                                                                                                                      |  Date of Maturity | InterestRate %  |  Currency       | $ Amount    Outstanding |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|-----------------|----------------------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                     |                   |            |                 |                                   |   |
| June 17/03                                                                                                                                                                                                                                                                                                                               | July 17/13             | 4.75            | Canadian             | 200,000,000                            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                                                                      |                   |
|                                                                                                                                                                                                                                                                                                                                     |                   |            |                 |                                   |   |
| July 20/93                                                                                                                                                                                                                                                                                                                          | July 15/13        | 7.7537.8097.375 | CanadianCanadianU.S. | 228,639,50097,147,50050,000,000        |   |
| ($175,000,000 and $75,000,000 U.S. of the 7.375% debenture issue have been swapped into Canadian dollars at an interest rate of 7.753% and 7.809% respectively.  Interest payments on the remaining $50,000,000 U.S. have been swapped into Canadian dollars at an interest rate of 7.912%; Non Callable; annual sinking fund) |                   |
|                                                                                                                                                                                                                                                                                                                                     |                   |

| July 15/08                                                                                                                                                                     | July 15/13 | 2.50 | Canadian | 2,513,000 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------|----------|-----------|--------|
| (Redeemable annually at the option of the holder or at any time on the death of the holder; the Province reserves the right to increase the interest rate after July 14, 2009) |       |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| September 30/03                     | December 3/13 | 4.90 | Canadian | 200,000,000 |   |
|-------------------------------------|---------------|------|----------|-------------|--------|
| (Non Callable; annual sinking fund) |          |

|                                |        |        |           |        |   |
|-------------------------------------|-------------|-------------|----------------|-------------|--------|
| March 14/91                         | April 10/14 | 10.25  | Canadian  | 583,916,000 |   |
| (Non Callable; annual sinking fund) |        |

|                                |            |       |           |              |   |
|-------------------------------------|-----------------|------------|----------------|-------------------|--------|
|  June 22/04                    | June 3/14  | 5.25  | Canadian  | 300,000,000  |   |
| (Non Callable; annual sinking fund) |            |
|                                                                                                                                                                           |       |   |     |      |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------|----------|-----------|--------|
| July 15/09                                                                                                                                                                     | July 15/14 | 1.00   | Canadian | 1,397,500 |   |
| (Redeemable annually at the option of the holder or at any time on the death of the holder; the Province reserves the right to increase the interest rate after July 14, 2010) |       |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| June 3/05                           | December 3/15 | 4.25 | Canadian | 200,000,000 |   |
|-------------------------------------|---------------|------|----------|-------------|--------|
| (Non Callable; annual sinking fund) |          |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| November 15/05                                                                                                                                                    | January 15/16 | 4.305 | Canadian | 274,654,700 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-------|----------|-------------|--------|
| (The original 2.125% 300,000,000 Swiss Franc debentures have been swapped into Canadian dollars at an interest rate of 4.305%; Non Callable; annual sinking fund) |          |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|
| August 23/06                        | August 23/16 | 4.50 | Canadian | 300,000,000 |   |
|-------------------------------------|--------------|------|----------|-------------|--------|
| (Non Callable; annual sinking fund) |         |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|
| September 17/96                                           | September 17/16 | 8.09 | Canadian | 6,537,000 |   |
|-----------------------------------------------------------|-----------------|------|----------|-----------|--------|
| (Non Callable; Serial Note payable in annual instalments) |            |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|
| September 5/07                      | September 5/17 | 4.65 | Canadian | 200,000,000 |   |
|-------------------------------------|----------------|------|----------|-------------|--------|
| (Non Callable; annual sinking fund) |           |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| June 17/04                                                                                                               | June 17/19 | 5.50 | Canadian | 33,000,000 |   |
|--------------------------------------------------------------------------------------------------------------------------|------------|------|----------|------------|--------|
| (After June 17, 2014, this note pays interest at the three month BA rate less 0.245%; Non Callable; annual sinking fund) |       |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| August 03/04                              | June 17/19 | 5.50 | Canadian | 26,000,000 |   |
|-------------------------------------------|------------|------|----------|------------|--------|
| (Non Callable; Canadian Medium Term Note) |       |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|
| July 28/10                          | July 28/20 | 3.90 | Canadian | 300,000,000 |   |
|-------------------------------------|------------|------|----------|-------------|--------|
| (Non Callable; annual sinking fund) |       |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

| December 20/90                                                                                                                                                                                                                                                                                                                                                | December 15/20 | 9.65310.089.9659.375 | CanadianCanadianCanadianU.S. | 65,972,500126,600,000128,797,50045,000,000 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------|------------------------------|--------------------------------------------|--------|
| ($55,000,000, $100,000,000 and $100,000,000 U.S. of the 9.375% debenture issue has been swapped into Canadian dollars at an interest rate of 9.653%, 10.08% and 9.965% respectively; Interest payments on the remaining $45,000,000 U.S. have been swapped into Canadian dollars at an interest rate of 9.653%.  Non Callable; annual sinking fund) |           |

----

----

|  Date of Issue                                                                                                                                                                                                                                                                 |  Date of Maturity | InterestRate % |  Currency | $ Amount    Outstanding |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|----------------|----------------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                |                   |           |           |                                   |   |
| February 26/91                                                                                                                                                                                                                                                                      | February 15/21         | 9.2549.125     | CanadianU.S.   | 147,600,00080,000,000                  |   |
| ($120,000,000 U.S. of this debenture has been swapped into Canadian dollars at an interest rate of 9.254%.  Interest payments on the remaining $80,000,000 U.S. have been swapped into Canadian dollars at an interest rate of 9.254%; Non Callable; annual sinking fund) |                   |
|                                                                                                                                                                                                                                                                                |                   |           |           |                                   |   |
| February 4/92                                                                                                                                                                                                                                                                       | February 4/22          | 9.60           | Canadian       | 255,000,000                       |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                 |                   |
|                                                                                                                                                                                                                                                                                |                   |           |           |                                   |   |
| July 21/92                                                                                                                                                                                                                                                                            | July 15/22     | 8.9428.50 | CanadianU.S. | 256,320,000100,000,000 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------|--------------|------------------------|--------|
| ($200,000,000 U.S. of the 8.5% debentures have been swapped into Canadian dollars at an interest rate of 8.942%.  Interest payments on the remaining $100,000,000 have been swapped into Canadian dollars at an interest rate of 8.497%; Non Callable; annual sinking fund) |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| May 30/95                                                                                                                                                                                                                                                                             | May 30/25      | 8.75      | Canadian     | 175,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| December 4/98                                                                                                                                                                                                                                                                         | March 5/29     | 5.75      | Canadian     | 350,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| March 24/99                                                                                                                                                                                                                                                                           | March 05/29    | 5.60      | Canadian     | 60,000,000             |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| February 17/00                                                                                                                                                                                                                                                                        | January 25/30  | 6.25      | Canadian     | 25,000,000             |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| January 25/00                                                                                                                                                                                                                                                                         | January 25/30  | 6.35      | Canadian     | 199,995,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| December 10/01                                                                                                                                                                                                                                                                        | September 5/31 | 6.40      | Canadian     | 550,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| February 13/02                                                                                                                                                                                                                                                                        | February 13/32 | 6.30      | Canadian     | 29,954,000             |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| May 12/03                                                                                                                                                                                                                                                                             | September 5/33 | 5.80      | Canadian     | 450,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |           |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| June 10/03                                                                                                                                                                                                                                                                            | September 5/33 | 5.80      | Canadian     | 104,500,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| August 12/04                                                                                                                                                                                                                                                                          | September 5/35 | 5.60      | Canadian     | 400,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| February 15/05                                                                                                                                                                                                                                                                        | March 5/37     | 5.00      | Canadian     | 425,000,000            |   |
| Non Callable: annual sinking fund)                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| May 26/06                                                                                                                                                                                                                                                                             | June 1/40      | 4.75      | Canadian     | 1,050,000,000          |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| February 3/12                                                                                                                                                                                                                                                                         | February 3/42  | 3.40      | Canadian     | 800,000,000            |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                  |           |      |         |                   |   |
| September 16/02                                                                                                                                                                                                                                                                       | September 5/42 | 5.70      | Canadian     | 50,000,000             |   |
| (Non Callable; annual sinking fund)                                                                                                                                                                                                                                                   |

----

----

| Date of Maturity1     |   |      Interest Rate % |   |   | Amount Outstanding |   |
|-----------------------|--------|------------------------------------------|--------|--------|--------------------|--------|
|                  |   |                                     |   |   |               |   |   |
| April 2013-March 2014 |   | 3.80                                     |   |   | 9,800,000          |   |   |
| April 2014-March 2015 |   | 3.05                                     |   |   | 59,274,000         |   |   |
| April 2015-March 2016 |   | 3.40                                     |   |   | 15,525,000         |   |   |
| April 2016-March 2017 |   | 4.37                                     |   |   | 88,778,000         |   |   |
| April 2017-March 2018 |   | 4.48                                     |   |   | 33,991,000         |   |   |
| April 2018-March 2023 |   | 4.96                                     |   |   | 294,168,000        |   |   |
| After March 2023      |   | 4.31                                     |   |   | 243,550,000        |   |   |
|                  |   |                                     |   |   |               |   |   |
| Total                 |   |                                     |   | $      | 745,086,000        |   |   |
|                  |   |                                     |   |   |               |   |   |

| 1 | Debentures issued to the CPP have a 5-30-year maturity and, are callable in whole or in part at the option of the Province.  The interest rates have been prepared on a weighted average basis.  The debentures are subject in part to annual sinking funds; equity in sinking funds at March 31, 2013 was $77,276,558. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                        |   | Thousands |       |
|-----------------------------------------------------------------------------|--------|-----------|------------|
| Payable in Canadian Funds:                                                  |   |      |       |
|    Term Debt Issued to the Public                                 |   | $         | 8,603,544  |   |
|    Debentures Issued to Minister of Finance of Canada             |   |      | 745,086    |   |
| Payable in Foreign Currencies                                               |   |      |       |   |
|    Term Debt Issued to the Public (converted to Canadian Dollars) |   |      | 279,290    |   |
|                                                                        |   |      |       |   |
| Term Debt Outstanding                                                       |   |      | 9,627,920  |   |
| Promissory Notes Outstanding                                                |   |      | 1,385,977  |   |
| Gross Debt                                                                  |   | $         | 11,013,897 |   |

----

----

|                                                          |   | Thousands |   |
|---------------------------------------------------------------|--------|-----------|--------|
|                                                          |   |      |   |
| Saskatchewan Power Corporation (SaskPower)                    |   | $         | 120.0  |   |
| Saskatchewan Telecommunications Holding Corporation (SaskTel) |   |      | 84.3   |   |
| SaskEnergy Incorporated (SaskEnergy)                          |   |      | 27.2   |   |
| Saskatchewan Government Insurance (SGI)                       |   |      | 52.0   |   |
| CIC Asset Management Inc.                                     |   |      | 15.0   |   |
| Information Services Corporation (ISC)                        |   |      | 19.1   |   |
| Saskatchewan Gaming Corporation (SGC)                         |   |      | 21.0   |   |
| CIC Apex Equity Holdco Inc.                                   |   |      | 5.0    |   |
| Saskatchewan Opportunities Corporation (SOCO)                 |   |      | 2.8    |   |
|                                                          |   | $         | 346.4  |   |

----

----

| ●   | CIC provided SaskEnergy with $9.8 million (2011 - $12.2 million) as part of the Saskatchewan Energy Share program (EnerGuide for Houses). |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ● | CIC grant funding to STC of $11.5 million increased from $10.7 million in 2011. Funding for 2012 was comprised of $9.2 million (2011 - $8.7 million) for operations, and $2.3 million (2011 - $2.0 million) to meet capital requirements. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Gradworks Inc. received $0.2 million in grants (2011 - $0.4 million) to fund its internship program. |
|---------|------------------------------------------------------------------------------------------------------|

| ● | In 2011, CIC completed funding for SaskPower’s carbon capture and storage initiative ($100.3 million), SaskTel’s Saskatchewan Rural Infrastructure program ($10.0 million) and SGI’s hybrid vehicle rebate program ($3.0 million). |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | SaskPower earnings of $152.9 million decreased by $95.1 million due to increased fuel costs, depreciation and amortization, salaries, wages and short-term employee benefits, losses on disposal of property, plant and equipment and net finance expenses; partially offset by increased revenue from higher sales volumes to Saskatchewan customers and exports to the Alberta market; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | SaskTel earnings decreased $24.4 million to $129.6 million due to increased earnings in 2011 from the sale of Saskatoon 2 Properties Limited Partnership and Hospitality Network Canada Inc., which provided earnings of $30.7 million; |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | SaskEnergy earnings increased $81.0 million to $106.5 million primarily due to favourable fair value adjustments on natural gas in storage and derivative financial instruments used for gas management activities; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ● | SGI earnings increased $81.7 million to $82.1 million due mainly to improved premium growth, higher investment earnings and lower expenses after the record number of spring and summer storm and flood claims and the high number of large property losses experienced in 2011; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | CIC Asset Management Inc. had a loss of $4.3 million in 2012 versus earnings of $35.3 million in 2011. The difference between years is mainly attributable to 2011 non-recurring environmental remediation and reinsurance liability recoveries totaling $46.7 million; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | ISC earnings increased $4.0 million to $21.2 million, primarily due to growth in land and personal property registry revenue; |
|---------|-------------------------------------------------------------------------------------------------------------------------------|

| ● | SIIF had a loss of $0.2 million in 2012 versus earnings of $1.2 million in 2011. The difference between years is primarily due to the impact of recording fair value adjustments on amounts received from the Government of Canada as required by IFRS; and, |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | CIC (separate) earnings increased $146.9 million to $314.0 million primarily as a result of higher dividend revenue of $132.5 million, a decrease in grant funding to subsidiary corporations of $115.0 million and a decrease in operating and other expenses of $0.3 million. The increases in earnings were offset by a decrease in grant funding from the GRF of $100.3 million and a decrease in finance and other revenue of $0.6 million. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | SaskPower system-wide flat rate increase of 4.9% affecting each customer class except the Contact Rate class to be effective January 1, 2013; |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| ● | SaskEnergy commodity rate reduction from $4.55/GJ to $3.82/GJ to be effective April 1, 2012; |
|---------|----------------------------------------------------------------------------------------------|

| ● | SaskEnergy delivery rate increase by an average of 6.7% to be effective July 1, 2012; and, |
|---------|--------------------------------------------------------------------------------------------|

| ● | Saskatchewan Auto Fund 3.7 per cent overall rate increase and rebalancing to be effective August 4, 2012. |
|---------|-----------------------------------------------------------------------------------------------------------|

| ● | Net earnings of $152.9 million (2011 - $248.0 million) decreased primarily due to higher operating, fuel and depreciation costs. |
|---------|----------------------------------------------------------------------------------------------------------------------------------|

| ● | Revenue of $1,862.5 million (2011 - $1,837.6 million) increased largely due to higher Saskatchewan electricity sales. Electricity sales volumes to Saskatchewan customers were 19,497 GWh, up 271 GWh or 1.4 per cent compared to the prior year. Exports increased due to higher sales prices and volumes as a result of increased market opportunities in Alberta. In addition, other revenue decreased as a result of lower customer contributions. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Expenses of $1,715.7 million (2011 - $1,598.9 million) increased due to rising operating costs as the result of increased storm activity, additional preventative maintenance costs and spending on various new initiatives. Fuel and purchased power costs were up as a result of an unfavourable change in the fuel mix as lower cost hydro generation was replaced with more expensive natural gas generation. Depreciation expense increased as a result of $1.6 billion in capital investment over the past 2 years. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ● | Gross long-term and short-term debt of $3,675.9 million (2011 - $2,958.1 million) increased due to additional borrowings during the year to finance capital expenditures. SaskPower invested $980.9 million (2011 - $624.5 million) in various capital projects including new generation, customer connects and the life extension of existing infrastructure. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Dividends declared to CIC were $120.0M (2011 - $Nil). |
|---------|-------------------------------------------------------|

| ● | Earnings for the year were $129.6 million (2011 - $154.0 million) down $24.4 million from 2011, and cash provided by operating activities was $287.5 million (2011 - $250.3 million). |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Total operating revenues increased to $1,182.4 million (2011 - $1,125.8 million), up $56.6 million from 2011 primarily due to continued strong customer growth in cellular, MaxTM Entertainment, wireless, data and internet services as well as increased demand for these services. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Total operating expenses were $1,042.5 million (2011 - $997.5 million), up $45.0 million from 2011 primarily due to increased goods and services purchased to support revenue growth in wireless, MaxTM Entertainment, data and internet revenues. In addition, depreciation and amortization increased $15.1 million due to increased plant in service. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Net finance expense increased to $21.0 million (2011 - $10.1 million), up $10.9 million from 2011. The increase in costs is driven by increased borrowings to fund SaskTel’s construction program, reduced capitalized interest resulting from significantly lower plant under construction in 2012 compared to 2011, combined with decreases in the fair value of sinking funds. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Debt of $666.5 million (2011 - $538.0 million) increased by $128.5 million due the issuance of long-term debt during the year. |
|---------|--------------------------------------------------------------------------------------------------------------------------------|

| ● | Net capital expenditures for the year are $308.4 million (2011 - $254.9 million), up $53.5 million from 2011, primarily due to significant capital spending on corporate priority programs, as well as increased spending on intangible assets. SaskTel’s net capital spending on property, plant and equipment in 2012 was $253.2 million, up $31.4 million from 2011 primarily due to increased spending on Fibre to the Premise and the cellular network upgrade to LTE technology. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Return on equity decreased to 16.8 per cent (2011 – 20.7 per cent) due to gains from the disposal of discontinued operations recognized in 2011. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Dividends of $84.3 million were declared in 2012 (2011 - $138.6 million). |
|---------|---------------------------------------------------------------------------|

| ● | Earnings of $106.5 million was significantly higher than the prior year (2011 - $25.5 million), largely due to $34.4 million in favourable market value adjustments (2011 - $58.4 million unfavourable). These unrealized market value adjustments, which include a $21.3 million improvement in the revaluation of natural gas in storage and a $13.1 million improvement in the fair value of financial and derivative instruments, vary considerably with natural gas prices. As a result, SaskEnergy uses operating earnings to compare performance from year to year. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Operating earnings were $72.1 million (2011 - $83.9 million), with the decline largely attributable to unusually high customer capital contribution revenue in 2011 as several large transmission projects were completed that year. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Revenues were $797.8 million and expenses were $650.2 million (2011 - $890.0 million and $823.3 million, respectively) driven by the continued market trend toward low natural gas prices. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Net finance expense increased to $41.1 million (2011 - $32.6 million) related to a decline in the fair value of debt retirement funds and higher interest on long-term debt given increased debt levels. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Capital investment totaled $180.0 million (2011 - $171.3 million), with the majority invested to expand the capacity and maintain the integrity of SaskEnergy’s extensive distribution and transmission systems. The increase reflects not only the sustained growth in Saskatchewan, but also SaskEnergy’s commitment to enhance its already robust safety programming and integrity systems. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Gross debt increased to $1,087.2 million (2011 - $1,028.1 million) to fund the record level of capital expenditures. |
|---------|----------------------------------------------------------------------------------------------------------------------|

| ● | Dividends of $27.2 million (2011 - $39.1 million) were declared to CIC based on operating earnings of $72.1 million. |
|---------|----------------------------------------------------------------------------------------------------------------------|

----

----

| ● | CIC AMI had a loss of $4.3 million in 2012, compared to earnings of $35.3 million in 2011.  The $39.6 million decrease in earnings is attributable primarily to non-recurring recoveries in 2011 of environmental remediation liabilities of $41.8 million and a recovery of reinsurance liabilities of $5.0 million, offset by $5.5 million of additional investment impairments recorded in 2011 compared to 2012. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Revenue of $11.4 million in 2012 was higher than the $6.9 million reported in 2011, which is mainly attributable to a $9.6 million increase in equity earnings from investments in 2012, offset by decreased interest revenue of $2.6 million and decreased gains on sales of investments of $2.4 million. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | Expenses of $1.2 million in 2012 were consistent with $1.4 million reported in 2011. |
|---------|--------------------------------------------------------------------------------------|

| ● | Investment disbursements of $3.2 million in 2012 were consistent with the $3.9 million reported in 2011, attributable to limited protective disbursements for the existing investment portfolio. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ● | The provision for environmental remediation liabilities increased by $3.0 million in 2012 to $63.8 million, due to inflationary factors on estimated remediation costs. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Crown Investments Corporation of Saskatchewan         |
|-------------------------------------------------------|
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated Statements of Financial Position         |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | At December 31 |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |
|                                                  |   | (Thousands) |   |   | IFRS |   |   |   | IFRS |   |   |   | IFRS |   |
|                                                  |   | Note 3 & 4 |   |   | Note 3 & 5 |   |   |   | Note 2 |   |   |   | Note 2 |   |   |   | Note 2 |   |
| Assets                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                               |   | $ | 2,842,699 |   |   | $ | 2,099,157 |   |   | $ | 1,998,659 |   |   | $ | 2,072,565 |   |   | $ | 2,145,778 |   |
| Long-term investments                                 |   |   | 1,008,683 |   |   |   | 1,157,067 |   |   |   | 1,182,402 |   |   |   | 1,218,922 |   |   |   | 1,359,441 |   |
| Property, plant and equipment                         |   |   | 6,027,194 |   |   |   | 6,417,451 |   |   |   | 7,579,984 |   |   |   | 8,239,329 |   |   |   | 9,112,247 |   |
| Other assets                                          |   |   | 639,826 |   |   |   | 543,686 |   |   |   | 305,285 |   |   |   | 472,242 |   |   |   | 532,706 |   |
| Long-term assets of discontinued operations           |   |   | 68,034 |   |   |   | 38,932 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                                          |   | $ | 10,586,436 |   |   | $ | 10,256,293 |   |   | $ | 11,066,330 |   |   | $ | 12,003,058 |   |   | $ | 13,150,172 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and Province's Equity                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                                               |   | $ | 1,551,876 |   |   | $ | 1,744,571 |   |   | $ | 1,772,263 |   |   | $ | 2,164,253 |   |   | $ | 2,711,843 |   |
| Long-term debt                                        |   |   | 3,710,329 |   |   |   | 3,601,618 |   |   |   | 3,953,023 |   |   |   | 3,952,858 |   |   |   | 4,340,244 |   |
| Long-term liabilities from discontinued operations    |   |   | 0 |   |   |   | 5,909 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other liabilities                                     |   |   | 704,321 |   |   |   | 652,625 |   |   |   | 1,279,426 |   |   |   | 1,664,905 |   |   |   | 1,756,475 |   |
| Province of Saskatchewan's Equity                     |   |   | 4,619,910 |   |   |   | 4,251,570 |   |   |   | 4,061,618 |   |   |   | 4,221,042 |   |   |   | 4,341,610 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Province's Equity               |   | $ | 10,586,436 |   |   | $ | 10,256,293 |   |   | $ | 11,066,330 |   |   | $ | 12,003,058 |   |   | $ | 13,150,172 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crown Investments Corporation of Saskatchewan         |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated Statement of Operations                  |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | At December 31 |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   | 2008 |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2011 |   |   |   | 2012 |   |
|                                                  |   | (Thousands) |   |   | IFRS |   |   |   | IFRS |   |   |   | IFRS |   |
|                                                  |   |   | Note 3 & 4 |   |   |   | Note 3 & 5 |   |   |   | Note 2 |   |   |   | Note 2 |   |   |   | Note 2 |   |
| Revenue                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales of products and services                        |   | $ | 4,636,779 |   |   | $ | 4,556,066 |   |   | $ | 4,378,779 |   |   | $ | 4,513,229 |   |   | $ | 4,536,053 |   |
| Investment                                            |   |   | 173,758 |   |   |   | 62,255 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other                                                 |   |   | 12,380 |   |   |   | 36,073 |   |   |   | 114,999 |   |   |   | 33,785 |   |   |   | 9,912 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenue                                         |   | $ | 4,822,917 |   |   | $ | 4,654,394 |   |   | $ | 4,493,778 |   |   | $ | 4,547,014 |   |   | $ | 4,545,965 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating costs other than                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    those listed below                  |   | $ | 3,612,274 |   |   | $ | 3,418,643 |   |   | $ | 3,248,064 |   |   | $ | 3,248,836 |   |   | $ | 3,112,072 |   |
| Interest                                              |   |   | 244,890 |   |   |   | 238,039 |   |   |   | 199,547 |   |   |   | 203,722 |   |   |   | 233,148 |   |
| Amortization of property, plant and equipment         |   |   | 492,051 |   |   |   | 503,227 |   |   |   | 514,618 |   |   |   | 550,216 |   |   |   | 601,686 |   |
| Saskatchewan taxes and resource payments              |   |   | 128,577 |   |   |   | 137,493 |   |   |   | 117,002 |   |   |   | 126,027 |   |   |   | 132,137 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Expenses                                        |   | $ | 4,477,792 |   |   | $ | 4,297,402 |   |   | $ | 4,079,231 |   |   | $ | 4,128,801 |   |   | $ | 4,079,043 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before the following                         |   |   | 345,125 |   |   |   | 356,992 |   |   |   | 414,547 |   |   |   | 418,213 |   |   |   | 466,922 |   |
| Future income tax (expense) recovery                  |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Public policy expenditure                             |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Non-recurring items                                   |   |   | 679,776 |   |   |   | (23,854 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Current income tax expenses                           |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| (Provision for) recovery of environmental liabilities |   |   | (48,217 | ) |   |   | 464 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Share of net earnings from equity accounted investees |   |   | 0 |   |   |   | 0 |   |   |   | 16,933 |   |   |   | 10,437 |   |   |   | 19,408 |   |
| Net Loss on sale of equity accounted investees        |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (8,576 | ) |   |   | (7,428 | ) |
| Gain (loss) from discontinued operations              |   |   | 1,545 |   |   |   | 15,106 |   |   |   | 4,822 |   |   |   | 30,802 |   |   |   | 0 |   |
| Net Earnings                                          |   | $ | 978,229 |   |   | $ | 348,708 |   |   | $ | 436,302 |   |   | $ | 450,876 |   |   | $ | 478,902 |   |

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

| 2.   | The consolidated financial statements for the year ended December 31, 2011 and the year ended December 31, 2012 have been prepared in accordance with International Financial Reporting Standards (IFRS).  Prior to 2011, the Corporation’s consolidated financial statements were previously prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP). In preparing the consolidated financial statements, CIC has adjusted amounts reported previously in financial statements for year ended December 31, 2010 prepared in accordance with GAAP. These adjustments relate to reclassifications and corrections of amounts previously reported under GAAP, or are required for the transition from GAAP to IFRS.  For a list of reclassifications and corrections, please see the annual report. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The consolidated financial statements for the year ended December 31, 2008 and the year ended December 31, 2009 have been prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Effective January 1, 2008, the Corporation adopted the accounting recommendations for capital disclosures (Canadian Institute of Chartered Accountants (CICA) Handbook Section 1535) in accordance with the transition provisions of the section.  This section requires disclosure of information related to the objectives, policies and processes for managing capital, and particularly whether externally imposed capital requirements have been complied with.  As this standard only addresses disclosure requirements, there is no impact on the Corporation’s operating results. Effective January 1, 2008, the Corporation adopted the accounting recommendations for financial instruments - disclosures (CICA Handbook Section 3862) and financial instruments - presentation (CICA Handbook Section 3863) in accordance with the transition provisions of the sections.  These sections replace the existing disclosure and presentation recommendations contained in financial instruments - disclosure and presentation (CICA Handbook Section 3861).  The new disclosure standards increase the disclosures related to financial instruments, and the nature, extent and management of the Corporation’s risks arising from financial instruments.  The presentation standards carry forward unchanged from the former presentation requirements.  As these standards only address disclosure and presentation requirements, there is no impact on the Corporation’s operating results.Effective January 1, 2008, the Corporation adopted CICA Handbook Section 3031 - Inventories.  The new recommendations establish standards for the determination of the cost of inventories and the subsequent recognition as expense, including any write-down to net realizable value and reversals of previous write-downs for increases to net realizable value.  Also, guidance is provided related to reclassification of inventory items as property, plant and equipment.  The standard requires retrospective application with no restatement of prior year results.  Upon the adoption of the new standard, the Corporation began using the weighted average cost method for valuing all natural gas inventories. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Effective January 1, 2009, the Corporation adopted the accounting recommendations for goodwill and intangible assets (CICA Handbook Section 3064) in accordance with the transition provisions of the section.  This section provides further information on the recognition of internally generated intangible assets and requires intangible assets to be recognized as assets only if the definition of the intangible asset and the recognition criteria are met.  The new recommendations have been implemented retroactively resulting in certain items included in property, plant and equipment in prior years to be reclassified to intangible assets, and 2008 net earnings to be restated due to the write-off of certain intangible assets that no longer meet the recognition criteria.  In addition, revenues and expenses related to certain prepaid cellular services have been recorded for 2008 and prior years resulting in the retroactive restatement of all periods presented. Effective for year-ends beginning on or after January 1, 2009, the CICA has amended certain sections of the CICA Handbook to remove the rate regulation exemption for recognition of certain assets and liabilities arising from rate regulation as well as other recognition and measurement guidance.  The corporation has implemented these changes with no impact on the financial statements. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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|   | In summary, the following adjustments were made to December 31, 2008 balances as a result of the change in accounting policy and prior period adjustments (Thousands of dollars): |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Property, plant and equipment         |   | $      | (107,527 | )      |
|---------------------------------------|--------|--------|----------|--------|
| Intangible Assets                     |   |   | 204,742  |   |
| Other Assets                          |   |   | (97,215  | )      |
| Net Earnings                          |   |   | 1,188    |   |
| Retained earnings - beginning of year |   |   | (1,365   | )      |
| Retained earnings - end of year       |   |   | (177     | )      |

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