Alberta’ ’s Energy Industry s Energy Industry – – Alberta will the growth continue? will the growth continue? Marcel Coutu Marcel Coutu President, Chief Executive Officer President, Chief Executive Officer Canadian Oil Sands Limited, Canadian Oil Sands Limited, Manager of Canadian Oil Sands Trust Manager of Canadian Oil Sands Trust O C T O B E R 2 4 , 2 0 0 7
Forward- -looking information looking information Forward Certain statements and graphs throughout this presentation contain in “ “forward forward- -looking statements looking statements” ”. Forward . Forward- -looking looking Certain statements and graphs throughout this presentation conta statements in this presentation include, but are not limited to, statements and graphs (collectively statements and graphs (collectively “ “statements statements” ”) with ) with statements in this presentation include, but are not limited to, respect to: 2007 expected payments to the Alberta government roy respect to: 2007 expected payments to the Alberta government royalties; the amount of oil and gas investment in alties; the amount of oil and gas investment in 2007 and beyond; levels and sources of Canadian oil production i 2007 and beyond; levels and sources of Canadian oil production in the future; the expectation as to Canada n the future; the expectation as to Canada’ ’s s placement relative to the rest of the world for crude oil production and reserves; the forecast relating to future tion and reserves; the forecast relating to future placement relative to the rest of the world for crude oil produc sustaining capital and operating cost; the forecast regarding combined expenditures; future royalties, provincial and mbined expenditures; future royalties, provincial and sustaining capital and operating cost; the forecast regarding co federal corporate taxes and specifics regarding housing and workforce demand particularly in the Wood Buffalo federal corporate taxes and specifics regarding housing and work force demand particularly in the Wood Buffalo region. region. You are cautioned not to place undue reliance on forward You are cautioned not to place undue reliance on forward- -looking statements, as there can be no assurance that the looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will plans, intentions or expectations upon which they are based will occur. By their nature, forward occur. By their nature, forward- -looking statements looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute ainties, both general and specific, that contribute involve numerous assumptions, known and unknown risks and uncert to the possibility that the predictions, forecasts, projections to the possibility that the predictions, forecasts, projections and other forward and other forward- -looking statements will not occur. looking statements will not occur. Although the Trust believes that the expectations represented by Although the Trust believes that the expectations represented by such forward such forward- -looking statements are reasonable, looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the risks and other factors which there can be no assurance that such expectations will prove to b e correct. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward the forward- -looking statements contained in this looking statements contained in this could cause results to differ materially from those expressed in presentation include, but are not limited to: presentation include, but are not limited to: labour labour productivity issues; the difficulties and risks involved in sta productivity issues; the difficulties and risks involved in starting up rting up new projects and use of new technology; the general complexity i new projects and use of new technology; the general complexity in operating a large oil sands mining or SAGD and n operating a large oil sands mining or SAGD and refinery operations; product supply and demand for crude oil and refinery operations; product supply and demand for crude oil and its impact on projects being implemented or as its impact on projects being implemented or as expected; pipeline capacity; general economic conditions that impact the supply of labor and natural gas in the Fort pact the supply of labor and natural gas in the Fort expected; pipeline capacity; general economic conditions that im McMurray area; technological changes and improvements; the impre McMurray area; technological changes and improvements; the imprecision in estimating reserves and resources; cision in estimating reserves and resources; imprecision in estimating future productive capacity and operati imprecision in estimating future productive capacity and operating costs; changes in regulations, especially in the area ng costs; changes in regulations, especially in the area of environmental matters. of environmental matters. You are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the forward You are cautioned that the foregoing list of important factors i s not exhaustive. Furthermore, the forward- -looking looking statements contained in this presentation are made as of the date of this presentation, and we do not undertake any e of this presentation, and we do not undertake any statements contained in this presentation are made as of the dat obligation to update publicly or to revise any of the included forward orward- -looking statements, whether as a result of new looking statements, whether as a result of new obligation to update publicly or to revise any of the included f information, future events or otherwise. The forward information, future events or otherwise. The forward- -looking statements contained in this presentation are expressly looking statements contained in this presentation are expressly qualified by this cautionary statement. qualified by this cautionary statement. All comments with regard to future crude oil prices are my perso All comments with regard to future crude oil prices are my personal opinion and not that of Canadian Oil Sands Trust. nal opinion and not that of Canadian Oil Sands Trust. 2 2
Agenda Agenda � Who are Syncrude and Canadian Oil Sands Who are Syncrude and Canadian Oil Sands � Trust? Trust? � Significance of the energy industry to our Significance of the energy industry to our � economy economy � The role of the oil sands sector The role of the oil sands sector � � Implications for employment, population Implications for employment, population � growth and housing growth and housing � Crude oil outlook Crude oil outlook � � Key challenges Key challenges � 3 3
The Syncrude project The Syncrude project Athabasca Athabasca Ft. McMurray Peace River Peace River Cold Cold Lake Lake Edmonton Calgary 4 4
Syncrude joint venture ownership Syncrude joint venture ownership Canadian Oil Canadian Oil Imperial Imperial Sands Sands 25% 25% 36.74% 36.74% 12% 12% Petro- -Canada Canada Petro 5% 5% 9.03% 9.03% 5% 5% 7.23% 7.23% Mocal Mocal Conoco/Phillips Conoco/Phillips Murphy Oil Murphy Oil Nexen Nexen COS.UN only pure play on Syncrude COS.UN only pure play on Syncrude 5 5
The Syncrude project The Syncrude project Mildred Lake upgrading facility Mildred Lake upgrading facility 6 6
The Syncrude project The Syncrude project An oil sands mining operation An oil sands mining operation 7 7
Syncrude’ ’s s economic contribution economic contribution Syncrude $50 billion spent on capital and operating expenditures – – $50 billion spent on capital and operating expenditures � � directly into the economies of Alberta and the rest of directly into the economies of Alberta and the rest of Canada -- -- between 1979 and 2006 between 1979 and 2006 Canada $4.2 billion in total economic contribution in 2006 with $4.2 billion in total economic contribution in 2006 with � � about $3.7 billion benefiting the Alberta economy alone about $3.7 billion benefiting the Alberta economy alone $1.1 billion in Crown royalties estimated to be paid to $1.1 billion in Crown royalties estimated to be paid to � � Alberta government in 2007 Alberta government in 2007 Syncrude employs about 4,530 people in Alberta and Syncrude employs about 4,530 people in Alberta and � � provides jobs for thousands of additional contractors provides jobs for thousands of additional contractors 8 8
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