1. 1 What is Oil Sands ? Composition – Inorganic material – Quartz sand – Water – Bitumen Unconsolidated, crumbles easily in hands

2. 2 Global crude reserves by country Canada, with 174 billion barrels in Oil Sands reserves, ranks second only to Saudi Arabia in global oil reserves Source: Canadian Heavy oil Association Proven reserves (billions of barrels)

3. 3 Growth opportunity Projected Oil Sands Production by Extraction Technique 2003-2018

4. 4 Resources with global significance Large scale Geographical proximity to major US market Stable political environment Security of supply Attractive economics

5. 5 Extraction Upgrading Refining Mineable In-Situ

6. 6 Mineable bitumen extraction Shovels Trucks MINING OIL SANDS OVERBURDEN INFRASTRUCTUREUTILITIES/OFFSITES AND BALANCE OF PLANT “PLANT” Diluent Froth FROTH TREATMENT Fines/Water EXTRACTION TAILINGS STORAGE Recycle Water Sand/Water

7. 7 In-Situ represents a growing opportunity  Currently 65% of production is mined  Volume of mined production set to treble by 2018

8. 8 In-Situ As opposed to Surface mining methods using large trucks and shovels —Deeper reserves (over 75M) require Thermal Recovery methods today— are not possible at all locations because the oil sands deposits are too far underground. Cyclic Steam Stimulation (Thermal Recovery) uses high pressure steam injected in by a vertical well soaking the oil sands to softening the tar like bitumen and then pumped to the surface using the same well bore. SAGD thermal recovery combines horizontal drilling with thermal steam injection. A pair of wells are drilled into the ground about five metres apart and steam is injected into the reservoir through the top well. The steam softens the tar-like bitumen and enables it to flow out of the reservoir and into the lower well. From there it’s pumped to the surface. New Technology for In-Situ will continue to be developed.

9. 9 Oil Sands – What we do Mineable Oil Sands, Mine Planning, Pipelines and full Extraction Facilities In-Situ (Heavy Oil) Onshore Oil & Gas Production Gas Processing Cogeneration Related to Oil sands

10. 10 Oil Sands – Environmental Environmental issues acknowledged – Environmental site characterization – Environmental impact studies and permitting – Clean-up planning and execution – Ecological studies – Waste management – Socio-economic studies

11. 11 The Oil Sands industry faces challenges Economics – Average breakeven prices estimated at US$25-30/bbl Oil / gas price environment The treat of cost overruns are experienced at most projects – Inflationary environment in Alberta’s oil and gas sector – Labour and equipment constraints – Highly competitive market pushing up land and asset deal costs Environmental concerns

12. 12 Oil Sands – Strategy for growth The Oil Sands are a world scale developable resource and provide significant potential capital development over the next 10 to 15 years Attractive at predicted oil prices Long reserve life / low or no production decline Geopolitical stability / Relative fiscal stability As an EPCM service provider we are at the high end of the value chain in the development of capital and long-term relationships are a cornerstone for us AMEC has a major market position in mineable bitumen extraction and is increasing its position in in-situ