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2019 AIF FINAL.Pdf TABLE OF CONTENTS Notice Regarding Forward-Looking Information ........................................................................................... 2 The Corporation ............................................................................................................................................ 5 Projects Overview ......................................................................................................................................... 8 Environmental, Social and Governance Activities ...................................................................................... 16 Marketing Overview .................................................................................................................................... 16 Independent Reserves Evaluation .............................................................................................................. 18 Other Oil And Gas Information ................................................................................................................... 24 Regulatory Matters ..................................................................................................................................... 27 Directors And Executive Officers ................................................................................................................ 34 Audit Committee ......................................................................................................................................... 37 Description Of Capital Structure ................................................................................................................. 38 Dividend Policy ........................................................................................................................................... 39 Market For Securities.................................................................................................................................. 40 Credit Ratings ............................................................................................................................................. 40 Risk Factors ................................................................................................................................................ 41 Legal Proceedings And Regulatory Actions ............................................................................................... 55 Interests Of Management And Others In Material Transactions ................................................................ 56 Interests Of Experts .................................................................................................................................... 56 Transfer Agent And Registrar ..................................................................................................................... 56 Material Contracts ....................................................................................................................................... 57 Additional Information ................................................................................................................................. 57 Glossary And Definitions ............................................................................................................................ 57 Abbreviations .............................................................................................................................................. 62 APPENDIX A Report On Reserves Data By Independent Qualified Reserves Evaluator Or Auditor ..................... A1 APPENDIX B Report Of Management And Directors On Oil And Gas Disclosure ............................................... B1 APPENDIX C Audit Committee Charter and Related Information ..................................................................... C1 APPENDIX D Contingent Resources ......................................................................................................... D1 2 NOTICE REGARDING FORWARD-LOOKING INFORMATION Certain statements contained in this Annual Information Form may contain forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "target", "scheduled", "potential", “forecast”, “future”, “strategy” or other similar words, or statements that certain events or conditions "may", "should", "might" or "could" occur. Forward-looking information is based on, among other things, the Corporation's expectations regarding its future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. Such forward-looking information reflects the Corporation's current beliefs and assumptions and is based on information currently available to it. Statements relating to “reserves” and “resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and contingent resources described exist in the quantities predicted or estimated and can be profitably produced in the future. The assumptions relating to the reserves and contingent resources of the Corporation are discussed under the heading “Independent Reserves Evaluation” and Appendix D. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including risks associated with the impact of general economic conditions, industry conditions, governmental regulation, volatility of commodity prices, currency fluctuations, uncertainties related to commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that the Corporation may enter into from time to time to manage its risk related to such prices and rates, imprecision of reserves and resources estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the Corporation's ability to access sufficient capital from internal and external sources, the risks discussed under "Risk Factors" and elsewhere in this Annual Information Form and in the Corporation's public disclosure documents, and other factors, many of which are beyond the Corporation's control. Although the forward-looking information is based on assumptions which the Corporation believes to be reasonable, the Corporation cannot make assurances that actual results will be consistent with such forward-looking information. Such forward-looking information is made as of the date of this Annual Information Form unless otherwise stated, and the Corporation assumes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable Canadian securities laws. Due to the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Corporation's securities should not place undue reliance on this forward-looking information. Unless otherwise indicated, all capitalized terms shall have the meanings set forth in the Glossary and Definitions section of this Annual Information Form. Specific forward-looking information contained in this Annual Information Form includes, among others, statements pertaining to the following: • the reserve and resource potential of the Corporation's assets; • the bitumen production and design capacity of the Corporation's assets; • the Corporation's strategy and opportunities, including additional development opportunities associated with the Corporation’s existing properties; • the Corporation's capital expenditure programs and future capital requirements; • the estimated quantity and value of the Corporation's proved reserves, probable reserves and contingent resources; • the Corporation's projections of commodity prices, price differentials, costs and netbacks; • the Corporation's estimates of future interest and foreign exchange rates; • the Corporation's environmental considerations, including water usage and GHG emissions; • the Corporation's blending capability for its bitumen diluent blend; • the timing and size of certain of the Corporation's operations, optimizations, and phases, including anticipated production levels from the Corporation’s existing producing properties and its planned developments; • supply and demand fundamentals for crude oil, bitumen blend, natural gas, electricity, condensate and other diluents; • the Corporation's access to adequate pipeline capacity; • the Corporation's access to third party infrastructure; 3 • industry conditions, including with respect to project development; • potential future markets for the Corporation's products; • the planned construction of the Corporation's facilities; • the Corporation's drilling plans; • the Corporation's plans for, and results of, exploration and development activities; • the receipt of regulatory approvals associated with potential expansions at the Christina Lake Project; • the Corporation's treatment under governmental regulatory and
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