OILSANDS. PIPELINE. GAS. LNG.

THE BRION ENERGY APPROACH

DELIVERING THE ENERGY CANADA AND THE WORLD NEEDSBy 2035, the global population will be 8.7 billion. That’s 1.6 billion more consumers of energy than in 2016. Brion Energy sees all of its activities within this market-changing environment.

As an integrated energy business within the CNPC family, our focus is on responsible production and delivery of oil and gas to meet the demands of Canada and the world, while creating value for our shareholders.

We’re on a journey to becoming a low-cost producer by thinking differently and applying new approaches to business. And with more than $10 billion invested in an upstream large unconventional resource base, midstream, and our diverse and talented workforce, Brion Energy is well positioned to unlock, produce and distribute energy resources for years to come.

In Canada’s highly competitive energy business, we understand that only the most efficient and innovative businesses will survive in the long run. We will enhance the profitability and sustainability of Brion Energy by piloting creative new technologies and work processes, carefully planning for strategic growth, and leveraging the global capabilities and capacity of PetroChina and our affiliated CNPC companies.

We aim to build a profitable business with a promise to develop our energy resources safely and responsibly.

PRIDE IN HERITAGE

ROOTS AND FAMILYBrion Energy’s ultimate shareholder is PetroChina, which in turn is 86% owned by CNPC, a state-owned enterprise. The remaining 14% of PetroChina is publicly listed in the NYSE and HKSE.

CNPC is China’s largest oil company with oil and gas assets and interests in 38 countries. CNPC International (Canada) has been operating in Canada since 1992.

BRION ENERGY IS AN INTEGRATED ENERGY COMPANY IN CANADA. As a wholly owned and operated subsidiary of PetroChina and member of the China National Petroleum Corporation (CNPC) family, we have a unique blend of expertise and knowledge from both the Canadian and Chinese perspectives.

3CNPC is number 3 on Fortune’s 2016 Global 500 list (ranked by revenues)

More than 50 years of development

1.6 1.6 million employees globally

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VALUES MATTERAt the foundation of Brion Energy’s operations is our commitment to making sure our people, communities and environment are safe and sound. We recognize that we have to earn and maintain our social licence to operate. And so we aim to work collaboratively with our stakeholders in how we may impact or improve our communities.

Our values guide us as we help to build a better future for the environment, community and economy. We’re proud of our values and live them every day — it’s how we do business and how we treat people.

GOAL ZERO: SAFETY IS THE RULE

Safety frames everything we do at Brion Energy.

We insist that all of our operations are safe for employees, contractors, people living in our operating communities, and the environment itself. Why? Because if we can’t do our work safely, we shouldn’t be doing it at all.

With the company’s commitment to a safety journey called Goal Zero, we aim to have zero fatalities or injuries by leaving nothing to chance.

SUSTAINABLE COMMUNITIES

We believe finding opportunities to build partnerships with local and Aboriginal communities is the foundation for long-lasting, successful relationships.

These partnerships are focused on three areas:

1. BUSINESS DEVELOPMENT

Integrating local and Aboriginal businesses into our supply chain supports the development of mutually beneficial and sustainable long-term relationships in support of Brion Energy’s operations.

2. CONSULTATION AND ENVIRONMENTAL STEWARDSHIP

Respectful and positive working relationships require ongoing information sharing and consultation efforts based on transparency and engagement at the community level.

3. COMMUNITY DEVELOPMENTBrion Energy supports community programs that focus on enhancing social, cultural and economic sustainability. By supporting community-based initiatives that provide services and activities, we’re providing the tools needed to strengthen communities.

We believe communities thrive when they have access to the resources they uniquely need. Our signature community investment initiatives includes Canadian Blood Services Partners for Life, Calgary Food Bank and No Crib for a Bed. In our operating communities we support the Fort McKay Afterschool Youth Wellness Support Program and the Fort Chipewyan Pre-Employment Trades Program.

We commit to producing and delivering the energy the world needs by being:

HONOURABLE UNIFIED PASSIONATE ACCOUNTABLE

We worked more than one million man hours in a 90-day period without a recordable injury — a benchmark milestone in the health and safety industry

90DAYS

0.42Since 2012 we improved our Total Recordable Incident Frequency (TRIF) from 3.53 to the current level of 0.42

April 2016 we received our Certificate of Recognition from the Government of Alberta, which gives us status as Partners in Injury Reduction, joining only 70 other companies in Alberta

To date we’ve had no major spills

2016

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CANADA

Calgary

Edmonton

USA

BRITISH COLUMBIA ALBERTA SASKATCHEWAN

NORTHWEST TERRITORIES NUNAVUTYUKON TERRITORY

MANITOBA

ONTARIO QUÉBECNEWFOUNDLAND AND LABRADOR

NSNB

PEI

Kitimat

Vancouver

Fort St. John

Fort McMurray

OILSANDS

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DUVERNAY SHALE GAS• Non-operated joint venture (49.9% interest) with

Encana Corporation

• West central Alberta

• Liquid-rich gas and condensate resource play, >1,000 horizontal well inventory

• Producing +20,000 boepd, net

GROUNDBIRCH TIGHT GAS• Non-operated joint venture (20% interest) with

Shell Canada Limited

• Montney tight gas formation, 50 km south of Fort St. John, British Columbia

• Producing methane gas, natural gas liquids and condensate; 10,000 boepd, net

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MACKAY RIVER OILSANDS• Wholly owned and operated by Brion Energy

• Steam-assisted gravity drainage (SAGD) facility

• 30 km west of Fort McMurray, Alberta

• Ultimate recovery potential: 1.7 billion barrels of bitumen resource

• Ultimate production rate: 150,000 bbls/d

• Anticipate 35,000 bbls/d production

• First steam: achieved in 2016

• First oil target: 2017

• Phase 1 will recover 99% of the produced makeup water fed to the plant and reuse as boiler feedwater

DOVER OILSANDS• Wholly owned and operated by Brion Energy

• 95 km northwest of Fort McMurray, Alberta

• Ultimate recovery potential: 3.4 billion barrels of bitumen resource

• Ultimate production rate: 250,000 bbls/d

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RAT

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LIO

GAS

MT NDWA

Brion Energy’s oilsands assets are integrated into the Grand Rapids Pipeline System which moves our diluted bitumen to Edmonton for market and also supplies condensate to our oilsands projects. Groundbirch and Duvernay are equity gas supply sources for our interest in LNG Canada, which upon a Final Investment Decision could potentially export liquefied natural gas to markets overseas.

PIPELINE LNG

GRAND RAPIDS PIPELINE• Non-operated joint venture (50% interest) with

TransCanada Corporation

• Projected to transport crude oil and diluent volumes 460 km between Fort McMurray region and the Edmonton/Heartland region in Alberta

• Potential dual system capacity: 900,000 bbls/d of oil blend and 330,000 bbls/d of diluent

• Current: single 20-inch pipeline in service 2017

5 LNG CANADA• Non-operated joint venture (20% interest) with Shell

Canada Limited (50%), Korea Gas Corporation (15%) and Mitsubishi Corporation (15%)

• A proposed natural gas liquefaction plant and marine terminal export facility near Kitimat, British Columbia on Canada’s West Coast

• Phase 1: two trains for total of 13 million tonnes per annum with option to expand to four trains

• Regulatory approvals: received 40-year export licence and environmental permits

• Final Investment Decision deferred in July 2016

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CANADA

MNME

Calgary, AB, Canada | brionenergy.com