Risk Management

Change to the Crown Royalty Regime

Changes to the Crown royalty regime by the Alberta government can have a material and adverse impact on the Trust’s net income and cash from operating activities, and ultimately its Unitholder distributions. While the Alberta government recently announced its plans to review Alberta’s Oil Sands Royalty regime, the potential impact on Canadian Oil Sands can not be determined until the government provides information on its review findings. More detail on this issue is contained in this MD&A under the heading “Review of Alberta Oil Sands Royalty”.