WESTERN CANADA MINERAL FEE TITLE AND ROYALTY OFFERING APRIL 16, 2018

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1 ERN CANADA MINERAL FEE TITLE AND ROYALTY OFFERING APRIL 16, 2018 OPPORTUNITY TO ACQUIRE A DIVERSE REVENUE GENERATING LIQUIDS-WEIGHTED ROYALTY ASSET BASE INCLUDING SIGNIFICANT EXPOSURE TO THE HIGHLY SOUGHT AFTER DUVERNAY EAST SHALE BASIN TD Energy Advisors / TD Securities Inc th Avenue S.W., 36th Floor, Calgary, Alberta T2P 4K9 Telephone: Fax:

2 Offering Highlights Royalty Revenue Growth Industry Activity Driving Production Growth Revenues grew over 60% in 2017 on the back of stronger commodity prices and higher production 2017 revenue stream of ~$11 million (1) Diverse and active group of royalty payors 50+ companies; top 20 support >70% of 2017 revenue Well capitalized, quality operators are expected to increase drilling activity Gross January 2018 offering production of ~41,000 boe/d 2017 activity significantly offset the low 11% base decline (2) Significant land base of ~621,000 (3) acres across the Offering Large and Diversified Land Position Mineral Fee Title Land ("Fee Land"): ~183,000 acres Overriding Royalty Land ("Royalty Land"): ~438,000 acres Majority of the Fee Land is located in the highly attractive Duvernay East Shale Basin Areas are characterized as being multi-zone prospective with potential for multiple section leases Significant Remaining Development Potential Duvernay drilling and land leasing activity highlights potential in the East Shale Basin (~180 sections within the fairway) and the West Shale Basin in Willesden Green Duvernay Fee Lands are ~80% unleased and offset both Raging River and Vesta in the Joffre region and Artis in the Trochu region Paramount has leased sections offsetting their Duvernay Crown acreage which is earmarked for development Crescent Point's recently announced strategic land position in the East Shale Basin demonstrates industry's confidence in the potential of the play >150 suspended wells on Royalty Lands have been identified as near term reactivation candidates 2 (2) geoscout, excludes 2017 drilling activity (3) Stacked leases are included in total count. Fee Lands average 95% working interest.

3 Offering Overview 94-O 94-P 94-G 94-H R5R1W6 OFFERING REVENUE Revenue ($mm) $20 $15 $10 $5 $0 R5R1W5 NORTH North Package West Package East Package T123 $10.9mm T119 T115 T111 T (1) T103 T99 T95 T91 T87 T83 T79 T75 OVERVIEW Estimated 2017 revenue stream of ~$11 million (78% oil & liquids by revenue) (1) Significant land base of ~621,000 acres (2) Fee Land: ~183,000 acres Royalty Land: ~438,000 acres The aggregate Offering is a well-balanced royalty commodity portfolio exposed to multiple large resource-in-place formations that continue to attract capital from top-tier payors Offering is advantaged by: Diverse and active payor list Highly respected operators Remaining development potential 92-H 93-H Elmworth 82-M 82-N Willesden Green 82-E 82-F 82-G Packages Pelican Lake Kaybob R1W5R29 EDMONTON CALGARY R25 EAST T71 T67 T63 T59 T55 Joffre Trochu T23 T19 T15 T11 T7 T3 R29 OFFERING SUMMARY (3) PACKAGE 2017 REVENUE (1) FEE LEASED FEE UNLEASED LAND TOTAL FEE TOTAL ROYALTY ($mm) (000 acres) (000 acres) (000 acres) (000 acres) East Package $ Trochu $ Joffre $ Willesden Green $ West Package $ North Package $ Pelican Lake $ Other Total $ (2) Stacked leases are included in total count. Fee Lands average 95% working interest. (3) Numbers may not add due to rounding

4 East Package Overview HIGHLIGHTS REVENUE SUMMARY(1) Majority of drilling on the map sheet has targeted the Cardium, Glauconitic, Spirit River, Mississippian and Devonian Formations in recent years $7 Gas Royalty Revenue ($mm) $6 NGL Oil Most active operators on and offsetting the Offering lands include Yangarra, Petrus, Tamarack, Vesta, and Bonavista $5.8mm $5 The Duvernay has been a recent focus of the E&P industry and is expected to see increased capital allocation moving forward $4 FEE LAND MAP (ZOOM-IN) FEE LAND MAP (ZOOM-IN) $3 EAST PACKAGE MAP T53 $2 T52 T50 Royalty Units Highly Prospective Regions T49 GREEN O 94-P R5 R1W5 94-G T123 T119 T115 Royalty Units Highly Prospective Regions 94-H T111 T107 T103 T99 T95 T48 WILLESDEN GREEN T48 R5 R1W6 94-N T50 T49 $0 WILLESDEN T52 $1 T53 T91 T87 T83 T46 T46 T45 T79 T75 T71 Cardium, Glauconitic, Mississippian, Devonian T41 T40 OFFSETTING INDUSTRY ACTIVITY LAST 3 YEARS(2) T38 Cardium, Spirit River, Glauconitic, Duvernay T37 T38 T36 T37 T36 T34 T33 T34 T30 TOP OPERATORS T32 T29 T28 T30 T29 T28 (2) Wells drilled on 8 sections surrounding all of the lands 4 R10 R8 R7 R6 R5 R4 T32 T33 Vesta, Bonavista, TimberRock, Petrus, Yangarra, Mancal, Whitecap R3 T26 R2 R1W5 R29 R28 R27 R26 R25 R24 R23 R22 R20 R19 R18 R16W4 EDMONTON T55 T26 R10 R8 R7 R6 R5 R4 R3 R2 R1W5 R29 R28 R27 R26 R25 R24 R23 R22 R20 R19 R18 R16W4 82-M 82-N T wells T59 93-H T42 T41 WELLS DRILLED 93-G T44 T42 UPSIDE T67 T63 T44 T45 EXISTING POOLS/ RESERVOIRS T23 CALGARY T19 T15 92-H 82-E EAST 82-F T11 T7 82-G T3 R1W5 R29 R25 R29

5 East Package Duvernay Upside ~75,000 acres (97% net WI) of Duvernay Fee Land in Trochu offsetting existing Artis Duvernay development Since August 2017, other operators such as Rife, Outlier, InPlay and Mancal have licenced over 70 wells in the area ~40,000 acres (99% net WI) of Duvernay Fee Land in Joffre located adjacent to Vesta's significant land position Over 75 Duvernay wells have been drilled since 2015 In the Joffre trend, Paramount has issued itself leases on the Fee Land immediately offsetting their Crown land position for development WILLESDEN GREEN ~62,000 acres (90% net WI) of Duvernay Fee Land in Willesden Green where operators are developing in both the liquids-rich gas and oil regions with success Paramount has also issued itself leases on select Fee Lands in Willesden Green EAST DUVERNAY INDUSTRY PRODUCTION Gross Production (boe/d) Wells Rig Released 14,000 12,000 10, ,000 6,000 4,000 2,000 Trochu Joffre Willesden Green 44% Increase in Production EAST DUVERNAY INDUSTRY WELLS DRILLED Trochu Joffre Willesden Green 135% Increase in Activity DUVERNAY AREA MAP DUVERNAY AREA MAP EAST PACKAGE DUVERNAY ACTIVITY MAP R10 SHALE BASIN SHALE BASIN R8 R7 R6 WILLESDEN GREEN WILLESDEN GREEN R5 R4 Paramount leased: earmarked for development R3 Paramount leased: earmarked for development EAST SHALE BASIN R2 R1W5 R29 R28 R27 R26 R25 R24 R23 R22 R20 R19 R18 R16W4 T53 T52 T50 T49 T48 T46 T45 T44 T42 T41 T40 T38 T37 T36 T34 T33 T32 T30 T29 T28 T26 T53 (Rights Held Below Cretaceous) Highly Prospective Regions T52 Leduc Reef SELECT COMPANY LANDS Artis Land T50 Crescent Point Land T49 Encana Land InPlay Land T48 Mancal Land Outlier Land Paramount Land EAST SHALE BASIN Raging River Land T46 Repsol Land Rife Land T45 Resourceful Petroleum Land Shell Land T44 Traverse Land Vesta Land DUVERNAY WELLS* T42 Duvernay Producing Wells Duvernay Licensed Wells T41 Duvernay Drilled Wells T40 T38 T37 T36 T34 T33 T32 T30 T29 T28 T26 Company Fee Company Fee (Rights Held B Highly Prospe Leduc Reef SELECT COM Artis Land Crescent Poin Encana Land InPlay Land Mancal Land Outlier Land Paramount La Raging River Repsol Land Rife Land Resourceful P Shell Land Traverse Lan Vesta Land DUVERNAY Duvernay Pro Duvernay Lic Duvernay Dri R10 R8 R7 R6 R5 R4 R3 R2 R1W5 R29 R28 R27 R26 R25 R24 R23 R22 R20 R19 R18 R16W4 5 * Alberta wells current to geoscout update March 14, 2018

6 West Package Overview REVENUE SUMMARY (1) $14 $12 Gas NGL Oil HIGHLIGHTS Most active operators on and offsetting the Offering lands include TORC, Tangle Creek, Shell, Chevron, and Tourmaline PACKAGE MAP Royalty Revenue ($mm) $10 $8 $6 $4 $4.8mm 94-O 94-P R5R1W6 R 94-N94-O 94-P 94-G 94-H R5R1W6 R5R1W5 T123 T119 T115 T111 T107 T103 T99 T95 T91 T87 T83 T79 T75 $2 94-G 94-H T71 T67 T63 93-G 93-H EDMONTON T55 T59 $ M 82-N EXISTING POOLS/ RESERVOIRS Dunvegan, Cardium, Spirit River, Montney, Bluesky 92-H 82-E 82-F 82-G R1W5R29 CALGARY R25 T23 T19 T15 T11 T7 T3 R29 UPSIDE Dunvegan, Spirit River, Cardium 93-H OFFSETTING INDUSTRY ACTIVITY LAST 3 YEARS (2) WELLS DRILLED TOP OPERATORS 302 wells Shell, Peyto, Chevron, TORC, Tourmaline, Exxon, Paramount 82-M 82-N Packages 6 (2) Wells drilled on 8 sections surrounding all of the lands

7 North Package Overview REVENUE SUMMARY (1) Royalty Revenue ($mm) $0.40 Gas NGL Oil $0.35 $0.3mm $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $ HIGHLIGHTS Exposure to Pelican Lake, a significant oil-in-place world class asset Long life revenue stream as CNRL, a committed operator, looks to develop the asset Low decline asset due to polymer flood implementation supports a predictable revenue stream NORTH PACKAGE MAP NORTH 94-O 94-P 94-G 94-H 93-H R5R1W6 R5R1W5 EDMONTON NORTH T123 T119 T115 T111 T107 T103 T99 T95 T91 T87 T83 T79 T75 T71 T67 T63 T59 T55 Pelican Lake 82-M 82-N EXISTING POOLS/ RESERVOIRS Wabiskaw 92-H CALGARY T23 T19 T15 T11 82-E 82-F 82-G T7 T3 R1W5R29 R25 R29 UPSIDE Pelican Lake Step Out Drilling, Polymer Flood OFFSETTING INDUSTRY ACTIVITY LAST 3 YEARS (2) WELLS DRILLED OPERATOR 32 wells CNRL Packages 7 (2) Wells drilled on 8 sections surrounding all of the lands

8 Process Timeline & Key Contacts PROCESS Paramount Resources Ltd. ( Paramount, POU, or the Company ) has engaged TD Securities Inc. ( TD Securities or TD ) as its exclusive financial advisor to manage a process (the Offering ) to divest of certain assets in Western Canada primarily consisting of Fee Lands and Royalty Lands. It is the intention of Paramount and TD Securities to conduct the process such that it minimizes any disruption to Paramount s operations. Interested parties should not contact Paramount directly regarding any aspect of the process. A Confidentiality Agreement may be requested by contacting one of the individuals at TD Securities listed on this page. Virtual Data Room access may be obtained upon executing and submitting a Confidentiality Agreement via to the attention of Tom Hades (tom.hades@tdsecurities.com). All other inquiries, communications or additional information requests related to the Offering should be directed to one of the individuals on this page. TIMING Virtual Data Room: Week of April 16, 2018 Bid Date: May 30, 2018 TD ENERGY ADVISORS Mark Kuhn Managing Director T: mark.kuhn@tdsecurities.com David Leroux Director T: david.leroux@tdsecurities.com Diego Cuba Associate T: diego.cuba@tdsecurities.com Catherine Addison Associate T: catherine.addison@tdsecurities.com TD Securities 421-7th Avenue S.W., Suite 3600 Calgary, Alberta T2P 2Z2 T: INVESTMENT BANKING Robert Mason Managing Director T: robert.mason@tdsecurities.com Andrew Claridge Director T: andrew.claridge@tdsecurities.com Matthew Rachiele Director T: matthew.rachiele@tdsecurities.com Tom Hades Vice President T: tom.hades@tdsecurities.com 8

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