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Advisories & Terms

Currency, Pro Forma Information, Non-GAAP Measures and References to Encana

All information included in this document and comparatives is shown in U.S. dollars after royalties basis unless otherwise noted.

Non-GAAP Measures

Certain measures in this document do not have any standardized meaning as prescribed by Canadian Generally Accepted Accounting Principles (GAAP) such as Cash Flow, Cash Flow per share-diluted, Operating Earnings, Operating Earnings per share-diluted, Adjusted EBITDA, Debt and Capitalization and, therefore, are considered non-GAAP measures.

Resource Play

Resource play is a term used by Encana to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play typically has a lower geological and/or commercial development risk and lower average decline rate.

References to Encana

For convenience, references in this document to “Encana”, the “Company”, “we”, “us”, “our” and “its”, where applicable, refer only to or include relevant direct and indirect subsidiary corporations and partnerships (Subsidiaries) of Encana Corporation and the assets, activities and initiatives of such Subsidiaries.

Pro Forma

On November 30, 2009 Encana completed a major corporate reorganization (the “Split Transaction”) that resulted in the Company’s transition into a pure-play natural gas company and the spin off of its Integrated Oil and Canada Plains assets into Cenovus Energy Inc., an independent, publicly traded energy company. Encana’s consolidated results include the financial and operating performance of the Cenovus assets for the first 11 months of 2009. To give investor’s a clear understanding of post-split Encana, 2009 financial and operating results in this document highlight Encana’s results on a pro forma basis, which reflect the Company as if the Split Transaction had been completed for all of 2009. In this pro forma presentation, the results associated with the assets and operations transferred to Cenovus are eliminated from Encana’s consolidated results, and adjustments specific to the Split Transaction are reflected.