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November 2011

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Encana Calgary, Alberta, Canada Report Facts Company name: Encana Corporation Fiscal year end: December 31, 2010 Report title: Take a closer look President and CEO: Randy Eresman Number of books: 1 Report length: 148 pages Auditors: PricewaterhouseCoopers LLP Website: http://encana.com/disclaimerir/ Design and production: Foundry Creative Inc. E-mail contact: investor.relations@encana.com	Report Rating 3.5/5 (Rating scale below) Profile-Mission With our enormous resource potential in many of North America’s most prolific natural gas resource plays... Our goal is to be the highest-growth, lowest-cost senior gas producer in North America. (Source: Annual Report) (Italics are own company’s words) Key Figures Revenues: US$ 8,870 million Cash flow: US$ 4,439 million Operating earnings: US$ 665 million Total assets: US$ 34,020 million Capital investment: US$ 4,773 million Earnings per share: US$ 0.90 Dividends per share: US$ 0.80 Debt to capitalization: 31% Return on equity: 9% (2010 figures sourced from the annual report) Peers and Rivals Canadian Natural Resources Husky Energy Enbridge Apache Calpine Dominion Resources Spectra Energy ...

Triple A > A cover that really invites to take a closer look, also with six headlines. > Why invest in Encana gives good arguments: resources, reserves and a diverse portfolio are naturally shown as key, but also the company’s evaluation practices with more consistent and comprehensive disclosure. > Excellent book design and really reader-friendly layout (see Selected Page). > Well-shot and eye-catching pictures -and diagrams- help telling a real story about the natural gas economy and related business, operational and customer aspects.

Double A > Financial and operational highlights are very clear; go beyond conventional GAAP measures; put much emphasis on operating figures such as Year-End Reserves, Net Reserve Additions, Production Replacement -which is not always the case in the sector where those figures are often not within reach-; highlight debt-related items (incl. Debt to Proved Developed Reserves). > Q & A with the CFO to answer the tough financial questions, including one about why you focus on operating earnings versus net earnings.

Simple A > Some key metrics are highlighted, while others -not least the vital return on equity- are tucked away. > MD&A does a fair job but analysis is hampered by successive year-on-year comparisons.

B Sides > Very few share indicators and ratios. > Risk factors and management not sufficiently elaborate. > Responsibility matters just up to very low-demanding expectations. > Not enough use of charts.

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Selected Page (Encana Annual Report 2010 p 30)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.