Analyst Coverage

DISCLAIMER

The views and recommendations which may be expressed by the analysts listed above or in such analysts’ reports are the views and responsibility of the analysts and the firm they represent and do not necessarily represent the views of the management of Baytex Energy Corp. (“Baytex”). Baytex claims no ownership or proprietary interest in, or adoption of, such analysts’ recommendations or reports, and the provision of the above information does not necessarily represent Baytex’s agreement or disagreement with such analysts’ recommendations or any information, forecasts, projections or forward-looking statements contained in such analysts’ reports.