Disclaimers and Advisories

General

The information on this website is derived from Cation Capital Inc.’s (“Cation”) proxy circular dated April 9, 2018 (the “Circular”) and was prepared exclusively for the shareholders of Crescent Point Energy Corp. (“Crescent Point”) to whom it is directly addressed in order to provide the views of Cation regarding certain changes Cation are requesting to the composition of the board of directors of Crescent Point, and other matters of concern to Cation described in the Circular, as shareholders of Crescent Point. The information on this website is for discussion purposes only. The contents of this website may not be disclosed to any one or reproduced in any form or used for any other purpose without the prior written consent of Cation. Please refer to the Circular for additional disclaimers and advisories and additional information.

A copy of this Circular may be obtained, on request, without charge from Cation’s strategic shareholder advisor and proxy solicitor, D.F. King, by contacting them at the numbers and address set out on this website, or may be obtained on Crescent Point’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.

The data, information and opinions contained on this website (collectively, the “Information”) is for general informational purposes only and is not tailored to specific investment objectives, the financial situation, suitability, or particular need of any specific person(s) who may receive the Information, and should not be taken as advice in considering the merits of any investment decision. The views expressed in the Information represent the views and opinions of Cation, which opinions may change at any time and which are based on internal analyses of Cation, as informed by publicly available information with respect to Crescent Point and certain members of Crescent Point’s operational, compensation and noted peer groups and available to the public on SEDAR at www.sedar.com. Unless expressly stated otherwise, any opinion expressed herein are opinions of Cation held as of the date appearing in the Information. Cation disclaims any obligation to update the Information contained herein, except as required by law. Unless otherwise indicated, financial information and data used herein have been derived or obtained from public disclosure and filings made by Crescent Point and certain members of Crescent Point’s operational, compensation and noted peer groups and from other third party reports.

There is no assurance or guarantee with respect to the prices at which any securities of Crescent Point will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections and potential impact of the proposals and plans set forth herein are based on assumptions.

Forward-Looking Statements and Information

Certain information included on this website, contains forward-looking statements or forward-looking information within the meaning of applicable securities laws, including, without limitation, in respect of Cation’s and Crescent Point’s respective priorities, plans and strategies for Crescent Point and Crescent Point’s and certain members of Crescent Point’s operational, compensation and other noted peer groups’ anticipated financial and operating performance and business prospects. All statements and information, other than statements of historical fact, included in on this website are forward-looking statements and forward-looking information, including, without limitation, statements regarding activities, events or developments that Cation expects or anticipates may occur in the future. These forward-looking statements and information can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words and expressions or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements and information are based will occur or, even if they do occur, will result in the plans, results or performance expected.

We caution readers of this website not to place undue reliance on forward-looking statements and information contained in this website, which are not a guarantee of performance, events or results and are subject to a number of risks, uncertainties and other factors that could cause actual results, performance or events to differ materially from those expressed or implied by such forward-looking statements or information. These factors include: the price of oil and natural gas, changes in strategies, plans or prospects; general economic, industry, business, regulatory and market conditions; changes in board composition; actions of Crescent Point and its subsidiaries or competitors; the ability to implement business strategies and plans and pursue business opportunities; conditions in the energy industry; the effects of competition and pricing; risks relating to government regulation and changes thereto (whether by court decisions, citizens referenda, or otherwise); competition; the state of the economy including general economic conditions in Canada (including Alberta and Saskatchewan) and the United States; the unpredictability and volatility of Crescent Point’s share price; restrictions on potential growth; restrictions on the potential growth of Crescent Point as a consequence of the payment of cash dividends by Crescent Point representing a portion of its operating cash flow; availability of sufficient financial resources to fund Crescent Point’s capital expenditures; changes in commodity prices, tax rates and government mark-ups; risks relating to future acquisitions and development of assets; the ability of Crescent Point to execute its business strategies and plans; Crescent Point’s ability to find new plays and the continuation of producing from current assets and to adapt to changing market conditions; poor weather conditions; dependence on key personnel; labour costs, shortages and labour relations including Crescent Point’s ability to hire and retain staff at current wage levels and the risk of possible future unionization; supply interruption or delays; dependence on service providers and suppliers; reliance on information and control systems; income tax changes; leverage and restrictive covenants in agreements relating to current and future indebtedness of Crescent Point; credit risks arising from operations; dilution and future sales of Crescent Point shares; and the potential lack of an active trading market for Crescent Point’s shares.

Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual reserve values may be greater than or less than the estimates provided on this website.

Certain statements contained in this website may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained on this website about prospective financial performance, financial position or cash flows are based on assumptions about future events, including economic conditions and proposed courses of action, based on the applicable management team’s assessment of the relevant information available to them at the applicable time, and to become available in the future. In particular, this website contains projected operational information for future periods. These projections contain forward-looking statements and are based on a number of material assumptions and factors. Actual results may differ significantly from the projections presented on this website. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results of the applicable operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. Readers are cautioned that any such financial outlook and future-oriented financial information contained on this website should not be used for purposes other than those for which it is disclosed on this website and because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

These factors should not be construed as exhaustive. Readers are cautioned that all forward-looking statements, financial-oriented financial information, financial outlook and information involve known and unknown risks and uncertainties, including those risks and uncertainties detailed in the continuous disclosure and other filings of Crescent Point and certain members of Crescent Point’s operational, compensation and other noted peer groups with applicable Canadian securities regulators, copies of which are available on SEDAR at www.sedar.com. We urge you to carefully consider those factors.

The forward-looking statements and information contained on this website are expressly qualified in their entirety by this cautionary statement. The forward-looking statements, financial-oriented financial information, financial outlook and information included on this website are made as of the date of the Circular and Cation undertakes no obligation to publicly update such forward-looking statements, financial-oriented financial information, financial outlook or information, except as required by applicable laws.

Non-IFRS Financial Measures

Throughout this website, references are made to non-International Financial Reporting Standards (“IFRS”) financial measures, including, without limitation, entity value, EBITDA, compound annual growth rate, operating netback, market capitalization and net debt. These measures are not recognized by IFRS, are calculated as described on this website or in the Circular or in the noted document of Crescent Point or the applicable member of Crescent Point’s operational, compensation or other noted peer groups and do not have a standardized meaning. Readers are cautioned that these measures should not replace the applicable IFRS measure as an indicator of Crescent Point’s or applicable entity’s performance, of its cash flows from operating, investing and financing activities or as a measure of its liquidity and cash flows. The method of calculating the aforementioned non‐IFRS measures may differ from the methods used by other issuers. Therefore, these measures may not be comparable to similar measures presented by other issuers.

The presentation of the non-IFRS measures above provides useful information to investors and readers as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis. This information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Information Contained on this Website and in the Circular

Certain information concerning Crescent Point and certain members of its operational, compensation and other noted peer groups contained on this website has been taken from or is based upon publicly available documents or records on file with Canadian securities regulatory authorities and other public sources. This website also includes market share, industry data and other statistical information obtained from independent industry publications, government publications, market research reports and other published independent sources. Such publications and reports generally state that the information contained therein has been obtained from sources believed to be reliable.

Although Cation believes its sources to be reliable and has no knowledge that would indicate that any statements contained on this website that are taken from or based upon those documents, records, publications, reports or other public sources are untrue or incomplete, Cation does not provide any representation or assurance as to the accuracy or completeness of the information or data, or the appropriateness of the information or data for any particular analytical purpose and does not assume and expressly disclaims any liability in relation to such information and data taken from or based upon those documents, records, publications, reports and other public sources, or for any failure by such entities to disclose publicly events or facts that may have occurred or that may affect the significance or accuracy of any such information, but that are unknown to Cation. Cation has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by applicable law.

Cation has not sought or obtained consent from any third party to the use on this website of previously published information. The use of such information should not be viewed as any third party indicating support for the views expressed on this website.

Disclosure of Oil and Gas Information

The estimates of reserves and other oil and gas information contained on this website are based on the statement of reserves data and other oil and gas information of Crescent Point or the applicable member of Crescent Point’s operational, compensation and other noted peer groups available on SEDAR and unless otherwise noted the corresponding definitions of certain oil and gas terms used no this website are described therein.

Estimates of net present value contained on this website do not necessarily represent fair market value of reserves. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation.

This website contains certain oil and gas metrics, including, without limitation, barrels of oil equivalent (“boe”), net asset value (“NAV”), net asset value per share, finding and development costs (“F&D”) and future development costs (“FDC”). These oil and gas metrics have been calculated as described on this website or in the Circular or in the noted document of Crescent Point or the applicable member of Crescent Point’s operational, compensation and other noted peer groups. Some of these oil and gas metrics do not have a standardized meaning and should not be used to make comparisons. Readers are cautioned as to the reliability of the oil and gas metrics.

Crescent Point and the applicable members of Crescent Point’s operational, compensation and other noted peer groups generally adopt the standard of 6 thousand cubic feet (“Mcf”): 1 barrel (“bbl”) when converting natural gas to oil equivalent. Condensate and other natural gas liquids are generally converted to oil equivalent at a ratio of 1 bbl: 1 bbl. References to “boe” may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based roughly on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at our sales point. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio of 6 Mcf: 1 bbl may be misleading as an indication of value.

Currency

Unless otherwise indicated, all amounts on this website are stated in Canadian dollars.