The Bonavista Energy Corporation Exchangeable Shares issued in connection with the Plan of Arrangement of Bonavista Energy Trust are not traded on any public stock exchange.
Holders of Exchangeable Shares will not receive cash dividends from Bonavista Energy Corporation but rather the Exchange Ratio will be adjusted to account for dividends paid to shareholders. The increase in the Exchange Ratio is calculated by multiplying the Bonavista Energy Corporation Dividend per share by the Exchange Ratio immediately prior to the Record Date and dividing by the 5 day weighted average trading price of Bonavista Energy Corporation (BNP).
The following tables set out the historical exchange ratio, which is adjusted on the 15th of each month subsequent to each dividend payment date.
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| March 31, 2017 |
1.43223 |
$0.01 |
$3.41 |
0.00420 |
April 17, 2017 |
1.43643 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2016 |
1.42923 |
$0.01 |
$4.77 |
0.00300 |
January 16, 2017 |
1.43223 |
| September 30, 2016 |
1.42573 |
$0.01 |
$4.07 |
0.00350 |
October 17, 2016 |
1.42923 |
| June 30, 2016 |
1.42129 |
$0.01 |
$3.20 |
0.00444 |
July 15, 2016 |
1.42573 |
| March 31, 2016 |
1.41580 |
$0.01 |
$2.58 |
0.00549 |
April 15, 2016 |
1.42129 |
| February 29, 2016 |
1.40915 |
$0.01 |
$2.12 |
0.00665 |
March 15, 2016 |
1.41580 |
| January 31, 2016 |
1.40050 |
$0.01 |
$1.62 |
0.00865 |
February 16, 2016 |
1.40915 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2015 |
1.39313 |
$0.01 |
$1.89 |
0.00737 |
January 15, 2016 |
1.40050 |
| November 30, 2015 |
1.38740 |
$0.01 |
$2.42 |
0.00573 |
December 15, 2015 |
1.39313 |
| October 30, 2015 |
1.37108 |
$0.035 |
$2.94 |
0.01632 |
November 16, 2015 |
1.38740 |
| September 30, 2015 |
1.35652 |
$0.035 |
$3.26 |
0.01456 |
October 15, 2015 |
1.37108 |
| August 31, 2015 |
1.34335 |
$0.035 |
$3.57 |
0.01317 |
September 15, 2015 |
1.35652 |
| July 31,2015 |
1.33399 |
$0.035 |
$4.99 |
0.00936 |
August 17, 2015 |
1.34335 |
| June 30, 2015 |
1.32739 |
$0.035 |
$7.04 |
0.00660 |
July 15, 2015 |
1.33399 |
| May 29, 2015 |
1.32161 |
$0.035 |
$8.00 |
0.00578 |
June 15, 2015 |
1.32739 |
| April 30, 2015 |
1.31581 |
$0.035 |
$7.94 |
0.00580 |
May 15, 2015 |
1.32161 |
| March 31, 2015 |
1.30885 |
$0.035 |
$6.58 |
0.00696 |
April 15, 2015 |
1.31581 |
| February 27, 2015 |
1.30251 |
$0.035 |
$7.19 |
0.00634 |
March 16, 2015 |
1.30885 |
| January 30, 2015 |
1.29497 |
$0.035 |
$6.01 |
0.00754 |
February 17, 2015 |
1.30251 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2014 |
1.28262 |
$0.07 |
$7.27 |
0.01235 |
January 15, 2015 |
1.29497 |
| November 28, 2014 |
1.27391 |
$0.07 |
$10.24 |
0.00871 |
December 15, 2014 |
1.28262 |
| October 31, 2014 |
1.26561 |
$0.07 |
$10.67 |
0.00830 |
November 17, 2014 |
1.27391 |
| September 30, 2014 |
1.25882 |
$0.07 |
$12.98 |
0.00679 |
October 15, 2014 |
1.26561 |
| August 31, 2014 |
1.25282 |
$0.07 |
$14.62 |
0.00600 |
September 15, 2014 |
1.25882 |
| July 31, 2014 |
1.24666 |
$0.07 |
$14.16 |
0.00616 |
August 15, 2014 |
1.25282 |
| June 30, 2014 |
1.24133 |
$0.07 |
$16.30 |
0.00533 |
July 15, 2014 |
1.24666 |
| May 30, 2014 |
1.23596 |
$0.07 |
$16.12 |
0.00537 |
June 16, 2014 |
1.24133 |
| April 30, 2014 |
1.23098 |
$0.07 |
$17.29 |
0.00498 |
May 15, 2014 |
1.23596 |
| March 31, 2014 |
1.22558 |
$0.07 |
$15.89 |
0.00540 |
April 15, 2014 |
1.23098 |
| February 28, 2014 |
1.22019 |
$0.07 |
$15.85 |
0.00539 |
March 17, 2014 |
1.22558 |
| January 31, 2014 |
1.21443 |
$0.07 |
$14.75 |
0.00576 |
February 17, 2014 |
1.22019 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2013 |
1.20836 |
$0.07 |
$13.93 |
0.00607 |
January 15, 2014 |
1.21443 |
| November 29, 2013 |
1.20205 |
$0.07 |
$13.34 |
0.00631 |
December 16, 2013 |
1.20836 |
| October 31, 2013 |
1.19526 |
$0.07 |
$12.33 |
0.00679 |
November 15,2013 |
1.20205 |
| September 30, 2013 |
1.18892 |
$0.07 |
$13.13 |
0.00634 |
October 15, 2013 |
1.19526 |
| August 31, 2013 |
1.18259 |
$0.07 |
$13.07 |
0.00633 |
September 16, 2013 |
1.18892 |
| July 31, 2013 |
1.17632 |
$0.07 |
$13.13 |
0.00627 |
August 14, 2013 |
1.18259 |
| June 30, 2013 |
1.17038 |
$0.07 |
$13.80 |
0.00594 |
July 15 2013 |
1.17632 |
| May 31, 2013 |
1.16535 |
$0.07 |
$16.23 |
0.00503 |
June 17, 2013 |
1.17038 |
| April 30, 2013 |
1.16014 |
$0.07 |
$15.59 |
0.00521 |
May 15, 2013 |
1.16535 |
| March 31, 2013 |
1.15469 |
$0.07 |
$14.84 |
0.00545 |
April 15, 2013 |
1.16014 |
| February 28, 2013 |
1.14844 |
$0.07 |
$12.86 |
0.00625 |
March 15, 2013 |
1.15469 |
| January 31, 2013 |
1.14261 |
$0.07 |
$13.72 |
0.00583 |
February 15,2013 |
1.14844 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2012 |
1.13313 |
$0.12 |
$14.35 |
0.00948 |
January 15, 2013 |
1.14261 |
| November 30, 2012 |
1.12477 |
$0.12 |
$16.15 |
0.00836 |
December 17, 2012 |
1.13313 |
| October 31, 2012 |
1.11726 |
$0.12 |
$17.86 |
0.00751 |
November 15, 2012 |
1.12477 |
| September 30, 2012 |
1.10956 |
$0.12 |
$17.30 |
0.00770 |
October 15, 2012 |
1.11726 |
| August 31, 2012 |
1.10158 |
$0.12 |
$16.57 |
0.00798 |
September 17, 2012 |
1.10956 |
| July 31, 2012 |
1.09435 |
$0.12 |
$18.16 |
0.00723 |
August 15, 2012 |
1.10158 |
| June 30, 2012 |
1.08578 |
$0.12 |
$15.21 |
0.00857 |
July 16, 2012 |
1.09435 |
| May 31, 2012 |
1.07866 |
$0.12 |
$18.18 |
0.00712 |
June 15, 2012 |
1.08578 |
| April 30, 2012 |
1.07127 |
$0.12 |
$17.40 |
0.00739 |
May 15, 2012 |
1.07866 |
| March 31, 2012 |
1.06499 |
$0.12 |
$20.34 |
0.00628 |
April 16, 2012 |
1.07127 |
| February 29, 2012 |
1.05947 |
$0.12 |
$23.05 |
0.00552 |
March 15, 2012 |
1.06499 |
| January 31, 2012 |
1.05389 |
$0.12 |
$22.66 |
0.00558 |
February 15, 2012 |
1.05947 |
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2011 |
1.04906 |
$0.12 |
$26.07 |
0.00483 |
January 16, 2012 |
1.05389 |
| November 30, 2011 |
1.04424 |
$0.12 |
$25.99 |
0.00482 |
December 15, 2011 |
1.04906 |
| October 31, 2011 |
1.03943 |
$0.12 |
$25.95 |
0.00481 |
November 15, 2011 |
1.04424 |
| September 30, 2011 |
1.03410 |
$0.12 |
$23.27 |
0.00533 |
October 17, 2011 |
1.03943 |
| August 31, 2011 |
1.02923 |
$0.12 |
$25.38 |
0.00487 |
September 15, 2011 |
1.03410 |
| July 31, 2011 |
1.02500 |
$0.12 |
$29.05 |
0.00423 |
August 15, 2011 |
1.02923 |
| June 30, 2011 |
1.02061 |
$0.12 |
$27.93 |
0.00439 |
July 15, 2011 |
1.02500 |
| May 31, 2011 |
1.01642 |
$0.12 |
$29.08 |
0.00419 |
June 15, 2011 |
1.02061 |
| April 30, 2011 |
1.01211 |
$0.12 |
$28.16 |
0.00431 |
May 16, 2011 |
1.01642 |
| March 31, 2011 |
1.00804 |
$0.12 |
$29.74 |
0.00407 |
April 15, 2011 |
1.01211 |
| February 28, 2011 |
1.00413 |
$0.12 |
$30.79 |
0.00391 |
March 15, 2011 |
1.00804 |
| January 31, 2011 |
1.00000 |
$0.12 |
$29.03 |
0.00413 |
February 15, 2011 |
1.00413 |
*Prior to the end of the Month
Exchangeable Shareholders can exchange all or a portion of their holdings, at any time, by giving notice to their investment advisor or Computershare Trust Company of Canada at its principal transfer office in Suite 600, 530 - 8th Street SW Calgary AB T2P 3S8. Computershare Trust
Company of Canada's telephone number is (403) 267-6800.