Exchangeable Shares

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
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.

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