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Cation Capital Comments on Flawed, Unprofessional and Conflicted Glass Lewis Report
[April 24, 2018]

Cation Capital Comments on Flawed, Unprofessional and Conflicted Glass Lewis Report


Cation Capital Inc. (together with its affiliates and associates, "Cation Capital" or "Cation"), a private investment firm and shareholder of Crescent Point Energy Corp (TSX/NYSE: CPG) ("Crescent Point" or "Company"), today commented on a report from Glass Lewis & Co., LLC ("Glass Lewis") regarding the election of directors at Crescent Point Energy Corp (TSX/NYSE: CPG) ("Crescent Point") in connection with Crescent Point's 2018 Annual General Meeting of Shareholders to be held on May 4, 2018.

Sandy L. Edmonstone, President of Cation Capital, said:

"We believe the Glass Lewis report to be entirely flawed, unprofessional and likely conflicted. It is flawed by its own determination that Crescent Point ranked around the bottom decile of total shareholder returns over every time period, judged against the Company's own peer set. In Glass Lewis' own words:

"These findings suggest to us that the Company's TSR (News - Alert) performance, on both an absolute and relative basis, has been adversely impacted by factors beyond industry headwinds facing other oil and gas firms."

The report is unprofessional and conflicted by Glass Lewis' own admission to having assisted Crescent Point in reviewing its governance and compensation practices - issues directly relevant to the current election contest.

To have consulted with Crescent Point on the issue of leadership and compensation, provide a supporting recommendation that faced opposition and then to have not met with both parties, is a travesty of the shareholder advisory process.

Cation was not afforded the opportunity to discuss our plan and strength of our nominees with Glass Lewis, despite multiple requests, whereas Crescent Point was afforded the oportunity to engage with Glass Lewis research analysts - a process that, at a minimum, lacks professionalism and credibility and, at worst, represents a severe conflict of interest.



Thankfully, Institutional Shareholder Services ("ISS") has a deliberate and refined process to engage with both the issuer and the dissident to better understand the arguments put before shareholders, and ultimately avoid conflicted recommendations.

We are very pleased to have the support of ISS and numerous shareholders, who recognize the positive impact our nominees will have on the future of Crescent Point.


Cation Capital urges shareholders: don't let the incumbent Crescent Point board continue to fail you. Vote for the Cation nominees - Dallas Howe, Herbert Pinder, Thomas Budd and Sandy Edmonstone - on your BLUE proxy or BLUE VIF by 5:00 p.m. (Calgary time) on Tuesday, May 1, 2018.

Shareholders are also encouraged to visit www.FixCPG.com to learn more about how the right people with the right plan can work constructively with the full board and management to create long-term value for all Crescent Point shareholders. A copy of Cation Capital's information circular is available on Crescent Point Energy Corp.'s SEDAR profile at www.sedar.com.

Cation urges shareholders to vote using the BLUE universal proxy or BLUE VIF, recommended by ISS, which allows shareholders to easily select the directors they wish to represent them. Shareholders are advised to disregard the WHITE card which limits shareholder choice and only enables the voting for incumbent directors nominated by Crescent Point's management.

Shareholders with questions about voting their shares or for other questions or assistance, please contact Cation's strategic shareholder advisor and proxy solicitor, D.F. King, at 1-800-835-0437 toll-free in North America, or 1-201-806-7301 outside of North America (collect calls accepted), or by e-mail at [email protected].

About Cation Capital Inc.

Cation Capital Inc., together with its affiliates and associates, is a private investment firm headquartered in Alberta, Canada. Cation invests in situations where it is able to influence operational, financial and strategic direction. Cation seeks value in companies that are experiencing financial or operational challenges, are in out of favour sectors or are otherwise in need of change to drive significant long-term value for stakeholders.


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