Market Overview

Cation Capital Comments on Continued Value Erosion at Crescent Point Energy


Letter to Shareholders Lays Out Continued Failures of Governance,
Leadership and Accountability at Company

Cation Calls for Board Chair Bannister to Resign or be Replaced, and
for Urgent Search and Appointment of Experienced, External CEO

Cation Will Host Town Hall Conference Call for all Crescent Point
Shareholders to Express Concerns and Ideas Regarding their Investment

Cation Capital Inc. (together with its affiliates and associates,
"Cation Capital" or "Cation"), a private investment firm and shareholder
of Crescent Point Energy Corp (NYSE:CPG) ("Crescent Point"), today
sent a letter to fellow shareholders of Crescent Point outlining the
ongoing value erosion of the Company's share price and the continued
issues of leadership and governance.

The full text of the letter follows:

September 4, 2018

Dear Fellow Shareholders,

Many of you have supported Cation Capital Inc.'s ("Cation") initiative
to drive change, stop the share price erosion and unlock value at
Crescent Point Energy Corp. ("Crescent Point" or the "Company"). As
fellow shareholders, we are compelled to provide you an update regarding
the Crescent Point board's continuing failure to create value for
shareholders and its troubling pattern of engaging only with
shareholders who support its failing leadership.

Since Cation went public with its campaign for change at Crescent Point,
the Company has abandoned its so-called "Five-Year Organic Growth Plan"
and has attempted to adopt some of our proposed initiatives. It has also
announced that it is developing a "revised business strategy" focused on
the balance sheet, capital allocation, cost reduction, return on capital
employed and free cash flow generation, all of which our campaign
identified as necessary to improve sustainability and debt-adjusted
per-share metrics. Further, the Company has removed a large portion of
its leadership team, including President and CEO Scott Saxberg, as well
as the COO, the Senior VP of Corporate and Business Development, the
President of Crescent Point Energy US Corp., and a VP of Finance, among

Yet, half-measures are clearly not sufficient. The Company continues to
lack a strategy to create value, it continues to lack an experienced,
independent CEO and most importantly it continues to be led by a board
of directors that has proven itself incapable of – if even concerned
about – creating shareholder value. Predictably as a result, the
shareholders of Crescent Point continue to suffer near worst-in-class
returns. Since Q1/18 results, Q2/18 results and the 2018 Annual General
Meeting ("AGM") and re-election of the board, Crescent Point's share
price has fallen -28.9%, -17.1% and -22.8%, respectively. During the
same periods the S&P/TSX Energy Index has held approximately flat
(-1.3%, -3.7% and +0.2%, respectively) while WTI prices have risen
(+2.8%, +0.7% and +2.0%, respectively).

As we described in our
letter to shareholders on July 25, 2018
, Cation remains highly
concerned with the lack of meaningful change in the Company's
governance, leadership and share price. We have made multiple, good
faith attempts to engage the Chair of the board, Peter Bannister, on
this matter. Mr. Bannister, however, has repeatedly declined to meet
with us, including before the Company's board meeting on July 25, 2018.

Mr. Bannister and the board's unwillingness to engage with a significant
shareholder on reasonable questions, concerns and suggestions has
continued over the past 45 days. The board Chair persists in setting
unreasonable, non-transparent conditions. For example, in a letter sent
on August 13, 2018, he insists "that to engage in dialogue with Cation
in person … first requires Cation to provide a detailed submission that
contains productive ideas about how we can further improve Crescent
Point, which ideas are not already under consideration by the board and
management. We would expect those submissions to be made privately, as
our interactions with all other shareholders are, and not as part of
your ongoing public campaign."

The Crescent Point board's recent actions cast further doubt on their
commitment to transparency and good governance. On August 8, 2018,
Cation asked for clarification regarding the role that Mr. Bannister has
played (or not played) in connection with corporate decision-making
following the recent AGM on May 4, 2018. Mr. Bannister was unable or
unwilling to confirm whether he was invited to, participated in, or was
even present at the subsequent board meeting where a motion was made and
passed for the termination of Mr. Saxberg, the President and CEO of
Crescent Point. Given Mr. Saxberg's well-documented entanglements with
Mr. Bannister, as well as with other board members, the fact that Mr.
Bannister did not answer this straight-forward question implies a number
of very troubling concerns about governance at our company. Shareholders
deserve transparency. More importantly, we deserve a board that looks
out for our interests, not its own.

Cation's last communication from Mr. Bannister was on August 15, 2018,
when he wrote, "please be assured we are focused on creating long term
shareholder value in this environment." As we have noted, this statement
rings hollow given the Company's deplorable share price performance and
metrics relative to its peers. If the focus all this time has been on
creating long-term shareholder value, something has gone horrifically
wrong. Why should anyone believe anything will change with the same
leadership at the board? Given the magnitude of changes required at the
Company in the very near term, our focus immediately turns to the lack
of director accountability. Mr. Bannister's tenure as a member of the
board of directors will be 16 years at the next annual general meeting.
With the pending retirement of Mr. Romanzin after a 15-year tenure, the
obvious question is why is Mr. Bannister still on the board and what
value does he add? It is very possible that any "newly revised business
strategy" concocted absent the input of a skilled CEO is of no concern
to Mr. Bannister, since he will likely not be around to answer for it. A
strong board with an effective governance model would prevent this from

Cation promptly responded to Mr. Bannister's last communication,
privately requesting he immediately step aside as Chairman. We offered
to discuss the merits of this in confidence, but Mr. Bannister has
failed to respond. Shareholders are owed more from our board Chair and
this board. The lack of share ownership by directors incents risk-taking
without regard to the financial impact of negative outcomes.
Shareholders deserve a new Chair who is financially aligned with the
consequences of his or her decisions, who will lead and endorse a new
strategy with confidence, and who will be accountable.

Despite the current board's intransigence, we at Cation have no
intention of backing down at a moment when Crescent Point requires
change more urgently than ever. At this critical juncture, we believe
and expect that the Company's top three immediate priorities must be to:

1. Recruit and appoint highly qualified, external candidates to fill
the CEO and Chair roles;
2. Immediately engage in a full asset-optimization process, including
refocusing the asset base by disposing of 30,000 to 50,000 boe/d,
thereby reducing debt to cash flow below 1.8x; and
3. Rationalize capital expenditures and G&A, clearly establishing a
corporate IRR hurdle rate that has to be met in order to expend
capital and the implementation of an active share buyback program.

Cation is a long-term investor that is determined to unlock the stranded
value within Crescent Point on behalf of all shareholders. We are
committed to staying engaged and holding our board accountable. We have
tried in earnest to collaborate with the board and to engage in
constructive discussions before the board locks itself – and the Company
– into another misguided strategy.

We have also identified highly qualified candidates for potential CEO
and board roles. These individuals have unparalleled experience with
energy majors, bring much needed diversity, have demonstrated cost
reduction and capital allocation expertise, and have proven track
records delivering superior shareholder returns. Given none have been
contacted by any search firm about roles at Crescent Point, we fear this
indicates a predetermined outcome of having an internal candidate fill
the CEO role as well as resistance to refresh the board (which would
also explain the board's unwillingness to meet with Cation). We
genuinely hope our board listens to its owners and makes the right

But, as we all know, hope is not a strategy. If the board fails again to
convince investors that it has the plan and ability to deliver
competitive returns, Cation intends to call for the Company to enter a
full value-maximization process. The goal will be to unlock the
significant value in Crescent Point's 2P net asset value of $24.44 per
share, as disclosed in the Company's March 1, 2018, press release.

Cation has been contacted by many shareholders with their concerns about
Crescent Point's board and strategy and as such Cation will be convening
a townhall conference call for shareholders. The call will provide
shareholders an opportunity to finally speak openly with each other
about the real issues they are facing with their investment in the
Company and remove the Company's ability to keep shareholders' concerns
to itself. Any shareholder that is interested in participating, should
to receive the conference call details.

Yours truly,

(signed) "Sandy L. Edmonstone"

Sandy L. Edmonstone


Cation Capital Inc.

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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