| Exchange Ratio Adjustment Date | Distributions $CDN | Current Market Price $CDN | Exchange Ratio |
|---|---|---|---|
| FINAL EXCHANGEABLE SHARE RATIO - AUGUST 31, 2010 | |||
| 2010 - Aug - 31 | 0.19 | 34.76813 | 1.89344 |
| 2010 - Aug - 16 | 0.19 | 33.28172 | 1.88315 |
| 2010 - Jul - 15 | 0.19 | 33.50823 | 1.87246 |
| 2010 - Jun - 15 | 0.19 | 33.23910 | 1.86190 |
| 2010 - May - 17 | 0.19 | 34.28929 | 1.85132 |
| 2010 - Apr - 15 | 0.19 | 35.58799 | 1.84112 |
| 2010 - Mar - 15 | 0.19 | 34.96144 | 1.83134 |
| 2010 - Feb - 15 | 0.19 | 32.59934 | 1.82144 |
| 2010 - Jan - 15 | 0.19 | 33.41073 | 1.81089 |
| 2009 - Dec - 15 | 0.19 | 30.59835 | 1.80065 |
| 2009 - Nov - 16 | 0.19 | 29.38315 | 1.78954 |
| 2009 - Oct - 15 | 0.19 | 30.58478 | 1.77804 |
| 2009 - Sep - 15 | 0.19 | 28.44783 | 1.76706 |
| 2009 - Aug - 17 | 0.19 | 30.80855 | 1.75534 |
| 2009 - Jul - 15 | 0.19 | 28.43084 | 1.74458 |
| 2009 - Jun - 15 | 0.19 | 32.75385 | 1.73300 |
| 2009 - May - 15 | 0.19 | 28.29079 | 1.72301 |
| 2009 - Apr - 15 | 0.19 | 27.82585 | 1.71152 |
| 2009 - Mar - 16 | 0.19 | 24.03393 | 1.69991 |
| 2009 - Feb - 16 | 0.19 | 24.95114 | 1.68658 |
| 2009 - Jan - 15 | 0.19 | 26.60156 | 1.67383 |
| 2008 - Dec - 15 | 0.19 | 23.93413 | 1.66196 |
| 2008 - Nov - 14 | 0.19 | 29.40729 | 1.64887 |
| 2008 - Oct - 15 | 0.19 | 28.17532 | 1.63829 |
| 2008 - Sept - 15 | 0.19 | 39.32039 | 1.62732 |
| 2008 - Aug - 15 | 0.19 | 36.81100 | 1.61949 |
| 2008 - July - 15 | 0.19 | 40.34117 | 1.61117 |
| 2008 - June - 13 | 0.19 | 41.59399 | 1.60362 |
| 2008 - May - 15 | 0.19 | 40.90693 | 1.59633 |
| 2008 - Apr - 15 | 0.19 | 37.10635 | 1.58895 |
| 2008 - Mar - 14 | 0.19 | 38.05208 | 1.58086 |
| 2008 - Feb - 15 | 0.19 | 34.62584 | 1.57301 |
| 2008 - Jan - 15 | 0.19 | 34.84739 | 1.56443 |
| 2007 - Dec - 14 | 0.17 | 34.82123 | 1.55595 |
| 2007 - Nov - 15 | 0.17 | 37.97879 | 1.54839 |
| 2007 - Oct - 15 | 0.17 | 36.02451 | 1.54149 |
| 2007 - Sep - 14 | 0.17 | 37.69547 | 1.53425 |
| 2007 - Aug - 15 | 0.17 | 37.50531 | 1.52736 |
| 2007 - Jul - 13 | 0.17 | 36.34573 | 1.52047 |
| 2007 - Jun - 15 | 0.17 | 35.32935 | 1.51339 |
| 2007 - May - 15 | 0.17 | 35.17357 | 1.50614 |
| 2007 - Apr - 13 | 0.17 | 31.43852 | 1.49890 |
| 2007 - Mar - 15 | 0.17 | 31.40430 | 1.49084 |
| 2007 - Feb - 15 | 0.17 | 33.09123 | 1.48281 |
| 2007 - Jan - 15 | 0.17 | 31.90621 | 1.47523 |
| 2006 - Dec - 15 | 0.17 | 34.03319 | 1.46741 |
| 2006 - Nov - 15 | 0.17 | 31.84116 | 1.46012 |
| 2006 - Oct - 13 | 0.17 | 32.63990 | 1.45237 |
| 2006 - Sep - 15 | 0.17 | 34.28073 | 1.44484 |
| 2006 - Aug - 15 | 0.17 | 35.89420 | 1.43771 |
| 2006 - Jul - 14 | 0.17 | 33.89267 | 1.43093 |
| 2006 - Jun - 15 | 0.17 | 31.48497 | 1.42379 |
| 2006 - May - 15 | 0.17 | 34.21020 | 1.41614 |
| 2006 - Apr - 13 | 0.17 | 32.32252 | 1.40914 |
| 2006 - Mar - 15 | 0.17 | 31.63590 | 1.40177 |
| 2006 - Feb - 15 | 0.17 | 28.89239 | 1.39428 |
| 2006 - Jan - 13 | 0.17 | 30.21410 | 1.38612 |
| 2005 - Dec - 15 | 0.17 | 29.75831 | 1.37836 |
| 2005 - Nov - 15 | 0.17 | 26.27293 | 1.37053 |
| 2005 - Oct - 14 | 0.17 | 27.31358 | 1.36172 |
| 2005 - Sep - 15 | 0.17 | 27.02605 | 1.35330 |
| 2005 - Aug - 15 | 0.17 | 25.34227 | 1.34484 |
| 2005 - Jul - 15 | 0.17 | 23.98803 | 1.33588 |
| 2005 - Jun - 15 | 0.17 | 22.90076 | 1.32648 |
| 2005 - May - 13 | 0.17 | 21.78620 | 1.31671 |
| 2005 - Apr - 15 | 0.17 | 21.60378 | 1.30652 |
| 2005 - Mar - 15 | 0.17 | 22.72303 | 1.29632 |
| 2005 - Feb - 15 | 0.17 | 22.55371 | 1.28669 |
| 2005 - Jan - 14 | 0.17 | 19.93401 | 1.27706 |
| 2004 - Dec - 15 | 0.17 | 19.32231 | 1.26626 |
| 2004 - Nov - 15 | 0.17 | 18.86935 | 1.25522 |
| 2004 - Oct - 15 | 0.17 | 19.66907 | 1.24401 |
| 2004 - Sep - 15 | 0.17 | 19.10798 | 1.23335 |
| 2004 - Aug - 13 | 0.17 | 18.55979 | 1.22247 |
| 2004 - Jul - 15 | 0.17 | 18.25208 | 1.21137 |
| 2004 - Jun - 15 | 0.17 | 17.26041 | 1.20019 |
| 2004 - May- 14 | 0.17 | 18.17343 | 1.18848 |
| 2004 - Apr - 15 | 0.17 | 18.18500 | 1.17747 |
| 2004 - Mar - 15 | 0.17 | 17.96603 | 1.16656 |
| 2004 - Feb - 13 | 0.17 | 16.31494 | 1.15563 |
| 2004 - Jan - 15 | 0.17 | 15.77212 | 1.14371 |
| 2003 - Dec - 15 | 0.17 | 14.43229 | 1.13151 |
| 2003 - Nov - 14 | 0.17 | 14.85788 | 1.11834 |
| 2003 - Oct - 15 | 0.17 | 14.84075 | 1.10569 |
| 2003 - Sep - 15 | 0.17 | 14.81072 | 1.09317 |
| 2003 - Aug - 15 | 0.17 | 14.34463 | 1.08076 |
| 2003 - Jul - 15 | 0.17 | 13.76625 | 1.06810 |
| 2003 - Jun - 13 | 0.17 | 12.82937 | 1.05507 |
| 2003 - May- 15 | 0.17 | 12.87666 | 1.04127 |
| 2003 - Apr - 15 | 0.17 | 12.14690 | 1.02770 |
| 2003 - Mar - 14 | 0.17 | 12.57289 | 1.01352 |
The Vermilion Resources Ltd. Series A exchangeable shares were issued in connection with the December 2002 Plan of Arrangement of Vermilion Resources Ltd. In accordance with the recently approved July 30, 2010 Plan of Arrangement, all outstanding Series A exchangeable shares will be converted at the final exchange ratio of 1.89344 common shares of Vermilion Energy Inc. for each exchangeable share
All registered holders of Vermilion Energy Trust units and holders of Series A exchangeable shares in Vermilion Resources Ltd. will need to complete and return a letter of transmittal (which was mailed with the information circular and proxy statement) along with their unit certificates/exchangeable share certificates to Computershare Investor Services Inc. (the "Depositary"). A copy of the letter of transmittal can be obtained on Vermilion's website (click here)