| Exchange Ratio Adjustment Date | Distributions $CDN | Current Market Price $CDN | Exchange Ratio |
| 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 |
Transfer Agent
Computershare Trust Company of Canada
100 University Avenue, 9th Floor
Toronto, Ontario M5J 2Y1
Phone 1-800-564-6253
Fax 1-416-263-9394
Toll Free 1-888-453-0330
Exchangeable Shares
The Vermilion Resources Ltd. Exchangeable Shares issued in connection with the Plan of Arrangement of Vermilion Resources Ltd. are not traded on any public exchange and are exchangeable into Vermilion Trust Units at any time up to 10 years from the effective date January 15, 2003.
The table below has the exchange ratio and is adjusted on the payment date of each month. The exchange ratio is calculated by multiplying the Distribution per Unit by the previous months exchange ratio and dividing by the Current Market Price of the Vermilion units.
The exchangeable shares can be exchanged for Vermilion Trust Units by completing a Retraction Request form. You can obtain a copy by contacting Computershare Trust Company of Canada at (403) 267-6894.
Current Market Price: 10-day Weighted Average Trading Price (including the last business day prior to the distribution payment date).