The purpose of this Crescent Point Energy Corp. (the “Company”) Clawback Policy (this “Policy”) is to enable the Company to recover Erroneously Awarded Compensation in the event that the Company is required to prepare an Accounting Restatement. This Policy is intended to comply with all laws, government regulations, orders or stock exchange listing requirements applicable to the Company, including, but not limited to, the requirements set forth in Section 303A.14 of the NYSE Listed Company Manual (collectively, “Applicable Law” and shall be construed and interpreted in accordance with such intent. Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in Section 7.

This Policy shall be administered by the Human Resource and Compensation Committee (the “Committee”) of the Board unless the Board determines to administer this Policy itself. The Committee has full and final authority to make all determinations under this Policy, in each case to the extent permitted under Applicable Law and in compliance with (or pursuant to an exemption from the application of) Applicable Law, including Section 409A of the Code. All determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company, its affiliates, its shareholders and Executive Officers. Any action or inaction by the Committee with respect to an Executive Officer under this Policy in no way limits the Committee’s actions or decisions not to act with respect to any other Executive Officer under this Policy or under any similar policy, agreement or arrangement, nor shall any such action or inaction serve as a waiver of any rights the Company may have against any Executive Officer other than as set forth in this Policy.

This Policy applies to all Incentive-Based Compensation received by a person: (a) after beginning service as an Executive Officer; (b) who served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation; (c) while the Company had a class of securities listed on a the Toronto Stock Exchange, the NYSE, or any other national securities exchange or a national securities association; and (d) during the three completed fiscal years immediately preceding the Accounting Restatement Date. This Policy also applies to the compensation, in addition to Incentive-Based Compensation, referred to in Section 11 for the purposes thereof. In addition to such last three completed fiscal years, the preceding clause (d) includes any transition period that results from a change in the Company’s fiscal year within or immediately following such three completed fiscal years; provided, however, that a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to twelve months shall be deemed a completed fiscal year. For purposes of this Section 3, Incentive-Based Compensation is deemed received in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

In the event of an Accounting Restatement, the Company must recover, reasonably promptly, Erroneously Awarded Compensation, in amounts determined pursuant to this Policy. The Company’s obligation to recover Erroneously Awarded Compensation is not dependent on if or when the Company files restated financial statements. Recovery under this Policy with respect to an Executive Officer shall not require the finding of any misconduct by such Executive Officer or such Executive Officer being found responsible for the accounting error leading to an Accounting Restatement. In the event of an Accounting Restatement, the Company shall satisfy the Company’s obligations under this Policy to recover any amount owed from any applicable Executive Officer by exercising its sole and absolute discretion in how to accomplish such recovery, to the extent permitted under Applicable Law and in compliance with (or pursuant to an exemption from the application of) Applicable Law, including Section 409A of the Code. The Company’s recovery obligation pursuant to this Section 4 shall not apply to the extent that the Committee, or in the absence of the Committee, a majority of the independent directors serving on the Board, determines that such recovery would be impracticable and:

a.The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Stock Exchange;

b.Recovery would violate the laws of Alberta or the laws of Canada applicable therein, where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of such law, the Company must obtain an opinion of Canadian counsel, acceptable to the Stock Exchange, that recovery would result in such a violation, and must provide such opinion to the Stock Exchange; or

c.Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of Applicable Law, including Section 401(a)(13) or Section 411(a) of the Code.

The Company is prohibited from indemnifying any Executive Officer or former Executive Officer against the loss of Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing an Executive Officer for purchasing insurance to cover any such loss.

The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the provincial and U.S. federal securities laws, including disclosures required by U.S. Securities and Exchange Commission filings.

a.“Accounting Restatement” means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

b.“Accounting Restatement Date” means the earlier to occur of: (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if the Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

c.“Board” means the board of directors of the Company.

d.“Code” means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

e.“Erroneously Awarded Compensation” means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the restated amounts in such Accounting Restatement, and must be computed without regard to any taxes paid by the relevant Executive Officer; provided, however, that for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i) the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received; and (ii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the Stock Exchange.

f.“Executive Officer” means the Company’s president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. An executive officer of the Company’s parent or subsidiary is deemed an “Executive Officer” if the executive officer performs such policy making functions for the Company.

g.“Financial Reporting Measure” means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measure; provided, however, that a Financial Reporting Measure is not required to be presented within the Company’s financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a “Financial Reporting Measure.” For purposes of this Policy, “Financial Reporting Measure” includes, but is not limited to, stock price and total stockholder return.

h.“Incentive-Based Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

i.“Stock Exchange” means the U.S. national stock exchange on which the Company’s Common Shares are listed (e.g., NYSE).

Each Executive Officer shall acknowledge and confirm annually that such Executive Officer agrees to be bound by, and to comply with, the terms and conditions of this Policy.

The provisions in this Policy are intended to be applied to the fullest extent of the law, such provision shall be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

The Board may amend this Policy from time to time in its sole and absolute discretion and shall amend this Policy as it deems necessary to reflect Applicable Law, or to comply with (or maintain an exemption from the application of) Applicable Law, including Section 409A of the Code. The Board may terminate this Policy at any time.

To the extent that the application of this Policy would provide for recovery of Incentive-Based Compensation that the Company recovers pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations, the amount the relevant Executive Officer has already reimbursed the Company will be credited to the required recovery under this Policy. This Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under Applicable Law, in each case to the extent permitted under Applicable Law and in compliance with (or pursuant to an exemption from the application of) Applicable Law, including Section 409A of the Code. For greater certainty, any Incentive-Based Compensation, or any other compensation, paid or payable to an employee, contractor or member of the Board pursuant to any agreement or arrangement with the Company (including under the Company’s existing Restricted Share Unit Plan, Deferred Share Unit Plan, Performance Share Unit Plan, Employee Share Value Plan or Stock Option Plan) which is subject to recovery under Applicable Law, will be subject to such deductions and clawback (recovery) as may be required to be made pursuant to Applicable Law (or any policy of the Company adopted pursuant to Applicable Law). Nothing contained in this Policy shall limit the Company’s ability to seek recoupment, in appropriate circumstances (including circumstances beyond the scope of this Policy) and as permitted by Applicable Law, of any amounts from any individual, in each case to the extent permitted under Applicable Law, including in compliance with (or pursuant to an exemption from the application of) Section 409A of the Code.

In addition, if the Board determines, acting reasonably, that an employee, contractor or member of the Board has engaged in conduct that is sufficiently detrimental to the Company, either during or after the cessation of such person’s employment with, or service to, the Company, the Board may, at its sole election, terminate any Incentive-Based Compensation payable to such person that has not yet vested or that has not yet been paid. Detrimental conduct includes, but is not limited to, participating in transactions involving the Company and its clients which were under way, contemplated or under consideration at the time of termination, solicitation of clients or employees, disclosing confidential information, making inappropriate or defamatory comments about the Company or breaches of the material provisions of any of the Company's internal policies, including its Code of Conduct.

This Policy is binding and enforceable against all Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

CRESCENT POINT ENERGY CORP.

For the Year Ended December 31, 2023

Dated February 28, 2024

APPENDIX A    -    AUDIT COMMITTEE MANDATE

APPENDIX B    -    RESERVES COMMITTEE MANDATE

APPENDIX C    -    REPORTS ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR

APPENDIX D - REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION Any "financial outlook" or "future oriented financial information" in this annual information form, as defined by applicable securities legislation, has been approved by management of Crescent Point (as defined herein).

Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

This AIF (as defined herein) and other reports and filings made with the securities regulatory authorities include certain statements that constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" for the purposes of Canadian securities regulation (collectively, "forward-looking statements"). All forward-looking statements are based on our beliefs and assumptions based on information available at the time the assumption was made. Crescent Point has tried to identify such forward-looking statements by use of such words as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "plan", "forecast", "intend", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and similar expressions, but these words are not the exclusive means of identifying such statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Crescent Point believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this AIF or, if applicable, as of the date specified in this AIF.

In particular, this AIF contains forward-looking statements pertaining, among other things, to the following:

•corporate strategy and anticipated financial and operational performance;

•forecast prices and the expected impact of commodity price fluctuations on cash available to pay dividends and return capital to shareholders;

•return of capital framework that targets the return of 60% of Crescent Point's excess cash flow;

•hedging strategy, including expected outcomes, and the approach to managing physical delivery contracts;

•risk mitigation strategy and the expected outcomes;

•the potential impact of competition and our working relationships with industry partners and joint operators on Crescent Point's business;

•business prospects;

•the performance characteristics of Crescent Point's oil and natural gas properties, including but not limited to oil and natural gas production levels;

•anticipated future cash flows and oil and natural gas production levels;

•projected returns and exploration potential of our assets;

•the potential of Crescent Point's plays;

•future development plans, including focus areas;

•forecast costs and expenses associated with Crescent Point's business, including capital expenditure programs and how they will be funded;

•leverage objectives;

•corporate and asset acquisitions and dispositions;

•work commitments and drilling programs;

•expected location inventory development timing;

•expected production breakdown by area on a Proved and Proved plus Probable production basis;

•expected development time frame of the Proved and Proved plus Probable locations;

•the quantity of oil and natural gas reserves;

•projections of commodity prices and costs;

•Crescent Point's decline mitigation efforts;

•future enhanced oil recovery and waterflood programs;

•the possible impacts of curtailment on Crescent Point;

•the impacts of the Redwater decision and other legal decisions;

•expected decommissioning, abandonment, remediation and reclamation costs;

•Crescent Point's tax horizon;

•the impact of the Canada-United States-Mexico Agreement;

•expected trends in environmental regulation, including the anticipated impact the trends may have on operations and compliance costs;

•the impact, and projected long-term impacts, of the pricing of carbon and greenhouse gases;

•payment of dividends, including special dividends, and the repurchase of Common Shares (as defined herein) by Crescent Point, including pursuant to its normal course issuer bid;

•supply and demand for oil and natural gas;

•the actions of OPEC+;

•expectations of legal and regulatory changes and implementations and change in governmental and regulatory bodies;

•expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development;

•treatment under governmental regulatory regimes, including royalty regimes applicable to natural resources;

•stock option intentions;

•the impacts of the wars in Ukraine and the Middle East;

•the impacts of pandemics;

•the risks and impacts of droughts and wildfires; and

•risks related to the regulatory, social and market efforts to address climate change.

By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in our Management's Discussion and Analysis for the year ended December 31, 2023, under the headings "Risk Factors" and "Forward-Looking Information" and as disclosed in this AIF. The material assumptions and factors in making forward-looking statements are disclosed in the Management's Discussion and Analysis for the year ended December 31, 2023, under the headings "Overview", "Development Capital Expenditures", "Commodity Derivatives", "Liquidity and Capital Resources", "Critical Accounting Estimates", "Risk Factors", "Changes in Accounting Policies" and "Guidance".

This information contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Crescent Point's control. Such risks and uncertainties include, but are not limited to: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions and blowouts; the impacts of the wars in Ukraine and the Middle East; the actions of OPEC+; the risk of carrying out operations with minimal environmental impact; industry conditions, including changes in laws and regulations, the adoption of new environmental laws and regulations, and changes in how environmental laws and regulations are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value of acquisitions and exploration and development programs and of dispositions and monetization; unexpected geological, technical, drilling, construction and processing problems; availability of insurance; the impacts of pandemics, drought and wildfires; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions and dispositions; general economic, market and business conditions; inflation; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; tax laws and changes thereto, crown royalty rates and incentive programs relating to the oil and gas industry; and other factors, many of which are outside the control of Crescent Point, including those listed under "Risk Factors" in this AIF. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as each of these are interdependent and Crescent Point's future course of action depends on management's assessment of all information available at the relevant time.

Statements relating to "reserves" and "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual reserve values may be greater than or less than the estimates provided herein.

There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only. In general, estimates of economically recoverable crude oil, natural gas and natural gas liquids reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable crude oil, natural gas liquids and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. Crescent Point's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. In addition, the discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value; and the estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Crescent Point's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking estimates and if such actual results, performance or achievements transpire or occur, or if any of them do so, there can be no certainty as to what benefits, if any, Crescent Point will derive therefrom.

Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Netback received is calculated on a per boe basis as oil and gas sales, less royalties, operating and transportation expenses. Netback received excludes realized commodity derivative gains and losses. Netback received is used by management to measure operating results on a per boe basis to better analyze performance against prior periods on a comparable basis. Netback received is equivalent to "operating netback" referenced in the MD&A. The calculation of netback received is shown in the Production History section of this AIF.

The aggregate of the exploration and development costs incurred in the most recent financial year and the change during the year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for the year.

Additional information on these and other factors that could affect Crescent Point's operations or financial results are included in Crescent Point's reports on file with Canadian and U.S. securities regulatory authorities (including our Annual Report on Form 40-F and Management's Discussion and Analysis). Readers are cautioned not to place undue reliance on the forward-looking information, which is given as of the date it is expressed in this AIF or otherwise. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable law. All subsequent forward-looking statements, whether written or oral, attributable to Crescent Point or persons acting on the Corporation's behalf are expressly qualified in their entirety by these cautionary statements.

All references to "dollars" and "$" are to the currency of Canada, unless otherwise indicated. The daily rate of exchange on December 31, 2023, as reported by the Bank of Canada for the conversion of Canadian dollars into United States dollars was Cdn.$1.00 equals U.S.$0.7561 and for the conversion of United States dollars into Canadian dollars was U.S.$1.00 equals Cdn.$1.3226. The following table sets forth, for 2023 and 2022, the high, low and average of the daily exchange rates for that year, each for one U.S. dollar expressed in Canadian dollars as reported by the Bank of Canada.

Current SEC reporting requirements permit oil and gas companies to disclose Probable reserves (as defined herein), in addition to the required disclosure of Proved reserves. Under current SEC requirements, net quantities of reserves are required to be disclosed, which requires disclosure on an after-royalties basis and does not include reserves relating to the interests of others. For a description of these and additional differences between Canadian and U.S. standards of reporting reserves, see "Risk Factors — Canadian and United States practices differ in reporting reserves and production and our estimates may not be comparable to those of companies in the United States".

As a Canadian corporation listed on the NYSE (as defined herein), we are not required to comply with most of the NYSE's corporate governance standards and, instead, may comply with Canadian corporate governance practices. We are, however, required to disclose the significant differences between our corporate governance practices and the requirements applicable to U.S. domestic companies listed on the NYSE. Except as summarized on our website at www.crescentpointenergy.com, we are in compliance with the NYSE corporate governance standards.

In this AIF, the capitalized terms set forth below have the following meanings:

"ABCA" means the Business Corporations Act, R.S.A. 2000, c. B-9, as amended, including the regulations promulgated thereunder.

"AER" means the Alberta Energy Regulator.

"Alberta EPA" means the Alberta Ministry of Environment and Protected Areas.

"AIF" means this annual information form of the Corporation dated February 28, 2024 for the year ended December 31, 2023.

"Board" or "Board of Directors" means the board of directors of the Corporation.

"Common Shares" means common shares in the capital of the Corporation.

"Conversion Arrangement" means the plan of arrangement under Section 193 of the ABCA, completed on July 2, 2009 pursuant to which the Trust effectively converted from an income trust to a corporate structure.

"CPEUS" means Crescent Point Energy U.S. Corp.

"CPHL" means Crescent Point Holdings Ltd.

"CPUSH" means Crescent Point U.S. Holdings Corp.

"Crescent Point" or the "Corporation" means Crescent Point Energy Corp., formerly Wild River Resources Ltd., a corporation amalgamated under the ABCA and, where applicable, includes its subsidiaries and affiliates.

"DRIP" means the Premium DividendTM and Dividend Reinvestment Plan of the Corporation.

"DSU Plan" means the Deferred Share Unit Plan of the Corporation.

"ESVP" means the Employee Share Value Plan of the Corporation.

"Greenhouse Gases" or "GHGs" means any or all of, including but not limited to, carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulphur hexafluoride (SF6).

"HEI" means Hammerhead Energy Inc.

"HRULC" means Hammerhead Resources ULC.

"IFRS" means the standards and interpretations adopted by the International Accounting Standards Board, as amended from time to time.

"McDaniel" means McDaniel & Associates Consultants Ltd.

"MD&A" means the management's discussion and analysis of financial condition and results of operations of the Corporation for the year ended December 31, 2023.

"NCIB" means normal course issuer bid.

"NI 51-101" means "National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities".

"NYSE" means the New York Stock Exchange.

"OPEC+" means the Organization of the Petroleum Exporting Countries and cooperating oil-exporting nations.

"Partnership" means Crescent Point Resources Partnership, a general partnership formed under the laws of the Province of Alberta, having CPHL and the Corporation as partners.

"PSU Plan" means the Performance Share Unit Plan of the Corporation.

"Restricted Share Bonus Plan" means the Restricted Share Bonus Plan of the Corporation.

"SDP" means the Share Dividend Plan of the Corporation.

"SEC" means the U.S. Securities and Exchange Commission.

"Shareholders" means the holders from time to time of Common Shares.

"Stock Option Plan" means the Stock Option Plan of the Corporation.

"Tax Act" means the Income Tax Act (Canada), R.S.C. 1985, c. 1 (5th Supp.), and the regulations promulgated thereunder, each as amended from time to time.

"Trust" means Crescent Point Energy Trust, an unincorporated open ended investment trust governed by the laws of the Province of Alberta that was dissolved pursuant to the Conversion Arrangement.

"Trust Units" means the trust units of the Trust.

"TSX" means the Toronto Stock Exchange.

"U.S." means the United States of America.

"Unitholders" means holders of Trust Units.

For additional definitions used in this AIF, please see "Statement of Reserves Data and Other Oil and Gas Information - Notes and Definitions".

In this AIF, the abbreviations set forth below have the following meanings:

The information set out in this AIF is stated as at December 31, 2023, unless otherwise indicated. Capitalized terms used but not defined in the text are defined in the Glossary.

Crescent Point Energy Corp. ("Crescent Point" or the "Corporation" and, together with its direct and indirect subsidiaries and partnerships, where appropriate, "we", "our" or "us") is the corporation resulting from the January 1, 2024 amalgamation of Crescent Point and HRULC under the ABCA following Crescent Point's acquisition of HEI and its subsidiary, HRULC. The Corporation is the successor to Crescent Point Energy Ltd. which was founded in 2001, and to the Trust, following the completion of the "conversion" of the Trust from an income trust to a corporate structure in accordance with the Conversion Agreement.

The head and principal office of the Corporation is located at Suite 2000, 585 – 8th Avenue S.W., Calgary, Alberta, T2P 1G1 and its registered office is located at Suite 3700, 400 – 3rd Avenue S.W., Calgary, Alberta, T2P 4H2.

The Corporation is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light and medium crude oil, natural gas liquids and natural gas reserves in Western Canada. We make regular cash dividends to Shareholders from our net cash flow.

The Partnership is a general partnership governed by the laws of the Province of Alberta. As set forth in the diagram below under "Organizational Structure of the Corporation", the partners of the Partnership are CPHL and the Corporation.

The existing business of the Corporation is carried on through the Partnership and through CPEUS. The Partnership holds all the Corporation's Canadian operating assets and CPEUS holds all of the Corporation’s U.S. assets.

CPHL is a wholly-owned subsidiary of the Corporation. CPHL is a partner of the Partnership.

CPEUS is a wholly-owned indirect subsidiary of the Corporation.

The following table provides the name, the percentage of voting securities owned by the Corporation and the jurisdiction of incorporation, continuance or formation of the Corporation's material subsidiaries as at the date hereof.

The following diagram describes the inter-corporate relationships among the Corporation and its material direct and indirect subsidiaries described above as at December 31, 2023 and current to February 28, 2024. Reference should be made to the appropriate sections of this AIF for a complete description of the structure of the Corporation.

HRULC (incorporated in Alberta) was a wholly owned subsidiary of Crescent Point on December 31, 2023, and amalgamated with Crescent Point on January 1, 2024.

The following is a description of the general development of the business of Crescent Point over the past three years.

On February 17, 2021, the Corporation entered into an agreement with Shell Canada Energy (Shell), an affiliate of Royal Dutch Shell plc (formerly, Royal Dutch Shell plc), to acquire Shell’s Kaybob Duvernay assets in Alberta for $900 million. The total consideration consisted of $700 million in cash and 50 million Common Shares. The acquisition closed in April 2021.

On March 5, 2021, the Corporation announced the approval by the TSX of its notice to implement a NCIB (the "2021 NCIB") to purchase, for cancellation, 26,462,509 Common Shares, or five percent of the Corporation's public float, as at February 26, 2021. The NCIB commenced on March 9, 2021 and expired on March 8, 2022. In 2021, the Corporation purchased a total of 2,817,000 Common Shares under its NCIB program.

On June 7, 2021 the Corporation completed the disposition of certain non-core southeast Saskatchewan conventional assets, for cash proceeds of $93 million. As a result of the transaction, Crescent Point also reduced its asset retirement obligations by approximately $220 million, or nearly 25 percent of its asset retirement obligations balance as at March 31, 2021.

On September 13, 2021, the Corporation announced that it was increasing its quarterly dividend from $0.0025 per share payable every quarter to $0.03 per share payable every quarter, commencing with the fourth quarter of 2021.

On December 6, 2021, the Corporation announced that it was increasing its quarterly dividend from $0.03 per share payable every quarter to $0.045 per share payable every quarter, commencing with the first quarter of 2022.

CPHI, a former partner of the Partnership, was dissolved effective December 31, 2021.

On March 4, 2022, the Corporation announced the approval by the TSX of its notice to implement a NCIB (the "2022 NCIB") to purchase, for cancellation, up to 57,309,975 Common Shares, or ten percent of the Corporation's public float, as at February 28, 2022. The NCIB commenced on March 9, 2022 and expired on March 8, 2023. In 2022, the Corporation purchased a total of 31,347,100 Common Shares under its NCIB programs.

On May 12, 2022, the Corporation announced that it was increasing its quarterly dividend from $0.045 per share payable every quarter to $0.065 per share payable every quarter, commencing with the second quarter of 2022.

On May 19, 2022, Mindy Wight was elected to the Board. See "Additional Information Respecting Crescent Point - Directors and Officers".

On October 26, 2022, the Corporation announced a special dividend of $0.035 per share payable on November 14, 2022.

On December 9, 2022, the Corporation announced that it was increasing its quarterly dividend from $0.065 per share payable every quarter to $0.10 per share payable every quarter, commencing with the first quarter of 2023.

On January 11, 2023, Crescent Point completed the acquisition of certain Kaybob Duvernay assets in Alberta for cash consideration of $370.4 million, including closing adjustments.

On March 2, 2023, the Corporation announced a special dividend of $0.032 per share payable on March 17, 2023.

On March 7, 2023, the Corporation announced the approval by the TSX of its notice to implement a NCIB (the "2023 NCIB") to purchase, for cancellation, up to 54,605,659 Common Shares, or ten percent of the Corporation's public float, as at February 23, 2023. The NCIB commenced on March 9, 2023 and is due to expire on March 8, 2024. In 2023, the Corporation purchased a total of 34,611,900 Common Shares under its NCIB programs.

On March 28, 2023, Crescent Point entered into an agreement with Spartan Delta Corp. ("Spartan Delta") to acquire Spartan Delta's Montney assets in Alberta for cash consideration of $1.7 billion. Cash consideration was funded through the Corporation's existing credit facility. The acquisition closed on May 10, 2023.

On May 10, 2023, concurrent with the closing of the Spartan Delta acquisition, the Company entered into the Syndicated Liquidity Facility (as defined below) with ten banks that matures on May 10, 2025.

On July 26, 2023, the Corporation announced a special dividend of $0.035 per share payable on August 15, 2023.

On August 24, 2023, Crescent Point and CPEUS entered into an agreement with a private operator to sell substantially all its North Dakota assets for US$432.7 million including closing adjustments and US$60.0 million of deferred consideration. The acquisition closed on October 24, 2023. Following completion of the acquisition, Crescent Point ceased to hold any operating assets in the United States.

On November 2, 2023, the Corporation announced a special dividend of $0.02 per share payable on November 22, 2023.

On November 6, 2023, Crescent Point announced that it entered into an arrangement agreement to acquire, by a statutory arrangement, HEI, and its subsidiary, HRULC, for total consideration of approximately $2.52 billion (the "Hammerhead Acquisition"). The consideration included $1.54 billion in cash, the issuance of 53.2 million Common Shares and $480.2 million of net debt.

On November 6, 2023, Crescent Point announced that it entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets (collectively the "Underwriters") under which the Underwriters agreed to purchase, on a bought deal basis 48,550,000 Common Shares at $10.30 per common share for aggregate gross proceeds of approximately $500 million (the "Offering"). The Offering closed on November 10, 2023.

On December 21, 2023, Crescent Point completed the Hammerhead Acquisition.

On December 21, 2023, concurrent with the closing of the Hammerhead Acquisition, the Company entered into the Term Loan (as defined below) with twelve banks that matures on November 26, 2026.

On December 31, 2023, HEI was wound-up into the Corporation.

CPUSH, a wholly-owned direct subsidiary of the Corporation was dissolved effective December 31, 2023.

On January 1, 2024, HRULC was amalgamated with Crescent Point.

On January 26, 2024, the Corporation completed the disposition of its Southern Alberta assets for total consideration of approximately $38.1 million, including interim closing adjustments. Total consideration includes $25.0 million of deferred consideration receivable. Due to significant decommissioning liabilities associated with these assets, this transaction reduces the Company's decommissioning liability balance by $92.4 million.

The Corporation is an oil and gas exploration, development and production company. The Corporation is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light and medium crude oil, natural gas liquids and natural gas reserves in Western Canada. The primary assets of the Corporation are currently its interest in the Partnership and shares in CPHL.

The crude oil and natural gas properties and related assets generating income for the benefit of the Corporation are located in the provinces of Saskatchewan and Alberta. The properties and assets consist of producing crude oil, natural gas liquids and natural gas reserves and Proved plus Probable (as defined herein) crude oil, natural gas liquids and natural gas reserves not yet on production, and land holdings.

We pay regular cash dividends to Shareholders from our net cash flow in accordance with our dividend policy. Our primary sources of cash flow are distributions from the Partnership. During the year ended December 31, 2023, dividends declared to shareholders, including both base dividends and special dividends, were $0.387 per Common Share. See "Dividends".

Our strategy is to deliver lasting market-leading value to our stakeholders as a trusted, ethical and environmentally responsible source for energy. We will maintain a resilient, balanced and sustainable portfolio, and apply our agile, diverse, learning mindset to optimize all aspects of our business.

We strive to enhance shareholder returns by cost effectively developing a focused asset base in a responsible and sustainable manner. The Corporation employs a disciplined capital allocation framework centered around returns and balance sheet strength, in order to create value for shareholders through a combination of significant return of capital, returns-based growth and balance sheet strength.

We strategically develop our properties through detailed technical analysis including reservoir characteristics, petroleum initially in place, recovery factors and the applicability of enhanced recovery techniques. Our development strategies include, multi-stage fracture stimulation of horizontal wells, infill and step-out wells, re-completion of existing wells along with the application of secondary and enhanced oil recovery techniques, including waterflood programs.

Factors outside our control impact, to varying degrees, the prices we receive for production. These include, but are not limited to:

(a)    world market forces, including world supply and consumption levels and the ability of OPEC+ and others to set and maintain production levels and prices for crude oil;

(b)    political conditions, including the risk of hostilities in the Middle East, South America, Eastern Europe and other regions throughout the world;

(c)    availability, proximity and capacity of take-away alternatives, including oil and gas gathering systems, pipelines, processing facilities, railcars and railcar loading facilities;

(d)    increases or decreases in crude oil differentials and their implications for prices received by us;

(e)    the impact of changes in the exchange rate between Canadian and U.S. dollars on prices received by us for our crude oil and natural gas;

(f)    North American market forces, most notably shifts in the balance between supply and demand for crude oil and natural gas and the implications for the prices of crude oil and natural gas;

(g)    global and domestic economic and weather conditions and changes in demand as a result of outbreaks, pandemics, such as the COVID-19 health emergency, or other health emergencies;

(h)    price and availability of alternative energy sources;

(i)    the effect of energy conservation measures and government regulations; and

(j)    U.S. and Canada tax policy.

Fluctuations in commodity prices, differentials and foreign exchange and interest rates, among other factors, are outside of our control and yet can have a significant impact on the level of cash we have available for return of capital to our shareholders, including payment of dividends and the acquisition of Common Shares.

To mitigate a portion of these risks, we actively initiate, manage and disclose the effects of our hedging activities. Our strategy for crude oil and natural gas production is to hedge up to 65%, or as otherwise approved by the Board of Directors, of our net of royalty production up to a rolling three and a half year basis, at the discretion of management. The Corporation also uses a combination of financial derivatives and fixed-differential physical contracts to hedge price differentials. For oil differential hedging, Crescent Point's risk management program allows for hedging a forward profile of up to three and a half years, and up to 35% net of royalty production. For gas differential hedging, Crescent Point's risk management program allows for hedging a forward profile of up to three and a half years, and up to 50% net of royalty production. All hedging activities are governed by our Risk Management and Counterparty Credit Policy and are regularly reviewed by the Board of Directors.

As part of our risk management program, benchmark oil prices are hedged using financial WTI-based instruments transacted in Canadian and U.S. dollars, benchmark natural gas prices are hedged using financial AECO and NYMEX based instruments transacted in Canadian and U.S. dollars, respectively. Total financial oil and gas hedges in 2023 amounted to approximately 27% of annual production, net of royalties, consisting of approximately 28% of annual liquids production and approximately 25% of annual natural gas production, net of royalties. The Corporation recorded a realized derivative gain on crude oil, NGL and natural gas hedge contracts of $15.5 million in 2023.

Crescent Point also enters into physical delivery and derivative WTI price differential contracts which manage the spread between US$ WTI and various stream prices on a portion of its production. The Corporation manages physical delivery contracts on a month-to-month spot and term contract basis. From January to December 2023, approximately 5,000 bbls/d of liquids production was contracted with fixed price differentials off WTI. Crescent Point also enters into derivative NYMEX price differential contracts which manage the spread between US$ NYMEX and AECO-based pricing on a portion of its natural gas production. From January to December 2023, the Company had approximately 27,700 MMBTU/d of natural gas financial derivatives with fixed price differentials off NYMEX.

Refer to the annual financial statements for our commitments under all hedging agreements as at December 31, 2023.

In addition to hedging benchmark crude oil and natural gas prices with financial instruments, we also have the ability to mitigate crude oil basis risk by delivering a portion of our crude oil production into diversified refinery markets using rail transportation when it is economically beneficial to do so. Crescent Point operates two railcar loading facilities, serving its key producing areas of southeast Saskatchewan and southwest Saskatchewan. Crude oil and NGL volumes loaded at these facilities are sold at the loading facilities and our buyers are responsible for providing railcars and managing transportation logistics from that point until delivery.

We mitigate credit risk by having a well-diversified marketing portfolio for our commodity sales. Credit risk associated with the Corporation's product sales and with the Corporation's financial hedging portfolio is managed by Crescent Point's Risk Management Committee and is governed by a board-approved Risk Management and Counterparty Credit Policy that is reviewed annually by the Board of Directors. The Policy requires annual credit reviews of all trade counterparties. Credit limits are required to be set for all trade counterparties, which are based on either a fixed dollar amount which is set annually, at a minimum, or a percentage of the Corporation's portfolio calculated monthly. Crescent Point utilizes a diversified approach in both its physical sales portfolio and its financial hedging portfolio. The physical sales portfolio consists of 82 purchasers and its financial hedging portfolio consists of 12 counterparties. The Corporation's portfolio of counterparty exposures is monitored on a monthly basis.

To further mitigate credit risk associated with its physical sales portfolio, Crescent Point may obtain financial assurances such as parental guarantees, prepayments, letters of credit and third party credit insurance. Including these assurances, approximately 98% of the Corporation's oil and gas sales are with entities considered investment grade.

Our crude oil and natural gas volumes are sold in Alberta, Saskatchewan, British Columbia and the United States. During 2023, approximately 48% of our liquids volumes were sold in Saskatchewan, 37% in Alberta, 14% in the U.S. and less than 1% in British Columbia. Approximately 82% of our natural gas volumes were sold in Alberta, 11% in Saskatchewan, 6% in the United States and less than 1% in British Columbia.

For 2023, our commodity production mix was approximately 40% tight oil, 26% NGLs, 22% shale gas, 8% light and medium oil, 3% heavy oil and 1% conventional natural gas.

The following table summarizes our revenue sources by product before hedging and royalties:

(1)    Within our NGL mix, approximately 80% of our 2023 revenue came from condensate sales (2022 - 75%, 2021 - 56%).

We actively compete for reserve acquisitions, exploration leases, licenses and concessions and skilled industry personnel with a substantial number of other oil and gas companies, many of which have significantly greater financial resources than we do. Our competitors include major integrated oil and natural gas companies, numerous other independent oil and natural gas entities and individual producers and operators. Similarly, we face a competitive market when we attempt to divest of non-core assets.

Certain of our customers and potential customers are themselves exploring for crude oil and natural gas, and the results of such exploration efforts could affect our ability to sell or supply crude oil or natural gas to these customers in the future. Our ability to successfully bid on and acquire additional property rights, divest property rights, to discover reserves, to participate in drilling opportunities and to identify and enter into commercial arrangements with customers is dependent upon developing and maintaining close working relationships with our industry partners and joint operators, our ability to select and evaluate suitable properties, and our ability to consummate transactions in a highly competitive environment.

The production of crude oil and natural gas is dependent on access to areas where development of reserves is to be conducted. Seasonal weather variations, including freeze-up and break-up, affect access in certain circumstances.

As of December 31, 2023, the Corporation had 777 permanent employees: 394 employees at the head office in Calgary and 383 field employees.

In accordance with NI 51-101, the reserves data of the Corporation set forth below (the "Reserves Data") is based upon evaluations conducted by McDaniel with an effective date of December 31, 2023 (the "Crescent Point Reserve Report"). The tables below are a combined summary of our crude oil, natural gas liquids, and natural gas reserves and the net present value of future net revenue attributable to such reserves as evaluated in the Crescent Point Reserve Report based on December 31, 2023 forecast price and cost assumptions using the average of three Independent Reserve Evaluators (McDaniel, GLJ Ltd. and Sproule Associates Ltd.). McDaniel evaluated the Corporation's total Proved plus Probable reserves and total Proved plus Probable value discounted at 10% and evaluated all of the Corporation's properties to prepare the Crescent Point Reserve Report. The tables below summarize the data contained in the Crescent Point Reserve Report. Subsequent to December 31, 2023, the Company disposed of its Southern Alberta assets.

The Corporation continuously monitors and reviews legislation concerning greenhouse gas emissions and the impact on operations. Legislation adopted in 2019 has allowed Crescent Point to reduce anticipated negative financial impacts from the production of oil and gas products through the Output-Based Performance Standard ("OBPS") program in Saskatchewan and the Technology Innovation and Emission Reduction ("TIER") program in Alberta. The carbon emission costs related to government programs are fully integrated into the operating costs and capital unit costs in the reserve evaluation.

The Crescent Point Reserve Report includes the abandonment, decommissioning, and reclamation costs for both the active and inactive locations, including all non-producing and suspended wells, facilities and pipelines. The incremental liabilities from the inactive locations on the total Proved plus Probable reserves is estimated at $235 million of value discounted at 10%. The total impact in the Crescent Point Reserve Report from the combined active and inactive liabilities on total Proved plus Probable reserves is estimated at $328 million of value discounted at 10%. Subsequent to December 31, 2023, the Corporation closed a disposition of certain non-core assets in South Alberta, which carried combined active and inactive liabilities, estimated at $54 million, discounted at 10%.

The Crescent Point Reserve Report is based on certain factual data supplied by Crescent Point as well as McDaniel's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to Crescent Point's petroleum properties and contracts were supplied by the Corporation to McDaniel, and were accepted without any further investigation. McDaniel accepted this data as presented and neither title searches nor field inspections were conducted.

Summary of Oil and Gas Reserves(1)

(1)    Numbers may not add due to rounding.

Net Present Value of Future Net Revenue of Oil and Gas Reserves(1)

(1)    Numbers may not add due to rounding.

Additional Information Concerning Future Net Revenue – (Undiscounted)(1)

(1)    Numbers may not add due to rounding.

(2)    Saskatchewan Capital Resource Surcharge has been included under the royalties and burdens column.

(3)    In accordance with the Canadian Oil and Gas Evaluation Handbook, abandonment and reclamation costs include: (i) entities with associated reserves included in the Crescent Point Reserve Report, the undiscounted abandonment and reclamation costs associated with these amounts are $931 million and $1.13 billion for Proved and Proved plus Probable, respectively; and (ii) non-reserve entities that include wells with no reserves assigned, suspended wells, pipeline, and facilities, the undiscounted abandonment and reclamation costs associated with these are estimated at $789 million.

Future Net Revenue by Production Type(1)

(1)    Numbers may not add due to rounding.

(2)    Other company revenue and costs not related to a specific production type have been allocated proportionately to production types. Unit values are based on Company Net Reserves.

(3)    Including solution gas and other by-products.

(4)    Including by-products, but excluding solution gas.

(5)    Including solution gas (categorized as "Shale Gas") and other by-products.

(6)    Shale Gas includes the majority of Natural Gas Liquids.

(1)    Numbers may not add due to rounding.

(2)    Other company revenue and costs not related to a specific production type have been allocated proportionately to production types. Unit values are based on Company Net Reserves.

(3)    Including solution gas and other by-products.

(4)    Including by-products, but excluding solution gas.

(5)    Including solution gas (categorized as "Shale Gas") and other by-products.

(6)    Shale Gas includes the majority of Natural Gas Liquids.

In the tables set forth above in "Disclosure of Reserves Data" and elsewhere in this AIF, the following notes and other definitions are applicable.

The determination of oil and gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of Proved and Probable reserves have been established in accordance with NI 51-101 to reflect the level of these uncertainties and to provide an indication of the probability of recovery.

The estimation and classification of reserves requires the application of professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly use and apply reserves definitions.

(a)    "Reserves" are estimated remaining economic quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on (a) analysis of drilling, geological, geophysical, and engineering data; (b) the use of established technology; and (c) specified economic conditions, which are generally accepted as being reasonable and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates.

(b)    "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

(c)    "Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

(d)    "Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown.

(e)    "Undeveloped" reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. In multi-well pools, it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to sub-divide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status.

(f)    "Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves.

The qualitative certainty levels referred to in the definitions above are applicable to individual reserve entities (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest level sum of individual entity estimates for which reserves are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions:

•at least a 90% probability that the quantities actually recovered will equal or exceed the estimated Proved reserves; and

•at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated Proved plus Probable reserves.

A quantitative measure of the certainty levels pertaining to estimates prepared for the various reserves categories is desirable to provide a clearer understanding of the associated risks and uncertainties. However, the majority of reserves estimates will be prepared using deterministic methods that do not provide a mathematically derived quantitative measure of probability. In principle, there should be no difference between estimates prepared using probabilistic or deterministic methods.

The following terms, used in the preparation of the Crescent Point Reserve Report and this AIF, have the following meanings:

(a)    "associated gas" means the gas cap overlying a crude oil accumulation in a reservoir.

(b)    "crude oil" or "oil" means a mixture that consists mainly of pentanes and heavier hydrocarbons, which may contain small amounts of sulphur and other non-hydrocarbons, that exists in the liquid phase in reservoirs and remains liquid at atmospheric pressure and temperature. It does not include liquids obtained from the processing of natural gas.