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Canadian Federal Tax Information for Distributions

Distributions

The following information is applicable for holders of units of Eagle Energy Trust who received distributions on such units prior to January 27, 2016.

Taxation of Cash Distributions in Canada

This summary is of a general nature only and is not intended to be financial, legal, investment or tax advice to any particular holder or potential holder of units (the "Units") of Eagle Energy Trust ("Eagle"). Holders or potential holders of Units should consult their own legal and tax advisors as to the tax consequences of buying, holding and selling the Units in their particular circumstances. There is no reporting or filing requirements to the US tax authorities for Canadian resident unitholders.

Legal Status of Eagle Energy Trust Prior to January 27, 2016

Eagle is subject to Canadian income tax on a similar basis to that of an individual. However, Eagle allocates its taxable income to unitholders each calendar year.

Trust Units held within an RRSP, RPP, RRIF, RESP, RDSP, DPSP or TFSA

No amounts are to be reported for income tax purposes in respect of cash distributions received by a Registered Retirement Savings Plan ("RRSP"), Registered Pension Plan ("RPP"), Registered Retirement Income Fund ("RRIF"), Registered Education Savings Plan ("RESP"), Registered Disability Savings Plan ("RDSP"), Deferred Profit Sharing Plan ("DPSP") or Tax Free Savings Account (collectively referred to as "Deferred Plan").

Trust Units held outside of a Deferred Plan

For cash distributions received by a Canadian resident individual outside of a Deferred Plan, a percentage of the payments are taxable as income and the remaining percentage is a return of capital. After each calendar year end, Eagle will determine the mix of income and return of capital in respect of the distributions paid during the prior year for Canadian Income Tax reporting purposes.

The portion of cash distributions that are taxable as income must be reported as income on a Canadian resident's income tax return for the year.

The portion of cash distributions that are a return of capital are not generally taxable. However, the amount received as a return of capital must be deducted in determining the adjusted cost base of a Canadian resident's Units. If those deductions cause the adjusted cost base of an investor's Units to become a negative amount in a taxation year, that negative amount must be included in an investor's income, generally as a capital gain realized on the Units.

Unitholders who held their Units outside of a Deferred Plan, through a broker or other intermediary and received cash distributions during the period, will receive "T3 Supplementary" slips directly from their broker or intermediary, not from the transfer agent or the Trust.

Registered unitholders of Units who received cash distributions during the period from the transfer agent, Computershare Trust Company of Canada, (and not from a broker or intermediary), will receive "T3 Supplementary" slips directly from Computershare Trust Company of Canada.

T3 Supplementary Information slips for a calendar year are required to be mailed to unitholders by March 31 of the following year.

 • Distributions Calendar



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