The information contained herein is based on the Trust's understanding of the Canadian Income Tax Act and is provided for general information only. Unitholders are advised to consult their personal tax advisors with respect to their particular circumstances.

2004 Distributions

Distributions declared by Crescent Point to Canadian unitholders in the 2004 taxation year are 71.8% taxable and 28.2% return of capital (tax deferred).

FOR CANADIAN TAXPAYERS

The following table outlines the breakdown of the cash distributions per unit paid or payable by Crescent Point Energy Trust with respect to the record dates from January 31, 2004 to December 31, 2004 for Canadian income tax purposes.

Units held within an RRSP, RRIF, or DPSP

No amount should be reported on the 2004 individual Income Tax Return ("T1") in respect of trust units held in a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or Deferred Profit Sharing Plan (DPSP).

Units held outside an RRSP, RRIF, or DPSP

Registered unitholders who held trust units outside an RRSP, RRIF, or DPSP will receive a T3 Supplementary Slip for 2004 ("T3") from our transfer agent, Olympia Trust Company. Unitholders must report the taxable portion of such distributions in their 2004 T1. Unitholders who held units through intermediaries such as investment advisers will be receiving T3s from those intermediaries.

Adjusted Cost Base Reduction

The Adjusted Cost Base ("ACB") is used in calculating capital gains or losses on the disposition of trust units held as capital property by a unitholder. The ACB of each trust unit is reduced by the portion of distributions considered a return of capital.

FOR U.S. RESIDENTS

The following information is provided for general information only. Investors are encouraged to seek advice from a qualified tax advisor in their country of residence to obtain guidance with respect to the appropriate tax treatment of their distributions.

The Tax Treaty between Canada and the U.S. allows for a reduction to the 25% with-holding tax rate for U.S. residents. The current rate after the reduction is prescribed at 15% with some U.S. taxpayers being eligible for a foreign tax credit with respect to the Canadian withholding taxes paid. Certain U.S. investors may also seek a refund of Canadian withholding tax related to amounts withheld by filing Form NR7-R, Application for Refund of Non-Resident Tax Withheld with Canada Revenue Agency.

Crescent Point Energy Trust has not made an election to be treated as a partnership and will therefore be deemed to be a Corporation for U.S. tax purposes. U.S. tax rules state that no portion of the distribution will be considered a tax-deferred return of capital unless the Trust computes its current and accumulated earnings and profits in accordance with U.S. income tax principles. The Trust has not performed an earnings and profits calculation in the past, and does not, at this time, intend to do so in the future. As a result, the Trust understands that distributions paid to U.S. investors in 2004 are considered a dividend for U.S. tax purposes and the Trust will not provide U.S. tax forms. Registered unitholders will receive a form NR4 from our transfer agent, Olympia Trust Company. Non-registered unitholders (units held by a brokerage firm or other intermediary) will receive a form NR4 from the brokerage firm or other intermediary.

The information in this release is not intended to be an exhaustive discussion of all possible income tax consequences but a general guideline. It is not intended to be legal or tax advice to any particular holder or potential holder of Trust units. The holders or potential holders of Trust units should consult their own tax advisors as to their particular tax consequences and reporting obligations.