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Values Matter
Sustainability Report
Values Matter
2016 Sustainability Report
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Forward Looking Statements

In the interest of providing information regarding Vermilion, including management's assessment of Vermilion's future plans and operations, certain statements made in these materials may be "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target", "seek", "budget", "predict", "might" and similar words suggesting future events or future performance. All statements other than statements of historical fact may be forward-looking statements. Specifically, these materials contains forward-looking statements relating to business strategies, plans and objectives including our growth strategies over the near, medium and long term; our sustainability approach, policy, vision and strategies including in respect of identified areas of focus; and our risk management including risk identification and monitoring. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. The forward-looking statements contained in these materials speak only as of the date of these materials and are expressly qualified by this cautionary statement.

Information included in forward-looking statements is based on Vermilion's current expectations and is subject to a number of risks and uncertainties that could materially affect future results. These risks include, but are not limited to, general economic risks and uncertainties, future commodity prices, exchange rates, interest rates, geological risk, political risk, regulatory approval risk, production demand, transportation restrictions, risks associated with changes in tax, royalty and regulatory regimes and risks associated with international activities. Additional risks and uncertainties are described in Vermilion's Annual Information Form, as well as Vermilion's Management's Discussion and Analysis ("MD&A") which are filed on SEDAR at and on the SEC's EDGAR system at Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the Company's securities should not place undue reliance on these forward-looking statements. Forward looking statements contained in these materials are made as of the date hereof and are subject to change. The Company assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by applicable securities laws.

All references are to Canadian dollars unless otherwise specified.

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Vermilion Energy