SPP process, page-39

P1 The total amount to be raised under the SPP is capped at $40 million and applications for New Shares may be scaled back by Senex.

P6 The SPP will be capped at $40 million. The Senex Board may, in its absolute discretion, decide to issue to any person fewer New Shares than that person applied for under the SPP. This may be by way of a scale back mechanism. Any scale back will be at the discretion of Senex.