Mr. Edgar Buckley reports

CDC GROUP PLC. ACQUIRES SECURITIES OF FERONIA INC. AND FILES EARLY WARNING REPORT

CDC Group PLC has acquired, by way of a private placement, a convertible debenture of Feronia Inc. in the aggregate principal amount of $10-million (U.S.), representing 100 per cent of all of the convertible debentures issued by Feronia on Nov. 9, 2015, and representing 57 per cent of the maximum amount of convertibles debentures allotted for issuance by Feronia on Nov. 5, 2015.

The debenture bears interest at a rate of 12 per cent per annum, compounded semi-annually, and all interest shall accrue and be payable on Jan. 22, 2016, and is convertible into common shares of Feronia. The outstanding principal amount of the debentures, together with all accrued and unpaid interest, will be convertible at the option of the holder at any time prior to the maturity date. The debentures are convertible at a conversion price of 25 cents per common share. If Feronia does not complete an amended debt financing (as such term is defined in the debenture) prior to Dec. 31, 2015, the conversion price shall be reduced to 14 cents per common share.

CDC currently holds 15,149,600 common shares of Feronia, representing 27.4 per cent of the issued and outstanding common shares. Assuming that CDC fully converts the principal of the debenture into common shares at the conversion price of 25 cents, CDC would hold 63,149,600 common shares (calculated at the fixed exchange rate of $1 (U.S.) equals $1.20), representing approximately 61.2 per cent of the issued and outstanding common shares at the time of conversion (after giving effect to such conversion only; based on a total of 55,237,593 common shares issued and outstanding as of Nov. 9, 2015).

CDC has acquired the debenture for investment purposes. CDC may, in the future, increase or decrease his ownership of securities of Feronia, directly or indirectly, from time to time depending upon the business and prospects of Feronia, and future market conditions.

CDC has filed an early warning report pursuant to Multinational Instrument 62-104 -- Take-over Bids and Issuer Bids on SEDAR under Feronia's SEDAR profile.