Policies and Procedures

• Disclosure Policy
• Code of Ethics for Senior Officers and Senior Financial Management
• Code of Business Conduct and Ethics
• Audit Committee Mandate
• Human Resources and Compensation Committee Mandate
• Governance Committee Mandate
• Governance Guidelines
• Penn West NYSE Statement of Governance Differences
• Whistle Blower Policy*

* Penn West Energy Trust has an independent, confidential and anonymous resource for all employees and consultants to report suspected unacceptable accounting and auditing practices, health, safety and environmental concerns, security issues and any other unbecoming conduct. All complaints will be initially summarized by the independent service provider and forwarded direct to the Chairman of the Penn West Board of Directors Audit Committee for review and remediation with Penn West Senior Management.

This process does not replace the option of talking, in confidence, to your supervisor or any member of Penn West management.

Program reporting will be managed by Grant Thornton, Chartered Accountants and Management Consultants. Members of the C.A.R.E. (Confidential Reporting for Employees) team are available 24 hours a day, 365 days a year to receive phone calls at:

1-888-747-7171 or secure web transactions at www.GrantThorntonCARE.ca