An anonymous director of MEG Energy reports

MEG ANNOUNCES RECEIPT OF FINAL ORDER FOR CENOVUS TRANSACTION AND PRELIMINARY ELECTION RESULTS TO DETERMINE THE FORM OF CONSIDERATION TO BE RECEIVED BY MEG SHAREHOLDERS

The Court of King's Bench of Alberta has granted the final order in respect of the previously announced plan of arrangement under Section 193 of the Business Corporations Act (Alberta) involving MEG Energy Corp., holders of common shares of MEG and Cenovus Energy Inc. The Cenovus transaction was approved by MEG shareholders at a special meeting held on Nov. 6, 2025. Subject to the satisfaction or waiver of other customary closing conditions, the Cenovus transaction is expected to close on Nov. 13, 2025.

MEG has released the preliminary results of the prorationing calculations to determine the form of consideration to be received by MEG shareholders pursuant to the Cenovus transaction. As previously announced, the deadline to have made such an election was 4:30 p.m. Calgary time on Nov. 5, 2025.

Prior to the election deadline, MEG shareholders were entitled to elect to receive: (i) $30 in cash per MEG share; (ii) 1.255 Cenovus common shares per MEG share ; or (iii) a combination thereof, in all cases, subject to rounding and proration based on a maximum aggregate cash consideration of approximately $3.8-billion and a maximum aggregate share consideration of approximately 159.6 million Cenovus shares, as set out in the arrangement agreement between MEG and Cenovus dated Aug. 21, 2025, as amended by an amending agreement dated Oct. 7, 2025, and as further amended by an amending agreement dated Oct. 26, 2025. MEG shareholders who did not make a valid election prior to the election deadline were deemed to have elected to receive the cash consideration with respect to 50 per cent of their MEG shares and the share consideration with respect to 50 per cent of their MEG shares.

The preliminary results of the prorationing to determine the form of consideration to be received by MEG shareholders pursuant to the Cenovus transaction based on the maximum available cash consideration and share consideration and the elections received prior to the election deadline are as follows:

1. MEG shareholders who elected to receive the cash consideration in respect of all of their MEG shares will receive 100 per cent of their total consideration as cash consideration;
2. MEG shareholders who elected to receive the share consideration in respect of all of their MEG shares will receive approximately 96 per cent of their total consideration as share consideration and 4 per cent as cash consideration;
3. MEG shareholders who elected (or were deemed to have elected) to receive the cash consideration in respect of 50 per cent of their MEG shares and the share consideration in respect of 50 per cent of their MEG shares will receive approximately 52 per cent of their total consideration as cash consideration and 48 per cent as share consideration.

MEG shareholders who elected to receive a different proportion of cash consideration and share consideration than what is set out above will receive approximately 96 per cent of their total requested share consideration, with the balance of their consideration to be paid as cash consideration.

The foregoing results are preliminary only, and the final allocation of the cash consideration and share consideration will be calculated in accordance with the plan of arrangement, which is attached as Schedule A to the arrangement agreement.

We seek Safe Harbor.