MEG Adjourns Special Meeting of Shareholders to Thursday, November 6, 2025 at 9:00 a.m. (Calgary Time)

Executive Summary

• MEG Energy Corp. adjourned its special shareholders’ meeting to Nov 6, 2025, extending proxy and election deadlines related to the proposed Cenovus Energy arrangement.
• The Board continues to recommend that shareholders vote FOR the transaction; current proxy support is ~86% (≈83% excluding Strathcona).
• Closing of the Cenovus Transaction is still expected in mid‑November pending court approval and shareholder approval at the adjourned meeting.

Key Details

• Adjourned Meeting: Thursday, Nov 6, 2025 at 9:00 a.m. (Calgary Time), hybrid format (Brookfield Place & live webcast).
• Proxy Deadline Extended: 9:00 a.m. (Calgary Time) on Wed Nov 5, 2025.
• Election Deadline Extended: 4:30 p.m. (Calgary Time) on Wed Nov 5, 2025 for preferred consideration (cash vs. Cenovus shares).
• Current Voting Support: ~86% of shares represented (including proxies) are expected to vote FOR the transaction; ~83% when excluding Strathcona’s votes.
• Quorum Achieved: 92% of outstanding MEG Shares were present or represented at the original meeting.
• Consideration Options for Shareholders:
• $30.00 cash per MEG Share (subject to a $3.8 B aggregate cap)
• 1.255 Cenovus common shares per MEG Share (subject to a 159.6 M share cap)
• Any combination of the above, with default deemed election of 50% cash / 50% shares if no election is submitted.
• Closing Timeline: Expected mid‑November, contingent on court order (Final Order Application set for Wed Nov 12, 2025 at 10:00 a.m.) and satisfaction/waiver of customary closing conditions.
• Dissent Rights: Shareholders may dissent and receive fair value per Alberta Business Corporations Act; dissent notices due by 5:00 p.m. (Calgary Time) on Wed Nov 5, 2025.
• Advisors: BMO Capital Markets & RBC Capital Markets (financial); Burnet, Duckworth & Palmer LLP & Norton Rose Fulbright Canada LLP (legal).
• Forward‑Looking Statements: Company expects to provide additional disclosure in response to a regulatory inquiry by close of business on Fri Oct 31, 2025; all other forward‑looking information is qualified per standard risk disclosures.

Notable Quotes

(No direct quotes were provided in the release.)