Special Meeting of MEG Shareholders

MEG will be holding the rescheduled Special Meeting (the “MEG Meeting”) of holders (the “MEG Shareholders”) of common shares (the “MEG Shares”) of MEG Energy Corp. (“MEG” or the “Corporation”) in a hybrid format on October 30, 2025 at 9:00 a.m. (Calgary Time), where MEG Shareholders can participate in person at the Brookfield Place, 225 – 6th Avenue S.W. Suite 1400, Calgary, Alberta, or through a live audio webcast accessible at https://meetings.lumiconnect.com/400-560-917-636. 

The password for the live audio webcast is “meg2025” (case sensitive). 

The MEG Meeting is being held for the following purposes: 

1. To consider, pursuant to the Interim Order and, if deemed advisable, to pass, with our without variation, a special resolution of the MEG Shareholders (the “MEG Transaction Resolution”), the full text of which is set forth in Appendix A to the management information circular and proxy statement of MEG dated September 9, 2025 (the “Circular”), approving an arrangement (the “Arrangement”) under section 193 of the Business Corporations Act (Alberta) (the “ABCA”) involving, among others, MEG, Cenovus Energy Inc. and the MEG Shareholders, as all more particularly described in the Circular; and 
2. To transact such further and other business as may properly be brought before the MEG Meeting or any adjournment(s) or postponement(s) thereof. 

The Arrangement is described in the Circular, which is available below. The full text of the MEG Transaction Resolution is set out in Appendix A to the Circular. The full text of the plan of arrangement (the “Plan of Arrangement”) implementing the Arrangement is attached as Schedule “A” to the Arrangement Agreement (as defined in the Circular), which is attached as Appendix B to the Circular. The Interim Order is attached as Appendix C to the Circular. 

THE BOARD OF DIRECTORS OF MEG UNANIMOUSLY RECOMMENDS THAT MEG SHAREHOLDERS VOTE “FOR” THE MEG TRANSACTION RESOLUTION.