Cenovus Energy Inc. Amending Agreement with MEG Energy Corp.

Cenovus Energy Inc. and MEG Energy Corp. have entered into an Amending Agreement dated October 26, 2025, to modify the terms of their previously established Arrangement Agreement. The key amendments include an increase in the Cash Offer Price to $30.00, raising the Aggregate Consideration to $7,631,341,050, and adjusting the Cash Maximum to $3,815,670,525 and the Share Maximum to 159,622,217 Purchaser Shares. The agreement also outlines the process for MEG Shareholders to elect between receiving cash, shares, or a combination of both as consideration for their shares. The amendments are subject to approval by MEG Shareholders and the Court, and the Arrangement Agreement, as amended, will be filed with the Court in connection with the application for the Final Order.