ARC RESOURCES LTD. FILES MANAGEMENT INFORMATION CIRCULAR FOR ARRANGEMENT WITH SHELL PLC AND PROVIDES BOARD UPDATE

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• Shell's global scale and ongoing investment in employee development will benefit ARC's workforce and provide enhanced opportunities for professional growth and development.

  60% confidence

• The Consideration reflects accelerated value for ARC's undeveloped natural gas properties adjacent to Shell's operations which are connected to LNG Canada.

  60% confidence

• The buybacks announced with Shell's Q1 2026 results were the 18th consecutive quarter of share buybacks of at least US$3 billion.

  60% confidence

• The Arrangement is expected to close in the second half of 2026, subject to regulatory approvals and conditions typical for a transaction of this nature.

  60% confidence

• Shell intends to maintain a significant operational presence in Western Canada and integrate ARC's people into its Canadian operations.

  60% confidence

• Shell is committed to returning 40 to 50% of cash flow from operations to shareholders through a 4% progressive dividend and share buybacks.

  60% confidence

• The Consideration reflects long-term commodity prices in line with or above mid-cycle levels and meaningfully above long-term futures prices as of the date of the Arrangement Agreement.

  60% confidence

• Shell's Q1 2026 quarterly interim dividend amounted to US$0.3906 per Shell Share.

  60% confidence

• The Consideration of $32.80 per ARC Share represents a 27% premium to the closing price of ARC Shares on the TSX on April 24, 2026, the last trading day before the Arrangement was announced, and a meaningful premium to the 20-day and 30-day volume-weighted average trading prices.

  60% confidence

• The ARC Board believes the Consideration realizes premium value for ARC's long-duration Montney asset base, in particular recognizing the long-term resource potential of Attachie.

  60% confidence

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