Ms. Taryn Bolder reports

ARC RESOURCES LTD. ANNOUNCES CLOSING OF ACQUISITION BY SHELL PLC

The previously announced acquisition by an indirect, wholly owned subsidiary of Shell PLC of all of the outstanding common shares of ARC Resources Ltd., in a cash and share transaction valued at approximately $22-billion, including assumed net debt, and pursuant to the arrangement agreement dated April 27, 2026, as amended by amending agreements dated June 6, 2026, and Aug. 26, 2026, has closed.

It is anticipated that the ARC shares will be delisted from trading on the Toronto Stock Exchange at the close of trading two trading days after the closing of the transactions under the arrangement agreement.

Arrangement agreement

Under the terms of the arrangement agreement, holders of ARC shares are entitled to receive 0.40247 of an ordinary share of Shell and $8.20 in cash in exchange for each ARC share.

Receiving the consideration under the arrangement agreement

The letter of transmittal (LOT) sent to registered ARC shareholders must be properly completed and returned together with any certificate(s) representing the registered ARC shareholder's ARC shares, if applicable, and all other required documents in order to receive the consideration under the arrangement agreement. The LOT, certificates representing the registered ARC shareholder's ARC shares and all other documents should be completed as soon as possible, but no later than the last business day before the third anniversary of the arrangement's effective date of Sept. 2, 2026. In the case of ARC shareholders that have not done so before the third anniversary of the effective date, such ARC shareholders' right to receive the consideration will terminate and be deemed to be surrendered and forfeited under the terms of the arrangement.

The LOT is for use by registered ARC shareholders only. Beneficial ARC shareholders will need to follow the instructions provided by their broker or other nominee to deposit their ARC shares and will receive the consideration to which they are entitled under the arrangement agreement.

ARC shareholders are advised that the Shell shares are listed and traded on the London Stock Exchange. The Shell shares are not, and will not, be listed on the Toronto Stock Exchange. In order to trade the Shell shares received through the arrangement agreement, a holder must have a CREST account. CREST is the electronic settlement system for U.K. securities operated by Euroclear. A CREST account is an account within that system that allows holders to hold and trade shares in uncertificated (electronic) form. If you are a registered ARC shareholder and have provided valid CREST account details in a validly completed and delivered LOT, you will receive the Shell shares to which you are entitled in such CREST account as soon as practicable (anticipated to be several days) after the effective date. Registered ARC shareholders who do not provide valid CREST account details in the LOT will receive their Shell shares in certificated form and will not be able to trade their Shell shares until such Shell shares are deposited into a CREST account or sold through a broker that offers a certificated dealing service. Accordingly, registered ARC shareholders may wish to contact a broker/intermediary to assist them in arranging for deposit of their Shell shares to a CREST account. Registered ARC shareholders may consider contacting TD Direct Investing at 1-800-465-5463 for additional information regarding establishing an account with TD Direct Investing. TD Direct Investing is an order-execution-only division of TD Waterhouse Canada Inc. and will not assess the suitability of any transaction or provide any investment advice or recommendations. TD Waterhouse Canada has no agreement with Shell in respect of the arrangement and does not pay Shell any referral fees or other compensation in connection with account openings by ARC shareholders.

Beneficial ARC shareholders are cautioned that certain brokers, financial institutions, trust companies or other intermediaries may not have access to a CREST account and are urged to contact their intermediaries to make appropriate arrangements.

ARC shareholders are advised that the process for delivery of Shell shares in exchange for ARC shares is anticipated to be completed several days following the effective date.

If you have questions regarding the receipt of the Shell shares or need assistance completing the LOT, please contact Laurel Hill Advisory Group, the proxy solicitation agent retained by ARC, by calling 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (outside of Canada and the United States), by texting info to either number, or by e-mail at assistance@laurelhill.com.

About ARC Resources Ltd.

ARC Resources is a member of the Shell Group of companies and an indirect, wholly owned subsidiary of Shell Canada Ltd. ARC Resources is a pure-play Montney producer and one of Canada's largest energy companies, featuring low-cost operations, commodity and geographic diversity, and robust risk management practices around all aspects of the business.

We seek Safe Harbor.