ARC Resources Ltd. ($ARX)

Good morning. My name is Mike Culbert, Director of ARC Resources, and I'm standing in for our Chair, Harold Kvisle, who was unable to attend today's meeting. On behalf of my fellow directors, I'd like to welcome you to ARC's 2026 Annual Meeting of the Shareholders. Today, we'll focus on the matters of the meeting as outlined in the 2026 Notice of Annual Meeting of Shareholders [Audio gap] Today, we'll focus on the matters of the meeting as outlined in the [Audio gap] for the transaction of business. We will conduct the voting by electronic ballot on the Lumi System. Instructions on how to ask questions and information regarding the voting procedure appear on the screen. If you have previously voted, you will not have to vote again when prompted. By voting again, you will revoke any previous vote made prior to the cutoff of voting. To my knowledge, each resolution considered today will be passed by proxies deposited in advance of the meeting. Voting will be open to all resolutions at the same time, which will allow you to choose to vote on each resolution immediately or wait to have the conclusion of the discussion on each resolution prior to casting your vote. Once discussion on all items of the business is concluded, voting will be closed on all resolutions. The results will be then tallied by the scrutineers and will be provided at the end of the meeting. The voting detail results will be disclosed by a news release following the meeting. Also now open on all resolutions. I would like to formally place the shareholder -- place before the shareholders the financial statements of ARC for the year ended December 31, 2025, and the auditor's report thereon, which were previously distributed to shareholders. The next item of business is the election of directors of ARC. I will now entertain nominations for directors of ARC.

My name is Karen Boulder, and I nominate Hell Wiley Carol Banducci, David Collier, Kornit, Michael Culbert, Denise Mann, Michael McCallister, Marty Proctor, Declan Sheppard, Leontinenduan Adkins, Jonathan Wright and Terry Anderson as Directors of ARC.

I now declare the nominations closed. The Board of Directors have agreed to conduct an election on an individual basis for each director in accordance with the majority voting policy. Grant, are there any questions?

There are no questions.

The next item of business is the appointment of the auditors of ARC.

I move that PricewaterhouseCoopers LLP, Chartered Professional Accountants, be appointed as the auditors of ARC. I second the motion.

Grant, are there any questions?

There are no questions.

The next item of business is the nonbinding vote on our approach to executive compensation known as say-on-pay vote.

I move that the nonbinding advisory resolution concerning ARC's approach to executive compensation as set forth in the information circular of ARC dated March 1, 2026, be approved. I second the motion.

Grant, are there any questions?

There are no questions.

Thank you. As we now have concluded the items of business, we will pause for a moment to allow shareholders to complete the online ballot. I'm advised by the scrutineers that all directors receiving the majority of votes in favor of election, and I declare those nominated as duly elected directors of ARC. PWC has been appointed as the auditors of ARC in excess of 97.98% of the votes in favor of C&P vote. Grant, are there any remaining questions from the floor?

We have received a question from Ruth Saldana, who has been appointed by an undisclosed shareholder holding 1,300 common shares of ARC. She asks, ARC has been a leader in sustainability disclosure, so it is surprising to see removal of critical information for investors despite the transition and physical risk of climate change highlighted as increasing risk factors in the 2025 annual report. In the latest climate engagement Canada benchmark, ARC did not meet the metric linking executive compensation and sustainability performance, where years prior, you did. As ARC works through its acquisition by Shell, at time of global uncertainty and commodity price volatility investors would like strong incentive devised oversight competencies connected to transition risk. Page 14 of the circular notes, the Board holds responsibility for climate risk carbon emission goals and measurement and energy transition. Can you disclose an aimed position at Board level with responsibility over these business strategies and risks?

Ruth, every Board member and our management team are responsible for the oversight of our strategy and risks related to our business. As it pertains to ESG matters you identified oversight is held at the highest level of the Board whose collective skills as outlined in the Director of Matrix, ensures exceptional governance of these matters, ultimately, accountability lands with our Board Chair. The chair would entertain a motion that the meeting has been terminated.

I move that this meeting be terminated. I second the motion.

SP1 I declare this meeting terminated, and we'll now turn the meeting over to our CEO, Terry Anderson. Thank you.

Thanks, Mike, and good morning, everyone. I'm going to keep my comments brief as we held our first quarter conference call earlier this morning, a recording of the call is available on our website. Over the past 30 years, we have built an exceptional company defined by our world-class asset base, strong safety culture, commitment to operational excellence and high-performing team. These competitive strengths have translated into strong and sustained operational and financial performance that has created value for our shareholders, our employees and communities. It is the latter that I am especially proud of being able to support causes that matter to our neighbors and our employees, like the $1.5 million donation we made last year to the Dawson Creek Hospital Foundation for an MRI machine. The agreement that we announced earlier this week for Shell to acquire or recognizes the value we have worked hard to deliver and sets the company up to deliver even more as part of Shell's integrated global platform. In closing, thank you to our shareholders for your ongoing support and to our employees management team and directors for their continued dedication in safely executing our business and creating long-term value. Thank you for joining our annual meeting, and have a good day.