ARC RESOURCES LTD. ANNOUNCES THAT INDEPENDENT PROXY ADVISORY FIRMS ISS AND GLASS LEWIS HAVE RECOMMENDED ARC SHAREHOLDERS VOTE "FOR" THE ARRANGEMENT WITH SHELL PLC

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ARC RESOURCES LTD. ANNOUNCES THAT INDEPENDENT PROXY ADVISORY FIRMS ISS AND GLASS LEWIS HAVE RECOMMENDED ARC SHAREHOLDERS VOTE "FOR" THE ARRANGEMENT WITH SHELL PLC ARC RESOURCES LTD. ANNOUNCES THAT INDEPENDENT PROXY ADVISORY FIRMS ISS AND GLASS LEWIS HAVE RECOMMENDED ARC SHAREHOLDERS VOTE "FOR" THE ARRANGEMENT WITH SHELL PLC /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire CALGARY, AB, July 2, 2026 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") announced today that independent proxy advisory firms, including Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), have recommended that the holders of ARC common shares ("ARC Shareholders") vote "FOR" the arrangement resolution at the upcoming special meeting (the "Meeting") of ARC Shareholders to be held on July 14, 2026 at 10:00 a.m. (Mountain time). At the Meeting, ARC Shareholders will be asked to approve the previously announced plan of arrangement (the "Arrangement") involving ARC, Shell plc ("Shell"), Shell Canada Limited, a wholly-owned subsidiary of Shell, and the ARC Shareholders. ISS AND GLASS LEWIS PROXY RECOMMENDATIONISS and Glass Lewis highlighted several factors in their reports in support of the Arrangement.ISS stated, "the strategic rationale is sound, and shareholders are being offered blended consideration of cash and stock at a premium. Shareholders are expected to benefit from a combined company that is a more diversified, scaled entity, with increased liquidity, and a stronger financial position".ISS also noted that based on the advice of a special committee of independent directors, the board of directors of ARC (the "ARC Board") unanimously approved the Arrangement after considering a number of factors, including that:The Consideration's (as defined below) premium to the stock's unaffected trading price (as of April 24, 2026, the last trading day prior to the announcement of the Arrangement Agreement (as defined below)) was 27.3 per cent;The combined company is expected to benefit from synergies of US$250 million annually;The balanced form of Consideration provides immediate liquidity, ce...

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