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The Board of Directors of Pengrowth Energy Corporation UNANIMOUSLY Recommends That the Shareholders and Secured Debtholders Vote “FOR” the Arrangement

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The Board of Directors of Pengrowth Energy Corporation UNANIMOUSLY Recommends That the Shareholders and Secured Debtholders Vote “FOR” the Arrangement These materials are important and require your immediate attention. They require the Shareholders and Secured Debtholders of Pengrowth Energy Corporation (“Pengrowth”) to make important decisions. If you are in doubt as to how to make such decisions please contact your financial, legal, tax or other professional advisors. NOTICE OF SPECIAL MEETINGS OF THE SHAREHOLDERS AND SECURED DEBTHOLDERS OF PENGROWTH TO BE HELD ON DECEMBER 18, 2019 and NOTICE OF ORIGINATING APPLICATION TO THE COURT OF QUEEN'S BENCH OF ALBERTA and INFORMATION CIRCULAR AND PROXY STATEMENT with respect to a PROPOSED PLAN OF ARRANGEMENT involving PENGROWTH ENERGY CORPORATION, CONA RESOURCES LTD., WATEROUS ENERGY FUND (CANADIAN) LP, WATEROUS ENERGY FUND (US) LP, WATEROUS ENERGY FUND (INTERNATIONAL) LP, AND THE SHAREHOLDERS, OPTIONHOLDERS, INCENTIVEHOLDERS AND SECURED DEBTHOLDERS OF PENGROWTH ENERGY CORPORATION The Board of Directors of Pengrowth Energy Corporation UNANIMOUSLY recommends that the Shareholders and Secured Debtholders vote “FOR” the Arrangement. November 18, 2019 - ii - TABLE OF CONTENTS LETTER TO SHAREHOLDERS AND SECURED DEBTHOLDERS ........................................................................ i NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS AND SECURED DEBTHOLDERS OF PENGROWTH ......................................................................................................................................................... iv NOTICE OF ORIGINATING APPLICATION ........................................................................................................... vi VOTING INFORMATION ........................................................................................................................................viii GLOSSARY OF TERMS ................................................................................................................................................................. 1 EXCHANGE RATES ..................................................................................................................................................................... 12 INFORMATION CIRCULAR AND PROXY STATEMENT ....................................................................................................... 13 SUMMARY.................................................................................................................................................................................... 16 Procedure for the Pro Rata Share of the Litigation Trust Interests .......................................................................... 24 Distribution of Secured Debtholder Consideration ................................................................................................. 24 THE ARRANGEMENT ................................................................................................................................................................. 26 Background to the Arrangement ............................................................................................................................. 26 Reasons For and Anticipated Benefits of the Arrangement .................................................................................... 29 Financial Advisor and Fairness Opinion ................................................................................................................. 31 Recommendation of the Pengrowth Board .............................................................................................................. 31 Arrangement Mechanics .......................................................................................................................................... 31 Treatment of Options and Incentives ...................................................................................................................... 34 Effect of the Arrangement on Shareholders and Incentiveholders .......................................................................... 34 Effect of the Arrangement on Noteholders and Lenders ......................................................................................... 34 Consequences of Shareholder Approval or Secured Debtholder Approval Not Being Obtained ............................ 34 The Arrangement Agreement .................................................................................................................................. 35 Extension of Secured Indebtedness Maturities ........................................................................................................ 47 Shareholder and Secured Debtholder Approval ...................................................................................................... 48 Support Agreements ................................................................................................................................................ 48 Court Approval of the Arrangement and Completion of the Arrangement ............................................................. 51 Regulatory Matters .................................................................................................................................................. 51 Interests of Certain Persons in the Arrangement ..................................................................................................... 52 Procedure for Exchange of Certificates or DRS Advices by Shareholders ............................................................. 55 Failure to Deposit Certificates or DRS Advices ...................................................................................................... 56 Stock Exchange Listings ......................................................................................................................................... 57 Canadian Securities Law Matters ............................................................................................................................ 57 RISK FACTORS ............................................................................................................................................................................ 59 TAX CONSIDERATIONS TO SHAREHOLDERS AND SECURED DEBTHOLDERS ............................................................ 61 INFORMATION CONCERNING WEF AND THE PURCHASER .............................................................................................. 66 INFORMATION CONCERNING PENGROWTH ........................................................................................................................ 66 DISSENTING SHAREHOLDER RIGHTS.................................................................................................................................... 66 INFORMATION CONCERNING THE MEETINGS .................................................................................................................... 69 LEGAL MATTERS ........................................................................................................................................................................ 73 INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS .............................................................................. 74 APPROVAL ................................................................................................................................................................................... 74 APPENDIX A — ARRANGEMENT RESOLUTION APPENDIX B — INTERIM ORDER APPENDIX C — ARRANGEMENT AGREEMENT APPENDIX D — FAIRNESS OPINION APPENDIX E — SECTION 191 OF THE BUSINESS CORPORATIONS ACT (ALBERTA) LETTER TO THE SHAREHOLDERS AND SECURED DEBTHOLDERS OF PENGROWTH November 18, 2019 Dear Shareholders and Secured Debtholders of Pengrowth: You are invited to attend the special meeting of the Shareholders (the “Shareholder Meeting”) and the special meeting of Secured Debtholders of Pengrowth (the “Secured Debtholder Meeting”, and together with the Shareholder Meeting, the “Meetings”), to be held at 2:00 p.m. (Calgary time) on December 18, 2019 at Livingston Place (South Tower) in the Livingston Place Club Conference Centre, Plus 15 level, 222 – 3rd Avenue S.W., Calgary, Alberta, Canada. The “Shareholders” are the holders of common shares (the “Shares”) of Pengrowth Energy Corporation (“Pengrowth”) and the “Secured Debtholders” are: (i) the holders of Pengrowth’s 7.98% Senior Secured Notes, Series B, due May 11, 2020 (the “2010 Notes”); (ii) the holders of Pengrowth’s 5.49% Senior Secured Notes, Series A, originally due October 18, 2019, 5.45% Senior Secured Notes, Series D, originally due October 18, 2019, 6.07% Senior Secured Notes, Series B, due October 18, 2022, 6.74% Senior Secured Notes, Series E, due October 18, 2022, and 6.17% Senior Secured Notes, Series C, due October 18, 2024 (collectively, the “2012 Notes” and together with the 2010 Notes, the “Notes”; and (iii) the syndicate of lenders (the “Lenders”) under the Credit Agreement (as defined in the attached Information Circular).). At the Meetings, Shareholders and Secured Debtholders will be asked to consider, and, if deemed advisable, to pass a special resolution (in each case, the “Arrangement Resolution”), approving an arrangement (the “Arrangement”) pursuant to Section 193 of the Business Corporations Act (Alberta) which provides for, among other matters, the acquisition by Cona Resources Ltd. (the “Purchaser”) of all of the outstanding Shares and payment by Pengrowth, with funds advanced by the Purchaser of certain amounts outstanding under the Credit Agreement and the outstanding Notes on the
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