The summary (which is available in the PDF document to the right) is intended to provide information that may be of assistance to EnCana Shareholders who participated (and did not exercise dissent rights) in the November 30, 2009 Arrangement. Please refer to the section on "Certain Canadian Federal Income Tax Considerations" in the Information Circular on the Arrangement dated October 20, 2009, for further information. All of the limitations and assumptions in those sections of the Information Circular apply for purposes of this summary. Please refer to the Information Circular for the meaning of capitalized terms that are not otherwise defined in the summary.

The summary provides general information only. EnCana Shareholders are urged to consult their tax advisors concerning the tax consequences of the Arrangement to them.

As described in the Information Circular, under the Plan of Arrangement each Shareholder has received one New EnCana Common Share and one EnCana Special Share in exchange for each EnCana Common share held immediately prior to the exchange on November 30, 2009. Each EnCana Special Share was then exchanged for one Cenovus Common Share.