Hutchison Whampoa Europe Investments S.à r.l. Provides Early Warning Disclosure

LUXEMBOURG, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Hutchison Whampoa Europe Investments S.à r.l. (“HWEI”) provides the following early warning disclosure under applicable Canadian securities laws in connection with the completion of the all-stock combination transaction between Cenovus Energy Inc. (“Cenovus”) and Husky Energy Inc. (“Husky”) on January 1, 2021. Pursuant to the transaction, Husky common shareholders received 0.7845 of a Cenovus common share and 0.0651 of a Cenovus common share purchase warrant for each Husky common share held, with each whole warrant entitling the holder thereof to acquire one Cenovus common share for a period of 60 months following the completion of the transaction at an exercise price of C$6.54 per Cenovus common share.In accordance with the transaction, all 403,986,043 Husky common shares (representing 40.19% of the Husky common shares outstanding) held by HWEI were exchanged for an aggregate of 316,927,050 Cenovus common shares (representing approximately 15.71% of the Cenovus common shares outstanding on a non-diluted basis) and 26,299,491 Cenovus common share purchase warrants (together with the Cenovus common shares held by HWEI representing approximately 16.79% of the Cenovus common shares outstanding on a partially-diluted basis assuming the exercise of the Cenovus common share purchase warrants held by HWEI). Prior to the completion of the transaction, HWEI did not own or control any Cenovus common shares and following the completion of the transaction HWEI does not own or control any Husky common shares. HWEI holds its Cenovus common shares and common share purchase warrants for investment purposes and may, depending on market and other conditions, acquire additional Cenovus securities through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options and warrants, convertible securities or otherwise, or may sell all or some portion of the Cenovus securities it owns or controls, or may continue to hold its Cenovus securities, in each case subject to the terms of the standstill agreement, pre-emptive rights agreement and registration rights agreement between HWEI and Cenovus. The terms of such agreements will be described in the early warning report that will be filed by HWEI with applicable Canadian securities regulatory authorities. Such early warning report and HWEI’s early warning report in respect of Husky will be available under Cenovus’s and Husky’s respective profiles at www.sedar.com or may be obtained by contacting J. Laffin at 416-869-5500.

Cenovus’s head office is located at 225 6^th Avenue S.W., Suite 4100, Calgary, Alberta, Canada T2P 1N2. Husky’s head office is located at 707 - 8^th Avenue S.W., Calgary, Alberta, Canada T2P 1H5. The head office of HWEI is located at 7, Rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg.