March 2016

This presenta0on is not, and under no circumstances is to be construed to be a prospectus, offering memorandum, adver0sement or public offering of any securi0es of MEG Energy Corp. (“MEG”). Neither the United States Securi0es and Exchange Commission (the “SEC”) nor any other state securi0es regulator nor any securi0es regulatory authority in Canada or elsewhere has assessed the merits of MEG’s securi0es or has reviewed or made any determina0on as to the truthfulness or completeness of the disclosure in this document. Any representa0on to the contrary is an offence.
Recipients of this presenta0on are not to construe the contents of this presenta0on as legal, tax or investment advice and recipients should consult their own advisors in this regard.
MEG has not registered (and has no current inten0on to register) its securi0es under the United States Securi0es Act of 1933, as amended (the “U.S. Securi0es
Act”), or any state securi0es or “blue sky” laws and MEG is not registered under the United States Investment Act of 1940, as amended. The securi0es of MEG may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securi0es Act and applicable state securi0es laws or an exemp0on from such registra0on is available. Without limi0ng the foregoing, please be advised that certain financial informa0on rela0ng to MEG contained in this presenta0on was prepared in accordance with IFRS as issued by the Interna0onal Accoun0ng Standards Board, which differs from generally accepted accoun0ng principles in the United States and elsewhere. Accordingly, financial informa0on included in this document may not be comparable to financial informa0on of
United States issuers.
The informa0on concerning petroleum reserves and resources appearing in this document was derived from a report of GLJ Petroleum Consultants Ltd. dated effec0ve as of December 31, 2014, which has been prepared in accordance with the Canadian Securi0es Administrators Na0onal Instrument 51-101 en0tled
Standards of Disclosure for Oil and Gas Ac0vi0es (“NI 51-101”) at that 0me. Such report has not been revised to reflect amendments made to NI 51-101 effec0ve
July 1, 2015. The standards of NI 51-101 differ from the standards of the SEC. The SEC generally permits U.S. repor0ng oil and gas companies in their filings with the
SEC, to disclose only proved, probable and possible reserves, net of royal0es and interests of others. NI 51-101, meanwhile, permits disclosure of es0mates of con0ngent resources and reserves on a gross basis. As a consequence, informa0on included in this presenta0on concerning our reserves and resources may not be comparable to informa0on made by public issuers subject to the repor0ng and disclosure requirements of the SEC.
There are significant differences in the criteria associated with the classifica0on of reserves and con0ngent resources. Con0ngent resource es0mates involve addi0onal risk, specifically the risk of not achieving commerciality, not applicable to reserves es0mates. There is no certainty that it will be commercially viable to produce any por0on of the resources. The es0mates of reserves, resources and future net revenue from individual proper0es may not reflect the same confidence level as es0mates of reserves, resources and future net revenue for all proper0es, due to the effects of aggrega0on. Further informa0on regarding the es0mates and classifica0on of MEG’s reserves and resources is contained within the Corpora0on’s public disclosure documents on file with Canadian Securi0es regulatory authori0es, and in par0cular, within MEG’s most recently filed annual informa0on form (the “AIF”). MEG’s public disclosure documents, including the AIF, may be accessed through the SEDAR website (www.sedar.com), at MEG’s website (www.megenergy.com), or by contac0ng MEG’s investor rela0ons department.
An0cipated netbacks are calculated by adding an0cipated revenues and other income and subtrac0ng an0cipated royal0es, opera0ng costs and transporta0on costs from such amount.
INVESTOR PRESENTATION 20 16 2

Forward-Looking InformaBon
This document may contain forward-looking informa0on including but not limited to: expecta0ons of future produc0on, revenues, expenses, cash flow, opera0ng costs, steam-oil ra0os, pricing differen0als, reliability, profitability and capital investments; es0mates of reserves and resources; the an0cipated reduc0ons in opera0ng costs as a result of op0miza0on and scalability of certain opera0ons; and the an0cipated sources of funding for opera0ons and capital investments. Such forward-looking informa0on is based on management's expecta0ons and assump0ons regarding future growth, results of opera0ons, produc0on, future capital and other expenditures, plans for and results of drilling ac0vity, environmental mafers, business prospects and opportuni0es.
By its nature, such forward-looking informa0on involves significant known and unknown risks and uncertain0es, which could cause actual results to differ materially from those an0cipated. These risks include, but are not limited to: risks associated with the oil and gas industry, for example, the securing of adequate supplies and access to markets and transporta0on infrastructure; the availability of capacity on the electricity transmission grid; the uncertainty of reserve and resource es0mates; the uncertainty of es0mates and projec0ons rela0ng to produc0on, costs and revenues; health, safety and environmental risks; risks of legisla0ve and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws; assump0ons regarding and the vola0lity of commodity prices and foreign exchange rates; risks and uncertain0es associated with securing and maintaining the necessary regulatory approvals and financing to proceed with MEG’s future phases and the expansion and/or opera0on of MEG’s projects; risks and uncertain0es related to the 0ming of comple0on, commissioning, and start-up, of MEG’s future phases, expansions and projects; the opera0onal risks and delays in the development, explora0on, produc0on, and the capaci0es and performance associated with MEG's projects; and uncertain0es arising in connec0on with any future disposi0on of assets.
Although MEG believes that the assump0ons used in such forward-looking informa0on are reasonable, there can be no assurance that such assump0ons will be correct. Accordingly, readers are cau0oned that the actual results achieved may vary from the forward-looking informa0on provided herein and that the varia0ons may be material. Readers are also cau0oned that the foregoing list of assump0ons, risks and factors is not exhaus0ve.
Further informa0on regarding the assump0ons and risks inherent in the making of forward-looking statements can be found in MEG’s most recently filed annual informa0on form
(“AIF”), along with MEG's other public disclosure documents. Copies of the AIF and MEG's other public disclosure documents are available through the SEDAR website which is available at www.sedar.com.
The forward-looking informa0on included in this document is expressly qualified in its en0rety by the foregoing cau0onary statements. Unless otherwise stated, the forward-looking informa0on included in this document is made as of the date of this document and MEG assumes no obliga0on to update or revise any forward-looking informa0on to reflect new events or circumstances, except as required by law.
Market Data
This presenta0on contains sta0s0cal data, market research and industry forecasts that were obtained from government or other industry publica0ons and reports or based on es0mates derived from such publica0ons and reports and management’s knowledge of, and experience in, the markets in which MEG operates. Government and industry publica0ons and reports generally indicate that they have obtained their informa0on from sources believed to be reliable, but do not guarantee the accuracy and completeness of their informa0on. Ohen, such informa0on is provided subject to specific terms and condi0ons limi0ng the liability of the provider, disclaiming any responsibility for such informa0on, and/or limi0ng a third party’s ability to rely on such informa0on. None of the authors of such publica0ons and reports has provided any form of consulta0on, advice or counsel regarding any aspect of, or is in any way whatsoever associated with, MEG. Further, certain of these organiza0ons are advisors to par0cipants in the oil sands industry, and they may present informa0on in a manner that is more favourable to that industry than would be presented by an independent source. Actual outcomes may vary materially from those forecast in such reports or publica0ons, and the prospect for material varia0on can be expected to increase as the length of the forecast period increases. While management believes this data to be reliable, market and industry data is subject to varia0ons and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limita0ons and uncertain0es inherent in any market or other survey. Accordingly, the accuracy, currency and completeness of this informa0on cannot be guaranteed. None of MEG, its affiliates or the underwriters has independently verified any of the data from third party sources referred to in this presenta0on or ascertained the underlying assump0ons relied upon by such sources.
INVESTOR PRESENTATION 20 16 3

•   Targeted 2016 produc0on volumes of 80,000 – 83,000 bpd
•   Revised 2016 capital investment plan of $170 million, approximately $150 million of which is directed towards sustaining 2015 produc0on levels (equates to $5/bbl)
•   Strong liquidity posi0on supported by cash on hand of $408 million and an undrawn
US$2.5 billion credit facility with no financial maintenance covenants and not due for renewal un0l Fall 2019
•   Plans to deleverage through the mone0za0on of MEG’s interest in the Access Pipeline
•   50,000 bpd of commifed volumes on Flanagan South/Seaway pipeline improves access to world priced markets while reducing vola0lity of MEG’s realized pricing
•   Two brownfield expansions with the poten0al to grow produc0on by ~50% once commodity prices recover, to be primarily funded through internal cash flow
INVESTOR PRESENTATION 20 16 4

* Planned plant maintenance turnarounds
INVESTOR PRESENTATION 20 16 5

ChrisBna Lake Pad A
Infill wells
Phase 1
SAGD wells
A3
A2
NCG/steam co-injec0on
A1
A3N
A2N
A3N
* A2N
Infill wells
INVESTOR PRESENTATION 20 16 6

* Phase Start-Up Higher steam requirements with low ini@al produc@on ** The Net GHG Intensity includes the associated benefits of cogenera@on
Source: Third-party assured MEG GHG data, Environment Canada Na@onal Inventory Report, CAPP
Responsible Canadian Energy 2013 Progress Report Summary, industry average es@mate
INVESTOR PRESENTATION 20 16 7

Dec 2013
MEG shipping by rail from pipeline connected
Canexus terminal
Jan 2014
Marketlink
(XL South) start up
(700,000 bpd)
Sept/Oct 2014
Flanagan-Seaway nomina0ons / linefill
(550,000 bpd)
July 2015
Impact of June
Alberta wildfires
Sept 2015
Impact of planned and unplanned refinery outages in PADD II
Source: Bloomberg, Shorecan, Net Energy
INVESTOR PRESENTATION 20 16 8

Business Environment 4Q15 2015
WTI US$/bbl 42.18 48.80
AECO C$/mcf 2.57 2.71
FX C/US$
Differential – WTI/WCS %
Netbacks
Blend sales
Cost of diluent
1.34
34%
35.20
(12.03)
1.28
28%
42.08
(11.45)
Bitumen realiza0on
Transporta0on
Royalties
Opera0ng costs – non-energy
Opera0ng costs – energy
Power sales
23.17
(5.35)
(0.25)
(5.66)
(3.58)
0.72
30.63
(4.82)
(0.70)
(6.54)
(3.84)
0.99
Cash Operating Netback 9.05 15.72
C$ per barrel unless specified
INVESTOR PRESENTATION 20 16 9

Sources: BMO Capital Markets es@mates of 2016 sustaining capital, MEG’s expected sustaining and maintenance capital for 2016
INVESTOR PRESENTATION 20 16 10

2015 actual results in C$ unless specified
*Assumes price of diluent at 109% of breakeven WTI, C/US FX $1.27
This chart has been prepared for illustra@on purposes only and has been based on certain assump@ons which, if inaccurate, could change the overall result.
INVESTOR PRESENTATION 20 16 11

Revised Capital Investment Summary $ millions
Sustaining and maintenance
Marke0ng, corporate and other
150
20
170
Other
12%
~ 10%
Growth capital
20%
Sustaining and maintenance
88%
~70%
OperaBonal Guidance (unchanged)
Produc0on
Non-energy opera0ng costs
80,000 to 83,000 bpd
$6.75 to $7.75 per barrel
INVESTOR PRESENTATION 20 16
Reduced 2016 planned sustaining capital to below
$5/bbl from previous es0mates of $7-8/bbl, a result of higher well produc0vity than an0cipated from further applica0on of eMSAGP
12

•   Cash balance of $408 million at December 31 th , 2015, including proceeds of
$110 million from the sale of a non-core asset in 4Q15
•   Rela0vely low-level of sustaining and maintenance capital of approximately
$5/bbl in 2016
•   US$2.5 billion undrawn revolving credit facility with no financial maintenance covenants and not due for renewal un0l Fall 2019
•   No near term maturi0es – first debt maturity in 2020
•   All debt is covenant-lite – free of any financial maintenance covenants and not dependent on nor calculated from crude oil reserves
•   Organic growth and poten0al mone0za0on of assets to further strengthen the balance sheet
INVESTOR PRESENTATION 20 16 13

In C$ billions, assume US$1 = C$1.3840
Subject to rounding
Liquidity
Cash and cash equivalents
Undrawn revolving credit facility (US$2.5 billion)
Outstanding Debt
Senior secured term loan due 2020
6.5% Senior unsecured notes due 2021
6.375% Senior unsecured notes due 2023
7.0% Senior unsecured notes due 2024
Average pre-tax effecBve cost of debt = 5.8% *
*Defined as the weighted average interest rate of the senior secured term loan and senior unsecured notes outstanding, including the impact of interest rate swaps
S&P ra0ngs on MEG’s outstanding debt are BB+ and BB- for the senior secured term loan and our three senior unsecured notes respec0vely, as of February 3 rd , 2016.
Moody’s ra0ngs on MEG’s outstanding debt are B3 and Caa3 for the senior secured term loan and our three senior unsecured notes respec0vely, as of February 3 rd , 2016.
INVESTOR PRESENTATION 20 16
As of December 31, 2015
0.41
3.46
3.87
1.73
1.04
1.11
1.38
5.26
14

INVESTOR PRESENTATION 20 16 15

INVESTOR PRESENTATION 20 16 16

Director, Investor Relations
403.767.6206
helen.kelly@megenergy.com
VP, Investor Relations and External Communications
403.770.5335
john.rogers@megenergy.com