Cenovus's Diversified & Resilient Business Model

CENOVUS'S DIVERSIFIED & RESILIENT BUSINESS MODEL Shifting exposure to multiple global benchmarks Assets de-risk portfolio funds flow and capture additional margin Concentrated portfolio exposures .TMX Gasoline Refined Products WRB Legacy Cenovus PADD II & USGC cenovus ENERGY PADD II & USGC Hardisty Hardisty Heavy oil value chain anchored by best-in-class SAGD assets. Cenovus today Upstream integrated with a network of heavy oil refining, transportation, and marketing operations. Asphalt Other Jet Diesel Commercial capability monetizes sales volumes and captures profit opportunities in a wide range of markets. 222

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