Cenovus's Diversified & Resilient Business Model

CENOVUS'S INTEGRATED MODEL Extensive optionality for ex-Alberta egress West Coast Trans Mountain Expansion ~144,000 bbls/d Transit time: 8 to 10 days Tolling US$7.50 - US$9.50/bbl Rainbow Lake Northern Corridor Edson Clearwater Sunrise Christina Lake Foster Creek T! Lloyd Upgrader & Refinery Lloydminster Bruderheim Hardisty Terminal Terminal Note: See Advisory. cenovus ENERGY Borger Refinery Superior Refinery Chicago Toledo Refinery Lima Refinery Wood River Refinery PADD II Ex-Alberta egress ~290,000 bbls/d Transit time: 15 to 45 days Tolling US$5.50 - US$7.50/bbl U.S. Gulf Coast Ex-Alberta egress ~100,000 bbls/d Transit time: 30 to 35 days Tolling US$9.00 – US$10.00/bbl 17

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