Cenovus's Diversified & Resilient Business Model

SHAREHOLDER RETURNS PRINCIPLES Disciplined and opportunistic returns Committed capital Base dividend Sustainable @ US$45 WTI Grow at a pace with growth in the business Consistent and predictable year- by-year growth Five-year plan suggests capacity going to ~$2 billion Discretionary capital Excess free funds flow distribution Share buybacks Opportunistic and returns driven, not ratable Fits within our financial framework Preferred way to return capital to shareholders Evaluated based on intrinsic value @ US$60 WTI Variable dividend Option when share buybacks are less attractive Any excess free funds flow not used for share buybacks to be paid in variable dividends Note: See Advisory. cenovus ENERGY 61

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