Cenovus's Diversified & Resilient Business Model

OFFSHORE STRATEGIC VALUE Stable, diversified free cash flow generation Atlantic Atlantic portfolio sustains exposure to Brent pricing well into the 2030s. • Generates substantial free cash flow over the five-year plan. • • Robust go-forward returns at bottom of the cycle pricing with West White Rose Project completion. • Asia Pacific Strong free cash flow generation, with limited capital requirements. Geographically diverse business tied to high value, mostly fixed- price contracts. Exploring portfolio upside opportunities and contract extensions. SeaRose FPSO Note: See Advisory. cenovus ENERGY Liwan Gas Project 海洋石油981 HAI YASH YO NOT 海洋石油981 15

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