Cenovus's Diversified & Resilient Business Model

CENOVUS'S VALUE PROPOSITION Disciplined capital allocation, safe & reliable operations, sustainability leader Conservative costs & capital structure Resilient balance sheet approaching $4.0B net debt. Competitive operating & sustaining capital costs reducing operating costs by ~15%.1 Efficient & disciplined investment Adjusted funds flow of ~$6.0B at US$45 WTI¹,2 ~$12.0B at US$75WTI.² Highly efficient capital generates growth to ~950,000 bbls/d by 2028. Increasing shareholder returns Growing base dividend capacity to ~$2.0B² double-digit base dividend growth. Significant excess free funds flow going to 100% shareholder returns. Note: See Advisory. 1) Forecasted in 2028. 2) Non-GAAP financial measure. cenovus ENERGY 99 66

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