Cenovus's Diversified & Resilient Business Model

CENOVUS'S VALUE PROPOSITION Compelling investments drive significant funds flow growth Growing cash from operating activities $ billion 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 $ billion 14.0 12.0 10.0 8.0 6.0 4.0 2.0 Increasing free funds flow over the plan¹ 0.0 0.0 2023 2024F 2025F 2026F US$60 WTI US$75 WTI 2027F ■US$100 WTI 2028F 2023 2024F ■US$60 WTI 2025F 2026F 2027F 2028F US$75 WTI ■US$100 WTI Note: See Advisory. 1) Non-GAAP financial measure. cenovus ENERGY 10

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