Cenovus's Diversified & Resilient Business Model

HEAVY OIL VALUE CHAIN Realizing uplift through value optimization and marketing Upstream Midstream Downstream ~850 Mbbls/d WCS @ Hardisty ~250 Mbbls/d Product storage ~4.0 MMbbls Total refining and upgrading ~745 Mbbls/d Product mix Third-party product 10% 10% ~600 Mbbls/d Option to export ~60 Mbbls/d purchases 10% ~335 Mbbls/d Blended bitumen Heavy processing and takeaway capacity TMX ~144 Mbbls/d USGC1 ~100 Mbbls/d ■Gasoline Distillate 40% Asphalt ■SCO ■ Other 30% Lloydminster complex ~110 Mbbls/d ~410 Mbbls/d Product storage Heavy ~7.4 MMbbls refining CVE PADD II refining ~300 Mbbls/d capacity 1) Numbers are not intended to be additive due to changing pipeline commitments through the plan. cenovus ENERGY 18

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