Cenovus's Diversified & Resilient Business Model

DELIVERING ON OUR COMMITMENTS Balanced capital allocation between deleveraging, shareholder returns and investments Long-term debt reduction of $6.9 billion since 2021 Shareholder returns of $6.7 billion since 2021 Capital investments of $10.6 billion since 2021 $ billion 14.0 12.0 10.0 8.0 6.0 40 4.0 2.0 0.0 Q1 2021 cenovus ENERGY Long-term debt 2022 $ billion 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2021 2022 2023 I Warrant repayment Share buybacks $ billion 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 58 2023 Variable dividend Base & preferred dividends ■2021 Capital investments 2022 2023 57

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