Cenovus's Diversified & Resilient Business Model

HIGHLIGHTS OF THE FIVE-YEAR PLAN Disciplined and capital-efficient growth MBOE/d Mbbls/d Production & throughput 1,000 900 800 700 $ billion Capital investments¹ 5.0 4.0 3.0 2.0 1.0 600 2024F 2025F 2026F 2027F Downstream throughput ■Total production 0.0 2024F 2025F 2028F Note: See Advisory. 1) Capital investments exclude potential capital spending associated with GHG emissions reductions. cenovus Sustaining capital ENERGY 2026F 2027F 2028F ■Growth capital 9

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