Cenovus's Diversified & Resilient Business Model

HIGH-QUALITY, DIVERSE & INTEGRATED PORTFOLIO Geographic diversification, physical integration and market access Production Logistics ~850 Mbbls/d blended bitumen ~600 Mbbls/d takeaway & refining capacity Sunrise Oil Sands and Thermal Heavy Oil production Lloydminster Thermals & Conventional Heavy Oil Note: See Advisory. cenovus ENERGY FCCL Pipeline egress ~250 Mbbls/d exposed to Hardisty Refining ~400 Mbbls/d of heavy oil refining capacity Toledo Superior Refining and Upgrading Canadian Refining U.S. Refining Lloydminster complex Lima WRB 8

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