Cenovus's Diversified & Resilient Business Model

STRONG BASE DIVIDEND GROWTH AT US$45 WTI Sustaining capital and dividends well covered at the bottom of the cycle Cash from operating activities fully covers $ billion commitments at US$45 WTI $ billion Significantly growing dividend capacity at US$45 WTI 6.0 5.0 4.0 2.5 2.0 Dividends ARO/Lease 1.5 liabilities 3.0 Sustaining 1.0 capital 2.0 1.0 0.5 0.0 0.0 Current dividend Dividend capacity 2028F Note: See Advisory. cenovus ENERGY (2028F) Capacity to grow dividend 100% over five years at US$45 WTI Bottom of the cycle cash from operating activities ~$6 billion in 2028 62 62

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