Cenovus's Diversified & Resilient Business Model

REDUCING ABSOLUTE EMISSIONS WHILE GROWING PRODUCTION Evaluating opportunities across our portfolio Total emissions (MMt CO₂e/yr) 30 25 20 20 15 10 5 Illustrative levers to achieve absolute GHG reduction target¹ 35% emissions reduction from a 2019 baseline.2 0 2035F unabated Optimization & methane reductions CCS Downstream energy efficiency Scope 2 & other abatement 2035F GHG target Note: See Advisory. 1) Assumes sufficient government support to enable capital investment. 2) The 2019 baseline has been adjusted to reflect material asset changes, including acquisitions and divestitures. Performance toward our target is measured against this adjusted baseline cenovus ENERGY 47

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