Cenovus's Diversified & Resilient Business Model

MAPPING OUR EMISSIONS REDUCTIONS Supporting the transition to a lower-carbon economy Near term 2024 Medium term 2025 - 2035 Supportive policy environment and technological advancements Long term 2035 - 2050 Methane reductions Pathways CO2 pipeline and hub¹ Carbon capture and storage (CCS) Small modular nuclear reactors (SMR) for oil sands¹ Downstream energy efficiencies Expanded cogeneration paired with CCS Note: See Advisory. 1) Assumes sufficient government support to enable capital investment. cenovus ENERGY 48

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