Cenovus's Diversified & Resilient Business Model

OPERATING SAFELY AND SUSTAINABLY - CENOVUS'S ESG TARGETS Safety & asset integrity and good governance are foundational CLIMATE & GHG EMISSIONS Reduce absolute GHG emissions by 35% by year-end 2035. Includes milestone to reduce upstream methane emissions by 80% by year-end 2028. Reach long-term ambition for net zero emissions from operations by 2050. WATER STEWARDSHIP Reduce freshwater intensity by 20% in oil sands and in thermal operations by year-end 2030. BIODIVERSITY Reclaim 3,000 decommissioned well sites by year-end 2025. Restore more habitat than we use in the Cold Lake caribou range by year-end 2030. INDIGENOUS RECONCILIATION Achieve a minimum of $1.2B of spending with Indigenous businesses between 2019 and year-end 2025. Attain PAR¹ gold certification from the CCAB¹ by year-end 2025. INCLUSION & DIVERSITY Increase women in leadership roles to 30% by year-end 2030. Achieve at least 40% representation from designated groups among non-management Directors, including at least 30% women, by year-end 2025.2 Note: See Advisory. Targets include start year: 2019 for emissions, water intensity, well reclamation and Indigenous business spend; 2016 for caribou habitat restoration. Emissions reductions are in reference to scope 1 and 2 on a net equity basis. 1) Progressive Aboriginal Relations (PAR), Canadian Council of Aboriginal Business (CCAB). 2) Designated groups are defined as women, Indigenous peoples, persons with disabilities and members of visible minorities. cenovus ENERGY 46

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