Cenovus's Diversified & Resilient Business Model

Shareholder returns Acquisitions & divestitures Maintain $4.0B of net debt Discretionary capital EFFF = AFF - committed capital - growth capital +/- A&D increasing to ~$2.0 billion per year in 2028. Acquisitions compete against organic uses of capital. Targeting 100% EFFF returns to shareholders. CAPITAL ALLOCATION PRIORITIES Committed to balance sheet strength and shareholder returns Committed capital Safe and reliable operations Sustaining capital Asset retirement obligations Growth capital Capital allocation priorities Maintain $4.0 billion net debt or 1x net debt to AFF at US$45 WTI. Base & preferred dividends . • Capital reinvestment ensures only the Capital leases best projects receive funding. • Share buybacks Base dividend growth capacity Variable dividends Note: See Advisory 1) Leverage ratio reflects Net Debt to Adjusted Funds Flow at the bottom of the cycle, or US$45 WTI. cenovus ENERGY 60 60

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