Cenovus's Diversified & Resilient Business Model

Advisory Oil and Gas Information Natural gas volumes are converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value. Specified Financial Measures Certain financial measures in this document do not have a standardized meaning as prescribed by International Financial Reporting Standards (IFRS) Accounting Standards including Operating Margin, Adjusted Funds Flow, and Free Funds Flow. These measures may not be comparable to similar measures presented by other issuers. These measures are described and presented in order to provide shareholders and potential investors with additional measures for analyzing our ability to generate funds to finance our operations and information regarding our liquidity. Unless otherwise indicated, forward-looking measures are based on internal forecasted pricing and projected volumes for the periods indicated and on the assumptions inherent therein. In addition, forward-looking measures, by their nature, are subject to the risk factors, assumptions and uncertainties specified under the heading "Forward-looking Information" below and described in other documents Cenovus files from time to time with securities regulatory authorities (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus's website at cenovus.com). This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Accounting Standards. For further details on these measures, see the "Specified Financial Measures Advisory" located in Cenovus's Management Discussion & Analysis for the period ended December 31, 2023 (Annual MD&A) which is incorporated by reference herein and available on Cenovus's SEDAR+ profile at www.sedarplus.ca. Forward-looking Information This presentation contains forward-looking statements and other information (collectively "forward-looking information") about Cenovus's current expectations, estimates and projections, made in light of Cenovus's experience and perception of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. This forward-looking information is identified by words such "achieve", "aim", "ambition", "anticipate", "believe", "capacity", "committed", "continue", "drive", "could", "estimate", "expect", "F", "focus", "forecast", "future", "maintain”, “may”, “objective”, “opportunities", "plan", "position", “potential”, “"prioritize”, “progress", "strive", "target" and "will" or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: general and specific priorities; reserves life index; production, refining and upgrading capacity; growing shareholder returns including acquiring shares under the normal-course issuer bid (NCIB) and variable dividends; maintaining capital discipline while growing total shareholder returns beyond the base dividend in accordance with the capital allocation framework; allocation of Excess Free Funds Flow to shareholder returns and net debt reduction; Net Debt, long-term debt and maintaining the net debt floor; operating performance and sustainability leadership; cost leadership; financial discipline; shareholder value and returns through the capital allocation framework; Cenovus's geographic diversification, physical integration and market access; Free Funds Flow generation and allocation; Net Debt to Adjusted Funds Flow Ratio; Adjusted Funds Flow; Operating Margin; Netbacks; flexibility in both high and low commodity price environments; funding near-term cash requirements; managing capital structure; dividends of any kind; meeting payment obligations; debt levels; global population growth; rise of global GDP; global demand; expected 2024 production; five-year view of upstream production;

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