Cenovus's Diversified & Resilient Business Model

COMMODITY PRICE ASSUMPTIONS US$45 WTI scenario US$/bbl unless otherwise stated 2024F 2025F 2026F 2027F 2028F Brent $47.00 $47.00 $47.00 $47.00 $47.00 WTI $45.00 $45.00 $45.00 $45.00 $45.00 WTI-WCS differential $12.50 $12.50 $12.50 $12.50 $12.50 WCS $32.50 $32.50 $32.50 $32.50 $32.50 Chicago 3-2-1 crack spread $16.00 $16.00 $16.00 $16.00 $16.00 RINS $4.00 $4.00 $4.00 $4.00 $4.00 AECO (C$/Mcf) FX (US$/C$) $1.85 $1.85 $1.85 $1.85 $1.85 0.74 0.74 0.74 0.74 0.74 Note: See Advisory. cenovus ENERGY 70 70

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