Cenovus's Diversified & Resilient Business Model

INTEGRATED VALUE CHAIN Physical integration enhances margin capture across the value chain Indicative operating margin uplift at US$75 WTI¹ Heavy oil value chain realization US$/bbl 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Netback@ Hardisty Crude export Lloydminster Complex U.S. Refining Total Maximizing the value of every barrel we produce. Note: See Advisory. 1) Without consideration of inventory timing impacts, but includes transportation, royalties and operating costs. cenovus ENERGY Gasoline Diesel, SCO & Other Crude export WCS Value added integration ~70% uplift 19

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