Cenovus Corporate Presentation

CORPORATE PRESENTATION Q1 2021 May 7, 2021 Cenovus at a glance

TSX, NYSE | CVE

2021E production 755 MBOE/d Oil Sands 555 Mbbls/d Conventional 140 MBOE/d Offshore 70 MBOE/d

Upgrading and refining 660 Mbbls/d capacity

2020 proved & probable 8.4 BBOE reserves

Reserves life index 30+ years

Note: Values are approximate. Forecasted production based on the midpoint of January 28, 2021 guidance. Refining capacity represents net capacity to Cenovus. See Advisory.

Why Cenovus

Integrated energy leader positioned to deliver value for all stakeholders

Market Committed to Committed to Resilient diversification Free funds flow shareholder ESG leadership balance sheet & integration focused returns

Optimizing margin Committed to Investment grade Leading cost structure Support for the base WTI breakeven capture across the leading ESG and safety credit profile dividend and strong heading to value chain and funds performance provides resiliency positioning for flow stability through the cycle

Targeting less than Returns focused Broad portfolio Proven track record <2x net debt to capital allocation, exposure to of emissions intensity EBITDA oil sands sustaining global pricing reductions, ~30%1 at US$45 WTI capital ~$4.50/bbl (net debt <$8B (2021) longer term)

1- GHG emissions intensity reduction reflects change from 2004 to 2019 2- Subject to Board approval. See Advisory

1 First quarter delivers adjusted funds flow of $1.1 billion

Strong progress made on Husky integration and synergies

Q1 Highlights Q1 2021 results • Operating margin of $1.9 billion driven Adjusted funds flow $1,141 million by solid oil sands performance

• Strong netbacks captured across the Free funds flow $594 million business: • Oil Sands $26.56/bbl Integration costs $245 million • Conventional $15.80/BOE • Offshore $56.10/BOE Capital spending $547 million • Oil sands production of 553 Mbbls/d, driven by FCCL production of 386 Production 769 MBOE/d Mbbls/d and record production from Lloydminster thermals of 96 Mbbls/d Downstream throughput 469 Mbbls/d

Note: See Advisory Date here 3

High-quality, diverse & integrated portfolio

Geographic diversification, physical integration and market access ) 2021E Production Rainbow Sunrise (MBOE/d)

Atlantic Offshore ~70 Christina Lake Canada Foster Creek Conventional Deep Basin Tucker ~140 Lloyd Upgrader & Refinery 730-780 Lloyd Thermal MBOE/d

Bruderheim Hardisty Terminal Terminal Oil Sands ~555 Asia Pacific Superior China Refinery Legend Refining / Upgrading Liwan (Mbbls/d) Conventional Capacity

Thailand Oil Sands Superior Lloyd 49 U&R Philippines Offshore 110

Refineries Toledo ~660 Toledo Refinery 80 Midstream Mbbls/d WRB 248 Crude Export Pipelines Lima Refinery Lima Wood River 175 Madura PSC Indonesia Borger Refinery Refinery

Note: See Advisory

2 Integrated portfolio of high-quality assets

High-quality, low-cost heavy oil assets with extensive midstream & downstream infrastructure

Top-tier heavy oil assets Extensive midstream & downstream network

• FCCL – best-in-class oil sands assets with low • Combined pipeline, rail, storage and refining SOR, low sustaining capital and long-life platform enhances ability to capture margin reserves • Strategically located assets, including in-basin • Lloyd Thermal – repeatable, profitable refining and upgrading complex at development opportunities; stable operations at Lloydminster, storage / blending operations at Sunrise & Tucker Hardisty, and a large U.S. refining footprint in PADD II & III • Extensive resource portfolio to sustain current production at low cost for 30+ years • Retail and commercial fuels business

High netback offshore production Short-cycle natural gas portfolio

• Attractive development opportunities • Long-term, fixed price gas production in China including liquids-rich Montney, and Deep and Indonesia Basin gas and liquids

• Brent oil price exposure in Atlantic Canada at • Extensive infrastructure and natural gas the White Rose and Terra Nova fields processing capacity

Note: See Advisory

Committed to a strong safety culture

Safety and asset integrity is prioritized above all else

Harmonize and integrate core programs that protect the safety of Goal to our staff and the integrity of our assets make Cenovus a Implement the Cenovus Operations Integrity Management System (COIMS) to guide how we run and maintain our operations global top-tier Drive continued performance improvement and further embed safety into our overall culture safety performer Incentivize performance across the organization by including key safety metrics on our performance scorecard

3 ESG focus areas for meaningful and ambitious targets Identified ESG focus areas via robust materiality assessment

ESG FOCUS AREAS

Climate & GHG emissions Water stewardship Biodiversity Supporting transition to lower Using water in an environmentally Addressing ecological, wildlife and carbon economy* sustainable manner land use impacts

Indigenous reconciliation Inclusion & diversity Ongoing engagement to support Building a sense of belonging increased understanding and inclusion through inclusion and diversity

SAFETY & ASSET INTEGRITY Committed to global top-tier safety performance, operational reliability and asset integrity

GOVERNANCE Robust governance framework that underpins our long-term strategy and business plans

Note: See Advisory. *Ambition of net zero by 2050 maintained; additional climate related target development for the combined portfolio is underway.

Canadian barrels are in the world’s best interest

Opportunity for high ESG-ranked Canadian barrels to displace lower ESG-ranked barrels

Aggregated ESG score for top reserve holders Bbbls 100 400

75 300

50 200

25 100

0 0

Yale Environmental Index (2020) Social Progress Index (2020) World Bank Governance Index (2019) Total Proved Reserves (2019)

Sources: ESG Scores – aggregation using an equal weighting (1/3) for each of Yale Environmental Performance Index, Social Progress Index and World Bank Governance Index. Reserves - BP Statistical Review of World Energy 2020 based on government and published data.

4 Leadership through technology and innovation

Technologies to reduce GHG emissions and support net zero ambition

Carbon capture, utilization and storage (CCUS)

• Lloydminster Ethanol Plant captures CO2 from production of fuel- grade ethanol for enhanced oil recovery

• Participation in Svante partnership currently testing new carbon capture technology at Pikes Peak South thermal project

• Collaboration and government support creating potential to accelerate CCUS in the oil sands CCS at Pikes Peak South SAGD technology • Largest and most technologically advanced operator with strategies to optimize steam, inject non-condensable gas and increase injection points to reduce per-barrel emissions

• Multiple solvent pilot projects with potential to reduce GHG emissions and water use to de-risk the technology ahead of commercial deployment

Solvent Pilot at FC

Compelling free funds flow capacity Delivering on synergies and debt reduction a driver for share price momentum

• WTI break-even of US$36/bbl Highest FCF yield Lowest debt adjusted cash flow multiple in 2021 with further 2022E 2022E

reductions forecasted through 30% 8x 2023 7x 25% • Integration and market 6x 20% diversification provides 5x exposure to global pricing supportive of a higher 15% 4x 3x valuation 10% 2x • Scale and quality of oil sands 5% business competes globally 1x on the supply cost curve 0% 0x CVE CVE

Note: Source: RBC Capital Markets. Based on RBC Base Commodity Price Deck; updated May 3, 2021. Peers include CNQ, CVX, COP, XOM, IMO, SU. See advisory.

5 Disciplined capital allocation

Focused on full cycle earnings and shareholder returns

Current $10B > Net debt > $8B Net debt <$8B

Safe and reliable operations Safe and reliable operations Safe and reliable operations

Sustaining Base Sustaining Base Sustaining Base capital dividend capital dividend capital dividend

Net debt reduction Net debt reduction

Net debt reduction Increasing Incremental Incremental shareholder investment in Increasing investment returns1 the business shareholder in the returns1 business

Note: 1 – Subject to Board approval. See Advisory

Free funds flow profile supports deleveraging

Current commodity prices support reducing net debt to ~$10 billion target by year-end 2021

Potential net debt reduction trajectory ($ billions) $13.3 • All free funds flow to be directed towards the balance sheet until $10 billion in net debt is achieved ~$10

~$8 • Longer term target of $8 billion or below in net debt

• Lower leverage helps ensure liquidity and resilience throughout the commodity price cycle

As at March 2021 YE 2022+ 31, 2021

Note: See Advisory

6 Building optimal capital structure Investment grade credit profile supports capital structure flexibility

Liquidity position Debt maturity profile1

US$ maturities C$ maturities $2.5

~$8.5 billion $2.0 committed credit facilities as of March 31, 2021 $1.5

$1.0 Credit ratings $0.5 S&P Moody’s DBRS Fitch - BBB- Baa3 BBB BB+ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2037 2039 2042 2043 2047

Negative Stable Positive billions) (US$ outstanding Principal Stable outlook outlook trend outlook

• Expect to reduce overall levels of debt as • ~10 year weighted average bond maturity opportunities are available • Evaluating optimal bond and debt structure as we shift to lower leverage

Note: 1 - C$ maturities converted to US$ using 0.78 CAD/USD exchange rate. See Advisory

2021 budget expected to deliver ~$1 billion in synergies ~$1.2 billion per year in run-rate synergies by end of 2021

Synergy realization ($millions) A Workforce reductions, operating & other cost synergies

$1,800 • ~$400 million savings to be achieved in 2021 • FCCL operating strategies applied to other SAGD assets $1,600 • IT and procurement and commercial savings $1,400 • Combined Conventional portfolio benefits

$1,200 C B Sustaining capital allocation synergies $1.2B $1,000 B annual • ~$600 million savings to be achieved in 2021 run-rate $800 ~$600MM • Optimize sustaining capital allocation to highest quality synergies assets without impacting volumes $600 • Drive down break-evens and sustaining capital $400 requirements ~$400MM $200 C Longer-term opportunities for margin enhancement $0 A 2021E 2022E • Enhanced operating and development practices • Potential optimization through the physical integration between FCCL and the Lloyd complex

Note: See Advisory

7 Oil Sands operations are the foundation of our business

~555,000 barrels per day of production expected from Oil Sands in 2021

Christina Lake Sunrise (50% working interest) • 220 - 240 Mbbls/d production 2021E • 23 - 27 Mbbls/d net production 2021E • $6.25 - $7.50/bbl opex • $14 - $17/bbl opex • Industry leading CSOR ~1.9 • Physical integration with the Toledo • Cogeneration capacity of ~100MW Refinery

Foster Creek Tucker • 165 -185 Mbbls/d production 2021E • 18 - 22 Mbbls/d production 2021E • $8.50 - $9.75/bbl opex • $14 - $17/bbl opex • CSOR ~2.5 • Provides optionality for feedstock to • Cogeneration capacity of ~100MW the Lloydminster complex

Lloyd Thermals Cold / Enhanced Oil Recovery (EOR) • 80 - 90 Mbbls/d production 2021E • 18 - 22 Mbbls/d production 2021E • $13 - 15/bbl opex • $31 - $34/bbl opex • Higher quality, lower API and viscosity • Managing natural declines than traditional oil sands crude • Piloting CO2 EOR technology

Note: See Advisory

Top tier oil sands operations drives free funds flow

Building on our core strengths with an expanded portfolio

• Industry leaders in SAGD and track record of responsible development • Operating margin strength supports sustainable shareholder returns • Low upstream operating costs and low sustaining capital structure • Applying operating strategies and development expertise in expanded portfolio

Low cost, low Top-tier heavy oil Leaders in SAGD Cogeneration decline reserves operations performance capacity

Note. See Advisory

8 Best-in-class SAGD operations Leveraging operating experience and technology for continuous improvement

• Largest and most experienced Largest in situ oil sands producer with top-tier SOR performance SAGD operator with advanced Mbbls/d SOR operating strategies applied 600 6 across the combined portfolio Production SOR 500 5 • Top performing assets with low GHG intensity resilient to 400 4 rising carbon prices 300 3 • Low sustaining capital 200 2 requirements and low operating costs drive free 100 1 funds flow across the business 0 0 CVE

Note: Source: Alberta Energy Regulator. SOR refers to portfolio weighted steam to oil ratio, a key measure of efficiency for in situ oil sands equivalent to the amount of steam needed to produce one barrel of oil. Average daily production and portfolio-weighted steam oil ratio based on full year 2020. Peers include ATH, CNOOC, CNQ, Cona, COP, IMO, JACOS, MEG, Osum, SU.

Conventional provides short-cycle high-return opportunities

Capital investment focused on returns and free funds flow generation

Delivering strong netbacks $/BOE $/mcf • 2021E production of ~140 MBOE/d $20 $5 • Low base decline ~13-15% $4 • Over 4.5 million net acres and ~1.5 $15 Bcf/d net processing capacity $3 • Q1 2021 netback reflects the strength of $10 increased marketing efforts for natural $2 gas and facility optimization $5 • Near-term focus on capturing synergies $1 and accelerating economic benefits in the assets $0 $0 2017 2018 2019 2020 Q1/21

Netback ($/BOE) AECO 7A ($/mcf)

Note: Netbacks from 2017 – 2020 do not reflect the acquisition of Husky Energy

9 Offshore provides diversified free funds flow stream

High-netback production with global pricing

Liwan Gas Project Asia Pacific: China & Indonesia • Liwan Gas Project in China • Madura / BD Project in Indonesia • Fixed price, long term contracts provide stable free cash flow generation

Atlantic region: White Rose Field • Operator of the White Rose field and partner in Terra Nova • Light, sweet crude with Brent-like pricing • Future of the West White Rose project under evaluation, project on hold for 2021

Downstream provides diverse margin capture opportunities

Resilient business model reduces cash flow volatility

• Upgrader provides diluent loop and sells high value Canadian products • U.S. refining provides exposure to global market for refined products • Ability to leverage egress options to access preferred markets • Extensive midstream network and storage assets support marketing activities

High-margin Market optionality Crude by Strategically located Canadian upgrading with ex-Alberta rail business provides U.S. refineries and asphalt refining pipeline capacity flexibility

10 High margin Canadian upgrading and asphalt refining

Upgrader and refinery strategically located in Lloydminster, Saskatchewan

Lloydminster upgrader • 81 Mbbls/d throughput capacity

• Produces high quality, low sulphur synthetic crude oil and diesel fuel and recovers diluent from the feedstock

• Condensate is cycled back to the nearby thermal operations

Lloydminster refinery Lloyd upgrader • 30 Mbbls/d throughput capacity

• Produces more than 30 different types and grades of road asphalt from heavy oil

• 10 asphalt terminals in Canada and U.S. to serve retail customer base

Retail business • Fuel volumes complemented by an established non-fuel platform including convenience stores, restaurants and car washes Asphalt refinery • 550+ retail outlets, both Husky and Esso branded

Strategically located U.S. refineries

Integration provides balanced differential exposure

Lima, Ohio • 175 Mbbls/d capacity (40 Mbbls/d heavy) Wood River, Illinois (50% interest) • Hydrocracker/FCC/coker configuration • 173 Mbbls/d capacity (net) • Crude oil flexibility project completed in • 120 Mbbls/d heavy oil capacity (net) 2019 to run additional heavy crudes • Accesses multiple pipelines – Keystone, Express-Platte, Mustang, Ozark • Ability to process and connected to Toledo, Ohio (50% interest) Canadian heavy crudes • 80 Mbbls/d capacity (net) • 40 Mbbls/d heavy oil capacity (net) • Configured to process high-TAN heavy crude Borger, Texas (50% interest) • 75 Mbbls/d capacity (net) • 18 Mbbls/d heavy oil capacity (net) Superior, Wisconsin • Access to Canadian heavy, West Texas • 49 Mbbls/d capacity Sour and Permian supply • 34 Mbbls/d heavy oil capacity • Expected restart Q1 2023

11 Balanced integrated heavy oil value chain

Modest exposure to Alberta heavy oil price differentials

Heavy oil blend vs. processing and export capacity

1,000 Modest exposure to Alberta WCS prices Canada 800 ~110 600

(Mbbls/d) 400 PADD II PADD IV 200 PADD I PADD V 0 Heavy Blend Heavy Coverage

Exposed to AB WCS Prices U.S. heavy oil refining PADD III capacity Flexible crude by rail Available Mainline capacity verification capacity

WCSB heavy upgrading & WCSB egress pipeline refining capacity(1) capacity

Notes: 1- Barrels are refined and upgraded in WCSB and don't require use of pipeline or U.S. refining capacity. See Advisory

Superior Refinery rebuild to enhance integration Diversification of refined product slate with increased asphalt production

Capital investment (US $millions) • Project is currently 45% complete; engineering and procurement on track $500

• Project cost estimate of US$950 million $400 exceeds economic hurdles on a go-forward basis $300 • Substantial amount of capital expected to $200 be recovered through insurance proceeds

• 49 Mbbls/d throughput capacity with up to $100 34 Mbbls/d heavy processing $0 • Expected restart in Q1 2023 Pre-2021 2021E 2022E

Note: Capital investment does not include offsetting insurance proceeds. See Advisory.

12 U.S. manufacturing operating margin sensitivities Sensitivities based on full year operating assumptions

Price sensitivities on U.S. manufacturing operating margin (US$MM)

Chicago 3-2-1 crack spread (US$150) US$150 • Healthy exposure to Chicago +/- US$1.00 change 3-2-1 crack spreads as demand for refined products RINs (US$60) US$60 continues to recover +/- US$0.10 / gallon change • Sensitivities are based on WTI-WCS Differential (US$40) US$40 +/- US$1.00 change budget operating assumptions and underlying WTI-WTS Differential (US$20) US$20 utilization rates +/- US$1.00 change • Minimal exposure to Crude oil (WTI) (US$5) US$5 changes in feedstock pricing +/- US$1.00 change relative to WTI -$200 -$100 $0 $100 $200

Increase Decrease

Note: Sensitivities are in US$ and are calculated on a full year LIFO basis using base price assumptions reflected in 2021 guidance. RINs assumed at US$0.79. See Advisory.

Integrated portfolio enhances cash flow stability Balanced exposure to global pricing

Price sensitivities on adjusted funds flow ($MM) • Low volatility in cash flows along with best-in-class cost structure Crude oil (WTI) ($250) $250 drives free funds flow profile to +/- US$1.00 change

support dividends and continue Chicago 3-2-1 crack spread ($190) $190 deleveraging +/- US$1.00 change

• Modest exposure to WTI-WCS Light-heavy diff (WTI-WCS) ($150) $150 light-heavy differential for Alberta +/- US$1.00 change heavy barrels Exchange rate (US$/C$) ($100) $100 • Oil Sands fuel gas requirements +/- $0.01 change reduces overall company Natural gas (AECO) ($25) $25 exposure to AECO pricing +/- C$1.00 change

-$400 -$200 $0 $200 $400 Increase Decrease

Note: Sensitivities include current hedge positions applicable for the full year of 2021. Refining results embedded in the sensitivities are based on unlagged margin changes and do not include the effect of changes in inventory valuation for first-in, first-out/lower of cost or net realizable value. Base price assumptions reflected in 2021 guidance. See Advisory.

13 Supplemental

2021 sustaining capital of ~$2.1 billion Budget highlights Capital expenditures 2021E ($ millions) • Selective investment in higher return Oil sands 850 – 950 opportunities across expanded portfolio Conventional 170 – 210 Offshore 200 – 250 • 730-780 MBOE/d expected production Total Upstream 1,220 – 1,410 1 • Oil Sands segment sustaining capital Canadian & U.S. Manufacturing 480 – 630 1,2 ~$4.50/bbl Superior Refinery Rebuild 520 – 570 Total Downstream1 1,000 – 1,200 • Downstream capital of $1.0-1.2 billion Corporate 75 – 100 includes sustaining capital, high-return Total capital expenditures 2,300 – 2,700 optimization opportunities and Superior Refinery rebuild Expenses ($ millions) 2021E General & Administrative 475 – 525 One-time Integration Costs 500 – 550 Cash Tax (Recovery) 150 – 250

Note: 1 - Refining capital and operating costs are reported in C$, but incurred in both C$ and in US$ and as such will be impacted by foreign exchange. 2 - Superior Refinery Rebuild capital does not include offsetting insurance proceeds. See Advisory.

14 2021 budget maintains competitive cost structure

2021E Assumptions Production Operating Costs Key assumptions (MBOE/d) ($/BOE) Christina Lake 220 – 240 $6.25 – 7.50 • Increase in FCCL production levels reflects new well pads at Foster Creek Foster Creek 165 – 185 $8.50 – 9.75 and no production curtailment in 2021 Lloyd Thermal 80 – 90 $13.00 – 15.00 Other Oil Sands 59 – 71 $19.00 – 22.00 • Downstream throughput below Total Oil Sands 524 –586 $9.50 –11.50 normalized operating levels reflecting Conventional 132 –151 $10.00 –12.00 refined products demand recovery Atlantic 11 – 13 $40.00 – 45.00 through the year China 43 – 50 $5.00 – 6.00 • Operating costs reflect presentation Indonesia 7 – 9 $10.50 – 12.50 differences between Cenovus and Total Offshore 61 - 72 $12.00 – 14.00 legacy Husky as well as the inclusion Total production1 730 – 780 of certain turnaround costs in 2021E Assumptions Throughput Operating Costs operating expense (Mbbls/d) ($/bbl) Canadian manufacturing2 100 - 110 $8.50 – 10.00 U.S. manufacturing 400 - 440 $10.00 – 12.00 Note: 1 - Production ranges for assets are not intended to equal total upstream. 2 - Canadian manufacturing throughput and operating costs are associated with Total throughput 500 –550 $10.00 –11.50 the Lloydminster upgrader & refinery. See Advisory

15 R1W5 R20W4 R15W4 R10W4 R5W4 R1W4

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Wabiskaw/ Grosmont McMurray

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T CHRISTINA LAKE REGION 8 Hardy 5 Narrows Lake Conkli^n Winefred Lake West Kirby Christina Lake Proper

8 FOSTER CREEK REGION

T 8 Foster Creek Proper 0

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Cold Lake 7 TUCCKleEarRwa^ter 5

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Fort LLOYD THERMALS 6 McMurray 5 !

Cenovus PNG Land Clearwater Deposit Wabiskaw/McMurray Edmonton Grosmont Deposit ! Deposit

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0 Kilometers 4 K 1

- 1:2,225,000 2

8 Cenovus oil sands land at January 20, 2021 7 1

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V R1W5 R25W4 R20W4 R15W4 R10W4 R5W4 R1W4 R25W3 C 2021 Corporate guidance - C$, before royalties January 28, 2021 UPSTREAM OIL SANDS Production Capital expenditures Operating costs Effective royalty (Mbbls/d) ($ millions) ($/bbl) rates (%) Christina Lake 220 - 240 6.25 - 7.50 Foster Creek 165 - 185 8.50 - 9.75 Lloyd Thermal 80 - 90 13.00 - 15.00 Cold/EOR 18 - 22 31.00 - 34.00 Sunrise 23 - 27 14.00 - 17.00 Tucker 18 - 22 14.00 - 17.00 Oil Sands total 524 - 586 850 - 950 9.50 - 11.50 10 - 15 CONVENTIONAL Production (Mbbls/d) Crude oil 8-11 Capital expenditures Operating costs Effective royalty NGLs 26 - 32 ($ millions) ($/boe) rates (%) (MMcf/d) Natural gas 590 - 650 Conventional total 132 - 151 170 - 210 10.00 - 12.00 6 - 9 OFFSHORE Production Capital expenditures Operating costs Effective royalty (MBOE/d) ($ millions) ($/boe) rates (%) Atlantic 11 - 13 40.00 - 45.00 China 43 - 50 5.00 - 6.00 Indonesia (1) 7 - 9 10.50 - 12.50 Offshore total 61 - 72 200 - 250 12.00 - 14.00 6 - 9 TOTAL UPSTREAM Production Capital expenditures (Mbbls/d, MMcf/d, MBOE/d) ($ millions) Total liquids 590 - 630 Total natural gas 850 - 910 Total upstream (2) 730 - 780 1,220 - 1,410 DOWNSTREAM ThroughputCapital expenditures Operating costs (Mbbls/d) ($ millions) ($/bbl) Canadian manufacturing (3) 100 - 110 8.50 - 10.00 U.S. manufacturing (4) 400 - 440 10.00 - 12.00 Superior refinery (5) 520 - 570 Downstream total 500 - 550 1,000 - 1,200 10.00 - 11.50 CORPORATE

Corporate & other expenditures ($ millions) 75 - 100 General & administrative expenses ($ millions) (6) 475 - 525 Total capital expenditures ($ billions) 2.3 - 2.7 Cash tax ($ millions) 150 - 250 One-time integration costs ($ millions) 500 - 550 Effective tax rate (%) (7) 21 - 25 PRICE ASSUMPTIONS & ADJUSTED FUNDS FLOW SENSITIVITIES (8)

Brent (US$/bbl) $49.50 Independent base case sensitivities Increase Decrease WTI (US$/bbl) $46.50 (for the full year 2021) ($ millions) ($ millions) Western Canada Select (US$/bbl)$32.50 Crude oil (WTI) - US$1.00 change 250 (250) Differential WTI-WCS (US$/bbl)$14.00 Light-heavy differential (WTI-WCS) - US$1.00 change (150) 150 Chicago 3-2-1 Crack Spread (US$/bbl)$11.00 Chicago 3-2-1 crack spread - US$1.00 change 190 (190) AECO ($/Mcf) $2.50 Natural gas (AECO) - C$1.00 change 25 (25) Exchange Rate (US$/C$)$0.78 Exchange rate (US$/C$) - $0.01 change (100) 100

(1) Indonesia production and capital is accounted for under the equity method for consolidated financial statement purposes. (2) Production ranges for assets are not intended to add to equal total upstream. (3) Canadian manufacturing throughput and operating costs are associated with the Lloydminster upgrader & refinery. (4) U.S. manufacturing capital and operating costs are reported in C$, but incurred in US$ and as such will be impacted by FX. (5) Capital expenditure to rebuild Superior refinery is before expected insurance proceeds. (6) Forecasted G&A does not include stock based compensation. (7) Statutory rates of 24% in Canada and 23% in the US are applied separately to pre-tax operating earnings streams for each country. Excludes the effect of divestiture and mark-to-market gains and losses. (8) Sensitivities include current hedge positions applicable for the full year of 2021. Refining results embedded in the sensitivities are based on unlagged margin changes and do not include the effect of changes in inventory valuation for first-in, first-out/lower of cost or net realizable value.

Oil and Gas Information

The pro forma reserves information presented sets forth Cenovus’s anticipated gross reserves as at December 31, 2020 after giving effect to the Husky Arrangement as though the transaction had occurred on December 31, 2020. Cenovus has not constructed a consolidated reserves report of the combined assets of Cenovus and Husky and has not engaged an independent reserves evaluator to produce such a report in accordance with NI 51-101. Cenovus and Husky employed different methodologies to estimate their reserves information for the year ended December 31, 2020. Cenovus retained two IQREs, McDaniel and GLJ, to evaluate and prepare reports on 100 percent of its proved and probable reserves. All of Husky’s oil and gas reserves estimates were prepared by internal qualified reserves evaluators using a formalized process for determining, approving and booking reserves, and do not form part of Cenovus's reserves data as at December 31, 2020. For the purposes of Husky’s NI 51-101 reserves disclosure in the Husky AIF, Husky engaged Sproule to conduct a complete audit and review of 100 percent of Husky’s oil and gas reserves estimates. As a result, the actual reserves of Cenovus (after giving effect to the Husky Arrangement), if calculated as at December 31, 2020 by an independent reserves evaluator in accordance with NI 51-101, may differ from the reserves information presented in this presentation for a number of reasons, and such differences may be material. Additional information concerning Husky’s oil and natural gas properties and Husky’s operations and business as of December 31, 2020 may be found in the Husky AIF and the Husky MD&A, each of which is filed and available on SEDAR under Husky’s profile at sedar.com and on EDGAR at sec.gov.

2020 proved & probable reserves as at December 31, 2020. Reserve life index based on 2020 proved plus probable reserves and 2020 production before royalties, which was impacted by mandatory curtailment.

Barrels of Oil Equivalent

Natural gas volumes have been 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.

Presentation Basis

Cenovus presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated.

Non-GAAP Measures and Additional Subtotal

This presentation contains references to adjusted funds flow, free funds flow and net debt, which are non-GAAP measures. These measures do not have a standardized meaning as prescribed by IFRS. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS. These measures are defined differently by different companies and therefore are not comparable to similar measures presented by other issuers. For definitions, as well as reconciliations to GAAP measures, and more information on these and other non-GAAP measures and additional subtotals, refer to “Non-GAAP Measures and Additional Subtotals” on page 1 of Cenovus’s MD&A for the period ended March 31, 2021 (available on SEDAR at sedar.com on EDGAR at sec.gov and Cenovus’s website at cenovus.com.)

Forward-looking Information

This presentation contains certain forward-looking statements and forward-looking information (collectively referred to as “forward- looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although we believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.

Forward-looking information in this presentation is identified by words such as “achieve”, “ambition”, “committed”, “continue”, “drive”, “E”, “ensure”, “expect”, “F”, “focus”, “forecast”, “future”, “goal” “go-forward”, “maintain”, “opportunity”, “position”, “potential”, “priority”, “target”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: general and 2021 priorities; achieving less than 2x Net Debt to Adjusted EBITDA; attaining breakeven at WTI below US$36.00/bbl in 2021 and further reductions through 2023; achieving 2021 sustaining capital of approximately $4.50/bbl in the Oil Sands; consistent growth in and sustainable shareholder returns; delivering value for all stakeholders; safety performance, governance, operational reliability and asset integrity; ESG leadership, goals and targets and ambitions for focus areas; technologies to reduce GHG emissions and support net zero ambition; company valuation; reducing Net Debt to $10 billion by the end of 2021 and below $8 billion longer-term; liquidity and resilience throughout the commodity price cycle; delivering ~$1 billion in synergies in 2021 and ~1.2 billion per year in run-rate synergies by the end of 2021through workforce reductions, operating and other cost synergies, sustaining capital allocation synergies and longer-term opportunities for margin enhancement; share price momentum resulting from delivering on synergies and debt reduction; capturing synergies and accelerating economic benefits in the conventional assets; access to preferred markets through egress options; upstream production and downstream throughput; cumulative steam to oil ratios and cogeneration capacity at Christina Lake and Foster Creek; physical integration of Sunrise with the Toledo Refinery; piloting CO2 enhanced oil recovery technology; cost and timing of Superior Refinery rebuild and amount and timing of offset insurance proceeds; Superior Refinery restart date and nameplate and heavy processing capacity; adjusted funds flow and free funds flow; sustaining current heavy oil production at low cost for 30+ years; capturing margin; and downstream operating margin. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information in this presentation are based include, but are not limited to: Cenovus’s ability to realize the anticipated benefits of the Husky transaction; the allocation of free cash flow to Cenovus’s balance sheet; commodity prices; future narrowing of crude oil differentials; Cenovus’s ability to produce from oil sands facilities on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2021 guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward-looking information in this presentation, include, but are not limited to: Cenovus’s ability to realize the anticipated benefits of the Husky transaction; the effectiveness of Cenovus’s risk management program; the accuracy of estimates regarding commodity prices, operating and capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; ability to successfully complete development plans; and risks associated with climate change and Cenovus’s assumptions relating thereto.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the period ended March 31, 2021 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR at sedar.com, on EDGAR at sec.gov and Cenovus’s website at cenovus.com). Additional information concerning Husky’s business and assets as of December 31, 2020 may be found in Husky’s MD&A and AIF, each of which is filed and available on SEDAR under Cenovus’s profile at sedar.com.

TM denotes a trademark of Cenovus Energy Inc.

Investor relations contacts:

Sherry Wendt Vice President, Investor Relations [email protected]

General Inquiries [email protected] Telephone: 403.766.7711 Toll free in Canada: 1.877.766.2066

Cenovus Energy Inc. 225 6 Ave SW PO Box 766 Calgary, AB T2P 0M5 Canada Telephone: 403.766.2000 | Toll free in Canada: 1.877.766.2066 | Fax: 403.766.7600 cenovus.com