Q3 CORPORATE PRESENTATION November 2021

1 CORPORATE PRESENTATIONA pril 20222 CENOVUS AT A GLANCETSX, NYSE | CVE2022E production Oil Sands Conventional Offshore780 MBOE/d580 Mbbls/d126 MBOE/d70 MBOE/dUpgrading and refining capacity660 Mbbls/d2021 proved & probable reserves Reserves life BBOE~29 yearsNote:MarketcapitalizationasatApril2 2, , capitalization$44 billionToledo RefineryLima RefineryWood RiverRefineryBorger RefinerySuperior RefineryAtlantic CanadaLloydminsterThermalLloydminsterUpg rader &RefineryHardisty TerminalChristina LakeFoster CreekSunriseDeep BasinBruderheim TerminalLegendConventionalOil SandsOffshoreRefineriesMidstreamCrude export pipelines3 Note: See Advisory. Oil Sands580 Conventional126 Offshore702022E Production (MBOE/d)760-800 MBOE/dWRB248 Lima175 Toledo80 Superior49 Lloyd U&R110 Refining / Upgrading Capacity (Mbbls/d)~660 Mbbls/dMadura PSCI ndonesiaPhilippinesChinaThailandLiwanAsi a PacificHIGH-QUALITY, DIVERSE & INTEGRATED PORTFOLIOG eographic diversification, physical integration and market accessRainbow4 FIRST QUARTER HIGHLIGHTSNote:1) Non-GAAP financial measure.

2 See Advisory. FIRST QUARTER RESULTSFIRST QUARTER 2022 RESULTSCash flow from operating activities of $ billion in Q1 2021501 Mbbls/dAdjusted Funds Flow1 Free Funds Flow1$2,583 million$746 millionCash from Operating Activities$1,365 millionCapital expenditures$1,837 millionDownstream throughput Tripled our base dividend to $ annually and implemented a variable dividend framework Generated Cash Flow from Operating Activities of $ billion, Adjusted Funds Flow of $ billion Exited the first quarter with Long-Term Debt of $ billion, Cash and Cash Equivalents of $ billion and Net Debt of $ billionProduction799 MBOE/d5 WHY CENOVUSF inancial disciplineESGleadershipOperational strengthMaintaining upstream production ~780-800 MBOE/dLeading in situ operating model, expertise and experienceLeader in innovation and continuous improvementTrack record of operational reliability and long history of strong safety culture and performanceNote: See Advisory.

3 1) Emissions reductions are in reference to scope 1 and 2 on a net equity growing shareholder returnsTargeting GHG absolute emissions1reduction of 35% by year-end 20352050 net zero ambitionTargeting at least$ billion spend with Indigenous businesses 2019 -2025 Returns focused capital allocationContinued debt reduction through free funds flow generation and asset divestituresNet debt to Adjusted Funds Flow between at US$45 WTIT arget 50%of excess free funds flow to shareholder returns whennet debt <$9 billion Base dividend tripled in Q2 2022, with capacity to grow at US$45 WTI NCIB for up to million shares and potential incremental opportunistic share repurchases or variable dividendsBase dividend growth,sustainableat US$45 WTIO pportunistic share repurchasesevaluated on mid-cycle pricingVariable dividends to meet return commitments6 OUR FINANCIAL FRAMEWORKF inancial resilienceReduce funds flow volatility Sustainably grow shareholder returnsReturns-focused capital allocationDiversify revenues through asset and product mixOptimize the value chain through pipelines.

4 Logistics and marketingInvest in projects at US$45 WTIR einvestment rate drives investment in best projects to live within cash flowInorganic opportunities compete on same basis and consistent with balance sheet objectivesReduce net debt to Adjusted Funds Flow to ~ at US$45 WTI longer termCommitted to investment grade credit ratings of mid-BBB Maintain a competitive cost structurePrinciples and approaches that guide our decisionsUPDATED FRAMEWORK DRIVES INCREASED SHAREHOLDER RETURNSS trengthening our balance sheet, capital flexibility and shareholder value propositionIntroduced variable shareholder returns Variable dividend framework approved for Q2 2022 Competitive capital allocationTarget 50% of excess free funds flow to shareholders returns when net debt is below $9B; target 100% when net debt at $4B floorTripled base dividend in Q1 2022to $ share annualizedExecuting on our share repurchase planOver $1 billion already returned to shareholders under the existing NCIB program as of April 26th, 2022 Updated capital allocation framework Long term balance sheet strength is the foundation for continuing to grow shareholder returns Introduced a net debt floor of $4 billion Variable returns are directly connected to our balance sheet strength Share repurchases will be prioritized, and as required, variable dividends will be utilized to meet return commitments 78 Excess Free Funds Flow Allocation> $9 Billion<$9 to >$4 Billion~100%Net Debt Reduction> Between and DebtLeverage Ratio(net debt to AFF)

5 *$4 Billion< Up to 50% Net Debt ReductionTarget 50% Shareholder Returns(opportunistic share repurchases and/or variable dividends)Target 100% Shareholder Returns(opportunistic share repurchases and/or variable dividends)Committed CapitalBase dividendNote: Leverage ratio reflects net debt to Adjusted Funds Flow at the bottom of the cycle, or US$45 WTI. See Advisory. DISCIPLINED CAPITAL ALLOCATION PRIORITIESF ramework directly links balance sheet strength and shareholder returns growth* Other Uses of Cash includes settlement of decommissioning liability and principal repayment of leasesAdjusted Funds Flow(-) Capital InvestmentExcess Free Funds FlowFree Funds Flow(-) Dividends Paid on Common Shares(-) Dividends Paid on Preferred Shares(-) Other Uses of Cash*(-/+) Acquisition Cost/Proceeds from Divestiture Calculating excess free funds flowSafe & reliable operations, sustaining capital9 Updated framework positions Cenovus to become a leader in shareholder returnsDELIVERING ON OUR COMMITMENT OF ENHANCED SHAREHOLDER RETURNS0%2%4%6%8%10%12%14%CVE*Base dividend yieldIllustrative potential 2022 shareholder yieldSource: S&P Capital IQ Consensus as of April 7, 2022; Company reports.

6 CVE is inclusive of total shareholder returns recommendations based on forward prices at March 31, include: ARX, BP, CNQ, COP, CVX, DVN, EOG, FANG, IMO, MEG, OVV, OXY, PXD, SHEL, SU, TOU, TTE & XOM. This is not a forecast. This is an illustration of possible shareholder yield under the updated capital allocation framework,assuming that Excess Free Funds Flow are available for distribution to shareholders and that Net Debt is between $4 billion and $9 Billion. Thedeclarationofdividendsisatthesoledisc retionofCenovus'sBoard and actual yields, if any, will vary. See Advisory.$0$100$200$300$400$500$600$700$ 800$900$1,000 Base DividendPrefered sharesShare buybacksPotential variable dividendExecuted share buybacks of $350 million since March 31, 2022 Target 50% of EFFF to shareholders each quarter when net debt <$9 BQuarterly shareholder returns($ millions)02505007501,0001,2501,5001,750U S$ millions USD Bonds CAD Bonds Repurchased Bonds10 Credit ratingsS&PMoody sDBRSF itchBBB-Baa3 BBBBBB-StableStableStableStable Extended the weighted average bond maturity to ~ years Completed the redemption of the remaining 2023 and 2024 notes with the next maturity not until 2025 Reduced annual interest expense by $20 million in Q1 Continue to pursue opportunistic debt reduction to ensure we optimize long-term capital efficiency and maintain flexibility$6 billion in available liquidity2 FINANCIAL RESILIENCEO ptimizing our capital structure to reduce risk and increase capital flexibility Schedule of bond maturities1 Note: See Advisory.

7 1) C$ maturities converted to US$ using CAD/USD exchange rate. 2) Cash and bilaterals are not capital guidance2022 BUDGETD isciplined budget focused on free funds flow and returnsCapital expenditures of $ -$ billionTotal production1of760,000 -800,000 BOE/dDownstream throughput of 530,000 -580,000 bbls/dShareholder returns:Up to million of share repurchasesTripled annual dividend to $ dividend frameworkOil Sands$ $ billion Conventional$150-$200 millionOffshore$200-$250 millionDownstream$1,150-$1,250 millionCorporate$50-$70 million$ $ : See Advisory. 1) Expected production based on CORPORATE guidance as of April 26, capital of $ $ recordable injury rateTier 1&2 incidents Track record of continued improvement in recordable injuries and process safety events Cenovus s safety model emphasizes learning culture and ground level empowerment, and responsibility for safety Incentivize performance across the organization by including key safety metrics on our CORPORATE scorecard Harmonize and integrate core programs that protect the safety of our staff and the integrity of our assetsPro forma safety performance improvements COMMITTED TO A STRONG SAFETY CULTUREP rioritizing safety & asset integrity above all elseNote.

8 See safety events (#)# injuries per 200,000 hours worked12 CVE + HSE historical performanceReduce freshwater intensity by 20%in oil sands and in thermal operations by year-end absolute GHG emissions by 35%by year-end long-term ambition for net zero emissionsby : See advisory. Targets include start year: 2019 for emissions, water intensity, well reclamation and Indigenous business spend; 2016 for caribou habitat restoration. Emissions reductions are in reference to scope 1 and 2 on a net equity basis.*Progressive Aboriginal Relations (PAR), Canadian Council of Aboriginal Business (CCAB). **Designated groups are defined as women, Aboriginal peoples, persons with disabilities and members of visible minorities. AMBITIOUS ESG TARGETS REINFORCE SUSTAINABILITY LEADERSHIPS trong safety & asset integrity, good governance are foundationalReclaim 3,000decommissioned well sites by year-end more habitatthan we use in the Cold Lake caribou range by year-end a minimum of $ spending with Indigenous businesses between 2019 and year-end PAR* gold certificationfrom the CCAB* by year-end women in leadership roles to 30% by year-end to have at least 40%representation from designated groups among non-management Directors, including at least 30% women, by year-end 2025.

9 **Note: See advisory. 2019 start year for targets. Emissions reductions are in reference to scope 1 and 2 on a net equity basis14 Total emissions (Mt CO2e / yr)CLIMATE & GHG EMISSIONS TARGETSR educe absolute GHG emissions by 35% by year-end 2035 Reach long-term ambition for net zero emissions by 2050 FOCUSED ON ABSOLUTE EMISSIONS REDUCTIONSE mbedding GHG considerations across our portfolio Reduce emissions across our base business through optimization initiatives and methane abatement Progress carbon capture and storage initiatives across portfolio Continue to advance feasibility studies, pilots and progression of novel technologiesIllustrative levers to achieve absolute GHG reduction target 20192035 Methane reductionsCCS & optimizationDownstream projectsPortfolio & oil sands decarbonization2021 -20262027 -203535% reductionNote: See advisory. Capital for the proposed Oil Sands Pathways to Net Zero CO2pipeline and hub not included in the five-year capital IN OUR BUSINESS PLAN Applying and advancing technologies to reduce absolute emissionsNear-term projectsMethane reductions and facilities optimization in conventional businessCarbon capture and storage (CCS)

10 Lloydminster Upgrader Minnedosa Ethanol Plant Elmworth gas plantPilots and feasibility studies that enable reductions in Phase 2 Solvent-driven process pilot Svante carbon capture technologyIncluded in our five-year planPhase 12021 -2026 Phase 22027 -2035 Phase 32036 -2050 Future potential developmentsExpanded CO2capture across larger assets Foster Creek and Christina Lake Lloydminster thermal projects Lima RefinerySolvents displacing steam in oil sandsSmall modular nuclear reactor pilotPathways CO2pipeline and hubProjects being progressed for 2035 targetLong-term visionFull implementation of most efficient large-scale emissions reduction solutionsCCS on remaining accessible streamsFurther process improvements, energy efficiency, fuel switching and electrification projectsZero-emissions business opportunitiesTechnology pathways to net zeroCHRISTINA LAKE 230 -250 Mbbls/d production 2022E $ -$ opex Industry leading CSOR ~ Cogeneration capacity of ~100 MWFOSTER CREEK 185 -205 Mbbls/d production 2022E $ $ opex CSOR ~ Cogeneration capacity of ~100 MWLLOYDMINSTER THERMALS 95 -105 Mbbls/d production 2022E $ -$ opex Higher quality, lower viscosity than traditional oil sands crudeOIL SANDS OPERATIONS ARE THE FOUNDATION OF OUR BUSINESSSUNRISE (50% WORKING INTEREST)