Cenovus: A Canadian oil company What we’re committed to: • Working safely • Making smart environmental choices every day • Strengthening the communities where we live and work • Having an engaging workplace 2016 (pre-acquisition) quick facts: • Oil production: about 206,000 barrels of oil/day net • Natural gas production: about 400 million cubic feet of natural gas/day net • Refining capacity: 460,000 barrels/day gross • Capital expenditures: about $1.0 billion • Adjusted funds flow (cash flow): about $1.4 billion • Net revenues:$12.1 billion In May of 2017, we closed a transformational deal to purchase ConocoPhillips’ 50 percent interest in our Christina Lake and Foster Creek oil sands projects, which are producing, as well as our Narrows Lake project, which is yet to be developed. We now have a total combined regulatory approval for 735,000 barrels per day (bbls/d) of production capacity, including existing operating capacity and potential capacity additions. In addition to our oil sands projects, we purchased the majority of ConocoPhillips’ Deep Basin assets in Alberta and British Columbia, which are now our second growth platform. The Deep Basin assets, which stretch along the eastern slopes of the Rocky Mountains from central Alberta to north-eastern British Columbia, are comprised of more than three million net acres of land on which we’ve already identified about 1,500 drilling locations and opportunities with high-return potential. We intend to begin a disciplined drilling program in the Deep Basin in 2017 and expect to ramp up activity in 2018 and beyond. Our Deep Basin assets currently produce about 120,000 barrels of oil equivalent a day, and they include a substantial base of natural gas processing facilities. We’re focused on these two growth platforms to create long-term value for our shareholders. In addition, we have other established conventional natural gas and oil production in Alberta and Saskatchewan and 50 percent ownership in two U.S. refineries. We’re based in Calgary, Alberta and our shares trade on the Toronto and New York stock exchanges under the symbol CVE. At Cenovus, we’re committed to being a responsible developer of one of Canada’s most valuable resources – the oil sands. We apply fresh, progressive thinking to minimize our impact on the environment while safely producing energy resources the world needs. And we take great pride in what we do and in how we do it. 255793 | June 2017 | © Cenovus Energy Inc. 2017 cenovus.com

Cenovus: A Canadian oil company2016 (pre-acquisition) quick facts: • Oil production: about 206,000 barrels of oil/day net • Natural gas production: about 400 million cubic feet

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Cenovus: A Canadian oil company

What we’re committed to:• Working safely

• Making smart environmental choices every day

• Strengthening the communities where we live and work

• Having an engaging workplace

2016 (pre-acquisition) quick facts:• Oil production: about 206,000 barrels of

oil/day net

• Natural gas production: about 400 million cubic feet of natural gas/day net

• Refining capacity: 460,000 barrels/day gross

• Capital expenditures: about $1.0 billion

• Adjusted funds flow (cash flow): about $1.4 billion

• Net revenues:$12.1 billion

In May of 2017, we closed a transformational deal to purchase ConocoPhillips’ 50 percent interest in our Christina Lake and Foster Creek oil sands projects, which are producing, as well as our Narrows Lake project, which is yet to be developed. We now have a total combined regulatory approval for 735,000 barrels per day (bbls/d) of production capacity, including existing operating capacity and potential capacity additions.

In addition to our oil sands projects, we purchased the majority of ConocoPhillips’ Deep Basin assets in Alberta and British Columbia, which are now our second growth platform. The Deep Basin assets, which stretch along the eastern slopes of the Rocky Mountains from central Alberta to north-eastern British Columbia, are comprised of more than three million net acres of land on which we’ve already identified about 1,500 drilling locations and opportunities with high-return potential. We intend to begin a disciplined drilling program in the Deep Basin in 2017 and expect to ramp up activity in 2018 and beyond. Our Deep Basin assets currently produce about 120,000 barrels of oil equivalent a day, and they include a substantial base of natural gas processing facilities.

We’re focused on these two growth platforms to create long-term value for our shareholders. In addition, we have other established conventional natural gas and oil production in Alberta and Saskatchewan and 50 percent ownership in two U.S. refineries. We’re based in Calgary, Alberta and our shares trade on the Toronto and New York stock exchanges under the symbol CVE.

At Cenovus, we’re committed to being a responsible developer of one of Canada’s most valuable resources –

the oil sands. We apply fresh, progressive thinking to minimize our impact on the environment while safely

producing energy resources the world needs. And we take great pride in what we do and in how we do it.

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