CENOVUS ENERGY INC.

We are a Canadian-based integrated energy company headquartered in Calgary, Alberta. Our common shares are listed on the Toronto Stock Exchange ( TSX ) and New York Stock Exchange ( NYSE ). Our cumulative redeemable preferred shares series 1 and 2 are listed on the TSX. We are one of the largest Canadian-based crude oil and natural gas producers, with upstream operations in Canada and the Asia Pacific region, and one of the largest Canadian-based refiners and upgraders, with downstream operations in Canada and the U.S. Our upstream operations include oil sands projects in northern Alberta thermal and conventional crude oil, natural gas and natural gas liquids ( NGLs ) projects across Western Canada crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. Our downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. Our operations involve activities across the full value chain to develop, produce, refine, transport and market crude oil, natural gas and refined petroleum products in North America and internationally. Our physically and economically integrated upstream and downstream operations help us mitigate the impact of volatility in light-heavy crude oil price differentials and contribute to our net earnings by capturing value from crude oil, natural gas and NGLs production through to the sale of finished products such as transportation fuels. See the Business Segments section of this AIF for a description of our operations.