An anonymous director reports

CENOVUS ENERGY UPDATES PRODUCTION IMPACT OF ALBERTA WILDFIRES

Cenovus Energy Inc. has safely restarted approximately 62,000 barrels of oil equivalent per day (boe/d) of production, from the 85,000 boe/d impacted in May due to wildfires. Assuming the current wildfire conditions continue, Rainbow Lake operations are expected to return to production within seven to 10 days, which represents approximately 20,000 boe/d. About 3,000 boe/d remains off-line awaiting power infrastructure to be rebuilt in various remote locations.

As staff have been able to access sites, to date no significant damage has been identified. The overall wildfire situation continues to be closely monitored and other assets, including the company's oil sands operations and Lloydminster complex, have not been impacted.

Cenovus is grateful for the efforts of its teams who worked tirelessly to keep the company's people and assets safe, as well as the continued support of provincial emergency management teams and firefighters. Cenovus's $200,000 donation to the Canadian Red Cross 2023 Alberta Fires Appeal helped support immediate relief efforts in the province.

About Cenovus Energy Inc.

Cenovus Energy is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange.

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