An anonymous director reports

CENOVUS ENERGY ANNOUNCES REDEMPTION OF SERIES 1 & 2 PREFERRED SHARES

Cenovus Energy Inc. will exercise its right to redeem its 2.577 per cent Series 1 preferred shares and its 3.948 per cent Series 2 preferred shares on March 31, 2026. All of the Series 1 and 2 preferred shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $300-million, less required withholdings, if any, financed primarily from cash on hand.

As previously announced, the company's board of directors has declared quarterly dividends of 16.106 cents per Series 1 preferred share and 24.337 cents per Series 2 preferred share, each payable on March 31, 2026, to shareholders of record as of March 13, 2026. These will be the final dividends paid on the Series 1 and 2 preferred shares.

Inquiries from registered holders of Series 1 and 2 preferred shares should be directed to Cenovus's registrar and transfer agent, Computershare Investor Services Inc., at 1-866-332-8898 or 514-982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 1 and 2 preferred shares, should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

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 committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange.