An anonymous director reports

CENOVUS ENERGY ANNOUNCES REDEMPTION OF SERIES 5 PREFERRED SHARES

Cenovus Energy Inc. will exercise its right to redeem the company's 4.591 per cent Series 5 preferred shares on March 31, 2025. All eight million Series 5 preferred shares outstanding will be redeemed at the price of $25 per share for an aggregate amount payable to holders of $200-million, less required withholdings, if any, financed primarily from cash on hand.

As previously announced, the company's board of directors has declared a quarterly dividend of 28.694 cents per Series 5 preferred share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 preferred shares.

Inquiries from registered holders of Series 5 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 5 preferred shares, should contact the financial institutions, brokers or other intermediaries 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 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 Stock Exchange and New York Stock Exchange, and the company's preferred shares are listed on the TSX.