CENTRAL ALBERTA ASSETS OPPORTUNITY

CENTRAL ALBERTA ASSETS OPPORTUNITY OFFERING PROCESS OVERVIEW It is the intention of Cenovus Energy Inc. ( Cenovus or the Company ) and CIBC Capital Markets ( CIBC ) to conduct the offering process such that it minimizes any disruption to Cenovus s operations. Interested parties should not contact Cenovus directly regarding any aspect of the offering process. All communications, enquiries and requests for information relating to the offering process should be directed to one of the CIBC contacts listed below. Cenovus has made a strategic decision to divest each of the assets as a white map. TABLE OF CONTENTS Opportunity Highlights... page Opportunity Overview... page 2 Central Alberta Regional Overview... page 3 Ferrier Asset... page 4 CIBC CONTACTS CIBC Capital Markets 9th Floor, Bankers Hall East 855 2nd Street SW Calgary, AB T2P 4J7 Bryan Berg Managing Director Tel: (403) 26-662 bryan.berg@cibc.com Hoadley Asset... page 5 Lodgepole Asset... page 6 Disclaimer... page 7 Michael Freeborn Managing Director, Head of Energy Investment Banking Tel: (403) 22-438 michael.freeborn@cibc.com Colin Man Director Tel: (403) 260-053 colin.man@cibc.com Brian MacInnis* Associate Tel: (403) 26-308 brian.macinnis@cibc.com * CA Contact

OPPORTUNITY HIGHLIGHTS Cenovus has retained CIBC as its financial advisor to solicit and evaluate proposals for selected assets in Central Alberta. Overview Map Opportunity to acquire ~6.5 Mboe/d high quality, low decline liquids-weighted production (~50%) with a substantial inventory of low-risk, varied age drilling opportunities throughout the stratigraphic column, and extensive, high quality, strategic infrastructure. Geographically-focused land base of ~344,200 net acres with high working interests. Assets include royalty interest production of ~250 boe/d. Production and Financial Summary Asset Area Production 205 206 207 YTD (Mboe/d) (Mboe/d) (Mboe/d) Ferrier % Liquids 4.4 ~40% 4.4 ~40% 3.9 ~40% Hoadley % Liquids.2 ~40% 0.0 ~50% 8.0 ~45% Lodgepole % Liquids 5.6 ~50% 4.7 ~55% 4.6 ~55% Total % Liquids 2.2 ~45% 9. ~50% 6.5 ~50% Land Summary (thousands of acres) 2 Asset Area Developed Undeveloped Total Gross Net Gross Net Gross Net Avg. WI Ferrier 87.4 0.3 56.4 29.0 243.8 30.3 53% Hoadley 43.4 89.2 7. 0.3 60.5 99.6 62% Lodgepole 42.0 96.4 33.6 7.9 75.6 4.3 65% Production and % liquids reflects the period January to September 207. 2 Numbers may not add due to rounding. Total 472.7 287.0 07. 57.2 579.8 344.2 59%

OPPORTUNITY OVERVIEW LOW DECLINE, LIQUIDS-WEIGHTED PRODUCTION BASE Low decline production base ~6.5 Mboe/d of liquids-weighted production (~50%), including royalty interest production of ~250 boe/d Year-round access in close proximity to major service centers Estimated Liability Management Rating ( LMR ) of 2.29 Regional Trend Map LARGE SCALE, LOW RISK, MULTI-ZONE OPPORTUNITIES Significant growth capability through infill and step-out drilling ~,000 (gross) drilling opportunities throughout the stratigraphic column Includes ~750 (gross) horizontal drilling opportunities within the Glauconitic, Falher, Notikewin and Cardium formations Overall development plan adds >200 MMboe (gross) of incremental volumes HIGH QUALITY, STRATEGIC INFRASTRUCTURE Extensive owned and operated infrastructure with <50% utilization enables significant low cost production growth Gas primarily processed through deep cut facilities with unconstrained sales transportation and market egress Significant third party fee revenue Deposition Trends Glauconitic Cardium 2

CENTRAL ALBERTA REGIONAL OVERVIEW AREA ACTIVITY HIGHLIGHTS OIL OPPORTUNITIES Cardium Viking Glauconitic Jurassic Pekisko Banff Leduc LIQUIDS-RICH GAS OPPORTUNITIES Notikewin Falher Glauconitic Ostracod/Ellerslie Rock Creek Wabamun GAS OPPORTUNITIES Edmonton Belly River Ellerslie: Velvet 05-2-048-W5: 2.4 MMcf/d IP, NGL yield of 84 bbl/mmcf Edmonton Gas: Jayhawk 6-3-043-04W4: IP 2.8 MMcf/d, Cum.. Bcf Falher: Bellatrix 02/04-27-043-09W5: Peak rate of 0.6 MMcf/d, Cum. 5.5 Bcf Duvernay: Paramount 03-28-039-05W5: >200 bbl/d IP, Cum. 43 Mbbl oil, 20 MMcf gas since 206/0 Cardium: Well established trends with ongoing development both on and off Cenovus lands Viking: NAL/Gain: 04-0-044-03W5: IP >400 bbl/d oil, 800 Mcf/d gas, Cum. 0 Mbbl Notikewin: TAQA 02/04-32-042-0W5: IP of >7 MMcf/d, Cum. >2.8 Bcf Falher: Bonavista drilling in T42-44 R27-28W4 can be mapped onto Cenovus lands, recent Husky well at 02/3-02-039-02W5 Glauconitic: Strong, continued development along the Hoadley trend Duvernay: East Shale Basin development by Vesta and others recent land sales >$675/ha Cardium (Bioturbated): Yangarra: 0-34-039-08W5:,07 boe/d IP (80% liquids) Glauconitic: Prairie Storm 203 wells T39 R04W5: 70 bbl/d IP s, flat recent production of 40 bbl/d Ellerslie: Sitka 02-7-034-04W5:.6 MMcf/d IP, NGL yields >00 bbl/mmcf 3

FERRIER ASSET OPPORTUNITY HIGHLIGHTS Current production of ~3.9 Mboe/d (~40% liquids) from ~650 wells including ~00 boe/d of royalty interest production Low annual decline rate, estimated at ~8% since 205 243,769 gross acres (30,323 net), 77% developed Active area with 7 industry wells rig-released since 205 Legacy production is mainly from the Viking, Ellerslie, Ostracod, Glauconitic, Cardium, Pekisko, and Elkton formations Recent industry activity has focused on the Cardium formation and Spirit River group, with additional drilling targeting the Glauconitic, Ellerslie and Duvernay formations Highly developed oil infrastructure including 4 operated oil batteries with potential for continued area facility consolidation Working interest in 5 gas plants (2 operated) with significant gathering infrastructure and compression to service broad land base Estimated LMR of 2.37 Asset Map Deposition Trends Cardium DEVELOPMENT OPPORTUNITIES 89 gross Cardium oil drilling opportunities (~9.5 MMbbl) High impact Spirit River (44 Falher and 40 Notikewin gross drilling opportunities) (~332 Bcf) Additional drilling opportunities include: 3 Rock Creek, 2 Jurassic sand, 7 Ellerslie, 6 Viking and 23 Edmonton sand opportunities Numerous vertical recompletion candidates in multiple formations Cenovus working interest production before royalties based on public data up to August 207; does not include royalty interest production; NGL yield based on estimates. Production (boe/d) Cenovus Working Interest Production by Formation 5,000 4,500 4,000 3,500 3,000 2,500 2,000,500,000 500 0 205 206 207 Cardium Glauc Ellerslie Rock Creek Pekisko Other 4

HOADLEY ASSET OPPORTUNITY HIGHLIGHTS Current production of ~8.0 Mboe/d (~45% liquids) from ~570 wells including ~00 boe/d of royalty interest production Low annual decline rate, estimated at ~5% since 205 60,498 gross acres (99,553 net), 89% developed Very active area, with 32 industry wells rig-released since 205 Legacy production is dominated by the Glauconitic formation, with additional production from the Pekisko Recent activity has focused on the highly prospective Glauconitic formation, with additional drilling targeting the Cardium and Duvernay formations Significant owned and operated gathering infrastructure including ~0,000 hp of field compression (<50% utilization) accessing deep cut processing capacity with unrestricted NGL fractionation and gas egress facilitating immediate development potential Estimated LMR of 2.88 Asset Map Deposition Trends Glauconitic DEVELOPMENT OPPORTUNITIES Large opportunity base with numerous development horizons Significant Glauconitic potential within the Hoadley trend with ~375 gross low risk drilling opportunities identified (~670 Bcf) 32 gross Viking oil drilling opportunities Additional oil and gas drilling opportunities include: 5 Pekisko, Rock Creek, 4 Ellerslie, 3 Cardium, 2 Belly River and 63 Edmonton sand opportunities Numerous vertical recompletion candidates in multiple formations Production (boe/d) Cenovus Working Interest Production by Formation 4,000 2,000 0,000 8,000 6,000 4,000 2,000 Cenovus working interest production before royalties based on public data up to August 207; does not include royalty interest production; NGL yield based on estimates. 0 205 206 207 Glauc Ellerslie Rock Creek Pekisko Other 5

LODGEPOLE ASSET OPPORTUNITY HIGHLIGHTS Current production of ~4.6 Mboe/d (~55% liquids) from ~780 wells including ~50 boe/d of royalty interest production Low annual decline rate, estimated at ~8% since 205 75,559 gross acres (4,330 net), 8% developed Active area with 22 industry wells rig-released since 205 Legacy oil and gas is primarily from the Leduc, Banff, Nordegg, Cardium, Rock Creek, Ellerslie, Ostracod, Notikewin and Falher formations Recent activity has focused on the Cardium primarily within the prolific Pembina field where 57 drilling opportunities have been identified Emerging opportunities include the Ellerslie and Duvernay as indicated through recent offset development and land sale activity Solution gas flows through the Keyera deep cut facility, providing high NGL content Highly developed, operated infrastructure (<50% utilization) for both gas and oil including the Lodgepole Gas Plant (30 MMcf/d licensed capacity), >2,000 horsepower of field and battery compression and 3 oil batteries processing connected, trucked-in and third party volumes Estimated LMR of.74 Asset Map Deposition Trends Cardium DEVELOPMENT OPPORTUNITIES 57 gross Cardium oil drilling opportunities (~3.4 MMbbl) 44 gross Notikewin gas drilling opportunities (~05 Bcf) 5 low risk Leduc infill gross drilling opportunities at Homeglen Rimbey 9 gross Ostracod/Ellerslie oil and liquid rich gas drilling opportunities within a well developed fairway located in the Pembina region Additional drilling opportunities exist throughout the area including: 7 Wabamun, 2 Banff, 2 Pekisko, 4 Rock Creek, 8 Glauconitic and numerous Edmonton sand opportunities Vertical recompletion candidates in multiple formations Production (boe/d) Cenovus Working Interest Production by Formation 7,000 6,000 5,000 4,000 3,000 2,000,000 Cenovus working interest production before royalties based on public data up to August 207; does not include royalty interest production; NGL yield based on estimates. 0 205 206 207 Cardium Glauc Ellerslie Rock Creek Pekisko Leduc Other 6

DISCLAIMER This Information Summary (the Summary ) is being furnished solely for use by the prospective purchasers ( Prospective Purchasers ) in connection with their consideration of a potential acquisition of one or more of the Central Alberta Assets of Cenovus Energy Inc. (the Company ) and is not binding in any way. The Company has retained CIBC World Markets Inc. ( the Advisor ) as its financial advisor in connection with the potential sale of the Central Alberta Assets (the Proposed Transaction ). This Summary is based upon information supplied by the Company and from other sources. This Summary includes certain statements, estimates and projections provided by the Company with respect to its management s subjective views of the anticipated future performance of the Company s business. Such statements, estimates and projections are identified by words such as estimate, forecast, expect, potential, or similar expressions and includes suggestions of future outcomes. Such statements, estimates, and projections reflect various assumptions by the management of the Company concerning anticipated results, which assumptions may or may not prove to be correct. These projections have not been independently verified and cannot be regarded as forecasts. The pro forma and estimated financial information contained herein was prepared expressly for use herein and is based on certain assumptions and management s analysis of information available at the time this Summary was prepared. There can be no assurance that management s views or assumptions are accurate or that management s projections and forward-looking statements will be realized. Industry experts may disagree with these assumptions and with management s view of the market and the prospects for the Company. The actual results may vary from the anticipated results and such variations may be material. For additional information regarding the underlying assumptions made by management in developing forward-looking information and the risks and uncertainties associated with such information, please see the advisories contained in Cenovus s most recently filed Management Discussion & Analysis and Annual Information Form filed on SEDAR. No representations are made, and any and all representations are hereby expressly disclaimed, as to the accuracy of such statements, estimates or projections, and neither of the Advisor or the Company has any obligation to update or correct any such information. Only information and representations and warranties specifically contained or referred to in a definitive purchase agreement, if any, and subject to such limitations and restrictions as may be contained or made in a definitive and final written agreement, when, as and if executed, will have any legal effect. No person has been authorized to provide any information with respect to the Company or the Proposed Transaction except the information contained herein. Unless otherwise stated, this Summary presents information with respect to the Company as of the date hereof. In furnishing this Summary, the Advisor and the Company reserve the right to amend or replace the Summary at anytime and undertake no obligation to provide any Prospective Purchaser with any additional information, or to update, or to correct any inaccuracies which may become apparent in this Summary or any other information made available in connection with the Proposed Transaction. 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None of the Advisor, the Company nor any of their respective Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in the Summary or any other information (whether communicated in written or oral form) transmitted or made available to Prospective Purchasers. In providing this Summary, the Advisor is not acting as financial advisor, intermediary and/or distributor of securities to or for any Prospective Purchaser and has no fiduciary responsibility of any kind to any Prospective Purchaser. The Company reserves the right to terminate, at any time, solicitations of interest for the transaction involving the Proposed Transaction or future participation in the investigation and proposal process by any party. Any dealings, negotiations and/or discussions that may be initiated or established with the Prospective Purchasers may be interrupted at any time without any explanation. 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This Summary does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any transaction described herein. Neither this Summary nor its contents will form the basis or part of any contract. No transaction or service related thereto is contemplated without a written agreement. The information contained in this document is not intended to constitute a report, statement or opinion of an expert for purposes of Canadian securities legislation. The calculation of oil equivalency ( boe ) is based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil to estimate relative energy content and does not represent a value equivalency at the wellhead. Boe s may be misleading, particularly if used in isolation. CIBC World Markets Inc. is a legal entity name. 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Before deciding to participate in the Proposed Transaction, Prospective Purchasers shall take all measures that they deem necessary to ensure the due understanding of the Proposed Transaction in all its aspects and make an independent assessment of the merits, terms, conditions, risks, suitability and appropriateness of any transaction and/or any related securities described herein. The Prospective Purchasers should also seek advice from specialized advisors (financial, tax, legal and accounting, among others) to make such assessment. 7