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Cenovus to redeem 3.55% notes due March 12, 2025

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that on June 28, 2022 (the "Redemption Date") it will redeem the entire outstanding principal amount of its 3.55% notes due March 12, 2025 (the "Notes"). On the Redemption Date, registered holders of the Notes will receive a redemption price calculated in accordance with the applicable indenture governing the Notes and the terms of the Notes, as described in the prospectus supplement of Husky Energy Inc. dated March 9, 2015 relating to the original issuance of the Notes. The redemption price will include accrued and unpaid interest up to, but excluding, the Redemption Date.

Non-registered holders (banks, brokerage firms or other financial institutions) of the Notes, which maintain their interests through CDS & Co. ("CDS"), should contact their CDS customer service representative with any questions about the redemption of the Notes. Beneficial holders of the Notes with questions about the redemption should contact the respective brokerage firm or financial institution that holds interests in the Notes on their behalf.

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Cenovus announces shareholder returns plan, triples dividend

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is further increasing shareholder returns on the strength of its balance sheet and ongoing reliability of its operating performance. The company's Board of Directors has approved tripling the base dividend starting with the second quarter of 2022, as well as a plan for additional increases to shareholder returns. Beyond the base dividend increase, Cenovus will target to return 50% of quarterly excess free funds flow to shareholders when reported net debt is less than $9 billion. The company will do this through share buybacks andor variable dividends while also continuing to pay down the balance sheet. Cenovus has adopted an ultimate net debt target of $4 billion. When reported net debt is at the $4 billion floor, Cenovus will target to return 100% of that quarter's excess free funds flow to shareholders through share buybacks andor variable dividends.

"We have consistently delivered on our commitments to our shareholders," said Alex Pourbaix, Cenovus President & Chief Executive Officer. "After rapidly deleveraging our balance sheet, we are now able to provide a much clearer picture of how we will position Cenovus for the longer term – as a leader in delivering total shareholder returns."

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Cenovus donates US$3 million to Nature Conservancy of Canada to further natural habitat conservation work

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced a US$3 million (~CAD$3.7 million) donation to the Nature Conservancy of Canada (NCC) as part of the company's updated social investment strategy. The donation to NCC, Canada's leading private land conservation organization, demonstrates Cenovus's commitment to protecting the planet for future generations.

Cenovus's donation has been structured to trigger charitable donation matching programs in Canada and the U.S., including a grant under the U.S. North American Wetlands Conservation Act, increasing the amount available for NCC to US$12 million. This funding will help conserve natural areas across Western Canada, such as grasslands, wetlands, lakes and forests that are critical to a variety of plants and animals, including many at-risk species and migratory birds.

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