Dividends

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Canadian dollar dividend payments — updated information

For "registered" shareholders

(for all accounts noted on the shareholder register maintained by Computershare Investor Services Inc.)

• Canadian addresses - Dividends payable to shareholders (including individuals or intermediary accounts) with a "registered" address in Canada shall be paid in the declared currency of Canadian dollars.
• U.S. and other addresses - Dividends payable to all non-Canadian "registered" shareholder addresses shall be converted into and paid in U.S. funds at the rate quoted for U.S. funds by the Bank of Canada at noon on the record date.

For "beneficial" shareholders

(for shareholders whose shares are held via a broker or investment dealer who is a participant in either a Canadian or a U.S. depository)

• Participants in a Canadian Depository - Dividends payable to a Canadian depository, such as CDS & Co., shall be paid in the declared currency of Canadian dollars.
• Participants in a U.S. Depository - Dividends payable to a U.S. depository, such as Cede & Co., shall be converted into and paid in U.S. funds at the rate quoted for U.S. funds by the Bank of Canada at noon on the record date.

Eligible dividends for Canadian tax purposes

Cenovus Energy Inc. hereby advises all shareholders that, effective from November 30, 2009, all dividends paid on its common shares will be designated as "eligible dividends" for Canadian income tax purposes. This designation will apply until a notification of a change is posted on this website.

1099-DIV information for shareholders filing a U.S. income tax return

Cenovus is a Qualified Foreign Corporation and 100% of our dividends qualify for the reduced tax rates that are applicable to Qualified Dividends. Qualified Dividends are subject to the same 0%, 15%, or 20% maximum tax rates that apply to net capital gains. In order to qualify for the capital gains rates, a shareholder must own the stock for more than 60 days during the 120-day period beginning 60 days before the ex-dividend date. For more information on this Act or the 1099-DIV form please visit http://www.irs.gov or contact a professional tax advisor.

Declarations of dividends

The declaration and payment of dividends is at the discretion of the Cenovus Board which will consider earnings, capital requirements, the financial condition of Cenovus and other relevant factors.