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Cenovus announces successful Consent Solicitation with respect to Cenovus’s 6.80% Notes due 2037

Calgary, Alberta (April 21, 2021) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the “Consent Solicitation”) and receipt of the consents necessary to effect an amendment to the pledge agreement (the “2037 Notes Pledge Agreement”) in respect of Cenovus’s outstanding 6.80% Notes due 2037 (the “2037 Notes”). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the “Indenture”) between Cenovus (as successor by amalgamation to Husky Energy Inc. (“Husky”)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the “Trustee”). The Indenture also governs the outstanding 4.40% Notes due 2029 (the “2029 Notes”), 4.00% Notes due 2024 (the “2024 Notes”) and 3.95% Notes due 2022 (the “2022 Notes”) of Cenovus (in each case, originally issued by Husky).

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