CENOVUS ENERGY INC.

Offers to Purchase for Cash

up to $1,000,000,000 Aggregate Purchase Price of the Pool 1 Notes
up to $500,000,000 Aggregate Purchase Price of the Pool 2 Notes

Pool 1 Tender Offers

Title of Security

CUSIP / ISIN

Principal Amount Outstanding

Maximum Amount(1)

Acceptance Priority Level(2)


4.250% Notes due 2027

15135UAM1 / US15135UAM18
15135UAL3 / US15135UAL35 (144A);
C23555AF9 / USC23555AF96 (Reg S)


$961,851,000




1


4.400% Notes due 2029


448055AP8 / US448055AP89


$750,000,000




2


4.450% Notes due 2042


15135UAH2 / US15135UAH23


$155,264,000


$1,000,000,000


3


5.200% Notes due 2043


15135UAK5 / US15135UAK51


$57,726,000




4


5.375% Notes due 2025


15135UAS8 / US15135UAS87


$665,674,000




5


5.400% Notes due 2047


15135UAR0 / US15135UAR05
15135UAQ2 / US15135UAQ22 (144A);
C23555AH5 / USC23555AH52 (Reg S)


$799,872,000




6

Pool 2 Tender Offers

Title of Security

CUSIP / ISIN

Principal Amount Outstanding

Maximum Amount(1)

Acceptance Priority Level2


6.750% Notes due 2039


15135UAF6 / US15135UAF66


$1,390,534,000




1


6.800% Notes due 2037


448055AD5 / US448055AD59


$386,773,000


$5,000,000,000



2

_________________________________________________________________________________________________________________________________________
(1) The Pool 1 Maximum Amount of $1,000,000,000 represents the maximum aggregate purchase price payable, excluding the applicable Accrued Interest, in respect of the Pool 1 Notes that may be purchased in the Pool 1 Tender Offers. The Pool 2 Maximum Amount of $500,000,000 represents the maximum aggregate purchase price payable, excluding the applicable Accrued Interest, in respect of the Pool 2 Notes that may be purchased in the Pool 2 Tender Offers.
(2) Subject to the Maximum Amounts and proration if applicable, the principal amount of each series of Notes that is purchased in each Tender Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order) specified in this column.

To view copie(s) of the Tender Offer document(s) please click on the link(s) below

Offer to Purchase

Launch Press Release


Any questions regarding procedures for tendering Securities or requests for additional copies of this Offer to Purchase and the Notice of Guaranteed Delivery should be directed to the Tender and Information Agent.

The Tender Agent and Information Agent for the Tender Offers is:

D.F. KING & CO., INC.

48 Wall Street, 22nd Floor
New York, New York 10005


Banks and Brokers call: (212) 269-5550
All others call Toll Free:(888) 644-5854
Email: cve@dfking.com

By Facsimile:
(For Eligible Institutions only)

(212) 709-3328
Attention: Michael Horthman
Confirmation by Telephone: (212) 232-3233

If a Holder has questions about any of the Tender Offers or the procedures for tendering Notes, the Holder should contact the Tender and Information Agent or the Dealer Managers at their respective telephone numbers.

Lead Dealer Managers for the Tender Offers are:

BofA Securities

BofA Securities
620 South Tryon Street, 20th Floor
Charlotte, North Carolina 28255
Attn: Liability Management
Toll-Free: (888) 292-0070
Collect: (980) 387-3907
Email: debt_advisory@bofa.com
J.P. Morgan

383 Madison Avenue, 6th Floor
New York, New York 10179
Attn: Liability Management
Toll-Free: (866) 834-4666
Collect: (212) 834-3554

Mizuho Securities

1271 Avenue of the Americas
New York, New York 10020
Attn: Liability Management
Toll-Free: (866) 271-7403
Collect: (212) 205-7736