Integrating PCM

Cost Tracking

w/ JDE 9.0

Forward-looking informationThis presentation contains certain forward-looking statements and other information (collectively “forward-looking information”) about our current expectations, estimatesand projections, made in light of our experience and perception of historical trends. Forward-looking information in this presentation is identified by words such as“anticipate”, “expect”, “plan”, “forecast” or “F”, “target”, “could”, “focus”, “milestone”, “proposed”, “potential”, “projected”, “objectives”, “may” or similar expressions andincludes suggestions of future outcomes, including statements about our growth strategy and related schedules, projected future value or net asset value, forecast operatingand financial results, planned capital expenditures, expected future production, including the timing, stability or growth thereof, expected future refining capacity, anticipatedfinding and development costs, expected reserves and contingent and prospective resources estimates, potential dividends and dividend growth strategy, anticipatedtimelines for future regulatory, partner or internal approvals, future impact of regulatory measures, forecasted commodity prices, future use and development of technologyincluding technology and procedures to reduce our environmental impact and projected increasing shareholder value. Readers are cautioned not to place undue reliance onforward-looking information as our actual results may differ materially from those expressed or implied.

2013 guidance, dated December 12, 2012, is based on an average diluted number of shares outstanding of approximately 766 million. It assumes Brent US$100.00/bbl, WTIof US$91.00/bbl; Western Canada Select of US$63.00/bbl; NYMEX of US$4.00/MMBtu; AECO of $3.40/GJ; Chicago 3-2-1 crack spread of US$20.00/bbl; exchange rate of$1.00 US$/C$. For the period 2014 to 2021 assumptions include WTI of US$90.00-US$105.00/bbl; Western Canada Select of US$76.00-US$85.00/bbl; NYMEX of US$5.25-US$6.00/MMBtu; AECO of $4.50-$5.25/GJ; Chicago 3-2-1 crack spread of US$9.00; exchange rate of $1.00-$1.07 US$/C$; and average diluted number of sharesoutstanding of approximately 769 million.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific toCenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: assumptionsinherent in our current guidance, available at www.cenovus.com; our projected capital investment levels, the flexibility of our capital spending plans and the associatedsource of funding; the estimation of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; our ability toobtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; our ability to generate sufficient cash flowfrom operations to meet our current and future obligations; and other risks and uncertainties described from time to time in the filings we make with securities regulatoryauthorities. The risk factors and uncertainties that could cause our actual results to differ materially, include: volatility of and assumptions regarding oil and gasprices; the effectiveness of our risk management program, including the impact of derivative financial instruments and the success of our hedging strategies; accuracy ofcost estimates; fluctuations in commodity prices, currency and interest rates; fluctuations in product supply and demand; market competition, including from alternativeenergy sources; risks inherent in our marketing operations, including credit risks; maintaining desirable ratios of debt to adjusted EBITDA as well as debt to capitalization;our ability to access various sources of debt and equity capital; accuracy of our reserves, resources and future production estimates; our ability to replace and expand oil andgas reserves; our ability to maintain our relationship with our partners and to successfully manage and operate our integrated heavy oil business; reliability of our assets;potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; refining and marketing margins; potential failure of newproducts to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpecteddifficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to our business; thetiming and the costs of well and pipeline construction; our ability to secure adequate product transportation; changes in the regulatory framework in any of the locations inwhich we operate, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws orregulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; theexpected impact and timing of various accounting pronouncements, rule changes and standards on our business, our financial results and our consolidated financialstatements; changes in the general economic, market and business conditions; the political and economic conditions in the countries in which we operate; the occurrence ofunexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatoryactions against us.

The forward-looking information contained in this presentation, including the underlying assumptions, risks and uncertainties, are made as of the date hereof. For a fulldiscussion of our material risk factors, see “Risk Factors” in our 2012 Annual Information Form and “Risk Management” in our most recent Management’s Discussion andAnalysis, available at www.sedar.com and www.cenovus.com.

Agenda

• About Cenovus

• The E1 Program

• Previous Toolset / Methods

• PCM Solution

• JDE Impacts

• PCM Integrations

• External Data/Users

• Summary

Strong integrated oil portfolio

Values are approximate. Forecast production based on midpoints of guidance dated December 12, 2012.

Bitumen estimates and Cenovus land at December 31, 2012. *See advisory. **Includes an additional 0.5

million net acres of exclusive lease rights to lease on our behalf and our assignees behalf.

TSX, NYSE | CVE

Enterprise value $30 billion

Shares outstanding 756 MM

2013F production

Oil & NGLs

Natural gas

188 Mbbls/d

515 MMcf/d

2012 proved &

probable reserves

3.1 BBOE

Bitumen

Economic contingent

resources*

Discovered bitumen

initially-in-place*

Lease rights**

9.6 Bbbls

56 Bbbls

1.5 MM net acres

P&NG rights 5.5 MM

net acres

Refining capacity 229 Mbbls/d

External link to SAGD Video:http://www.cenovus.com/videos/operations/sagd.wmv

Internal link here:

S6

Steam-Assisted Gravity Drainage (SAGD)

Foster Creek

Cenovus ERP Implementation

E1 Program Overview

EnterpriseOne Program

Deliver integrated processes and

systems comprising the following

business areas

Supply Chain

Management

HR Finance Technology

Capital

Projects

Asset

Management

One Cenovus Program

January

2011

Oct

201221 months

Key Drivers

• Obsolescence of current JD Edwards system

• Growth in capital spending & asset base

• Position Cenovus to support growth

HR

Upgrading JD Edwards

(JDE) HR module XE to 9.0.

Also, MyWorld is changing

Finance

Upgrading JDE

Finance module

Supply Chain

Management

New! Implementing JDE

for procurement

management

New! Primavera

implementation for cost

management, project

planning and scheduling

Capital

Projects

Asset

Management

Replacing JDE with

Maximo for management

and maintenance of assets

throughout their lifecycle

Supply Chain

Management &

Capital Projects

Asset Management Human Resources

& Finance

• Greenfield Implementation

• Implementation of JDE 9.0 for

procurement and

commitments

• Upgrade of Primavera P6 for

Capital Projects Scheduling

• Implementation of Proof of

Concept of Primavera PCM for

Capital Projects Cost Control

• New integrations

• Migration from JDE Xe to

Maximo

• Data cleansing, migration,

validation

• 18 new integrations between

JDE 9.0 and Maximo, 16 via

Oracle Fusion Middleware

• Custom developed Approvals

Portal – Sharepoint, BPM,

SOA

• Upgrade from JDE Xe to JDE 9.0

• Data cleansing and migration –

reduction of 2 TB of data

• Migration of 50+ integrations to

JDE 9.0, many very complex

• 150+ DB integrations moved to

DW

• Implementation of ERP

Workspace with Sharepoint

User Productivity Kit – Documentation, Online Help and Training

Cenovus ERP Implementation - Facts

We made it!

Previous Toolset/Methods

• Project Cost Tracker

• Access Application

• SQL Database

• Manual Entry

• Excel Reporting

• Cost Reports

• Spend Profile

Cost Code Structure

The Cost Code Structure

integrates the Work

Breakdown Structure and the

Cost Breakdown Structure for

effective cost reporting and

benchmarking

Cost Code Structure

Cost Breakdown Structure

Work Breakdown Structure

AFE / Object

/ Subsidiary

Project Cost Codes

Cost Code Structure

AFE / Object

/ Subsidiary

Project

Work Breakdown Structure (WBS)

Actual Work Activities

LEMs

PCM Solution

• Cost Focused

• Field Solutions

• Reserve future functionality

• P6 Scheduling

• Keep Touch Points in mind

• Project Flexibility

• Plant

• Non-Plant

One Structure, Many Ways

AFE Object Sub Resp AreaWork

Pkg

Discipline

Sub-Disc.

Sub

Activity

LEM

Code

8 4 3 2 4 4 4 2 1

Infrastructure 10137134 8762 454 CN B011 0530 0000 00 X

Camp 11141087 8762 454 HO CENO CONT 0000 00 X

Offsites 10136451 8762 476 CT W06L PILG 0000 00 X

Earthworks 11142360 8762 352 EP TROC 0000 302K 00 X

Operations 09128714 8762 322 05 PLNT 0251 0302 00 X

Telephone Lake 11142722 8762 364 CN TRAN 0000 TRAN 00 X

MOC 11138853 8762 322 EP A001 CL12 0244 00 X

Plant Facilities 11137411 8762 476 CT F02F 0202 0102 00 X

PCM Solution

• Cost Worksheet – Project Cost Codes

• Contracts

• Budgeted – Project Budget

• Committed – JDE Orders ( PO/SO/RO)

• Custom – JDE AFE’s (Funding)

• Purchase Orders – Unassigned Costs (JE/SV)

• Changes – All Types

• Proposals – Flash Trends

• Trends – Receipts / Invoices (by JDE Line)

PCC’s in PCM

Element Cost Code Cost Code TitleObject Code

(Custom Field)

29 Characters (30 Max) 31 Characters (34 Max) Character(4)

Infrastructure 10137134-454CNB0110530000000X 8762-454-CN-B011-0530-0000-00-X 8762

Camp 11141087-454HOCENOCONT000000X 8762-454-HO-CENO-CONT-0000-00-X 8762

Offsites 10136451-476CTW06LPILG000000X 8762-476-CT-W06L-PILG-0000-00-X 8762

Earthworks 11142360-352EPTROC0000302K00X 8762-352-EP-TROC-0000-302K-00-X 8762

Operations 09128714-32205PLNT0251030200X 8762-322-05-PLNT-0251-0302-00-X 8762

Telephone Lake 11142722-364CNTRAN0000TRAN00X 8762-364-CN-TRAN-0000-TRAN-00-X 8762

MOC 11138853-322EPA001CL12024400X 8762-322-EP-A001-CL12-0244-00-X 8762

Plant Facilities 11137411-476CTF02F0202010200X 8762-476-CT-F02F-0202-0102-00-X 8762

JDE Tag File

• PCC’s from PCM

• No Account Masters

• Unique Values

• Status

• Active – OK to Commit/Charge

• Inactive – No new commitments

• Closed – No new charges

JDE w/ ACA FieldsAFE Object Sub ACA 1 ACA 2 ACA 3

8 4 3 6 11 0

Infrastructure 10137134 8762 454 CNB011 0530000000X -

Camp 11141087 8762 454 HOCENO CONT000000L -

Offsites 10136451 8762 476 CTW06L PILG000000E -

Earthworks 11142360 8762 352 EPTROC 0000302K00M -

Operations 09128714 8762 322 050251 0251030200O -

Telephone Lake 11142722 8762 364 CNTRAN 0000TRAN00S -

MOC 11138853 8762 322 EPA001 CL12024400T -

Plant Facilities 11137411 8762 476 CTF02F 0202010200X -

Resp (2)

+ Area (4)

Sub Activity (2) +

LEM Code (1)

CWP

Work Pkg (4)

+ Disc / SubDisc (4)

(Discipline)

PCC Validation

• AFE of Interest?

• Cat Code Populated

• PCM Project Name

• PCC Combination

• Does a match exist?

• PCC Status

• Available for commitment

AFE’s (Funding)

• Started in AFE Navigator (Add-on)

• Account Master Level

• AFE.Object.Subsidiary – No WBS

• AFE12345.OBJ.SUB.0000000…

• Flagged w/ Category Code

• PCM Project Name

AFE’s (Funding)

• Started in AFE Navigator (Add-on)

• Account Master Level

• AFE.Object.Subsidiary – No WBS

• AFE12345.OBJ.SUB.0000000…

• Flagged w/ Category Code

• PCM Project Name

Changes – AFE’s

• Supplements

• Started in AFE Navigator

• Account Master Level

Project Budget

• Status Driven

• Project Estimate – Unapproved

• Baseline Budget – Approved

• Project Cost Code Level

• Data Length Bound

• AFE-RCAREAWPKGDISCSAL

• OBJC-RC-AREA-WPKG-DISC-SA-L

Changes – Budget

• Anticipated Changes – Flash Trends

• Project Code Level

• Realized Changes – Budget Change Mgmt.

• Project Cost Code Level

• Types: Trend, Scope, Budget Transfer

• Funding: Contingency, Mgmt. Approved

Commitments• JDE Orders

• Purchase Orders

• Contracts

• Service Orders

• Project Cost Code Level

• AFE.OBJ.SUB – Standard Fields

• PCC – Adv. Cost Accounting Fields

• Order Suffix = ‘000’

• No Revisions to existing lines

Changes - Commitments

• JDE Orders

• Project Cost Code Level

• AFE.OBJ.SUB – Standard Fields

• PCC – Adv. Cost Accounting Fields

• Order Suffix > ‘000’

• New Lines only

• No Revisions to existing lines

Receipts & Invoices

• JDE Orders

• Project Cost Code Level

• AFE.OBJ.SUB – Standard Fields

• PCC – Adv. Cost Accounting Fields

• PCM Trends module

• Linked to Commitments

• Actual Received – Invoices

• Actual Expended – Receipts

Unassigned Costs

• JDE Journal Entries

• JDE Standard Vouchers

• $0 PCM Purchase Orders

• Invoices for Actual Amounts

JDE PCM

Account Masters Cost Worksheet

AFE’s Contracts - <Custom>

Supplements Change Orders

JDE Orders – (PO/SO/Contract) Contracts – Committed

JDE Receipts Trends – Actuals/Expended

JDE Invoices Trends – Actuals/Received

Journal Entries PO’s / Invoices (Unassigned)

Standard Vouchers PO’s / Invoices (SV-VendorID)

JDE – PCM Integrations

JDE PCM

Cat Code 28 Value Manual Project Name

Tag File Cost Worksheet

JDE – PCM Integrations

• Match Point

• AFE Category Code

• Project Name

• Frequency Daily

• Toolset

• MTG Frameworks

Non-JDE Data

• Project Cost Codes

• Baseline Budget

• EP Change Managements

• EP Commitments

PCM Utilities

• Match Point

• Project Name

• User Driven

• Toolset

• Java Application

• Excel Templates

Cost Report

• All PCM Cost Codes

• Account Master

• Project Cost Codes

• Sections

• Budget – Baseline + Changes

• Commitments – JDE / Non-JDE

• Received – JDE / Non-JDE / JE&SV

• Invoiced – JDE / Non-JDE / JE & SV

Spend Profile

Spend Profile• Summary Spend Plan

• Roll-up

• Directs – Discipline

• Indirects – Subsidiary Code

• Forecast Line Item Codes

• Trends Module

• Actuals Issued

Next Steps

Summary

• Successes

• Issues

• Concerns

• Lessons Learned

• Next Steps

• Q&A