<SEC-DOCUMENT>0000950142-21-000064.txt : 20210112
<SEC-HEADER>0000950142-21-000064.hdr.sgml : 20210112
<ACCEPTANCE-DATETIME>20210111174058
ACCESSION NUMBER:		0000950142-21-000064
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210111
FILED AS OF DATE:		20210112
DATE AS OF CHANGE:		20210111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENOVUS ENERGY INC.
		CENTRAL INDEX KEY:			0001475260
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				980642460
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34513
		FILM NUMBER:		21521812

	BUSINESS ADDRESS:	
		STREET 1:		225 - 6 AVENUE S.W.
		STREET 2:		P.O. BOX 766
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1N2
		BUSINESS PHONE:		403-766-2000

	MAIL ADDRESS:	
		STREET 1:		225 - 6 AVENUE S.W.
		STREET 2:		P.O. BOX 766
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1N2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eh210123669_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Washington, D.C. 20549</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25; font-weight: bold; text-align: center;"> <br>
      </div>
      <div style="line-height: 1.25; font-weight: bold; text-align: center;">FORM&#160;6-K</div>
      <div style="line-height: 1.25; color: #000000; font-weight: bold; text-align: center;"> <br>
      </div>
      <div style="line-height: 1.25; color: #000000; font-weight: bold; text-align: center;">Report of Foreign Private Issuer</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Pursuant to Rule&#160;13a-16&#160;or&#160;15d-16&#160;</div>
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">under the Securities Exchange Act of 1934</div>
    </div>
    <br>
    <table style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="za83ee2e25d1a4a978f74dabbcb617f17" align="center" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 48.6%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">For January 2021<br>
            </div>
          </td>
          <td style="width: 51.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Commission File Number:&#160;&#160;<font style="font-weight: bold;">1-34513</font></div>
          </td>
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    <div style="background-color: rgb(255, 255, 255); line-height: 1.25; font-size: 12pt;">
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; color: rgb(0, 0, 0); font-weight: bold;">CENOVUS ENERGY INC.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-style: italic;">(Translation of registrant&#8217;s name into English)</div>
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    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; margin-top: 8pt; color: rgb(0, 0, 0);">4100, 225 6 Avenue S.W.</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Calgary, Alberta, Canada T2P 1N2</div>
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-style: italic;">(Address of principal executive office)</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
      <div style="text-align: center; margin-right: 212.5pt; margin-left: 212.5pt; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25; margin-top: 6pt; color: rgb(0, 0, 0);">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F&#160;or&#160;Form&#160;40-F.</div>
    <div style="line-height: 1.25; margin-top: 6pt; color: rgb(0, 0, 0);">Form&#160;20-F&#160;&#160;&#9744;&#160;&#160;&#160;&#160;Form&#160;40-F&#160;&#160;&#9746;</div>
    <div style="line-height: 1.25; margin-top: 12pt; color: rgb(0, 0, 0);">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule&#160;101(b)(1):&#160;&#160;&#160;&#9744;</div>
    <div style="line-height: 1.25; margin-top: 12pt; color: rgb(0, 0, 0);">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule&#160;101(b)(7):&#160;&#160;&#160;&#9744;</div>
    <div style="margin-left: 36pt; line-height: 1.25; color: #1F497D; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0);">The exhibits to this report shall be incorporated by reference into or as an exhibit to, as applicable, the registrant&#8217;s Registration Statements under the Securities Act of 1933 on Form F-10 (File
      No. 333-233702), Form S-8 (File Nos. 333-163397 and 333-251886) and Form F-3D (333-202165).</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0);">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);"> <br>
      </div>
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    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; color: rgb(0, 0, 0); font-weight: bold;">DOCUMENTS FILED AS PART OF THIS FORM&#160;6-K</div>
    <div style="line-height: 1.25; margin-top: 12pt; color: rgb(0, 0, 0);">See the Exhibit Index to this Form&#160;6-K.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURES</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;"> <br>
    </div>
    <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
      thereunto duly authorized.</div>
    <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0);">Date:&#160; January 11, 2021 </div>
    <div style="line-height: 1.25; margin-top: 8pt; color: rgb(0, 0, 0);">
      <table style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" border="0" cellpadding="0" cellspacing="0">

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            </td>
            <td rowspan="1" colspan="3" valign="top"><br>
            </td>
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            <td rowspan="1" style="width: 50%;" valign="top">&#160;</td>
            <td colspan="3" rowspan="1" valign="top">
              <div>CENOVUS ENERGY INC.</div>
              <div>(Registrant) </div>
            </td>
            <td rowspan="1" style="width: 10%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 5%;" valign="top">&#160;</td>
            <td colspan="1" style="width: 6%;" valign="top">&#160;</td>
            <td style="width: 25%;" valign="top">&#160;</td>
            <td style="width: 10%;" valign="top">&#160;</td>
          </tr>
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            <td rowspan="1" style="width: 5%;" valign="top">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 6%;" valign="top">&#160;</td>
            <td rowspan="1" style="width: 25%;" valign="top">&#160;</td>
            <td rowspan="1" style="width: 10%;" valign="top">&#160;</td>
          </tr>
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            <td style="width: 50%; padding-bottom: 2px;" align="left" valign="top">
              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><br>
              </div>
            </td>
            <td style="width: 5%; padding-bottom: 2px;" valign="top">
              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
            </td>
            <td rowspan="1" colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0);" valign="top">/s/ Elizabeth A. McNamara<br>
            </td>
            <td style="width: 10%; padding-bottom: 2px;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 5%;" valign="top">&#160;</td>
            <td colspan="1" style="width: 6%; text-align: left; vertical-align: top;">Name:<br>
            </td>
            <td style="width: 25%; text-align: left; vertical-align: top;">Elizabeth A. McNamara</td>
            <td style="width: 10%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 5%;" valign="top">&#160;</td>
            <td colspan="1" style="width: 6%;" valign="top">Title:<br>
            </td>
            <td style="width: 25%;" valign="top">Assistant Corporate Secretary</td>
            <td style="width: 10%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 5%;" valign="top">&#160;</td>
            <td colspan="1" style="width: 6%;" valign="top">&#160;</td>
            <td style="width: 25%;" valign="top">&#160;</td>
            <td style="width: 10%;" valign="top">&#160;</td>
          </tr>

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      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Form&#160;6-K&#160;Exhibit Index</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zb361311f58c04c119e1cc8fb9b77904a" border="0" cellpadding="0" cellspacing="0">

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              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 88%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
            </td>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 10%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">99.1</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;"><a href="eh210123669_ex9901.htm">Standstill Agreement dated as of October 24, 2020, by and
                  between the Registrant and L.F. Investments S.&#224; r.l.</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">99.2</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;"><a href="eh210123669_ex9902.htm">Standstill Agreement dated as of October 24, 2020, by and
                  between the Registrant and Hutchison Whampoa Europe Investments S.&#224; r.l.</a><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">99.3</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;"><a href="eh210123669_ex9903.htm">Support Agreement dated as of October 24, 2020, by and
                  between the Registrant and L.F. Investments S.&#224; r.l.</a><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">99.4</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;"><a href="eh210123669_ex9904.htm">Support Agreement dated as of October 24, 2020, by and
                  between the Registrant and Hutchison Whampoa Europe Investments S.&#224; r.l.</a><br>
              </div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%; vertical-align: top;">99.5<br>
            </td>
            <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 88%; vertical-align: top;"><a href="eh210123669_ex9905.htm">Arrangement Agreement, dated as of October 24, 2020, by and between the
                Registrant and Husky Energy Inc.</a><br>
            </td>
          </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>eh210123669_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 99.1</font><br>
  </div>
  <div> <br>
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  <div> <br>
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  <div>
    <div><br>
    </div>
    <div><br>
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    <br>
    <br>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
    <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br style="line-height: 1.25;">
        <br>
      </font>
      <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL
        AGREEMENT<br>
      </font>
      <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">October 24, 2020</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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    <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS STANDSTILL AGREEMENT is made as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>,
      2020 and shall be effective as of the Effective Time (as defined herein).</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the
      laws of Canada ("<font style="font-weight: bold;">Cenovus</font>")</div>
    <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg ("<font style="font-weight: bold;">Shareholder</font>")</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font> Cenovus and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>")
      have, concurrently with the execution and delivery of this Agreement, entered into an arrangement agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"),
      regarding a proposed arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, Cenovus and the shareholders of Husky (as the same may be amended, modified or supplemented from
      time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> the Arrangement contemplates, among other things, that Cenovus will acquire all
      of the issued and outstanding common shares of Husky in consideration for Common Shares and Warrants, and each holder of Husky common shares will receive, for each Husky common share held, 0.7845 Common Shares and 0.0651 Warrants;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> on the Effective Date, Cenovus shall issue, pursuant to the Arrangement, Common
      Shares and Warrants to Shareholder in consideration for the common shares of Husky held by the Shareholder at the Effective Time;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> in connection with the proposed issuance of Common Shares and Warrants to
      Shareholder pursuant to the Arrangement, the Parties wish to enter into this Agreement to provide for certain matters relating to the relationship between Cenovus and Shareholder, as a shareholder of Cenovus commencing at, and following, the
      Effective Time;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>, in consideration of the foregoing and the covenants and agreements herein
      contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
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    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
      INTERPRETATION</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6f7c1f68e4e749a7b96a06754a6bf3a7" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is considered to be an Affiliate of another Person (second Person) if the first Person: (i)
              Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly, the second Person; provided, however, that except to the extent expressly provided
              otherwise, the determination of whether a Person is an Affiliate of another Person shall be made on the basis that Shareholder is not an Affiliate of Cenovus or any of its Subsidiaries and vice versa;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z48a336e103ee48f8a077b9b3cd434278" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this standstill agreement, as amended, restated or modified from time to time;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56dd1152945f416aa1c879d18702f168" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Canadian Securities Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a59c1fe81a84df4a5a717cce7940580" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8ff6afd759074c5f8cb300ae6fab72e9" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means, collectively, Applicable Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z448ee532ee70403aad326cab5fe9cd81" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S. Securities Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76c8a6ea44424f289bc07bbd6302565c" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Appointment Deadline</font>" means the date that is ten (10) Business Days after receipt or deemed receipt by Cenovus of a notice under Section 2.1(a);</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7a012df809a44b2086d9bee4e2633234" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd21041ad193a4777a5a985898f7f3818" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the recitals;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7a3a14c567024c09a77adccbff5b2794" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Designees</font>" means:</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfa3f21465ced4f509caa7df6b7377714" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the Effective Date, the four directors of the Board as determined by Husky prior to the Effective Date, who shall include one independent (as determined under Applicable
              Securities Laws) director;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb090dcfc0eb4b2bbb765630f4d71913" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">at any time after the Effective Date:</div>
          </td>
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          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each of the individuals described in clause (i) insofar as he or she continues to be a Board member, or the Successor Designee of such individual; and</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcd93f65963984aecaf935d9dc7ffad9f" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any additional Qualified Individual nominated and appointed to the Board pursuant to Section 2.1(b);</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7d542e1394a4693ad0c2d4f99a093d2" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Shareholders</font>" means, collectively, the holders of Common Shares;</div>
          </td>
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    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board of Directors</font>" or "<font style="font-weight: bold;">Board</font>" means the board of directors of Cenovus;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9496d4b5519b4d2abdf9f72fa57f4ecf" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board Size</font>" means the then-current number of directors of Cenovus plus any unfilled vacancies at such time;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07de49dcbce04430b9842759d408d275" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open for the transaction of commercial business in Calgary, Alberta, but does not in
              any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian</font>" has the meaning ascribed thereto in the Investment Canada Act;</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>" means the <font style="font-style: italic;">Canada Business Corporations Act</font> and the regulations thereunder, as amended, restated
              or modified from time to time;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb9a0814a53d74e8d9df45f9aacfbf66e" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Change of Control Transaction</font>" has the meaning ascribed thereto in Section 3.4;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fc2e680befa4dabb2e0eca37bea9a12" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Combination Transaction</font>" means any take-over bid for the voting or equity securities of Cenovus or any acquisition of all or substantially all
              of the assets of Cenovus and its Subsidiaries on a consolidated basis, or any arrangement, amalgamation, merger or other similar business combination transaction involving Cenovus;</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of Cenovus and includes any shares of Cenovus into which such common shares may be
              converted, reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a reorganization, amalgamation, merger, arrangement or other form of reorganization;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z903d14dff9714089a47123c5269f5ef4" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Continuing Designees</font>" has the meaning ascribed thereto in Section 2.1;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19c6d985c7f64f7c862ca6c5b3812c4b" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is considered to Control another Person (second Person) if:</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b89335fd6794e93a9b6943780579327" cellpadding="0" cellspacing="0">

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          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to elect a majority of the
              directors (or the equivalent) of the second Person;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z671d35df79434f00824b36285f13b6c7" cellpadding="0" cellspacing="0">

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          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the partnership; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3738760940fc40bb9a3191d0e1201941" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za17ef3adcbce418ebc43b95c4a7ed70a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Designated Number</font>" means:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfc8fe1c430f244988c947b5f22b669f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the close of the Initial AGM, four (4); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf61620bfbd4f4bab9d633acf87fcd755" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">following the close of the Initial AGM, the Proportionate Director Number:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d68667c0187407c9fc13230cd37ee6d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z90b775d0016d4b7291c47e99eee8d2aa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f9701ef27014d8c96a6903092c7bc7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Excess Shares</font>" means, at the applicable time, such number of Common Shares as is equal to the amount by which (i) the aggregate number of Common
              Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates exceeds (ii) the number (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple
              of 0.5 rounded up) determined by multiplying the number of then-outstanding Common Shares by 0.199;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7988deefe1014f928e0c0cd96aa2d9d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaae6b55d08cd44c59a3377f3ab3d2e1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Initial AGM</font>" means the first annual meeting of Cenovus Shareholders following the Effective Date at which members of the Board are elected.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z560ce5b9d7194c598a50f0b914403bb1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Investment Canada Act</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf62bba5ca20484d84f6a10bc2ccb724" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Agreement</font>" means the standstill agreement dated as of the Effective Date between Cenovus and Other Standstill Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "K" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4e59a02681914a76bd12c1401a600f68" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Shareholder</font>" means Hutchison Whampoa Europe Investments S.&#224; r.l.;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze285c5ad9a614bd39765403e7ff1ca30" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, Cenovus, Shareholder and their respective successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>"
              means any one of them;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z92caa9154c19476db4cb582e43081a72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited partnership, limited liability partnership, limited or unlimited liability company or
              corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or
              other legal personal representative or Governmental Authority or entity however designated or constituted;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4fe334d2e2594df6b74d9d131b740949" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of Arrangement</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc667a2f0ad734c70a3c4648939b251a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Arrangement Matter</font>" means a Combination Transaction recommended by the Board prior to the Effective Time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70c0c98549634599b62513c29cd8f3d4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights Agreement</font>" means the pre-emptive rights agreement dated as of the Effective Date between Cenovus and Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "I" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5566d6570f464ebb94638407fc9c7170" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Proportionate Director Number</font>" means the whole number determined by:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0509aac64cd9425cafceb0c2ac1882fa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">multiplying the Board Size by a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned or, controlled or directed, by the Standstill Shareholders
              and their respective Affiliates at such time (as reported in the System for Electronic Disclosure by Insiders (SEDI) of the Canadian Securities Administrators) and the denominator of which is the total number of then-outstanding Common
              Shares; and</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa99ef6a478940629c93abbc35c958ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">rounding the number determined in clause (i) up or down to the nearest whole number (with a fractional number equal to an exact multiple of 0.5 rounded up);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3486b835773c4b2d91d9b9719b019503" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Qualified Individual</font>" means an individual who is: (i) reasonably acceptable to the Nominating and Corporate Governance Committee (or its
              successor committee) of the Board (it being understood that an individual who is not prohibited from acting as director pursuant to the CBCA, Applicable Securities Laws and the rules of any recognized stock exchange on which the Common Shares
              are listed for trading shall be deemed to be reasonably acceptable); (ii) in the event that less than one-quarter of the Continuing Designees are Canadian (including any other individual who is a Qualified Individual), a Canadian; and (iii)
              in the event that the Designated Number equals or exceeds four (4) and none of the Continuing Designees is an independent (as determined under Applicable Securities Laws) director, an independent (as determined under Applicable Securities
              Laws) director;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56803c8cc4164c5a91a424531a430622" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" means the registration rights agreement dated as of the Effective Date between Cenovus and Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "J" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4d1183fe195248549e7823a5cf994da9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of such Person's directors, officers, related parties, employees, consultants, advisers,
              agents or other Person acting on behalf of the first Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2dd59e915e984404b03050b607b1db57" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>&#160;<font style="font-weight: bold;">Pro Rata Excess Shares</font>" means such number of Common Shares as is equal to the product
              (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple of 0.5 rounded up) of (i) the number of Excess Shares; multiplied by (ii) a fraction, the numerator of which is the aggregate number of Common
              Shares beneficially owned, or controlled or directed, by Shareholder and its Affiliates at such time and the denominator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill
              Shareholders and their respective Affiliates;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ee96b3c36dd4765b3b84ffa85e66cfd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Shareholders</font>" means Shareholder, Other Standstill Shareholder and any Affiliate of Shareholder or Other Standstill Shareholder who
              becomes, and is required to become, a party to this Agreement (in the case of Shareholder) or the Other Standstill Agreement (in the case of Other Standstill Shareholder), as applicable,&#160; in either case after the date hereof as a result of a
              permitted Transfer of Common Shares to such Affiliate pursuant to Section 3.3 (in the case of the Shareholder) or a result of a permitted Transfer of Common Shares to such Affiliate pursuant to section 3.3 of the Other Standstill Agreement
              (in the case of Other Standstill Shareholder), and "<font style="font-weight: bold;">Standstill Shareholder</font>" means any one of them;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z477a917e7a944c3d85a238a77a435b71" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subsidiary</font>" means a Person that is Controlled by another Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf9290faffedf47a3902660c9c6e97a1c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Successor Designee</font>" means, at any time, with respect to any individual who was an Arrangement Designee prior to such time but ceases for any
              reason to be a Board member, the Qualified Individual nominated and appointed to the Board in accordance with Section 2.1 in replacement of such individual;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze8b1d9903eeb41658f3230e88de936bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer</font>" includes any sale, exchange, disposition, assignment, gift, bequest, mortgage, charge, pledge, encumbrance, grant of security interest
              or other arrangement by which <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="margin-left: 72pt;"> possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntary and whether or not for value and whether directly or indirectly
      in any manner whatsoever, and includes any agreement to effect any of the foregoing and, in the case of Common Shares includes a transaction (other than a Change of Control Transaction) involving the Transfer of the ownership interests in Shareholder
      or an Affiliate of Shareholder which holds any legal title or beneficial ownership in Common Shares which is designed to otherwise circumvent the restrictions contained in Section 3.2; and the words "Transferred", "Transferring" and similar words
      have corresponding meanings; and</div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdf8392dd792041c5ac4eeb37fc591e16" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Warrants</font>" means the common share purchase warrants of Cenovus issued on the date hereof pursuant to the Arrangement, each having an exercise
              price of $6.54 and a five-year term (subject to adjustment in certain circumstances).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings
        for Reference Only</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the insertion of headings are
      for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction
        and Interpretation</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa (including, for certainty, with respect to the
      defined terms Standstill Shareholders and Standstill Shareholder). Words importing gender shall include all genders. If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning. Where the word "<font style="font-weight: bold;">including</font>" or "<font style="font-weight: bold;">includes</font>" is used in this Agreement it means "including without limitation" or "includes without limitation", respectively. Any reference to any document shall
      include a reference to any schedule, amendment or supplement thereto or any agreement in replacement thereof, all as permitted under such document.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">A reference herein to any statute includes every regulation (and other similar ancillary instrument having the force of law) made
      pursuant thereto, all amendments to the statute or to any such regulation (or other similar ancillary instrument) in force from time to time, and any statute or regulation (or other similar ancillary instrument) which supplements or supersedes such
      statute or regulation (or other similar ancillary instrument); and a reference to any section or provision of a statute includes all amendments to such section or provision, as made from time to time, and all sections or provisions which supplement
      or supersede such section or provision referred to herein.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>"
      or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental
      hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and subparagraphs of this
      Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The term "<font style="font-weight: bold;">then-outstanding Common Shares</font>" shall mean:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87b29844986b445d85587fb85089a8ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as set out in (b)-(d) below, the actual number of outstanding Common Shares at any such time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z096e9ebb63e14cc39976286dd0cb06ad" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(a), the actual number of outstanding Common Shares as at the record
              date for voting at the applicable meeting of Cenovus Shareholders;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9fad45a2384744fd9a1c18fa11e404b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(b), the actual number of outstanding Common Shares as at the third
              (3rd) Business Day prior to the deadline for deposit or tender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29c054ad013e46a68f5398182842aef1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the purposes of Section 3.2, the actual number of outstanding Common Shares at any such time, provided that, notwithstanding the foregoing, Shareholder shall be entitled to rely
              upon information most recently disclosed publicly by Cenovus in a news release or in accordance with section 5.4 of National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>, whichever contains
              the most recent relevant information.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date
        for Any Action</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day, such action is
      required to be taken on the next succeeding day which is a Business Day.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise noted.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certification
        of Outstanding Common Shares</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">As requested by Shareholder from time to time, Cenovus shall promptly provide (or cause its transfer agent and/or registrar to
      provide) to Shareholder a certificate setting out the number of outstanding Common Shares as at the nearest practicable date to the date of delivery of such certificate.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
      VOTING OF SHARES</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board
        Composition</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If, at any time after the Effective Time the number of Arrangement Designees is less than the then applicable Designated Number,
      including as a result of any Arrangement Designee ceasing for any reason to be a director of Cenovus:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9cd19e0dd8284477a4b162998a53859b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the remaining Arrangement Designees (the "<font style="font-weight: bold;">Continuing Designees</font>") may nominate, by written notice to Cenovus signed by each such Continuing
              Designee, a Qualified Individual for appointment to the Board; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z22a99b7636734bbdb7ccd486d8234cdd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus may, but shall not be obligated to, cause such Qualified Individual to be appointed to the Board on or before the Appointment Deadline.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If a Qualified Individual duly nominated in accordance with clause (a) above is not appointed to the Board on or before the
      applicable Appointment Deadline, this Agreement shall terminate in accordance with Section 5.5(e).</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting
        of Common Shares &#8211; Director Elections</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder covenants and agrees that it shall, and shall cause its Affiliates to:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6a2f58be9c024c918e8bcbcaeb69d225" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in favour of; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc2621d9ebef4bf7a4b51cbbbb600f5a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in respect of;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">the election, as directors of Cenovus, of all nominees of the Board or Cenovus management at any annual or other meeting of Cenovus
      Shareholders at which members of the Board are proposed to be elected (and, for greater certainty, not withhold any vote in respect of, or vote against, any of the foregoing); and</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70e6ef2ebe2e4a9e9e0e55eaa51123e4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">without limiting the foregoing:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4c045a520ec945a8b936cf197b021746" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not knowingly take any action that is adverse to the nomination, appointment or election of any Board-supported nominee or Board-proposed nominee to the Board, including by voting for
              the nomination, appointment or election of another individual as a director of Cenovus instead of such Board-supported nominees or Board-proposed nominees; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3de3bd85d93842acaf13cff3d14ea293" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, against any such matter or proposal.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which members of the Board are
      proposed to be elected, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05f7fb89472d4b7db58610d5db9477e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing requirements of this
              Section 2.2, and all such proxy or proxies described above in this Section 2.2 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy (with full power of
              substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcefed6abf0394cec82184b5342f2dea1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or
              direction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting
        of Common Shares &#8211; Certain Transactions</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than in respect of a Pre-Arrangement Matter, Shareholder covenants and agrees that it shall, and shall cause its Affiliates
      to:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf652033aef1c4c378f2b273646672867" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in accordance with the Board's recommendation
              in respect of any Combination Transaction (whether for or against) (and, for greater certainty, not abstain from <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="margin-left: 36pt;"> voting such Excess Shares in accordance with the Board's recommendation in respect of any Combination Transaction); and</div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c24df43bf7344d88989112d42ef621c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deposit or tender, or not deposit or tender, all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, to or under any Combination
              Transaction, in accordance with the Board's recommendation in respect of the Combination Transaction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which a Combination Transaction is
      proposed to be considered, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfde2fd9d3e3a41e9ae9c01fcf738a2b7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing requirements of this
              Section 2.3, and all such proxy or proxies described above in this Section 2.3 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy (with full power of
              substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcd49a7f381d4481b81c4ff729219f048" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or
              direction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Excess Shares beneficially owned by Shareholder or any of its Affiliates, or over which Shareholder or any of its Affiliates has
      control or direction, shall be equal to the Shareholder Pro Rata Excess Shares; provided, however, that Shareholder shall be deemed to have complied with this Section 2.3 so long as the aggregate number of Common Shares voted, caused to be voted,
      deposited, tendered, or not deposited or tendered by the Standstill Shareholders and their respective Affiliates, as applicable, in accordance with this Section 2.3 and section 2.3 of the Other Standstill Agreement is not less than the aggregate
      number of Excess Shares.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">For greater certainty, and notwithstanding anything else in this Agreement, other than as required in clause (x) and (y) above or in
      Section 2.2(a) and (b), Shareholder and its Affiliates shall be entitled to vote, and otherwise deal with, all Common Shares that are not Excess Shares at their discretion on all voting matters (or tendering or not tendering, as the case may be).</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
      RESTRICTIONS ON SHAREHOLDER ACTIONS AND SHARE TRANSFERS</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prohibited
        Activities</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than as permitted under Section 2.3 or Section 3.2, without the prior written consent of Cenovus (which consent may, in the
      sole discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), neither Shareholder nor any of its Affiliates, nor any of their respective Representatives acting on behalf of Shareholder
      or any of its Affiliates, will, directly or indirectly, do any of the following or cause such to occur from the Effective Time:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c6f1bae6ac7462e867d2846e46c2962" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">acquire, agree to acquire or make any proposal or offer to acquire any:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z226d0d0e5d8746508018cd43004ce886" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants);</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc4428ac7e1ad420ead2b7d4395008516" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">securities convertible into, or exercisable or exchangeable for, voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1638a7d76c364ffc9c6eeda0a7e63ec9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">assets of Cenovus or any of its Subsidiaries;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except: (A) pursuant to a stock dividend or dividend-in-kind paid by Cenovus to all holders of Common Shares,
      including pursuant to any dividend reinvestment plan of Cenovus, (B) pursuant to an exercise of Warrants or pre-emptive rights in accordance with the Pre-Emptive Rights Agreement, or (C) pursuant to a Transfer permitted under Section 3.3 or Section
      3.4;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za2728506bf2147759bdc522eaac1e9b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">engage in any discussion or negotiations, conclude any understanding or enter into (or propose or offer to enter into), directly or indirectly, any agreement with respect to any
              Combination Transaction;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z85a59a8d9a814a189a8774dbf84269d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">engage in, participate in, or in any way knowingly initiate, directly or indirectly and whether alone or jointly or in concert with another Person, any "solicitation" (as such term is
              defined in the CBCA) of proxies or consents, with respect to the voting of any securities of Cenovus, or knowingly initiate, propose or otherwise "solicit" (as such term is defined in the CBCA) securityholders of Cenovus to vote any
              securities of Cenovus on any matter;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4831bf09ead2401b8a9c6c29318e3f53" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as required by and in accordance with Section 2.2 and 2.3, grant any power of attorney over any securities of Cenovus, or deposit any securities of Cenovus in any voting
              agreement, voting trust, voting pool or similar arrangement or subject any securities of Cenovus to any arrangement or agreement with respect to the voting of any such securities, or grant any proxy with respect to any securities of Cenovus
              (other than to the named Cenovus management proxies);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za35ebe63766e454384a22e9289a2d722" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">seek, alone or in concert with others, to requisition or call a meeting of shareholders of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd62c64a2853e49c4ae1b47726c8115df" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">submit any shareholder proposal pursuant to sections 103(5) or 137 of the CBCA;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc6a906cb44484036a75ab6a140ee9331" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">seek or cause any Person or Governmental Authority to issue a cease trade order in respect of, or otherwise interfere with the operation of, any shareholder rights plan or similar
              arrangement of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58611b52eed349088ca661cc98a9c5e7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as required by Applicable Law or the rules of the Toronto Stock Exchange or New York Stock Exchange, publicly disclose any plan, intention or proposal with respect to any of
              the foregoing; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6596daaac0bf4799bcf6fbbd37c38917" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">enter into any discussions, agreements or understandings with any Person with respect to the foregoing, or knowingly advise, induce, assist (including providing financial assistance) or
              encourage any Person to take any of the actions prohibited by clauses (a)-(h).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The restrictions in this Section 3.1 shall cease to apply on the earlier of: (i) the execution and delivery by Cenovus of a
      definitive agreement to implement a transaction or series of transactions pursuant to which a Person agrees to acquire beneficial ownership of, or control or direction over, more than 50% of the outstanding voting securities of Cenovus (measured on a
      fully-diluted basis) or a majority of the consolidated assets of Cenovus and its Subsidiaries; (ii) a Person or group of related Persons acting jointly or in concert acquire beneficial ownership of, or control or direction over, at least 20% of the
      outstanding voting securities of Cenovus; and (iii) a Person or group of related Persons acting jointly or in concert </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">publicly commence a formal take-over bid<font style="font-weight: bold;">&#160;</font>for more than 20% of the outstanding voting
      securities of Cenovus.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement prohibits Shareholder, any Affiliate of Shareholder or any Representative of Shareholder or any of its
      Affiliates from making a private proposal to, or corresponding and engaging in private discussions or negotiations with, Cenovus executive management or Board members, or with Other Standstill Shareholder or its Affiliates and their respective
      Representatives, regarding any of the matters described in this Section 3.1.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions
        on Transfers of Shares</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except as set out under Section 2.3, without the prior written consent of Cenovus (which consent may, in the sole discretion of
      Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), the Shareholder shall not, and shall cause its Affiliates and their respective Representatives acting on behalf of Shareholder or any of its
      Affiliates, to not, directly or indirectly:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d98c8bb412f442b9d30fb4cb3771507" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the period ending at 11:59 p.m. (Calgary time) on the date that is 18 months following the Effective Date, Transfer or cause the Transfer of any Common Shares, except: (i) pursuant
              to a Combination Transaction that has been approved by the Board or recommended by the Board for approval by the shareholders of Cenovus; (ii) as contemplated under Section 3.3; or (iii) as contemplated under Section 3.4;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4accb5aa95e248248bf59630c6d010b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfer or cause the Transfer, either alone or in the aggregate with its Affiliates, Other Standstill Shareholder and Other Standstill Shareholder's Affiliates, and whether in a single
              transaction or a series of related transactions, any Common Shares or Warrants that would, to the knowledge of Shareholder (after reasonable inquiry), result in such Person, together with any Persons acting jointly or in concert with such
              Person, beneficially owning, or controlling or directing, 20% or more of the then-outstanding Common Shares (including, for certainty, those Common Shares and Warrants proposed to be Transferred) and assuming for this purpose the full
              exercise of all Warrants that would, after the proposed Transfer, be beneficially owned or controlled or directed by such Person and any Person acting jointly or in concert therewith; <u>provided</u>&#160;<u>that</u> the foregoing shall not apply
              to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8c4442b4974d4d0aa67448929ca54e72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected through an underwritten public offering (including an underwritten public offering undertaken pursuant to the Registration Rights Agreement);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54e0cdf6d8e547da814314ed86cf2920" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected as a result of the consummation of a Combination Transaction which has been approved by a resolution of Cenovus Shareholders, or made to an offeror in relation to a
              take-over bid where the offeror pursuant to such take-over bid is proposing to acquire such Common Shares from Shareholder, Other Standstill Shareholder or both in connection with an identical offer made to all holders of Common Shares (in
              terms of price, timing, proportion of securities sought to be acquired and conditions); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdcb4a6227541401b873c5ec4dbdd61bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers made to an Affiliate in accordance with Section 3.3.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If Shareholder or any of its Affiliates or any Representative acting on behalf of Shareholder or any of its Affiliates, proposes to
      Transfer or cause the Transfer of any Common Shares or Warrants in circumstances as described in Section 3.2(b) except that the reference therein to "20%" is instead read as a reference to "10%", then Shareholder shall give Cenovus advance written
      notice of the proposed Transfer and, if reasonably practicable, consult with Cenovus with respect to such Transfer, not less than 24 hours prior to the earlier of (i) entering into any agreement or binding obligation in respect thereof or (ii)
      effecting such </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Transfer, and shall, unless otherwise prohibited by confidentiality or similar restrictions (in respect of which Shareholder has
      used its commercially reasonable efforts to seek a waiver or consent thereof), provide Cenovus with the identity of the proposed transferee and the terms on which the Transfer is proposed to be completed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers
        to Affiliates</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Section 3.2, Shareholder may Transfer all or any portion of the Common Shares or Warrants legally or beneficially
      owned by Shareholder to an Affiliate of Shareholder, provided that such Affiliate agrees to be bound by and become a Party to this Agreement as a "Shareholder" (and Shareholder agrees to cause such Affiliate to become a party hereto) and, concurrent
      with the completion of such Transfer shall validly execute and deliver a joinder or similar document in order to effect the foregoing.&#160; Shareholder, or its Affiliate, shall promptly (and in any event within two (2) Business Days) notify Cenovus if it
      engages in any of the transactions referred to in this Section 3.3.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers
        in Change of Control Transaction</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything in Section 3.2 or elsewhere in this Agreement to the contrary, any transaction in which a Person or group
      of Persons acting jointly or in concert acquires, directly or indirectly, including by merger, consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization or other business combination
      transaction, control of at least a majority of the equity of Shareholder (each, a "<font style="font-weight: bold;">Change of Control Transaction</font>") shall be a permitted Transfer for all purposes under this Agreement and shall not be deemed to
      violate this Agreement in any manner whatsoever.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
      REPRESENTATIONS AND WARRANTIES</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations
        and Warranties of Cenovus</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus represents and warrants to Shareholder that:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z487547942f4d4eaba0d35a9463c4c9a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zae72c8d7851241dbb5b8e8b9cf3a9d35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of Cenovus to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly authorized,
              executed and delivered by Cenovus and constitutes a valid and legally binding obligation of Cenovus, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general
              application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z08da5a28c515481a8b5297efa087b352" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by Cenovus nor the performance by Cenovus of its obligations hereunder will result in any breach of, or be in conflict with
              or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0733edfa47e2437d8d85238f2bebeadb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any provisions of the articles or by-laws or other constating documents of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54a214b06a2641fca09cc257c90079cf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of the Board or the shareholders of Cenovus;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd9dd1bd79f0b40ed8bdce546b4aa207b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which Cenovus is a party or by which it is bound; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za8efd913e935494fa5a6ee7fd7c25a3c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations
        and Warranties of Shareholder</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder represents and warrants to Cenovus that:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z40ffeeace93449999bbddefc830eff60" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, it does not beneficially own, or control or direct, any Common Shares;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc596ea7e72be4622ac8e8e74b93c64ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z79b13b3fb8794649a79343c9b3292849" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of it to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly authorized, executed
              and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting
              the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14dd66cf29d64070bd03d3f27e4512de" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by it nor the performance by it of its obligations hereunder will result in any breach of, or be in conflict with or
              constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3c3fa5e1b4e45289e1c7713adaebc32" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any provisions of its articles, by-laws, partnership or trust agreement or other constating documents, as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9b9d2774b1a240e2a6490eee5b470114" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of its board of directors, general partner, trustee or similar body, or its securityholders, partners or beneficiaries, as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z68f00462bf3b4506be84cc4d22ace290" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which it is a party or by which it is bound; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd4aa259795c84b2fbdad1e263e8d264a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
      GENERAL PROVISIONS</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or law, or public
      policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
      adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect the original intent
      of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may not be assigned by Shareholder without the prior written consent of Cenovus; provided, however, this Agreement
      may, following prior written notice to Cenovus, be assigned by Shareholder to any Person who is a permitted transferee of Common Shares pursuant to the terms of this Agreement and Shareholder will be fully released from its obligations under this
      Agreement if, following such Transfer, Shareholder no longer beneficially owns, or exercises control or direction over, any Common Shares. Upon any permitted transferee(s) or assignee(s) executing an instrument in writing agreeing to be bound by this
      Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto as " Shareholder". For the avoidance of doubt, nothing in this Section 5.2 shall in any way
      restrict or limit any Transfer otherwise permitted pursuant to Sections 3.2(b), 3.3 or 3.4.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies
        and Breaches</font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z22658ef74e694ce2bcab19e6d4b3af63" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement were not
              performed in accordance with its specific terms or was otherwise breached and that such injury may not be adequately compensable in damages. It is accordingly agreed that Shareholder and Cenovus shall, in addition to any other remedy to which
              they may be entitled at law or in equity, each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other Party hereto will not take any action, directly or indirectly, in
              opposition to the Party seeking relief on the grounds that any other remedy or relief is available at law or in equity. The prevailing Party in any such action shall be entitled to recover legal fees and expenses from the non-prevailing
              Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d7b2bb8d87e413d8d676d4fc58cdfc8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges that it shall be liable for any breach of this Agreement by any of its Affiliates or any of its or its Affiliates' Representatives or other
              Persons acting on their behalf, and that it shall inform its and its Affiliates' Representatives of the terms of this Agreement and shall cause them to comply with them.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">All
        Securities Subject to this Agreement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties will be bound by the terms, rights, obligations and restrictions of this Agreement with respect to all Common
      Shares held or beneficially owned, or over which control or direction is exercised (including any Common Shares acquired by Shareholder or its Affiliates after the date hereof as permitted hereby), until this Agreement is terminated as set forth
      below in Section 5.5.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term
        and Termination</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur after the Effective Date:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z810bac012c8747f2a249f49a1574a64a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">upon the termination of the Arrangement Agreement, other than as a result of the completion of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc8ab003d5814e1e8e19cfc7ea5b5e6d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the Effective Date;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4de74f8ed47b4bbd88becdad9bce19fa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement or the Other Standstill Agreement is terminated by the written agreement of the Parties;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e84b7ef7b214cd5adf6455900e4650a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provided that Shareholder has complied with Section 3.2 of this Agreement and Other Standstill Shareholder has complied with section 3.2 of the Other Standstill Agreement, the date on
              which the Standstill Shareholders, together with their respective Affiliates, cease to beneficially own, or control or direct, in aggregate, at least 10% of the then-outstanding Common Shares; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdbdf23dee227414dbc13773e4ee771fb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Qualified Individual duly nominated in accordance with Section 2.1(a) is not appointed to the Board on or before the applicable Appointment Deadline,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that (i) the provisions of this Article 5 shall continue in full force and effect notwithstanding any termination of this
      Agreement, and (ii) termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and obligations, including any indemnities and
      remedies, will continue in full force and effect and survive the termination of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder further acknowledges and agrees that the Registration Rights Agreement and the Pre-Emptive Rights Agreement shall each
      terminate concurrently with the termination of this Agreement, notwithstanding any provision therein to the contrary.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given by personal
      delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for Shareholder or Cenovus, as applicable, as set forth below. Any such notice or other communication given hereunder shall, if
      personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail transmittal (as the case may
      be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business Day, then on the next Business
      Day following the day of delivery or transmittal. The Parties hereto may give from time to time written notice of change of address in the manner aforesaid.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za07b5aff34af48af8757c72643436698" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Shareholder:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">9-11 Grand Rue</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L-1661 Luxembourg</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Grand Duchy of Luxembourg</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Attention:</font>&#160; <font style="font-family: 'Times New Roman', Times, serif;">[<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Marvin Yontef, Esq.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">E-mail:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">myontef@outlook.com</font></div>
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      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z33e0d45ef0d54ac88afa6dea7e556e8b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Cenovus:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
      4100, 225 &#8211; 6 Ave SW<br>
      Calgary, Alberta T2P 0M5</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">Attention:</font>&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">[<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
        E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;[<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
      4500 Bankers Hall East<br>
      855 &#8211; 2nd Street S.W.<br>
      Calgary, Alberta T2P 4K7</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Attention:</font>&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">John Piasta<br>
        E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;piastaj@bennettjones.com</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third
        Party Beneficiaries</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the transferees and assignees contemplated in Section 3.3 and Section 5.2, this Agreement is not intended to
      confer any rights, remedies, obligations or liabilities upon any Person other than the Parties to this Agreement and their respective successor or permitted assigns.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby will be paid by the
      Party incurring such fee, cost or expense, whether or not the transactions contemplated hereunder are completed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing
        Law and Attornment</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the
      federal laws of Canada applicable therein.&#160; Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta.&#160; Each Party hereby attorns to and accepts the jurisdiction of such courts.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed
      by the Party purporting to give the same and, unless otherwise provided, such waiver shall be limited to the specific breach waived.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time
        of Essence</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Time is of the essence in respect of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire
        Agreement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement, the Pre-Emptive Rights Agreement and the Registration Rights Agreement constitute the entire agreement among the
      Parties with respect to the subject matter hereof and cancel and supersede any </div>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">prior understanding and agreements among the Parties with respect thereto. There are no representations, warranties, terms,
      conditions, undertakings or collateral agreements, express, implied or statutory with respect to the subject matter hereof among the Parties, other than as expressly set forth in this Agreement the Pre-Emptive Rights Agreement and the Registration
      Rights Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of the Parties to this Agreement and their respective successors and
      permitted assigns from time to time.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken
      together will be deemed to constitute one and the same instrument.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facsimile
        Execution</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Execution and delivery of this Agreement may be effected by any Party by facsimile or other electronic transmission of the execution
      page hereof to the other Parties, and such facsimile or other electronic copy will be legally effective to create a valid and binding agreement between the Parties.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Standstill Agreement as of the date first written above.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zc5c6b8ffe7874885b1232031e90034cb" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Alex J. Pourbaix</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Name:</font>&#160; <font style="font-family: 'Times New Roman', Times, serif;">Alex J. Pourbaix</font></div>
            <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Title:</font>&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">President &amp; Chief Executive Officer</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Name:</font>&#160; <font style="font-family: 'Times New Roman', Times, serif;">Jonathan M. McKenzie</font></div>
            <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Title:</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">Executive Vice-President &amp; Chief Financial Officer</font></div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Richard Chan</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Name:</font>&#160; <font style="font-family: 'Times New Roman', Times, serif;">Richard Chan<br>
                Title:&#160;&#160;&#160; Director</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>eh210123669_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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  <head>
    <title></title>
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<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 99.2</font><br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">- and -</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;"><br style="line-height: 1.25;">
          <br>
        </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">STANDSTILL
          AGREEMENT<br>
        </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;">October 24, 2020</div>
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    </div>
    <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS STANDSTILL AGREEMENT is made as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>,
      2020 and shall be effective as of the Effective Time (as defined herein).</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the
      laws of Canada ("<font style="font-weight: bold;">Cenovus</font>")</div>
    <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; text-indent: 72pt;"><font style="font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg ("<font style="font-weight: bold;">Shareholder</font>")</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font> Cenovus and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>")
      have, concurrently with the execution and delivery of this Agreement, entered into an arrangement agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"),
      regarding a proposed arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, Cenovus and the shareholders of Husky (as the same may be amended, modified or supplemented from
      time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> the Arrangement contemplates, among other things, that Cenovus will acquire all
      of the issued and outstanding common shares of Husky in consideration for Common Shares and Warrants, and each holder of Husky common shares will receive, for each Husky common share held, 0.7845 Common Shares and 0.0651 Warrants;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> on the Effective Date, Cenovus shall issue, pursuant to the Arrangement, Common
      Shares and Warrants to Shareholder in consideration for the common shares of Husky held by the Shareholder at the Effective Time;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font> in connection with the proposed issuance of Common Shares and Warrants to
      Shareholder pursuant to the Arrangement, the Parties wish to enter into this Agreement to provide for certain matters relating to the relationship between Cenovus and Shareholder, as a shareholder of Cenovus commencing at, and following, the
      Effective Time;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>, in consideration of the foregoing and the covenants and agreements herein
      contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
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    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
      INTERPRETATION</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z311b0a0521184fd9a0df889ff371253e" cellpadding="0" cellspacing="0">

        <tr>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is considered to be an Affiliate of another Person (second Person) if the first Person: (i)
              Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly, the second Person; provided, however, that except to the extent expressly provided
              otherwise, the determination of whether a Person is an Affiliate of another Person shall be made on the basis that Shareholder is not an Affiliate of Cenovus or any of its Subsidiaries and vice versa;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89e2672fb2064ba896ce69154f1bd441" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this standstill agreement, as amended, restated or modified from time to time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb74015e4db74400c986dec80eb5e2116" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Canadian Securities Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z078fdaa720934b2f8201ba733b7bc1c5" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcb11df086d8940d6b8505fecd7183900" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means, collectively, Applicable Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za33b6ac9f14947e7a64d7dea6277da9f" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S. Securities Laws</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbe6187691982447b933d1a4037464124" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Appointment Deadline</font>" means the date that is ten (10) Business Days after receipt or deemed receipt by Cenovus of a notice under Section 2.1(a);</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42ead8977d8f4e208d1a4f06580f0320" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7cf7fcfe1447443ea069ee3a86209b95" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the recitals;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze129dd8d8fa9484db7dd6f14d8cd0707" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Designees</font>" means:</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the Effective Date, the four directors of the Board as determined by Husky prior to the Effective Date, who shall include one independent (as determined under Applicable
              Securities Laws) director;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z990cbfeb224a492987e968cd3ec70c24" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">at any time after the Effective Date:</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z585a70f8487042939e2e3744fe84aa13" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each of the individuals described in clause (i) insofar as he or she continues to be a Board member, or the Successor Designee of such individual; and</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd63604a634d54d8b8a1f4be5b4d0a0fb" cellpadding="0" cellspacing="0">

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          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any additional Qualified Individual nominated and appointed to the Board pursuant to Section 2.1(b);</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z23062e86b75e41df91f29841c6c28833" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Shareholders</font>" means, collectively, the holders of Common Shares;</div>
          </td>
        </tr>

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    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board of Directors</font>" or "<font style="font-weight: bold;">Board</font>" means the board of directors of Cenovus;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde9188fa519f4be2a6247b6540415344" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board Size</font>" means the then-current number of directors of Cenovus plus any unfilled vacancies at such time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9967e423b3f5413cbfef35dc8ae244ec" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open for the transaction of commercial business in Calgary, Alberta, but does not in
              any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05a514ec81e14d0aa6b069be72ea3916" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian</font>" has the meaning ascribed thereto in the Investment Canada Act;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f1a2db5eaf245f09b4698c8d6026116" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>" means the <font style="font-style: italic;">Canada Business Corporations Act</font> and the regulations thereunder, as amended, restated
              or modified from time to time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze1e89a6227204de5998690bbe6ef10af" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Change of Control Transaction</font>" has the meaning ascribed thereto in Section 3.4;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc03a049f7e7149b48a9c9e140aae17ef" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Combination Transaction</font>" means any take-over bid for the voting or equity securities of Cenovus or any acquisition of all or substantially all
              of the assets of Cenovus and its Subsidiaries on a consolidated basis, or any arrangement, amalgamation, merger or other similar business combination transaction involving Cenovus;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z25d4f0f5c3804d0ebffe6c6dc71562b7" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of Cenovus and includes any shares of Cenovus into which such common shares may be
              converted, reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a reorganization, amalgamation, merger, arrangement or other form of reorganization;</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z311c78fb104b4e199f00d6bd54ee3f55" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Continuing Designees</font>" has the meaning ascribed thereto in Section 2.1;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze270c259ea0745dc9be4fb24fa530415" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is considered to Control another Person (second Person) if:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z755ec025b49549d4bc8bc434db8a83ca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to elect a majority of the
              directors (or the equivalent) of the second Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze72e05defd9d42bdbd73c2d955b88d3a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the partnership; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a260377a96945039010083daa2273df" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za4bf947c3b0e49f0854f2fda5d4b922a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Designated Number</font>" means:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z73427059159742d8a7377baf4519bbe6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the close of the Initial AGM, four (4); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb7de21300b19465984dc284333d49210" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">following the close of the Initial AGM, the Proportionate Director Number:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ecaca9b5e5e4e75a383e573fec37425" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd3d3199fff8491ba15523eca913f82e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43aadfb6d01d40f2b787812261c115fb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Excess Shares</font>" means, at the applicable time, such number of Common Shares as is equal to the amount by which (i) the aggregate number of Common
              Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates exceeds (ii) the number (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple
              of 0.5 rounded up) determined by multiplying the number of then-outstanding Common Shares by 0.199;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc87eeba047ef400dad396fcff422a1a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" shall have the meaning ascribed thereto in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15f0965928124fe59d6e2eec4a14784a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Initial AGM</font>" means the first annual meeting of Cenovus Shareholders following the Effective Date at which members of the Board are elected.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za64052674ab14bdfbb708b9314d213fc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Investment Canada Act</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f1b8d9804f94085870a087a06e6d1dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Agreement</font>" means the standstill agreement dated as of the Effective Date between Cenovus and Other Standstill Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "K" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfc233cb2f93e4805b2d8e6a562a0965d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Shareholder</font>" means L.F. Investments S.&#224; r.l.;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07e686ebbef6436aac05874392924323" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, Cenovus, Shareholder and their respective successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>"
              means any one of them;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0ff7aec124e54c2a9e97f2e336c2ff85" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited partnership, limited liability partnership, limited or unlimited liability company or
              corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or
              other legal personal representative or Governmental Authority or entity however designated or constituted;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5d0142de88f4bb0b8e9cd00a275a9eb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of Arrangement</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z90aa60d7e2c742419355682865720d77" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Arrangement Matter</font>" means a Combination Transaction recommended by the Board prior to the Effective Time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ee526297d9547a5b2af2d84036b30f9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights Agreement</font>" means the pre-emptive rights agreement dated as of the Effective Date between Cenovus and Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "I" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d99925a52044abb93f2335cafbab617" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Proportionate Director Number</font>" means the whole number determined by:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0597d6d34685443dbb4513b8714e33e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">multiplying the Board Size by a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned or, controlled or directed, by the Standstill Shareholders
              and their respective Affiliates at such time (as reported in the System for Electronic Disclosure by Insiders (SEDI) of the Canadian Securities Administrators) and the denominator of which is the total number of then-outstanding Common
              Shares; and</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3dbae36080ff4ff09c4a7480f1f8222b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">rounding the number determined in clause (i) up or down to the nearest whole number (with a fractional number equal to an exact multiple of 0.5 rounded up);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec280607552e47ef890c90528b1d121b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Qualified Individual</font>" means an individual who is: (i) reasonably acceptable to the Nominating and Corporate Governance Committee (or its
              successor committee) of the Board (it being understood that an individual who is not prohibited from acting as director pursuant to the CBCA, Applicable Securities Laws and the rules of any recognized stock exchange on which the Common Shares
              are listed for trading shall be deemed to be reasonably acceptable); (ii) in the event that less than one-quarter of the Continuing Designees are Canadian (including any other individual who is a Qualified Individual), a Canadian; and (iii)
              in the event that the Designated Number equals or exceeds four (4) and none of the Continuing Designees is an independent (as determined under Applicable Securities Laws) director, an independent (as determined under Applicable Securities
              Laws) director;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ff0174b560045bca19f06bed04fe272" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" means the registration rights agreement dated as of the Effective Date between Cenovus and Shareholder in
              substantially the form appended to the Arrangement Agreement as Schedule "J" thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4dad311771da425097638aea9c49078d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of such Person's directors, officers, related parties, employees, consultants, advisers,
              agents or other Person acting on behalf of the first Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4763e2ca41c24651a465b92d47d0082e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>&#160;<font style="font-weight: bold;">Pro Rata Excess Shares</font>" means such number of Common Shares as is equal to the product
              (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple of 0.5 rounded up) of (i) the number of Excess Shares; multiplied by (ii) a fraction, the numerator of which is the aggregate number of Common
              Shares beneficially owned, or controlled or directed, by Shareholder and its Affiliates at such time and the denominator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill
              Shareholders and their respective Affiliates;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc302ba393ddc49898778b3abad03ad65" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Shareholders</font>" means Shareholder, Other Standstill Shareholder and any Affiliate of Shareholder or Other Standstill Shareholder who
              becomes, and is required to become, a party to this Agreement (in the case of Shareholder) or the Other Standstill Agreement (in the case of Other Standstill Shareholder), as applicable,&#160; in either case after the date hereof as a result of a
              permitted Transfer of Common Shares to such Affiliate pursuant to Section 3.3 (in the case of the Shareholder) or a result of a permitted Transfer of Common Shares to such Affiliate pursuant to section 3.3 of the Other Standstill Agreement
              (in the case of Other Standstill Shareholder), and "<font style="font-weight: bold;">Standstill Shareholder</font>" means any one of them;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77338b820ef148f292d2b5ac182a62bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subsidiary</font>" means a Person that is Controlled by another Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4732f701899a4c2cb8bd05c3c8d11565" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Successor Designee</font>" means, at any time, with respect to any individual who was an Arrangement Designee prior to such time but ceases for any
              reason to be a Board member, the Qualified Individual nominated and appointed to the Board in accordance with Section 2.1 in replacement of such individual;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab176bf99da64d188d59b583b4bf6951" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer</font>" includes any sale, exchange, disposition, assignment, gift, bequest, mortgage, charge, pledge, encumbrance, grant of security interest
              or other arrangement by which <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="margin-left: 72pt;"> possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntary and whether or not for value and whether directly or indirectly
      in any manner whatsoever, and includes any agreement to effect any of the foregoing and, in the case of Common Shares includes a transaction (other than a Change of Control Transaction) involving the Transfer of the ownership interests in Shareholder
      or an Affiliate of Shareholder which holds any legal title or beneficial ownership in Common Shares which is designed to otherwise circumvent the restrictions contained in Section 3.2; and the words "Transferred", "Transferring" and similar words
      have corresponding meanings; and</div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z96da8815fab24425939f4fe401f13656" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Warrants</font>" means the common share purchase warrants of Cenovus issued on the date hereof pursuant to the Arrangement, each having an exercise
              price of $6.54 and a five-year term (subject to adjustment in certain circumstances).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings


        for Reference Only</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the insertion of headings are
      for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction


        and Interpretation</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa (including, for certainty, with respect to the
      defined terms Standstill Shareholders and Standstill Shareholder). Words importing gender shall include all genders. If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning. Where the word "<font style="font-weight: bold;">including</font>" or "<font style="font-weight: bold;">includes</font>" is used in this Agreement it means "including without limitation" or "includes without limitation", respectively. Any reference to any document shall
      include a reference to any schedule, amendment or supplement thereto or any agreement in replacement thereof, all as permitted under such document.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">A reference herein to any statute includes every regulation (and other similar ancillary instrument having the force of law) made
      pursuant thereto, all amendments to the statute or to any such regulation (or other similar ancillary instrument) in force from time to time, and any statute or regulation (or other similar ancillary instrument) which supplements or supersedes such
      statute or regulation (or other similar ancillary instrument); and a reference to any section or provision of a statute includes all amendments to such section or provision, as made from time to time, and all sections or provisions which supplement
      or supersede such section or provision referred to herein.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>"
      or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental
      hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and subparagraphs of this
      Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The term "<font style="font-weight: bold;">then-outstanding Common Shares</font>" shall mean:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec9bcbe3bfa84c4db05c8cf62e3248af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as set out in (b)-(d) below, the actual number of outstanding Common Shares at any such time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za5589cb62d8a4111a2278e0f5316cee3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(a), the actual number of outstanding Common Shares as at the record
              date for voting at the applicable meeting of Cenovus Shareholders;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f97a8372e214036b7d5d61076ebf067" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(b), the actual number of outstanding Common Shares as at the third
              (3rd) Business Day prior to the deadline for deposit or tender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde02c8dd159f40aa878856349c3c0d6e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the purposes of Section 3.2, the actual number of outstanding Common Shares at any such time, provided that, notwithstanding the foregoing, Shareholder shall be entitled to rely
              upon information most recently disclosed publicly by Cenovus in a news release or in accordance with section 5.4 of National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>, whichever contains
              the most recent relevant information.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date


        for Any Action</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day, such action is
      required to be taken on the next succeeding day which is a Business Day.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise noted.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certification


        of Outstanding Common Shares</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">As requested by Shareholder from time to time, Cenovus shall promptly provide (or cause its transfer agent and/or registrar to
      provide) to Shareholder a certificate setting out the number of outstanding Common Shares as at the nearest practicable date to the date of delivery of such certificate.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
      VOTING OF SHARES</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board


        Composition</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If, at any time after the Effective Time the number of Arrangement Designees is less than the then applicable Designated Number,
      including as a result of any Arrangement Designee ceasing for any reason to be a director of Cenovus:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z53ceba6d76fa4603b3968d800e3b1e49" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the remaining Arrangement Designees (the "<font style="font-weight: bold;">Continuing Designees</font>") may nominate, by written notice to Cenovus signed by each such Continuing
              Designee, a Qualified Individual for appointment to the Board; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54cfb399f9a34a03964ef0773bf51cbf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus may, but shall not be obligated to, cause such Qualified Individual to be appointed to the Board on or before the Appointment Deadline.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If a Qualified Individual duly nominated in accordance with clause (a) above is not appointed to the Board on or before the
      applicable Appointment Deadline, this Agreement shall terminate in accordance with Section 5.5(e).</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting


        of Common Shares &#8211; Director Elections</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder covenants and agrees that it shall, and shall cause its Affiliates to:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d58ed0581da48adb81abd48f707cacd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in favour of; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a249ad010ca42e9bf15c165db07c045" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in respect of;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">the election, as directors of Cenovus, of all nominees of the Board or Cenovus management at any annual or other meeting of Cenovus
      Shareholders at which members of the Board are proposed to be elected (and, for greater certainty, not withhold any vote in respect of, or vote against, any of the foregoing); and</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75a76efbfb6641afbe0c7492ef8a064e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">without limiting the foregoing:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a149ed3d2654ecca68db9c51f7156f2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not knowingly take any action that is adverse to the nomination, appointment or election of any Board-supported nominee or Board-proposed nominee to the Board, including by voting for
              the nomination, appointment or election of another individual as a director of Cenovus instead of such Board-supported nominees or Board-proposed nominees; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z17d0979578c3433b8b3d649dd0676526" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, against any such matter or proposal.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which members of the Board are
      proposed to be elected, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za1aa41107ecd40b2a0b2c4134b63654e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing requirements of this
              Section 2.2, and all such proxy or proxies described above in this Section 2.2 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy (with full power of
              substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze455c14b94e04e2a9aa82ef33572739b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or
              direction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting


        of Common Shares &#8211; Certain Transactions</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than in respect of a Pre-Arrangement Matter, Shareholder covenants and agrees that it shall, and shall cause its Affiliates
      to:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70c6d5801e3649bf9941a5d439385744" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in accordance with the Board's recommendation
              in respect of any Combination Transaction (whether for or against) (and, for greater certainty, not abstain from <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="margin-left: 36pt;"> voting such Excess Shares in accordance with the Board's recommendation in respect of any Combination Transaction); and</div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f38bf21b2094df6b0f201ebe7e4e83a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deposit or tender, or not deposit or tender, all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, to or under any Combination
              Transaction, in accordance with the Board's recommendation in respect of the Combination Transaction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which a Combination Transaction is
      proposed to be considered, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf34fe80ffd9c4ff78bb6e3a08e0f8a16" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing requirements of this
              Section 2.3, and all such proxy or proxies described above in this Section 2.3 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy (with full power of
              substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43f54ae885db42658a2648c8b1e9e6ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or
              direction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Excess Shares beneficially owned by Shareholder or any of its Affiliates, or over which Shareholder or any of its Affiliates has
      control or direction, shall be equal to the Shareholder Pro Rata Excess Shares; provided, however, that Shareholder shall be deemed to have complied with this Section 2.3 so long as the aggregate number of Common Shares voted, caused to be voted,
      deposited, tendered, or not deposited or tendered by the Standstill Shareholders and their respective Affiliates, as applicable, in accordance with this Section 2.3 and section 2.3 of the Other Standstill Agreement is not less than the aggregate
      number of Excess Shares.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">For greater certainty, and notwithstanding anything else in this Agreement, other than as required in clause (x) and (y) above or in
      Section 2.2(a) and (b), Shareholder and its Affiliates shall be entitled to vote, and otherwise deal with, all Common Shares that are not Excess Shares at their discretion on all voting matters (or tendering or not tendering, as the case may be).</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
      RESTRICTIONS ON SHAREHOLDER ACTIONS AND SHARE TRANSFERS</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prohibited


        Activities</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than as permitted under Section 2.3 or Section 3.2, without the prior written consent of Cenovus (which consent may, in the
      sole discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), neither Shareholder nor any of its Affiliates, nor any of their respective Representatives acting on behalf of Shareholder
      or any of its Affiliates, will, directly or indirectly, do any of the following or cause such to occur from the Effective Time:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z78bffcb91a154c508dbf53c99d9b648c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">acquire, agree to acquire or make any proposal or offer to acquire any:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6447a8fb48343ca8702e1b78d4c52c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants);</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcfe58d015f2d41f0a15fbaba2a014df0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">securities convertible into, or exercisable or exchangeable for, voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zee9fa7a6e2c74ce88b816e24903ef3c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">assets of Cenovus or any of its Subsidiaries;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except: (A) pursuant to a stock dividend or dividend-in-kind paid by Cenovus to all holders of Common Shares,
      including pursuant to any dividend reinvestment plan of Cenovus, (B) pursuant to an exercise of Warrants or pre-emptive rights in accordance with the Pre-Emptive Rights Agreement, or (C) pursuant to a Transfer permitted under Section 3.3 or Section
      3.4;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z503c4ee025f0412ea652d9ed6de2cabf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">engage in any discussion or negotiations, conclude any understanding or enter into (or propose or offer to enter into), directly or indirectly, any agreement with respect to any
              Combination Transaction;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37fc75c443134522882dfe7ba638711a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">engage in, participate in, or in any way knowingly initiate, directly or indirectly and whether alone or jointly or in concert with another Person, any "solicitation" (as such term is
              defined in the CBCA) of proxies or consents, with respect to the voting of any securities of Cenovus, or knowingly initiate, propose or otherwise "solicit" (as such term is defined in the CBCA) securityholders of Cenovus to vote any
              securities of Cenovus on any matter;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6839dd0ee8c647e6881d273276b67185" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as required by and in accordance with Section 2.2 and 2.3, grant any power of attorney over any securities of Cenovus, or deposit any securities of Cenovus in any voting
              agreement, voting trust, voting pool or similar arrangement or subject any securities of Cenovus to any arrangement or agreement with respect to the voting of any such securities, or grant any proxy with respect to any securities of Cenovus
              (other than to the named Cenovus management proxies);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd373dffaf04c46288314356077cab3c7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">seek, alone or in concert with others, to requisition or call a meeting of shareholders of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc863aef939eb4850bcd56fd0fc45f5e7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">submit any shareholder proposal pursuant to sections 103(5) or 137 of the CBCA;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8496c889e2ec45ab8b50a07c8669da1f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">seek or cause any Person or Governmental Authority to issue a cease trade order in respect of, or otherwise interfere with the operation of, any shareholder rights plan or similar
              arrangement of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z53a543153d90450684fd43ca01638b5d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as required by Applicable Law or the rules of the Toronto Stock Exchange or New York Stock Exchange, publicly disclose any plan, intention or proposal with respect to any of
              the foregoing; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze45e2f08493f424184ca417b8be06236" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">enter into any discussions, agreements or understandings with any Person with respect to the foregoing, or knowingly advise, induce, assist (including providing financial assistance) or
              encourage any Person to take any of the actions prohibited by clauses (a)-(h).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The restrictions in this Section 3.1 shall cease to apply on the earlier of: (i) the execution and delivery by Cenovus of a
      definitive agreement to implement a transaction or series of transactions pursuant to which a Person agrees to acquire beneficial ownership of, or control or direction over, more than 50% of the outstanding voting securities of Cenovus (measured on a
      fully-diluted basis) or a majority of the consolidated assets of Cenovus and its Subsidiaries; (ii) a Person or group of related Persons acting jointly or in concert acquire beneficial ownership of, or control or direction over, at least 20% of the
      outstanding voting securities of Cenovus; and (iii) a Person or group of related Persons acting jointly or in concert </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">publicly commence a formal take-over bid<font style="font-weight: bold;">&#160;</font>for more than 20% of the outstanding voting
      securities of Cenovus.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement prohibits Shareholder, any Affiliate of Shareholder or any Representative of Shareholder or any of its
      Affiliates from making a private proposal to, or corresponding and engaging in private discussions or negotiations with, Cenovus executive management or Board members, or with Other Standstill Shareholder or its Affiliates and their respective
      Representatives, regarding any of the matters described in this Section 3.1.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions


        on Transfers of Shares</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except as set out under Section 2.3, without the prior written consent of Cenovus (which consent may, in the sole discretion of
      Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), the Shareholder shall not, and shall cause its Affiliates and their respective Representatives acting on behalf of Shareholder or any of its
      Affiliates, to not, directly or indirectly:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z442ff7de24ba4318b2c5b14d4f021b9f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the period ending at 11:59 p.m. (Calgary time) on the date that is 18 months following the Effective Date, Transfer or cause the Transfer of any Common Shares, except: (i) pursuant
              to a Combination Transaction that has been approved by the Board or recommended by the Board for approval by the shareholders of Cenovus; (ii) as contemplated under Section 3.3; or (iii) as contemplated under Section 3.4;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z562c63764aa94b8abdde3478ae0ef530" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfer or cause the Transfer, either alone or in the aggregate with its Affiliates, Other Standstill Shareholder and Other Standstill Shareholder's Affiliates, and whether in a single
              transaction or a series of related transactions, any Common Shares or Warrants that would, to the knowledge of Shareholder (after reasonable inquiry), result in such Person, together with any Persons acting jointly or in concert with such
              Person, beneficially owning, or controlling or directing, 20% or more of the then-outstanding Common Shares (including, for certainty, those Common Shares and Warrants proposed to be Transferred) and assuming for this purpose the full
              exercise of all Warrants that would, after the proposed Transfer, be beneficially owned or controlled or directed by such Person and any Person acting jointly or in concert therewith; <u>provided</u>&#160;<u>that</u> the foregoing shall not apply
              to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za35922648edd4e17b54870ad1bf0c3ff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected through an underwritten public offering (including an underwritten public offering undertaken pursuant to the Registration Rights Agreement);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1d0cc5827894e1d84846ca2438cfc23" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected as a result of the consummation of a Combination Transaction which has been approved by a resolution of Cenovus Shareholders, or made to an offeror in relation to a
              take-over bid where the offeror pursuant to such take-over bid is proposing to acquire such Common Shares from Shareholder or Other Standstill Shareholder or both in connection with an identical offer made to all holders of Common Shares (in
              terms of price, timing, proportion of securities sought to be acquired and conditions); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z68b9e07401f24b9d9c06352ccc3c6cc9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Transfers made to an Affiliate in accordance with Section 3.3.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If Shareholder or any of its Affiliates or any Representative acting on behalf of Shareholder or any of its Affiliates, proposes to
      Transfer or cause the Transfer of any Common Shares or Warrants in circumstances as described in Section 3.2(b) except that the reference therein to "20%" is instead read as a reference to "10%", then Shareholder shall give Cenovus advance written
      notice of the proposed Transfer and, if reasonably practicable, consult with Cenovus with respect to such Transfer, not less than 24 hours prior to the earlier of (i) entering into any agreement or binding obligation in respect thereof or (ii)
      effecting such </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Transfer, and shall, unless otherwise prohibited by confidentiality or similar restrictions (in respect of which Shareholder has
      used its commercially reasonable efforts to seek a waiver or consent thereof), provide Cenovus with the identity of the proposed transferee and the terms on which the Transfer is proposed to be completed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers


        to Affiliates</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Section 3.2, Shareholder may Transfer all or any portion of the Common Shares or Warrants legally or beneficially
      owned by Shareholder to an Affiliate of Shareholder, provided that such Affiliate agrees to be bound by and become a Party to this Agreement as a "Shareholder" (and Shareholder agrees to cause such Affiliate to become a party hereto) and, concurrent
      with the completion of such Transfer shall validly execute and deliver a joinder or similar document in order to effect the foregoing.&#160; Shareholder, or its Affiliate, shall promptly (and in any event within two (2) Business Days) notify Cenovus if it
      engages in any of the transactions referred to in this Section 3.3.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers


        in Change of Control Transaction</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything in Section 3.2 or elsewhere in this Agreement to the contrary, any transaction in which a Person or group
      of Persons acting jointly or in concert acquires, directly or indirectly, including by merger, consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization or other business combination
      transaction, control of at least a majority of the equity of Shareholder (each, a "<font style="font-weight: bold;">Change of Control Transaction</font>") shall be a permitted Transfer for all purposes under this Agreement and shall not be deemed to
      violate this Agreement in any manner whatsoever.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
      REPRESENTATIONS AND WARRANTIES</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations


        and Warranties of Cenovus</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus represents and warrants to Shareholder that:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8ea6b543c31a4242929a9038122ee336" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze4c03eaa41ae432aaf204034f931e739" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of Cenovus to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly authorized,
              executed and delivered by Cenovus and constitutes a valid and legally binding obligation of Cenovus, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general
              application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z00be9dbd4bc84e1ea325f5a7d2048b31" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by Cenovus nor the performance by Cenovus of its obligations hereunder will result in any breach of, or be in conflict with
              or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3fb0926642f04000bc65f524e1f79a3d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any provisions of the articles or by-laws or other constating documents of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02c4ddbf612a4e0c92bbfa959bb85a35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of the Board or the shareholders of Cenovus;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ceb4f7d515647cab048ad6a0ef47aa9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which Cenovus is a party or by which it is bound; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z03030d1fcb6a4f65b896cf686c3c3411" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations


        and Warranties of Shareholder</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder represents and warrants to Cenovus that:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z91aa5117ec5b42c38014b439ceb88408" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, it does not beneficially own, or control or direct, any Common Shares;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze9d58d0bc47a473293366f8c8a389684" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z556045eac06a4b599c77d06eac4014fc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of it to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly authorized, executed
              and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting
              the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfea84f51f67e4e34a1dd659d881a3635" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by it nor the performance by it of its obligations hereunder will result in any breach of, or be in conflict with or
              constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ac836750c1e40fdb9886612ca9d5fdd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any provisions of its articles, by-laws, partnership or trust agreement or other constating documents, as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ac7a0510f954677afded6eef59287f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of its board of directors, general partner, trustee or similar body, or its securityholders, partners or beneficiaries, as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9030600d481949b6a24466e05ee9c667" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which it is a party or by which it is bound; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z463537df07934ea690b821e01aed1f8c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
      GENERAL PROVISIONS</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or law, or public
      policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
      adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect the original intent
      of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may not be assigned by Shareholder without the prior written consent of Cenovus; provided, however, this Agreement
      may, following prior written notice to Cenovus, be assigned by Shareholder to any Person who is a permitted transferee of Common Shares pursuant to the terms of this Agreement and Shareholder will be fully released from its obligations under this
      Agreement if, following such Transfer, Shareholder no longer beneficially owns, or exercises control or direction over, any Common Shares. Upon any permitted transferee(s) or assignee(s) executing an instrument in writing agreeing to be bound by this
      Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto as " Shareholder". For the avoidance of doubt, nothing in this Section 5.2 shall in any way
      restrict or limit any Transfer otherwise permitted pursuant to Sections 3.2(b), 3.3 or 3.4.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies


        and Breaches</font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3aff5616f601490d9f0ebb5526dc1f57" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement were not
              performed in accordance with its specific terms or was otherwise breached and that such injury may not be adequately compensable in damages. It is accordingly agreed that Shareholder and Cenovus shall, in addition to any other remedy to which
              they may be entitled at law or in equity, each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other Party hereto will not take any action, directly or indirectly, in
              opposition to the Party seeking relief on the grounds that any other remedy or relief is available at law or in equity. The prevailing Party in any such action shall be entitled to recover legal fees and expenses from the non-prevailing
              Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zff73e4e325c3498681fbef740d065795" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges that it shall be liable for any breach of this Agreement by any of its Affiliates or any of its or its Affiliates' Representatives or other
              Persons acting on their behalf, and that it shall inform its and its Affiliates' Representatives of the terms of this Agreement and shall cause them to comply with them.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">All


        Securities Subject to this Agreement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties will be bound by the terms, rights, obligations and restrictions of this Agreement with respect to all Common
      Shares held or beneficially owned, or over which control or direction is exercised (including any Common Shares acquired by Shareholder or its Affiliates after the date hereof as permitted hereby), until this Agreement is terminated as set forth
      below in Section 5.5.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term


        and Termination</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur after the Effective Date:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3e1fbf0135854abfbcfa5aee3decd762" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">upon the termination of the Arrangement Agreement, other than as a result of the completion of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1ea981c04fe6476ea3d33ba0e09905dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the Effective Date;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1cc38f95d13b446ab28afa886f513557" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement or the Other Standstill Agreement is terminated by the written agreement of the Parties;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f4bee3dfb28469fa7d79e7d4a7e35d7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provided that Shareholder has complied with Section 3.2 of this Agreement and Other Standstill Shareholder has complied with section 3.2 of the Other Standstill Agreement, the date on
              which the Standstill Shareholders, together with their respective Affiliates, cease to beneficially own, or control or direct, in aggregate, at least 10% of the then-outstanding Common Shares; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zae387e4cf95f4a2a8acfe5522823ffa1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Qualified Individual duly nominated in accordance with Section 2.1(a) is not appointed to the Board on or before the applicable Appointment Deadline,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that (i) the provisions of this Article 5 shall continue in full force and effect notwithstanding any termination of this
      Agreement, and (ii) termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and obligations, including any indemnities and
      remedies, will continue in full force and effect and survive the termination of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder further acknowledges and agrees that the Registration Rights Agreement and the Pre-Emptive Rights Agreement shall each
      terminate concurrently with the termination of this Agreement, notwithstanding any provision therein to the contrary.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given by personal
      delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for Shareholder or Cenovus, as applicable, as set forth below. Any such notice or other communication given hereunder shall, if
      personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail transmittal (as the case may
      be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business Day, then on the next Business
      Day following the day of delivery or transmittal. The Parties hereto may give from time to time written notice of change of address in the manner aforesaid.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb6dd1e5c39ca4783bf180921425181de" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Shareholder:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">7, Rue du March&#233;-aux-Herbes</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L-1728 Luxembourg</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Grand Duchy of Luxembourg</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Stikeman Elliott LLP<br>
      5300 Commerce Court West<br>
      199 Bay Street.<br>
      Toronto, Ontario, M5L 1B9<br style="line-height: 1.25;">
      <br>
      Attention:&#160; Elizabeth Breen/John Ciardullo/J.R. Laffin<br>
      E-mail:&#160; ebreen@stikeman.com/jciardullo@stikeman.com/jrlaffin@stikeman.com</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-15-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z00ebc25210714809bbbf5617efd50009" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Cenovus:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
      4100, 225 &#8211; 6 Ave SW<br>
      Calgary, Alberta T2P 0M5</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
      E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
      4500 Bankers Hall East<br>
      855 &#8211; 2nd Street S.W.<br>
      Calgary, Alberta T2P 4K7</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
      E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; piastaj@bennettjones.com</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third


        Party Beneficiaries</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the transferees and assignees contemplated in Section 3.3 and Section 5.2, this Agreement is not intended to
      confer any rights, remedies, obligations or liabilities upon any Person other than the Parties to this Agreement and their respective successor or permitted assigns.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby will be paid by the
      Party incurring such fee, cost or expense, whether or not the transactions contemplated hereunder are completed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing


        Law and Attornment</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the
      federal laws of Canada applicable therein.&#160; Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta.&#160; Each Party hereby attorns to and accepts the jurisdiction of such courts.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed
      by the Party purporting to give the same and, unless otherwise provided, such waiver shall be limited to the specific breach waived.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time


        of Essence</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Time is of the essence in respect of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire


        Agreement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement, the Pre-Emptive Rights Agreement and the Registration Rights Agreement constitute the entire agreement among the
      Parties with respect to the subject matter hereof and cancel and supersede any </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-16-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">prior understanding and agreements among the Parties with respect thereto. There are no representations, warranties, terms,
      conditions, undertakings or collateral agreements, express, implied or statutory with respect to the subject matter hereof among the Parties, other than as expressly set forth in this Agreement the Pre-Emptive Rights Agreement and the Registration
      Rights Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of the Parties to this Agreement and their respective successors and
      permitted assigns from time to time.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken
      together will be deemed to constitute one and the same instrument.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facsimile


        Execution</font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Execution and delivery of this Agreement may be effected by any Party by facsimile or other electronic transmission of the execution
      page hereof to the other Parties, and such facsimile or other electronic copy will be legally effective to create a valid and binding agreement between the Parties.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-17-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Standstill Agreement as of the date first written above.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="ze8b535d23907441b9e8af40af0b20378" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top; font-weight: bold;">CENOVUS ENERGY INC.&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top; font-weight: bold;">&#160;</td>
          <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Alex J. Pourbaix</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Alex J. Pourbaix</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; President &amp; Chief Executive Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jonathan M. McKenzie</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title: Executive Vice-President &amp; Chief Financial Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zfa9bdffd75f54ed3b939e94f91e1a78e" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Neil McGee</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Neil McGee</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>eh210123669_ex9903.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>
  <head>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 99.3</font><br>
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  <div style="text-align: right; font-weight: bold;"> <br>
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  <div style="text-align: right; font-weight: bold;"><font style="font-style: italic;">Execution Version</font><br>
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  <div> <font style="font-weight: bold;"><br>
    </font></div>
  <div><font style="font-weight: bold;"> </font><br>
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPORT AGREEMENT</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS SUPPORT AGREEMENT is made effective as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>,
      2020</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the
      laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
    <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg (the&#160;"<font style="font-weight: bold;">Shareholder</font>")</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">WHEREAS the Corporation and Husky Energy Inc.<font style="font-weight: bold;">&#160;</font>("<font style="font-weight: bold;">Husky</font>")
      have, concurrently with the execution and delivery of this Agreement, entered into an arrangement agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"),
      regarding a proposed arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, the Corporation and the shareholders of Husky (as the same may be amended, modified or
      supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Arrangement contemplates, among other things, that the Corporation will acquire all of the issued and outstanding
      Husky Common Shares in consideration for Cenovus Common Shares and Cenovus Warrants, and each holder of Husky Common Shares will receive, for each Husky Common Share held, 0.7845 Cenovus Common Shares and 0.0651 Cenovus Warrants;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS, as of the date hereof, the Shareholder beneficially owns, and exercises control or direction over 294,703,249 Husky
      Common Shares, representing approximately 29.32% of the total Husky Common Shares issued and outstanding at the date hereof, as more particularly set out in Schedule A hereto;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Shareholder understands and acknowledges that the Corporation is entering into the Arrangement Agreement in reliance
      upon the execution and delivery of this Agreement by the Shareholder and the terms and conditions contained herein; and in consideration for the Corporation entering into the Arrangement Agreement, the Shareholder agrees to be bound by this
      Agreement, which sets out the terms and conditions upon which they have agreed, among other things, to support the Arrangement and to cause their respective Subject Securities to be voted in favour of the Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">NOW THEREFORE, in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable
      consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Capitalized terms not otherwise defined in this Agreement shall have the meanings specified in the Arrangement Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement (including the recitals hereto):</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is considered to be an Affiliate of another Person (second Person) if the first Person: (i)
              Controls the second Person, or (ii) is <br>
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    <div style="margin-left: 72pt;"> Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly, the second Person;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this support agreement, as amended, modified or supplemented from time to time;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals to this Agreement;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the recitals to this Agreement;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is considered to Control another Person (second Person) if:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to elect a majority of the
              directors (or the equivalent) of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the partnership; or</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Party</font>" means a party to this Agreement, and "<font style="font-weight: bold;">Parties</font>" means all parties to this Agreement;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Relevant Securities</font>" means Husky Common Shares, Husky Preferred Shares and, if applicable after the date hereof, any other securities of Husky
              having voting rights in respect of the Arrangement under Applicable Laws;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of such Person's directors, officers, employees, consultants, advisors, agents or other
              Person acting on behalf of the Person;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>" has the meaning ascribed thereto in the recitals to this Agreement; and</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subject Securities</font>" means all Relevant Securities beneficially owned, or over which control or direction is exercised by the Shareholder,
              including any Relevant Securities that the Shareholder acquires beneficial ownership of, or control or direction over, after the date hereof.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Covenants</div>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions of this Agreement, the Shareholder hereby covenants and agrees with the Corporation that, unless
      otherwise consented to in writing by the Corporation, the Shareholder shall:</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">vote (or cause to be voted) all Subject Securities at any meeting of Husky Common Shareholders (and any meeting of holders of any other Relevant Securities, as applicable, at which the
              Shareholder is entitled to vote), including the Husky Meeting:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">for and in favour of the Arrangement Resolution (and, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution) and any other matter necessary
              for the consummation of the Arrangement;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">other than as contemplated in paragraph (i), against any business combination, arrangement, amalgamation, merger, consolidation, reorganization, recapitalization, liquidation, material
              asset sale or similar transaction involving Husky, or any issue of securities by Husky, or any resolution to approve, ratify or adopt any of the foregoing; and</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">against any resolution, transaction or other action that is inconsistent with, or could reasonably be likely to impede, interfere with, delay, postpone, or adversely affect in any
              material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, including against any Acquisition Proposal in respect of Husky,</div>
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    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and cause the Subject Securities to be counted as present at the Husky Meeting and any such other meeting, as
      applicable, for quorum purposes;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">without limiting paragraph 2(a): (i) duly deposit or deliver (or cause to be duly deposited or delivered) valid proxies or voting instruction forms, as applicable, duly completed and
              executed, in respect of the Subject Securities, at least fifteen (15) calendar days prior to the Husky Meeting, directing that all of the Husky Common Shares comprising all or a part of the Subject Securities in favour of the Arrangement
              Resolution (and, if applicable, all of the Husky Preferred Shares comprising a part of the Subject Securities for and in favour of the Preferred Shareholder Resolution) and any other matter necessary for the consummation of the Arrangement;
              (ii) provide the Corporation with confirmation of the deposit or delivery of valid proxies or voting instruction forms as aforesaid; and (iii) not take (or permit any Person on its behalf to take) any action to withdraw, amend or invalidate
              any proxy or voting instruction form deposited or delivered pursuant to this Agreement;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">not: (i) sell, transfer, gift, assign, convey, pledge, hypothecate, encumber, grant a security interest in or option, or enter into any derivative transactions in respect of, or
              otherwise dispose of any right or interest (including any economic consequence of ownership) in, any of the Subject Securities, or enter into any agreement, arrangement or understanding in connection therewith, other than pursuant to the
              Arrangement; (ii) grant or agree to grant any proxy, power of attorney or other right to vote any of the Subject Securities, deposit any of its Subject Securities into a voting trust or pooling agreement, or enter into any agreement,
              arrangement or understanding with respect to the voting of any of its Subject Securities, other than as provided in this Agreement or at any annual meeting of the holders of Husky Common Shares; or (iii) requisition or join in the requisition
              of any meeting of Husky Common Shareholders or any other securities of Husky for the purpose of considering any resolution (A) that could reasonably be expected to impair or materially delay the completion of the Arrangement or (B) regarding
              an Acquisition Proposal in respect of Husky;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
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        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f0ff187bab94834b4880fdfb9488539" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not: (i) take any action, that opposes or competes with, or could reasonably be expected to frustrate, impede, delay, restrain or prevent the Arrangement or any of the other matters and
              transactions contemplated by the Arrangement Agreement; or (ii) act jointly or in concert with any Person or group of Persons with respect to voting securities of Husky or the Corporation in opposition to or competition with the Arrangement
              or any of the other matters and transactions contemplated by the Arrangement Agreement, or in support of any Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b371b4b167d43c9a2c5c1dd637d0084" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not exercise or assert (or permit to be exercised or asserted on its behalf): (i) any Dissent Rights or any other rights of dissent or appraisal with respect to the Subject Securities
              in respect of the Arrangement, the Arrangement Resolution or, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution all of which rights are hereby irrevocably waived by the Shareholder to the
              fullest extent permitted by Laws; or (ii) any other rights or remedies with respect to the Subject Securities that are available at common law or pursuant to the ABCA, Applicable Canadian Securities Laws, Applicable U.S. Securities Laws or
              any other Laws that could reasonably be expected to impede, interfere with, delay, postpone, or adversely affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze81efcaea6fd48619061f9dab2b75062" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not withdraw, amend, modify or qualify, or publicly propose or state any intention to withdraw, amend, modify or qualify, its support for the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z409bcdc0638e42c588f5734a15f59fc0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not accept, approve, endorse, recommend or enter into, or publicly propose or state any intention to accept, approve, endorse, recommend or enter into, any publicly disclosed
              Acquisition Proposal in respect of Husky or the Corporation, or make or enter into any agreement, arrangement or understanding, written or oral, in respect of an Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbadd71b84c634d3e9c556902fba63680" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not deposit or tender (or permit to be deposited or tendered) any securities of Husky or the Corporation to any take-over bid or other Acquisition Proposal in respect of Husky or the
              Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6e89df556f4487c8a21019b9c653fd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the termination of the Arrangement Agreement (other than by Husky pursuant to Section 9.1(g) of the Arrangement Agreement), not:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf066c2b32105473e8b44565ad9287bf3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">acquire, offer to acquire (including by offer to purchase or solicitation of an offer to sell) or make any proposal to acquire, directly or indirectly, beneficial ownership of, or
              control or direction over any Cenovus Common Shares or other securities of the Corporation, any additional securities of Husky beyond than those set out in Schedule A hereto or any assets of Husky or the Corporation or any of their respective
              subsidiaries, whether by means of purchase, exchange, business combination, arrangement, amalgamation, merger, consolidation, reorganization, take-over bid or otherwise;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zad79bf8040bf4a0ca8bdd874feb2da15" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">solicit any proxies, or participate in any solicitation of proxies, with respect to the voting of any securities of Husky or the Corporation other than in favour of the Arrangement
              Resolution, the Preferred Shareholder Resolution and the Share Issuance Resolution, as applicable;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b3aa4b600ff4d0f9b214941346bbe1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">make any announcement or public disclosure with respect to any of the matters in this paragraph 2(i), except to the extent required by Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z748bbf91444346cf99d1512db09caf89" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">immediately cease and cause to be terminated all solicitations, encouragements, discussions or negotiations (including through any Affiliate or Representative), if any, with any Person
              other than the Corporation and its Representatives, with respect to any Acquisition Proposal in respect of Husky or the Corporation or expression of interest relating to an Acquisition Proposal in respect of Husky or the Corporation, or any
              inquiry, proposal or offer that constitutes or may constitute, or could reasonably be expected to lead to, an Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd83a716c08f6463aa4ed57d0f33d01dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not take or omit to take any action that would cause any representation or warranty of such Shareholder contained herein to become untrue or incorrect in any material respect, and
              promptly notify the Corporation if any of the Shareholder's representations and warranties contained herein becomes untrue or incorrect in any material respect;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e718a683f5840c88da88221473097f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not act jointly or in concert or otherwise knowingly cooperate in any way with, or assist (including by providing financial assistance), facilitate, encourage or participate in, any
              effort or attempt by, any other Person or group of Persons to do or seek to do anything contrary to the foregoing; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39c50731b96140079717f6b538e3744d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not do indirectly, including through any Affiliate or Representative, that which it may not do directly by the terms of this Section 2.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z673f47f0259f4881a7dd03c5af90d92d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory Cooperation</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zce7817c83afd40a684fbbc3a3bffbe95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with obtaining the Key Regulatory Approvals, subject to Applicable Law, the Parties shall, and shall cause their Affiliates to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5dc56a1899a84e83a9cdbadc037299c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as soon as reasonably practicable following a determination by a Party that a filing is required or prudent, as set forth in Section 3(b) or as required in Section 3.7 of the
              Arrangement Agreement, make a filing in respect of the transactions contemplated by this Agreement, submit such filing with the applicable Governmental Authority in accordance with such foreign investment laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbfa044d9607f4e99ba57ba2cdec7c7dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">use its commercially reasonable efforts to obtain all Key Regulatory Approvals as soon as reasonably practicable, but in any event no later than three Business Days prior to the Outside
              Date;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z47c3c984488d4aaf90d799f9e86dce2c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">cooperate with the each other and provide such assistance to the each other as each Party may reasonably request in connection with obtaining the Key Regulatory Approvals;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29454bfff2b141b38f59dabb1acf820b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">respond at the earliest practicable date to any requests for information (including in respect of any submissions or supplementary information requests) or requests for meetings by any
              Governmental Authority;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15248453d112415096fce08dc3bb317e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">permit each other an advance opportunity to review and comment upon any proposed written communications to any Governmental Authority, consider in good faith the comments of each other,
              and provide each other with final copies thereof;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za8cc5e7ff81e4b63bcb2fecdfe168aad" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provide each other a reasonable opportunity to participate in any meetings or discussions (whether in person, by e-mail, by telephone or otherwise) with any Governmental Authority
              (except where the Governmental Authority expressly requests that a Party should not be present at the meeting or discussion or part or parts of the meeting or discussion);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81a6ecd14618464b9b9ef241bf9f1813" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">keep each other informed of the status of the Key Regulatory Approvals and promptly notify each other of receipt of any communications (oral or written) of any nature from a
              Governmental Authority (including, in particular, receipt of any notice under the Investment Canada Act or any foreign investment laws) in connection with the transaction contemplated by the Arrangement Agreement and provide each other with
              copies thereof; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z249ff156372847719225bf38c3dc411f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">refrain from extending or consenting to any extension of any applicable waiting or review period or enter into any agreement with a Governmental Authority to not consummate the
              transactions contemplated by this Agreement, except upon the prior written consent of each other.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z058763c78a8e4a5e9f82ac108b9abdf4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with any determination by the Shareholder that a filing by the Corporation is required or prudent to obtain a Key Regulatory Approval, the Shareholder shall make such
              determination as soon as reasonably practicable upon receipt of the information reasonably necessary to make such determination in an informed manner and only after consultation with the Corporation in good faith and acting reasonably.&#160; In
              the event that the Shareholder does make the determination to obtain a Key Regulatory Approval pursuant to the foregoing sentence, such filing shall be deemed to be a Key Regulatory Approval under the Arrangement Agreement and the Corporation
              shall pursue such Key Regulatory Approval in accordance with the Arrangement Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4397c00e553548089fadac47d20a1ade" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any requirement in this Agreement, where a Party is required to provide information to the other Party that the disclosing Party deems to be competitively or
              commercially sensitive, the disclosing Party may restrict the provision of such competitively sensitive information only to the external legal counsel of the other Party, provided that the disclosing Party also provides a redacted version of
              any such information to the other Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f695dfb2dd24321b19a5fd167c76da2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder represents and warrants to the Corporation as follows, and acknowledges that the Corporation is relying upon such
      representations and warranties in connection with the matters contemplated by this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z626111384496464c97e2ba75fb4ae084" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete the transactions
              contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b5c39fbf52d4ddb862e31531e3a26af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement of the Shareholder enforceable against it in accordance with
              its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be granted only in the
              discretion of a court of competent jurisdiction;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75872b6bb23248deafa7d56b10fb1262" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Shareholder, or completion of the transactions contemplated hereby, violates or constitutes a breach or default
              under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with), any agreement, arrangement, understanding or
              restriction of any kind, including pursuant to any Applicable Laws, to which the Shareholder is a party or by which it is bound, except in each case as would not impair the ability of the Shareholder to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0e41ce52dd514b02824fed07f627432d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, the Shareholder: (i) beneficially owns, and exercises control and direction over the number of Subject Securities set forth opposite its name on Schedule A
              hereto, and (ii) does not beneficially own, or exercise control or direction over any Cenovus Common Shares or other securities of the Corporation, or any other securities of Husky or of any subsidiary of Husky;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2062a829bb042d1b882d35effa0ef43" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has the sole and exclusive right to sell and vote or direct the sale and voting of the Subject Securities set forth opposite its name on Schedule A hereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z428df62bf2e64303ba1dd5a6e1b43a20" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the Subject Securities are subject to any shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, or any right
              or privilege (by Law or contract) capable of becoming a shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, other than this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z35e660ead78e4df8b1024c73ab5379e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no proxy in existence with respect to any of the Subject Securities, except for a proxy given by the Shareholder in accordance with this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6a4fa4d15904b1db4d840b397a024a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">no Person has, or will at any time during the term of this Agreement have, any agreement or option, or any right or privilege (by Law or contract) capable of becoming an agreement or
              option, for the purchase, acquisition or transfer of any of the Subject Securities, or any interest therein or right thereto (including any right to vote), other than pursuant to this Agreement and the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2289ee61beeb4afcb0209450f800e4c7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Shareholder, threatened against it that adversely affects the
              Shareholder's ability to enter into this Agreement and perform its obligations hereunder, or its title to any of the Subject Securities; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z44fbc940bc9b4fb7bcacf062c5a669e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder is a "WTO investor" and is not a "state owned enterprise" within the meaning of the Investment Canada Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb4cfc12fa1584bbe872b42d45fd2f7ce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Corporation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such
      representations and warranties in connection with the matters contemplated by this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d7b9a658e7b4b2997b87641125279f5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Corporation has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete the transactions
              contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf57f306d246342deae8a9c3ac24f92e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Corporation and constitutes a legal, valid and binding agreement of the Corporation enforceable against it in accordance with
              its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be granted only in the
              discretion of a court of competent jurisdiction;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd0971ee5688541b3b61a09ce97ac55f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Corporation, or completion of the transactions contemplated hereby, violates or constitutes a breach or default
              under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with) any agreement, arrangement, understanding or
              restriction of any kind, including pursuant to any Applicable Laws, to which the Corporation is a party or by which it is bound, except in each case as would not impair the ability of the Corporation to perform its obligations hereunder; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e6d98dbdfa84836b74a78a9be6164a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Corporation, threatened against it or any of its affiliates that
              adversely affects the Corporation's ability to enter into this Agreement and perform its obligations hereunder.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26b6ed55e8004b54a0a0a9e59bcc0679" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Termination</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement and the Parties' respective rights and obligations hereunder shall terminate on the earliest of:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98f9802116ae4f138a4a3decc3c26b76" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the mutual written consent of the Corporation and the Shareholder, by instrument in writing signed by each Party, to terminate this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3e55c7eaefa84545a009e77576f72c68" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the time (if any) at which the Arrangement Agreement is terminated:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc937e55b159c46bdadc9123647780380" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by mutual written agreement of the parties thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9c9a11662c54f99aee265af639301f8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by the Corporation in accordance with the terms thereof; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z09b2740ac66943119c2424e681780bba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Husky in accordance with section 9.1(b)(ii), section 9.1(b)(iii), section 9.1(c) or section 9.1(f) thereof;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3665cc1b2f664fc896aa0d1d30814283" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">completion of an Acquisition Proposal in respect of the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67d97ea421084f48be33720a30a8d5e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">approval by the requisite majority of Cenovus Common Shareholders of an Acquisition Proposal in respect of the Corporation, completion of which requires, pursuant to Applicable Laws,
              approval by the Cenovus Common Shareholders;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zddd0416ea3f045d0bf420791e6ea19e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Effective Time; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7712bd5314a24e3e9c91dea6d0bb5ea9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Outside Date.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon termination or expiration of this Agreement, neither Party shall have any further obligations or liabilities under this
      Agreement, provided, however, that (i) the provisions of Sections 7-14 and 16-18, inclusive, shall survive termination of this Agreement, and (ii) nothing herein shall relieve a Party from </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">liability for any breach of this Agreement that occurs prior to termination, or prejudice the rights of the other Parties as a
      result of any such breach.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc0c0cbabd1194ae891ceb01bb5c8604d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party acknowledges and agrees that if any provisions of this Agreement are not performed in accordance with their specific
      terms or are otherwise breached, the non-breaching Parties would suffer irreparable harm for which monetary damages would not be an adequate remedy. Accordingly, in addition to (and without limiting) any other remedies available at law or equity, a
      non-breaching Party shall be entitled to equitable relief, including remedies of specific performance and temporary and permanent injunctive relief, to enforce performance and/or restrain any actual or threatened non-performance or other breach,
      without any requirement for security or posting of any bond in connection with the obtaining of such equitable relief.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9840879dc2134c149ba7d601c99d58ce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fiduciary Obligations</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation acknowledges and agrees that the Shareholder is bound hereunder solely in its capacity as a holder of the Subject
      Securities, and, if any Representative of the Shareholder or any of its Affiliates is a director and/or officer of Husky, that the provisions hereof shall not be deemed or interpreted to bind such individual in his or her capacity as a director or
      officer of Husky and this Agreement shall not: (a) restrict, limit or prohibit any such individual from exercising (in his or her capacity as a director or officer) his or her fiduciary duties under Applicable Laws (including any action permitted by
      the Arrangement Agreement); or (b) require any such individual, in his or her capacity as an office or director, if applicable, of Husky, to take any action in contravention of, or omit to take any action pursuant to, or otherwise take or refrain
      from taking any actions which are inconsistent with, instructions or directions of the Husky Board undertaken in the exercise of his or her fiduciary duties.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeebcc59c2f774c6997f77eb3b3963479" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement; Amendments and Waivers</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all
      prior negotiations, understandings and agreements. No amendment, modification or supplement to this Agreement shall be valid or binding unless set forth in writing and executed by the Parties. A waiver of any default, breach or non-compliance under
      this Agreement shall not be effective unless set forth in writing and signed by the Party to be bound by the waiver and, unless otherwise specified in such writing, the waiver shall be limited to the specific default, breach or non-compliance waived
      and shall not constitute a continuing waiver or apply to any subsequent default, breach or non-compliance.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf883495e9e0b4584bfddff014b905782" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No Party may assign any of its rights or obligations under this Agreement without the prior written consent of the other Party.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z97f5014f4feb4d83815d57ce480dbfff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any notice or other communication required or permitted to be given hereunder shall be given in writing and shall be sufficiently
      given if delivered personally (including by courier service) or transmitted by electronic mail with receipt confirmed by the recipient, addressed as follows:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7293c0a2eb0e47538e601ed0e463b615" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder:</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">9-11 Grand Rue<br>
      L-1661 Luxembourg<br>
      Grand Duchy of Luxembourg<br>
      <br style="line-height: 1.25;">
      <br>
      Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Marvin Yontef, Esq.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">E-mail:</font>&#160; <font style="font-family: 'Times New Roman', Times, serif;">myontef@outlook.com</font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2790116f32344010b4192a5893eb5e24" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
      4100, 225 &#8211; 6 Ave SW<br>
      Calgary, Alberta T2P 0M5</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
      E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
      4500 Bankers Hall East<br>
      855 &#8211; 2nd Street S.W.<br>
      Calgary, Alberta T2P 4K7</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
      E-mail:&#160; piastaj@bennettjones.com</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">or to such other address as may from time to time be substituted by the addressee by notice given as herein provided.&#160; Any notice or
      other communication delivered in person or sent by electronic mail shall be deemed to have been given on (i) in the case of personal delivery, the date of actual delivery, and (ii) in the case of electronic mail, on the date on which the recipient
      confirms receipt; except that if such date is not a business day in the place of receipt, or if the personal delivery or electronic mail transmission occurs after 4:00 p.m. in the place of receipt, then the notice or other communication shall be
      deemed to have been given on the next following business day.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7188ac5d694d472bb7dbfefd9c11a7c8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa.&#160; Words importing gender shall include all
      genders.&#160; If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.&#160; Where the word "<font style="font-weight: bold;">including</font>" is used in this Agreement it means "<font style="font-weight: bold;">including without limitation</font>". Unless otherwise stated, reference to a particular "<font style="font-weight: bold;">Section</font>" means the corresponding section of this Agreement.&#160; The division of this Agreement
      into Sections and other subdivisions, and the insertion of descriptive headings, are for convenience of reference only and shall not affect the construction hereof.&#160; Schedule A hereto forms an integral part of this Agreement.&#160; Time shall be of the
      essence of this Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>"
      or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular section or other portion hereof, and include any agreement supplemental hereto.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z51ee1323d0c84eeeb36e222e766c6607" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
      to the extent of such invalidity or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement (which shall remain in full force and effect) or affecting the validity or
      enforceability of such provision in any other jurisdiction.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f295fd061d44e10bd288ffa69b9a40c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs and Expenses</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party shall bear and be solely responsible for the fees, charges and disbursements of its respective financial, legal and other
      advisors, and all other costs and expenses of any nature or kind whatsoever, howsoever incurred, in connection with the preparation, execution, delivery and performance of this Agreement and completion of the transactions contemplated hereby and by
      the Arrangement Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80d6b5b2fc4d480a8e7bacf73bab95f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder agrees to promptly provide the Corporation with any information pertaining to the Shareholder that the Corporation
      legally requires for the preparation of any news release or disclosure document (including the Circular) required under Applicable Securities Laws to be filed by the Corporation with any Governmental Authority in connection with the matters
      contemplated by this Agreement; and to promptly notify the Corporation of any required corrections to any such information provided by it for use in any such disclosure document, if and to the extent that any such information shall have become false
      or misleading in any material respect. Except as required by Applicable Laws, no Party shall make any public announcement or statement with respect to this Agreement without the consent of the other Party, which shall not be unreasonably withheld,
      conditioned or delayed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder irrevocably and unconditionally consents to the public disclosure by the Corporation and Husky:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67b594aa96054f89ae2fe7bda624fbe1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">of the existence of this Agreement, pursuant to Applicable Canadian Securities Laws, Applicable U.S. Securities Laws, and the Court proceedings to be commenced under section 193 of the
              ABCA in respect of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc31c98acc3514624abeb9380338f7548" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">of the details of this Agreement being set out in the news release announcing the entering into of the Arrangement Agreement, the Circular, any documents filed by the Corporation
              pursuant to Applicable Canadian Securities Laws or Applicable U.S. Securities Laws, and materials filed with the Court, provided that the Shareholder shall be given a reasonable opportunity to review such disclosure and the Corporation shall
              give reasonable consideration to the comments of the Shareholder; and</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc6125885072f46e78b27f73e007f2c7e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">to this Agreement being filed on SEDAR pursuant to Applicable Canadian Securities Laws and on EDGAR pursuant to Applicable U.S. Securities Laws, and with the Court.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z316c280517a24b7c9b4b6b7264009c68" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of each Party and their respective successors and permitted assigns.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z267bb09801e644e1ba7a82cc6cfb4981" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of Alberta and the
      federal laws of Canada applicable therein, without giving effect to any conflict of laws principles thereunder that would otherwise require the application of the laws of another jurisdiction. Each Party irrevocably attorns and submits to the
      jurisdiction of the courts of the Province of Alberta in respect of any disputes or other matters arising under or in relation to this Agreement, and waives any objection to the venue of any proceeding in such court or that such court provides an
      inconvenient forum.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za849d05263034aeb8d7b450923b4e160" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed and delivered in any number of counterparts, each of which shall be deemed to be an original and all
      of which taken together shall be deemed to constitute one and the same instrument. Delivery by any Party of an executed signature page to this Agreement by facsimile, portable document format (PDF) or other electronic transmission shall be as
      effective as delivery by such Party of a manually executed counterpart.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Support Agreement as of the date first written above.</div>
    <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
      <font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="za9181f89961043e981d106b4f3f4ac81" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Alex J. Pourbaix</font>"</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Alex J. Pourbaix</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; President &amp; Chief Executive Officer</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jonathan M. McKenzie</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; Executive Vice-President &amp; Chief Financial Officer</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Richard Chan</font>"</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Richard Chan<br>
              Title:&#160; Director</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
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    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE A</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to Support Agreement dated as of October 24, 2020<br>
      between Cenovus Energy Inc. and L.F. Investments S.&#224; r.l.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>SUBJECT SECURITIES</u></div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z824537082a5942b4b621de22e9d04418" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Shareholder</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered Holder</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Common Shares Held</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Preferred Shares Held</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Husky Securities Held</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">294,703,249</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
          </td>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>eh210123669_ex9904.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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    <title></title>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 99.4</font><br>
  </div>
  <div> <font style="font-weight: bold;"><br>
    </font></div>
  <div style="text-align: right;"><font style="font-weight: bold; font-style: italic;">Execution Version</font><br>
  </div>
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  </div>
  <div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPORT AGREEMENT</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS SUPPORT AGREEMENT is made effective as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>,
      2020</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the
      laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
    <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; text-indent: 72pt;"><font style="font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg (the&#160;"<font style="font-weight: bold;">Shareholder</font>")</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">WHEREAS the Corporation and Husky Energy Inc.<font style="font-weight: bold;">&#160;</font>("<font style="font-weight: bold;">Husky</font>")

      have, concurrently with the execution and delivery of this Agreement, entered into an arrangement agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"),
      regarding a proposed arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, the Corporation and the shareholders of Husky (as the same may be amended, modified or
      supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Arrangement contemplates, among other things, that the Corporation will acquire all of the issued and outstanding
      Husky Common Shares in consideration for Cenovus Common Shares and Cenovus Warrants, and each holder of Husky Common Shares will receive, for each Husky Common Share held, 0.7845 Cenovus Common Shares and 0.0651 Cenovus Warrants;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS, as of the date hereof, the Shareholder beneficially owns, and exercises control or direction over 403,986,043 Husky
      Common Shares, representing approximately 40.19% of the total Husky Common Shares issued and outstanding at the date hereof, as more particularly set out in Schedule A hereto;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Shareholder understands and acknowledges that the Corporation is entering into the Arrangement Agreement in reliance
      upon the execution and delivery of this Agreement by the Shareholder and the terms and conditions contained herein; and in consideration for the Corporation entering into the Arrangement Agreement, the Shareholder agrees to be bound by this
      Agreement, which sets out the terms and conditions upon which they have agreed, among other things, to support the Arrangement and to cause their respective Subject Securities to be voted in favour of the Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">NOW THEREFORE, in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable
      consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
          </td>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Capitalized terms not otherwise defined in this Agreement shall have the meanings specified in the Arrangement Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement (including the recitals hereto):</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is considered to be an Affiliate of another Person (second Person) if the first Person: (i)
              Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly, the second Person;</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this support agreement, as amended, modified or supplemented from time to time;</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals to this Agreement;</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the recitals to this Agreement;</div>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is considered to Control another Person (second Person) if:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to elect a majority of the
              directors (or the equivalent) of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the partnership; or</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Party</font>" means a party to this Agreement, and "<font style="font-weight: bold;">Parties</font>" means all parties to this Agreement;</div>
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        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6bf62d02acec41e9b3002382d5323c99" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Relevant Securities</font>" means Husky Common Shares, Husky Preferred Shares and, if applicable after the date hereof, any other securities of Husky
              having voting rights in respect of the Arrangement under Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z322d7917e40a43989ac65638541f4322" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of such Person's directors, officers, employees, consultants, advisors, agents or other
              Person acting on behalf of the Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze17ae056b7db459ca9177487309b6699" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>" has the meaning ascribed thereto in the recitals to this Agreement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cd21160014c418f84afdaf9f9512c08" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subject Securities</font>" means all Relevant Securities beneficially owned, or over which control or direction is exercised by the Shareholder,
              including any Relevant Securities that the Shareholder acquires beneficial ownership of, or control or direction over, after the date hereof.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z529d0be47f5f4941a0ac7b3c53873674" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Covenants</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions of this Agreement, the Shareholder hereby covenants and agrees with the Corporation that, unless
      otherwise consented to in writing by the Corporation, the Shareholder shall:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9044122c87c6499c90b9308fe0559540" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">vote (or cause to be voted) all Subject Securities at any meeting of Husky Common Shareholders (and any meeting of holders of any other Relevant Securities, as applicable, at which the
              Shareholder is entitled to vote), including the Husky Meeting:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0efc0a6e76d640799d8235121edaec8b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for and in favour of the Arrangement Resolution (and, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution) and any other matter necessary
              for the consummation of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfcff451ada5147b5bc9e8cb1dc5bb765" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as contemplated in paragraph (i), against any business combination, arrangement, amalgamation, merger, consolidation, reorganization, recapitalization, liquidation, material
              asset sale or similar transaction involving Husky, or any issue of securities by Husky, or any resolution to approve, ratify or adopt any of the foregoing; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80a806d785c649bb9ac82b49a715ee29" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">against any resolution, transaction or other action that is inconsistent with, or could reasonably be likely to impede, interfere with, delay, postpone, or adversely affect in any
              material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, including against any Acquisition Proposal in respect of Husky,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and cause the Subject Securities to be counted as present at the Husky Meeting and any such other meeting, as
      applicable, for quorum purposes;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d1f474de8774cdbab62ee6a6f7b7a02" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">without limiting paragraph 2(a): (i) duly deposit or deliver (or cause to be duly deposited or delivered) valid proxies or voting instruction forms, as applicable, duly completed and
              executed, in respect of the Subject Securities, at least fifteen (15) calendar days prior to the Husky Meeting, directing that all of the Husky Common Shares comprising all or a part of the Subject Securities in favour of the Arrangement
              Resolution (and, if applicable, all of the Husky Preferred Shares comprising a part of the Subject Securities for and in favour of the Preferred Shareholder Resolution) and any other matter necessary for the consummation of the Arrangement;
              (ii) provide the Corporation with confirmation of the deposit or delivery of valid proxies or voting instruction forms as aforesaid; and (iii) not take (or permit any Person on its behalf to take) any action to withdraw, amend or invalidate
              any proxy or voting instruction form deposited or delivered pursuant to this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5329c8f617504d7884478fb37bcd9685" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not: (i) sell, transfer, gift, assign, convey, pledge, hypothecate, encumber, grant a security interest in or option, or enter into any derivative transactions in respect of, or
              otherwise dispose of any right or interest (including any economic consequence of ownership) in, any of the Subject Securities, or enter into any agreement, arrangement or understanding in connection therewith, other than pursuant to the
              Arrangement; (ii) grant or agree to grant any proxy, power of attorney or other right to vote any of the Subject Securities, deposit any of its Subject Securities into a voting trust or pooling agreement, or enter into any agreement,
              arrangement or understanding with respect to the voting of any of its Subject Securities, other than as provided in this Agreement or at any annual meeting of the holders of Husky Common Shares; or (iii) requisition or join in the requisition
              of any meeting of Husky Common Shareholders or any other securities of Husky for the purpose of considering any resolution (A) that could reasonably be expected to impair or materially delay the completion of the Arrangement or (B) regarding
              an Acquisition Proposal in respect of Husky;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84f6b47ceb4646928839d0cca33cadff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not: (i) take any action, that opposes or competes with, or could reasonably be expected to frustrate, impede, delay, restrain or prevent the Arrangement or any of the other matters and
              transactions contemplated by the Arrangement Agreement; or (ii) act jointly or in concert with any Person or group of Persons with respect to voting securities of Husky or the Corporation in opposition to or competition with the Arrangement
              or any of the other matters and transactions contemplated by the Arrangement Agreement, or in support of any Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcdf0ef123f1046b8ad4633140f8f8380" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not exercise or assert (or permit to be exercised or asserted on its behalf): (i) any Dissent Rights or any other rights of dissent or appraisal with respect to the Subject Securities
              in respect of the Arrangement, the Arrangement Resolution or, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution all of which rights are hereby irrevocably waived by the Shareholder to the
              fullest extent permitted by Laws; or (ii) any other rights or remedies with respect to the Subject Securities that are available at common law or pursuant to the ABCA, Applicable Canadian Securities Laws, Applicable U.S. Securities Laws or
              any other Laws that could reasonably be expected to impede, interfere with, delay, postpone, or adversely affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z36090591065a4e879a9de553881a16df" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not withdraw, amend, modify or qualify, or publicly propose or state any intention to withdraw, amend, modify or qualify, its support for the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c92cde71575427e814fca649bcc2761" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not accept, approve, endorse, recommend or enter into, or publicly propose or state any intention to accept, approve, endorse, recommend or enter into, any publicly disclosed
              Acquisition Proposal in respect of Husky or the Corporation, or make or enter into any agreement, arrangement or understanding, written or oral, in respect of an Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc716d2ea8ab54343892fb361d78f7de1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not deposit or tender (or permit to be deposited or tendered) any securities of Husky or the Corporation to any take-over bid or other Acquisition Proposal in respect of Husky or the
              Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z59768b958e6a4f5eb817db055c562cfb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the termination of the Arrangement Agreement (other than by Husky pursuant to Section 9.1(g) of the Arrangement Agreement), not:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf60610f9c5da494d920e0e6f0670240f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">acquire, offer to acquire (including by offer to purchase or solicitation of an offer to sell) or make any proposal to acquire, directly or indirectly, beneficial ownership of, or
              control or direction over any Cenovus Common Shares or other securities of the Corporation, any additional securities of Husky beyond than those set out in Schedule A hereto or any assets of Husky or the Corporation or any of their respective
              subsidiaries, whether by means of purchase, exchange, business combination, arrangement, amalgamation, merger, consolidation, reorganization, take-over bid or otherwise;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0b88be8068a44d0694ae1ea119c09118" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">solicit any proxies, or participate in any solicitation of proxies, with respect to the voting of any securities of Husky or the Corporation other than in favour of the Arrangement
              Resolution, the Preferred Shareholder Resolution and the Share Issuance Resolution, as applicable;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6f323ec7cf3f4ccba277f4d9bdc99099" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">make any announcement or public disclosure with respect to any of the matters in this paragraph 2(i), except to the extent required by Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2890c2e4529a48b7b06992d621ca0bdf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">immediately cease and cause to be terminated all solicitations, encouragements, discussions or negotiations (including through any Affiliate or Representative), if any, with any Person
              other than the Corporation and its Representatives, with respect to any Acquisition Proposal in respect of Husky or the Corporation or expression of interest relating to an Acquisition Proposal in respect of Husky or the Corporation, or any
              inquiry, proposal or offer that constitutes or may constitute, or could reasonably be expected to lead to, an Acquisition Proposal in respect of Husky or the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb02687aafc784022abeaa6af1d2a87e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not take or omit to take any action that would cause any representation or warranty of such Shareholder contained herein to become untrue or incorrect in any material respect, and
              promptly notify the Corporation if any of the Shareholder's representations and warranties contained herein becomes untrue or incorrect in any material respect;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a91fccad4ea480796d184722c6ef2fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not act jointly or in concert or otherwise knowingly cooperate in any way with, or assist (including by providing financial assistance), facilitate, encourage or participate in, any
              effort or attempt by, any other Person or group of Persons to do or seek to do anything contrary to the foregoing; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6fae17e6ecb64c8b82ed99b0bc7dc33f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not do indirectly, including through any Affiliate or Representative, that which it may not do directly by the terms of this Section 2.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42f7267f5c6e40f9a18df34fe2e8e2ee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory Cooperation</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z06027a3140c343c79d21bdd1077e2e08" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with obtaining the Key Regulatory Approvals, subject to Applicable Law, the Parties shall, and shall cause their Affiliates to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze35b22770e984d1f89319e3a3f9c1e7a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as soon as reasonably practicable following a determination by a Party that a filing is required or prudent, as set forth in Section 3(b) or as required in Section 3.7 of the
              Arrangement Agreement, make a filing in respect of the transactions contemplated by this Agreement, submit such filing with the applicable Governmental Authority in accordance with such foreign investment laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc9abc4f4f35a41078aef4a610d2e83e1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">use its commercially reasonable efforts to obtain all Key Regulatory Approvals as soon as reasonably practicable, but in any event no later than three Business Days prior to the Outside
              Date;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2d1bd4dd094941d8bd5d58da1af86cf3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">cooperate with the each other and provide such assistance to the each other as each Party may reasonably request in connection with obtaining the Key Regulatory Approvals;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaec5cbc0880e4aab94daa89e07ea989a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">respond at the earliest practicable date to any requests for information (including in respect of any submissions or supplementary information requests) or requests for meetings by any
              Governmental Authority;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6e61c5123f344048eb0654f4cd99ece" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">permit each other an advance opportunity to review and comment upon any proposed written communications to any Governmental Authority, consider in good faith the comments of each other,
              and provide each other with final copies thereof;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf415ade2bcda46acb3bde013713ba759" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provide each other a reasonable opportunity to participate in any meetings or discussions (whether in person, by e-mail, by telephone or otherwise) with any Governmental Authority
              (except where the Governmental Authority expressly requests that a Party should not be present at the meeting or discussion or part or parts of the meeting or discussion);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd86c390c077a4b14926749ce9de6effc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">keep each other informed of the status of the Key Regulatory Approvals and promptly notify each other of receipt of any communications (oral or written) of any nature from a
              Governmental Authority (including, in particular, receipt of any notice under the Investment Canada Act or any foreign investment laws) in connection with the transaction contemplated by the Arrangement Agreement and provide each other with
              copies thereof; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e1776e0beeb42898fc68679edccc661" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">refrain from extending or consenting to any extension of any applicable waiting or review period or enter into any agreement with a Governmental Authority to not consummate the
              transactions contemplated by this Agreement, except upon the prior written consent of each other.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84cfda526fc74ed2ad4cb6f611aea224" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with any determination by the Shareholder that a filing by the Corporation is required or prudent to obtain a Key Regulatory Approval, the Shareholder shall make such
              determination as soon as reasonably practicable upon receipt of the information reasonably necessary to make such determination in an informed manner and only after consultation with the Corporation in good faith and acting reasonably.&#160; In
              the event that the Shareholder does make the determination to obtain a Key Regulatory Approval pursuant to the foregoing sentence, such filing shall be deemed to be a Key Regulatory Approval under the Arrangement Agreement and the Corporation
              shall pursue such Key Regulatory Approval in accordance with the Arrangement Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ff96c2952304e78960866343bfc8a1c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any requirement in this Agreement, where a Party is required to provide information to the other Party that the disclosing Party deems to be competitively or
              commercially sensitive, the disclosing Party may restrict the provision of such competitively sensitive information only to the external legal counsel of the other Party, provided that the disclosing Party also provides a redacted version of
              any such information to the other Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze650904278ee43c28dd66c785c000814" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder represents and warrants to the Corporation as follows, and acknowledges that the Corporation is relying upon such
      representations and warranties in connection with the matters contemplated by this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfad148b106b04f9b934f5b9a0678508e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete the transactions
              contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfba3bb2f47014087b4ef959a08a66c0e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement of the Shareholder enforceable against it in accordance with
              its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be granted only in the
              discretion of a court of competent jurisdiction;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9e6054d31030466b8c37168b1848a1d0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Shareholder, or completion of the transactions contemplated hereby, violates or constitutes a breach or default
              under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with), any agreement, arrangement, understanding or
              restriction of any kind, including pursuant to any Applicable Laws, to which the Shareholder is a party or by which it is bound, except in each case as would not impair the ability of the Shareholder to perform its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za62e13b9f74949368d4ff488fbabe25b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, the Shareholder: (i) beneficially owns, and exercises control and direction over the number of Subject Securities set forth opposite its name on Schedule A
              hereto, and (ii) does not beneficially own, or exercise control or direction over any Cenovus Common Shares or other securities of the Corporation, or any other securities of Husky or of any subsidiary of Husky;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9d6cd067f07a4a8488cb805dbdbc0185" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has the sole and exclusive right to sell and vote or direct the sale and voting of the Subject Securities set forth opposite its name on Schedule A hereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7e1ebe137cb343b09df8470453123ded" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the Subject Securities are subject to any shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, or any right
              or privilege (by Law or contract) capable of becoming a shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, other than this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fb33d5f3a70477a85ba8084f5df2629" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no proxy in existence with respect to any of the Subject Securities, except for a proxy given by the Shareholder in accordance with this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5709e4b06d84436984d843f70665041b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">no Person has, or will at any time during the term of this Agreement have, any agreement or option, or any right or privilege (by Law or contract) capable of becoming an agreement or
              option, for the purchase, acquisition or transfer of any of the Subject Securities, or any interest therein or right thereto (including any right to vote), other than pursuant to this Agreement and the Arrangement Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2658ca74bd7412e8655d6bdc6d0f449" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Shareholder, threatened against it that adversely affects the
              Shareholder's ability to enter into this Agreement and perform its obligations hereunder, or its title to any of the Subject Securities; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbebaf62eec934f17b2c301748031c51b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder is a "WTO investor" and is not a "state owned enterprise" within the meaning of the Investment Canada Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z720b17d42b5c432fb7e9814429c2fd67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Corporation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such
      representations and warranties in connection with the matters contemplated by this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb00b6d9ae7934e6d86f752c3c015538b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Corporation has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete the transactions
              contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze65ede2009f4450296705f7856b4fc77" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Corporation and constitutes a legal, valid and binding agreement of the Corporation enforceable against it in accordance with
              its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be granted only in the
              discretion of a court of competent jurisdiction;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f298ccb2bbc410cb50f09e3ef59693e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Corporation, or completion of the transactions contemplated hereby, violates or constitutes a breach or default
              under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with) any agreement, arrangement, understanding or
              restriction of any kind, including pursuant to any Applicable Laws, to which the Corporation is a party or by which it is bound, except in each case as would not impair the ability of the Corporation to perform its obligations hereunder; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde7d413bd1a7463faa094da6b5462d66" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Corporation, threatened against it or any of its affiliates that
              adversely affects the Corporation's ability to enter into this Agreement and perform its obligations hereunder.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z450369e404ce4c97913ebba432c8c72a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Termination</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement and the Parties' respective rights and obligations hereunder shall terminate on the earliest of:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z40ed83c420204536aa98c9ba0ffde5d1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the mutual written consent of the Corporation and the Shareholder, by instrument in writing signed by each Party, to terminate this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b227a6a1117475f9a222d71ac2f120e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the time (if any) at which the Arrangement Agreement is terminated:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfdf1a49d343d480b8f06470e2283ab14" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by mutual written agreement of the parties thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z254feec53f07477ea92e219ae8425c26" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by the Corporation in accordance with the terms thereof; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc9150c3c78294eca9ea03ba19a568882" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Husky in accordance with section 9.1(b)(ii), section 9.1(b)(iii), section 9.1(c) or section 9.1(f) thereof;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z862d1118702c4193907ecac9535d60f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">completion of an Acquisition Proposal in respect of the Corporation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e78a45a85c24e4692b28589346b497f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">approval by the requisite majority of Cenovus Common Shareholders of an Acquisition Proposal in respect of the Corporation, completion of which requires, pursuant to Applicable Laws,
              approval by the Cenovus Common Shareholders;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z716fbe5eafe64983a0b805df2e0b75e3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Effective Time; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e48d6c68a234064919658d408bd3d17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Outside Date.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon termination or expiration of this Agreement, neither Party shall have any further obligations or liabilities under this
      Agreement, provided, however, that (i) the provisions of Sections 7-14 and 16-18, inclusive, shall survive termination of this Agreement, and (ii) nothing herein shall relieve a Party from </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">liability for any breach of this Agreement that occurs prior to termination, or prejudice the rights of the other Parties as a
      result of any such breach.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10e2bcdfdbf2422d984fb42ff116778d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party acknowledges and agrees that if any provisions of this Agreement are not performed in accordance with their specific
      terms or are otherwise breached, the non-breaching Parties would suffer irreparable harm for which monetary damages would not be an adequate remedy. Accordingly, in addition to (and without limiting) any other remedies available at law or equity, a
      non-breaching Party shall be entitled to equitable relief, including remedies of specific performance and temporary and permanent injunctive relief, to enforce performance and/or restrain any actual or threatened non-performance or other breach,
      without any requirement for security or posting of any bond in connection with the obtaining of such equitable relief.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19224ca4cf914ea69d2cebb84e0549a1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fiduciary Obligations</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation acknowledges and agrees that the Shareholder is bound hereunder solely in its capacity as a holder of the Subject
      Securities, and, if any Representative of the Shareholder or any of its Affiliates is a director and/or officer of Husky, that the provisions hereof shall not be deemed or interpreted to bind such individual in his or her capacity as a director or
      officer of Husky and this Agreement shall not: (a) restrict, limit or prohibit any such individual from exercising (in his or her capacity as a director or officer) his or her fiduciary duties under Applicable Laws (including any action permitted by
      the Arrangement Agreement); or (b) require any such individual, in his or her capacity as an office or director, if applicable, of Husky, to take any action in contravention of, or omit to take any action pursuant to, or otherwise take or refrain
      from taking any actions which are inconsistent with, instructions or directions of the Husky Board undertaken in the exercise of his or her fiduciary duties.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbe9a20bf6bd4b1c9181c02f1510122c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement; Amendments and Waivers</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all
      prior negotiations, understandings and agreements. No amendment, modification or supplement to this Agreement shall be valid or binding unless set forth in writing and executed by the Parties. A waiver of any default, breach or non-compliance under
      this Agreement shall not be effective unless set forth in writing and signed by the Party to be bound by the waiver and, unless otherwise specified in such writing, the waiver shall be limited to the specific default, breach or non-compliance waived
      and shall not constitute a continuing waiver or apply to any subsequent default, breach or non-compliance.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61d3479910aa44309c754ef6e2385086" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No Party may assign any of its rights or obligations under this Agreement without the prior written consent of the other Party.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z147ed8b1cf2344d78b7a19352d302e42" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any notice or other communication required or permitted to be given hereunder shall be given in writing and shall be sufficiently
      given if delivered personally (including by courier service) or transmitted by electronic mail with receipt confirmed by the recipient, addressed as follows:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z86600b003c6f49548e5427646e6cab9f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder:</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">7, Rue du March&#233;-aux-Herbes<br>
      L-1728 Luxembourg<br>
      Grand Duchy of Luxembourg<br>
      <br style="line-height: 1.25;">
      <br>
      Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Stikeman Elliott LLP<br>
      5300 Commerce Court West<br>
      199 Bay Street.<br>
      Toronto, Ontario, M5L 1B9<br>
      <br style="line-height: 1.25;">
      <br>
      Attention:&#160; Elizabeth Breen/John Ciardullo/J.R. Laffin<br>
      E-mail:&#160; ebreen@stikeman.com/jciardullo@stikeman.com/jrlaffin@stikeman.com</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f9183fba7204029907f99ec14302740" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
      4100, 225 &#8211; 6 Ave SW<br>
      Calgary, Alberta T2P 0M5</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
      E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
      4500 Bankers Hall East<br>
      855 &#8211; 2nd Street S.W.<br>
      Calgary, Alberta T2P 4K7</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
      E-mail:&#160;&#160; piastaj@bennettjones.com</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">or to such other address as may from time to time be substituted by the addressee by notice given as herein provided.&#160; Any notice or
      other communication delivered in person or sent by electronic mail shall be deemed to have been given on (i) in the case of personal delivery, the date of actual delivery, and (ii) in the case of electronic mail, on the date on which the recipient
      confirms receipt; except that if such date is not a business day in the place of receipt, or if the personal delivery or electronic mail transmission occurs after 4:00 p.m. in the place of receipt, then the notice or other communication shall be
      deemed to have been given on the next following business day.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b8a35896f3d474b91a4a9623a940d79" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa.&#160; Words importing gender shall include all
      genders.&#160; If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.&#160; Where the word "<font style="font-weight: bold;">including</font>" is used in this Agreement it means "<font style="font-weight: bold;">including without limitation</font>". Unless otherwise stated, reference to a particular "<font style="font-weight: bold;">Section</font>" means the corresponding section of this Agreement.&#160; The division of this Agreement
      into Sections and other subdivisions, and the </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">insertion of descriptive headings, are for convenience of reference only and shall not affect the construction hereof.&#160; Schedule A
      hereto forms an integral part of this Agreement.&#160; Time shall be of the essence of this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>"
      or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular section or other portion hereof, and include any agreement supplemental hereto.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f97a08eac4d4d8494c15eacd4e2a795" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
      to the extent of such invalidity or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement (which shall remain in full force and effect) or affecting the validity or
      enforceability of such provision in any other jurisdiction.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z309eb4c4749943618898fa0f90aaa020" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs and Expenses</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party shall bear and be solely responsible for the fees, charges and disbursements of its respective financial, legal and other
      advisors, and all other costs and expenses of any nature or kind whatsoever, howsoever incurred, in connection with the preparation, execution, delivery and performance of this Agreement and completion of the transactions contemplated hereby and by
      the Arrangement Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbfeb1fc15db94d55b42a142341cf6616" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder agrees to promptly provide the Corporation with any information pertaining to the Shareholder that the Corporation
      legally requires for the preparation of any news release or disclosure document (including the Circular) required under Applicable Securities Laws to be filed by the Corporation with any Governmental Authority in connection with the matters
      contemplated by this Agreement; and to promptly notify the Corporation of any required corrections to any such information provided by it for use in any such disclosure document, if and to the extent that any such information shall have become false
      or misleading in any material respect. Except as required by Applicable Laws, no Party shall make any public announcement or statement with respect to this Agreement without the consent of the other Party, which shall not be unreasonably withheld,
      conditioned or delayed.</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder irrevocably and unconditionally consents to the public disclosure by the Corporation and Husky:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5ba0a4048d8348d0a3a8f724f9fea814" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">of the existence of this Agreement, pursuant to Applicable Canadian Securities Laws, Applicable U.S. Securities Laws, and the Court proceedings to be commenced under section 193 of the
              ABCA in respect of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8afdaa32d8294bb38e9560645c652b1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">of the details of this Agreement being set out in the news release announcing the entering into of the Arrangement Agreement, the Circular, any documents filed by the Corporation <br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
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    <div style="margin-left: 72pt;"> pursuant to Applicable Canadian Securities Laws or Applicable U.S. Securities Laws, and materials filed with the Court, provided that the Shareholder shall be given a reasonable opportunity to review such disclosure and
      the Corporation shall give reasonable consideration to the comments of the Shareholder; and</div>
    <div> <br>
    </div>
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        <tr>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">to this Agreement being filed on SEDAR pursuant to Applicable Canadian Securities Laws and on EDGAR pursuant to Applicable U.S. Securities Laws, and with the Court.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z45bddba5fa374f96b26cb851c5c9485e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of each Party and their respective successors and permitted assigns.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of Alberta and the
      federal laws of Canada applicable therein, without giving effect to any conflict of laws principles thereunder that would otherwise require the application of the laws of another jurisdiction. Each Party irrevocably attorns and submits to the
      jurisdiction of the courts of the Province of Alberta in respect of any disputes or other matters arising under or in relation to this Agreement, and waives any objection to the venue of any proceeding in such court or that such court provides an
      inconvenient forum.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
          </td>
        </tr>

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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed and delivered in any number of counterparts, each of which shall be deemed to be an original and all
      of which taken together shall be deemed to constitute one and the same instrument. Delivery by any Party of an executed signature page to this Agreement by facsimile, portable document format (PDF) or other electronic transmission shall be as
      effective as delivery by such Party of a manually executed counterpart.</div>
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Support Agreement as of the date first written above.</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font><br style="line-height: 1.25;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Alex J. Pourbaix</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Alex J. Pourbaix</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; President &amp; Chief Executive Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jonathan M. McKenzie</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; Executive Vice-President &amp; Chief Financial Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jonathan M. McKenzie</div>
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:&#160; Executive Vice-President &amp; Chief Financial Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE A</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to Support Agreement dated as of October 24, 2020<br>
      between Cenovus Energy Inc. and Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>SUBJECT SECURITIES</u></div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9684f86f8b6a4b288dc9822586a27b27" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Shareholder</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered Holder</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Common Shares Held</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Preferred Shares Held</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Husky Securities Held</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">403,986,043</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
          </td>
        </tr>

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    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
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      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>eh210123669_ex9905.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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  <div><br>
  </div>
  <div>
    <div style="line-height: 1.25; margin-bottom: 12pt; text-align: right; font-weight: bold;">EXHIBIT 99.5<br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt; text-align: right;"><font style="font-weight: bold; font-style: italic;">Execution Version</font><br>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARRANGEMENT AGREEMENT</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">between</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">and</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUSKY ENERGY INC.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">October 24, 2020</div>
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TABLE OF CONTENTS</div>
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          <td colspan="2" style="vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 1 INTERPRETATION</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Definitions</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.2</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Interpretation Not Affected by Headings, etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Number, etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.4</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Date for Any Action</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Entire Agreement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.6</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Currency</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Accounting Matters</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.8</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Disclosure in Writing</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.9</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">References to Legislation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.10</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Knowledge</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
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        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.11</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">No Strict Construction</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1.12</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Schedules</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">18</div>
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        <tr>
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            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 2 THE ARRANGEMENT AND MEETINGS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Plan of Arrangement</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Husky Board Recommendation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Cenovus Board Recommendation</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Circular and Meetings</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.5</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Court Proceedings</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Effective Date</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.7</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Payment of Consideration</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Board of Directors and Senior Management of Cenovus upon completion of the Arrangement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.9</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Employee Matters</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.10</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Treatment of Husky Incentives</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.11</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Treatment of Cenovus Incentives</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.12</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Applicable U.S. Securities Laws</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">2.13</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Withholdings Obligations</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">27</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 3 COVENANTS AND ADDITIONAL AGREEMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Conduct of Business of Cenovus</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Conduct of Business of Husky</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Mutual Covenants Regarding the Arrangement</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Additional Covenants of Cenovus</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.5</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Additional Covenants of Husky</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Pre-Arrangement Reorganization</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">3.7</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Key Regulatory Approvals</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">40</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF CENOVUS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">4.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Representations and Warranties of Cenovus</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">4.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Investigation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">4.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Disclaimer</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">4.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Survival of Representations and Warranties</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF HUSKY</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Representations and Warranties of Husky</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5.2</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Investigation</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Disclaimer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">41</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-i-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5.4</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Survival of Representations and Warranties</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">42</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 6 CONDITIONS PRECEDENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">6.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Mutual Conditions Precedent</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">6.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Additional Conditions to Obligations of Cenovus</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">6.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Additional Conditions to Obligations of Husky</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">6.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Notice and Cure Provisions</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">6.5</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Merger of Conditions</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">45</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 7 ADDITIONAL AGREEMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Covenants Regarding Non-Solicitation</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Cenovus Disposition of Rights</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">49</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Husky Disposition of Rights</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">50</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Quantum of Termination Amounts and Specific Performance</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">51</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.5</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Fees and Expenses</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">51</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Access to Information; Confidentiality</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">52</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.7</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Insurance and Indemnification</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">52</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Financial Advisors</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">7.9</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Privacy Issues</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">53</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 8 AMENDMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">54</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">8.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Amendment</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">54</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 9 TERMINATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">9.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Termination</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">9.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Notice and Effect of Termination</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">9.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Waiver</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">56</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 10 NOTICES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">10.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Notices</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">57</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 11 GENERAL</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.1</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Binding Effect</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Assignment</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.3</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Disclosure</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Severability</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.5</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Further Assurances</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Time of Essence</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.7</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Governing Law</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">59</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Specific Performance</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">59</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.9</div>
          </td>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Third Party Beneficiaries</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">59</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">11.10</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Counterparts</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">59</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULES</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8a560b25984a421a96480b6542a867cb" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "A" &#8211; Plan of Arrangement</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">A-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "B" &#8211; Form of Arrangement Resolution</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">B-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "C" &#8211; Form of Preferred Shareholder Resolution</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">C-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "D" &#8211; Form of Share Issuance Resolution</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">D-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "E" &#8211; Representations and Warranties of Cenovus</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">E-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "F" &#8211; Representations and Warranties of Husky</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">F-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "G" &#8211; Form of Support Agreement</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">G-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "H" &#8211; Form of Standstill Agreement</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">H-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "I" &#8211; Form of Pre-Emptive Rights Agreement</div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(198, 244, 249);">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">I-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 80%; vertical-align: top;">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">SCHEDULE "J" &#8211; Form of Registration Rights Agreement</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">J-1</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARRANGEMENT AGREEMENT</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">THIS ARRANGEMENT
        AGREEMENT</font> dated the 24th day of October, 2020</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BETWEEN:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada ("<font style="font-weight: bold;">Cenovus</font>")</div>
    <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">HUSKY ENERGY INC.</font>, a corporation existing under the laws of the Province of Alberta ("<font style="font-weight: bold;">Husky</font>")</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font>
      Cenovus and Husky wish to complete a transaction involving (i) the acquisition by Cenovus of all the issued and outstanding Husky Common Shares in exchange for Cenovus Common Shares and Cenovus Warrants, and (ii) if the Preferred Share Condition is
      satisfied prior to the Effective Time, the acquisition by Cenovus of all the issued and outstanding Husky Preferred Shares in exchange for Cenovus Preferred Shares, all in accordance with the terms set out herein;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
      Cenovus and Husky wish to carry out the transactions contemplated by this Agreement by way of a plan of arrangement of Husky under the provisions of the ABCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
      the Cenovus Board and the Husky Board have determined that it would be in the best interests of Cenovus and Husky, respectively, to enter into this Agreement and to complete the transactions contemplated herein;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
      concurrently with the execution of this Agreement, Cenovus has entered into the Support Agreements;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
      the Parties have entered into this Agreement to provide for the matters referred to in the foregoing recitals and for other matters related to the transactions herein provided for;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>
      in consideration of the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties covenant and agree as follows:</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
      INTERPRETATION</div>
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          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Whenever used in this Agreement, including the preamble and recitals hereto, unless there is something in the
      context or subject matter inconsistent therewith, the following defined words and terms have the indicated meanings and grammatical variations of such words and terms have corresponding meanings:</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">ABCA</font>" means the <font style="font-style: italic;">Business Corporations Act</font>, RSA 2000, c B-9;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Acquisition
        Proposal</font>" means, other than the transactions contemplated by this Agreement and except as disclosed in writing by Husky to Cenovus and other than any transaction involving only a Party and one or more of its wholly-owned subsidiaries, any
      proposal, expression of interest, inquiry or offer from, or public announcement of an intention by, any Person, or group of Persons "acting jointly or in concert" within the meaning of National Instrument 62-104 &#8211; <font style="font-style: italic;">Take-Over Bids and Issuer Bids</font>, whether or not in writing and whether or not delivered to a Party's shareholders and whether or not subject to due diligence or other
      conditions, or whether in one transaction or a series of transactions, that relates to, or may reasonably be expected to relate to:</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any direct or indirect sale, issuance or acquisition of shares or other securities (or securities convertible or exercisable for shares or other securities) of a Party
              that, when taken together with the shares and other securities of such Party held by the proposed acquiror and any Person acting jointly or in concert with such acquiror, represent 20% or more of any class of equity or voting securities of
              such Party or rights or interests therein and thereto;</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc242144ca7314011a4caa7b858a51a93" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any direct or indirect acquisition or purchase of 20% or more of the assets (or any joint venture, lease, long-term supply agreement or other arrangement having the
              same economic effect as an acquisition or purchase) of a Party and its subsidiaries taken as a whole (and, for greater certainty, assets shall include shares of subsidiaries owned by a Party);</div>
          </td>
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    </table>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">an amalgamation, arrangement, share exchange, merger, business combination, joint venture, consolidation, recapitalization, liquidation, dissolution, winding-up,
              reorganization or other similar transaction involving a Party or its subsidiaries that collectively own assets to which 20% or more of such Party's revenues or earnings on a consolidated basis are attributable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfbda43744ae3401d8c499504f3a604ed" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any take-over bid, issuer bid, exchange offer or similar transaction involving a Party or its subsidiaries that, if consummated, would result in a Person or group of
              Persons acting jointly or in concert with such Person acquiring beneficial ownership of 20% or more of any class of equity or voting securities of such Party; or</div>
          </td>
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    </table>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any transaction that would reasonably be expected to materially reduce the benefits to the Other Party of the Arrangement or impede, interfere with, prevent or delay
              the transactions contemplated by this Agreement or the Arrangement;</div>
          </td>
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    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">affiliate</font>"
      means any Person that is affiliated with another Person in accordance with the meaning of the Securities Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>",
      "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">hereto</font>", "<font style="font-weight: bold;">hereunder</font>" and similar expressions mean and refer to
      this Arrangement Agreement (including the Schedules hereto) as supplemented, modified or amended, and not to any particular article, section, schedule or other portion hereof;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement Date</font>"
      means October 24, 2020;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Anti-Corruption
        Laws</font>" has the meaning ascribed thereto in Section (yy)(i) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable
        Canadian Securities Laws</font>" means, collectively, the securities acts or similar statutes of each of the provinces and territories of Canada and the respective rules and regulations under such laws, together with applicable published national,
      multilateral and local policy statements, instruments, notices and blanket orders of the provinces and territories of Canada and all rules, by-laws and regulations governing the TSX;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>"
      means, in any context that refers to one or more Persons or its or their respective businesses, activities, properties, assets, undertakings or securities, the Laws that apply to such Person or Persons or its or their respective businesses,
      activities, properties, assets, undertakings or securities and emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their respective businesses, activities, properties, assets, undertakings or securities and,
      for greater certainty, includes Applicable Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S.
        Securities Laws</font>" means federal and state securities legislation of the United States and all rules, regulations and orders promulgated thereunder, and all rules, by-laws and regulations governing the NYSE;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">ARC</font>" means
      an advance ruling certificate issued by the Commissioner under section 102 of the Competition Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>"
      means the arrangement, pursuant to section 193 of the ABCA, on the terms set out in the Plan of Arrangement, as supplemented, modified or amended in accordance with the Plan of Arrangement or made at the direction of the Court in the Final Order;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Resolution</font>" means
      the special resolution in respect of the Arrangement to be considered by the Husky Common Shareholders and the holders of Husky Options at the Husky Meeting, substantially in the form attached hereto as Schedule "B";</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Articles of
        Arrangement</font>" means the articles of arrangement in respect of the Arrangement required under section 193(10) of the ABCA to be filed with the Registrar after the Final Order has been granted and all other conditions precedent to the
      Arrangement have been satisfied or waived, to give effect to the Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">associate</font>"
      has the meaning ascribed thereto in the Securities Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>"
      means, with respect to any action to be taken, any day other than a Saturday, Sunday or a statutory holiday in the Province of Alberta;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canada
        Transportation Act</font>" means the <font style="font-style: italic;">Canada Transportation Act</font>, SC 1996, c-10;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian Warrant
        Prospectus</font>" has the meaning ascribed thereto in Section 3.4(l);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>" means
      the <font style="font-style: italic;">Canada Business Corporations Act</font>, RSC 1985, c C-44;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus</font>"
      means Cenovus Energy Inc., a corporation existing under the CBCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Balance
        Sheet</font>" has the meaning ascribed thereto in Section (ee)(i) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Board</font>"
      means the board of directors of Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Board
        Recommendation</font>" has the meaning ascribed thereto in Section 2.3(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Capital
        Program</font>" means the capital program of Cenovus disclosed in writing by Cenovus to Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Common
        Shareholders</font>" means the holders of Cenovus Common Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Common
        Shares</font>" means common shares in the capital of Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Director
        DSU Plan</font>" means the deferred share unit plan for directors of Cenovus providing for the grant of Cenovus Director DSUs to non-employee directors of Cenovus, adopted with effect from November 30, 2009, as amended and restated in its entirety
      effective January 1, 2018, July 25, 2018 and December 9, 2019;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Director
        DSUs</font>" means the deferred share units granted under the Cenovus Director DSU Plan entitling the holders thereof to receive a cash payment equivalent to the value of Cenovus Common Shares underlying such Cenovus Director DSUs upon ceasing to
      be a director or employee of Cenovus (or its affiliates) in accordance with the provisions of the Cenovus Director DSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Disclosure
        Letter</font>" means the disclosure letter dated the Agreement Date from Cenovus to Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
        Disposition Event</font>" has the meaning ascribed thereto in Section 7.2;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus DSU Plans</font>"
      means, together, the Cenovus Director DSU Plan and the Cenovus Employee DSU Plan, and "<font style="font-weight: bold;">Cenovus DSU Plan</font>" means either one of them;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus DSUs</font>"
      means, together, Cenovus Director DSUs and Cenovus Employee DSUs;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Employee
        DSU Plan</font>" means the deferred share unit plan for employees of Cenovus providing for the grant of Cenovus Employee DSUs to employees of Cenovus and related corporations, adopted with effect from November 30, 2009, as amended effective October
      25, 2016 and December 9, 2019;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Employee DSUs</font>" means the
      deferred share units granted under the Cenovus Employee DSU Plan entitling the holders thereof to receive a cash payment equivalent to the value of Cenovus Common Shares underlying such Cenovus Employee DSUs upon ceasing to be employed by Cenovus (or
      its affiliates) in accordance with the provisions of the Cenovus Employee DSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Employee
        Plans</font>" has the meaning ascribed thereto in Section (ss) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Fairness
        Opinions</font>" means, the opinions of RBC Dominion Securities Inc. and TD Securities Inc., as financial advisors to Cenovus, to the effect that, as of the date of each such opinion, and subject to the assumptions made and limitations and
      qualifications included therein, the consideration to be paid by Cenovus pursuant to the Arrangement is fair, from a financial point of view, to Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Financial
        Statements</font>" means, collectively, the audited consolidated financial statements of Cenovus as at December 31, 2019 and 2018 and for the years ended December 31, 2019, December 31, 2018 and December 31, 2017, together with the notes thereto
      and the auditor's report thereon, and the interim consolidated financial statements (unaudited) of Cenovus as at June 30, 2020 and for the three and six month periods ended June 30, 2020 and 2019, together with the notes thereto;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Group</font>"
      means Cenovus and its subsidiaries and their respective partnership interests, as the context requires;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Group IP</font>"
      has the meaning ascribed thereto in Section (xx) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Group IT</font>"
      has the meaning ascribed thereto in Section (xx) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Incentive
        Plans</font>" means, collectively, the Cenovus Director DSU Plan, the Cenovus Employee DSU Plan, the Cenovus Option Plan, the Cenovus PSU Plan and the Cenovus RSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Incentives</font>"
      means, collectively, the Cenovus Director DSUs, the Cenovus Employee DSUs, the Cenovus Options, the Cenovus PSUs and the Cenovus RSUs;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
        Information</font>" means the information describing Cenovus and its business, operations and affairs required to be included or incorporated by reference in the Circular under Applicable Canadian Securities Laws;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Meeting</font>"
      means the special meeting of Cenovus Common Shareholders to be called to permit the Cenovus Common Shareholders to consider the Share Issuance Resolution and related matters, and any adjournment(s) or postponement(s) thereof;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Option
        Plan</font>" means the amended and restated employee stock option plan of Cenovus providing for the grant of Cenovus Options to employees of Cenovus or its subsidiaries made as of November 30, 2009, and amended as of February 10, 2010 and December
      7, 2010 and amended and restated as of January 1, 2018;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Options</font>"
      means the stock options of Cenovus granted under the Cenovus Option Plan entitling the holders thereof to acquire Cenovus Common Shares upon payment of an exercise price, or surrender the stock options for a cash payment, in accordance with the
      provisions of the Cenovus Option Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Preferred
        Shares</font>" means, collectively, Cenovus Series 1 Preferred Shares, Cenovus Series 2 Preferred Shares, Cenovus Series 3 Preferred Shares, Cenovus Series 4 Preferred Shares, Cenovus Series 5 Preferred Shares, Cenovus Series 6 Preferred Shares,
      Cenovus Series 7 Preferred Shares and Cenovus Series 8 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus PSU Plan</font>"
      means the performance share unit plan for employees of Cenovus providing for the grant of Cenovus PSUs to employees of Cenovus or its affiliates adopted with effect from February 10, 2010 and amended and restated effective January 1, 2018, as
      amended;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus PSUs</font>" means the
      performance share units granted under the Cenovus PSU Plan entitling the holders thereof to receive a cash payment or Cenovus Common Shares (or a combination thereof), as determined by Cenovus, upon vesting in accordance with the provisions of the
      Cenovus PSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
        Replacement Options</font>" means the replacement options to purchase Cenovus Common Shares granted by Cenovus in consideration for the Husky Options pursuant to the Plan of Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Reserves
        Reports</font>" has the meaning ascribed thereto in Section (pp) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus RSU Plan</font>"
      means the restricted share unit plan for employees of Cenovus providing for the grant of Cenovus RSUs to certain employees of Cenovus or its affiliates adopted with effect from December 7, 2010 and amended and restated effective January 1, 2018, as
      amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus RSUs</font>"
      means the restricted share units granted under the Cenovus RSU Plan entitling the holders to receive a cash payment or Cenovus Common Shares (or a combination thereof), as determined by Cenovus, upon vesting of such Cenovus RSUs in accordance with
      the provisions of the Cenovus RSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 1
        Preferred Shares</font>" means First Preferred Shares, Series 1, in the capital of Cenovus, to be issued pursuant to the Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 1 Preferred Shares outstanding
      immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 1 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 2 Preferred Shares
      instead of Husky Series 2 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 2
        Preferred Shares</font>" means First Preferred Shares, Series 2, in the capital of Cenovus, to be issued pursuant to the Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 2 Preferred Shares outstanding
      immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 2 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 1 Preferred Shares
      instead of Husky Series 1 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 3
        Preferred Shares</font>" means First Preferred Shares, Series 3, in the capital of Cenovus, to be issued pursuant to the Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 3 Preferred Shares outstanding
      immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 3 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 4 Preferred Shares
      instead of Husky Series 4 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 4
        Preferred Shares</font>" means First Preferred Shares, Series 4, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 3 Preferred Shares in accordance with their terms, such shares having substantially
      identical terms to the Husky Series 4 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 3 Preferred Shares instead of Husky Series 3 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 5
        Preferred Shares</font>" means First Preferred Shares, Series 5, in the capital of Cenovus, to be issued pursuant to the Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 5 Preferred Shares outstanding
      immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 5 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 6 Preferred Shares
      instead of Husky Series 6 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 6
        Preferred Shares</font>" means First Preferred Shares, Series 6, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 5 Preferred Shares in accordance with their terms, such shares having substantially
      identical terms to the Husky Series 6 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 5 Preferred Shares instead of Husky Series 5 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 7
        Preferred Shares</font>" means First Preferred Shares, Series 7, in the capital of Cenovus, to be issued pursuant to the Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 7 Preferred</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Shares outstanding immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 7
      Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 8 Preferred Shares instead of Husky Series 8 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 8
        Preferred Shares</font>" means First Preferred Shares, Series 8, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 7 Preferred Shares in accordance with their terms, such shares having substantially
      identical terms to the Husky Series 8 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 7 Preferred Shares instead of Husky Series 7 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus SRP
        Agreement</font>" means the Amended and Restated Shareholder Rights Plan Agreement dated as of April 25, 2018 between Cenovus and Computershare Investor Services Inc., as rights agent;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
        Termination Amount</font>" has the meaning ascribed thereto in Section 7.2;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrant
        Indenture</font>" means the warrant indenture to be entered into between such warrant agent determined by Cenovus, acting reasonably, and Cenovus, dated as of the Effective Date, governing the creation and issue of Cenovus Warrants, as will be
      further described in the Circular;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrants</font>"
      means common share purchase warrants of Cenovus to be issued by Cenovus to Husky Common Shareholders pursuant to the Plan of Arrangement, with each whole common share purchase warrant entitling the holder thereof to acquire one Cenovus Common Share
      at an exercise price of $6.54 per Cenovus Common Share for a period of 60 months from the Effective Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrant
        Shares</font>" has the meaning ascribed thereto in Section 3.4(l);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Certificate</font>"
      means the certificate or other proof of filing to be issued by the Registrar pursuant to section 193(11) or section 193(12) of the ABCA in respect of the Articles of Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Circular</font>"
      means the joint management information circular of Husky and Cenovus to be sent by Husky to the Husky Common Shareholders, the Husky Preferred Shareholders and the holders of Husky Options (and any other Persons required by the Interim Order) in
      connection with the Husky Meeting and to be sent by Cenovus to the Cenovus Common Shareholders (and any other Persons required by the CBCA) in connection with the Cenovus Meeting, together with any amendments thereto or supplements thereof;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Commissioner</font>"
      means the Commissioner of Competition appointed under the Competition Act or any Person authorized to exercise the powers and perform the duties of the Commissioner of Competition and includes the Commissioner's representatives where the context
      requires;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Competition Act</font>"
      means the <font style="font-style: italic;">Competition Act</font>, RSC 1985, c C-34;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Competition Act
        Approval</font>" means the occurrence of one or more of the following, in respect of the transactions contemplated by this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z906897b73751423bb83ad21eea7b77b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Commissioner shall have issued an ARC; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze10122ecd3d3482597e509a4dc127cc3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">both (i) the Commissioner shall have issued a No Action Letter to Cenovus, on terms and conditions satisfactory to Cenovus and Husky, each acting reasonably, and (ii)
              either the waiting period has expired or been terminated by the Commissioner under sections 123(1) or 123(2), respectively, of the Competition Act, or the obligation to provide a pre-merger notification in accordance with Part IX of the
              Competition Act has been waived by the Commissioner under section 113(c) thereof;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Confidentiality
        Agreement</font>" means the confidentiality agreement between Cenovus and Husky dated August 24, 2020;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Contract</font>" means, with respect to
      a Party, a contract, lease, instrument, note, bond, debenture, mortgage, agreement, arrangement or understanding, written or oral, to which such Party, or any of its subsidiaries, is a Party or under which such Party or any of its subsidiaries is
      bound, has unfulfilled obligations or contingent liabilities or is owed unfulfilled obligations, whether known or unknown, and whether asserted or not;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Court</font>"
      means the Court of Queen's Bench of Alberta;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CTA Approval</font>"
      means that the Minister of Transport has been notified of the transactions contemplated by this Agreement pursuant to section 53.1 of the Canada Transportation Act and either: (i) the Minister of Transport has given written notice to Cenovus that he
      is of the opinion that the transactions contemplated by this Agreement do not raise issues with respect to the public interest as it relates to national transportation; or (ii) if the Minister of Transport is of the opinion that the transactions
      contemplated by this Agreement raise issues with respect to the public interest as it relates to national transportation, the Governor-in-Council has approved the transactions contemplated by this Agreement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Depositary</font>"
      means Computershare Trust Company of Canada, or such other Person that may be appointed by the Parties in connection with the Arrangement for the purpose of receiving deposits of certificates formerly representing Husky Common Shares and Husky
      Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Director</font>"
      means the Director appointed under section 260 of the CBCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Disclosing Party</font>"
      has the meaning ascribed thereto in Section 7.9(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Dissent Rights</font>"
      has the meaning ascribed thereto in the Plan of Arrangement;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Economic Sanctions</font>"
      has the meaning ascribed thereto in Section (yy)(iii) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">EDGAR</font>"
      means the Electronic Data Gathering, Analysis and Retrieval System;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>"
      means the date the Arrangement becomes effective in accordance with the ABCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>"
      means the time on the Effective Date when the Arrangement becomes effective in accordance with the ABCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Encumbrance</font>"
      means, any mortgage, pledge, assignment, charge, lien, security interest, adverse interest in property, other third party interest or encumbrance of any kind whether contingent or absolute, and any agreement, option, right or privilege (whether by
      Law, Contract or otherwise) capable of becoming any of the foregoing;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Environment</font>"
      means the natural components of the earth and includes: (i) any land (including land surface or subsurface strata), soil or underground space, surface water, ground water, body of water, sediment, and air (including all layers of the atmosphere);
      (ii) all organic and inorganic matter and living organisms; (iii) the interacting natural systems that include components referred to in clauses (i) and (ii); (iv) the environment or natural environment as defined in any Environmental Laws; and (v)
      any other environmental medium or natural resource;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Environmental Laws</font>"
      means, with respect to any one or more Persons or its or their business, activities, property, assets or undertaking, all Laws relating to the Environment or health and safety matters of the jurisdictions applicable to such Person or Persons or its
      or their business, activities, property, assets or undertaking, including Laws relating to the storage, use, handling, manufacture, processing, labelling, advertising, sale, display, transportation, treatment, Release or disposal of, or exposure to,
      Hazardous Substances;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">FCPA</font>" has
      the meaning ascribed thereto in Section (yy)(i) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Final Order</font>"
      means the order of the Court approving the Arrangement pursuant to section 193(9)(a) of the ABCA, as such order may be affirmed, amended or modified by any court of competent jurisdiction;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Foreign Investment Clearance</font>"
      means: (i) Cenovus or the Supporting Husky Shareholders shall not have received notice from a Governmental Authority under either section 25.2(1) or section 25.3(2) of the Investment Canada Act in respect of the transactions contemplated by this
      Agreement, or if Cenovus or the Supporting Husky Shareholders, as applicable, has received such a notice, Cenovus or the Supporting Husky Shareholders, as applicable, shall have subsequently received one of the following notices, as applicable: (a)
      under section 25.2(4)(a) of the Investment Canada Act indicating that no order for the review of the transactions contemplated by this Agreement will be made under section 25.3(1) of the Investment Canada Act; (b) under section 25.3(6)(b) of the
      Investment Canada Act indicating that no further action will be taken in respect of the transactions contemplated by this Agreement; or (c) under section 25.4(1) of the Investment Canada Act indicating that the Governor in Council authorizes the
      completion of the transactions contemplated by this Agreement; and (ii) if a filing is required or prudent (as determined by a Party) in respect of the transactions contemplated by this Agreement pursuant to any other Applicable Laws governing
      foreign investments in any jurisdiction ("<font style="font-weight: bold;">foreign investment laws</font>"), the Parties, their affiliates and any other Person required to make a filing
      in connection with the transactions contemplated by this Agreement under foreign investment laws, as applicable, shall have made such filing in accordance with such foreign investment laws and any waiting period or review period shall have expired or
      been terminated and any consents, waivers, filings or approvals required to complete the transactions contemplated by this Agreement under such foreign investment laws shall be been obtained on terms and conditions satisfactory to Cenovus and Husky,
      each acting reasonably;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">foreign investment
        laws</font>" has the meaning ascribed thereto in the definition of "Foreign Investment Clearance";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">GLJ</font>" has
      the meaning ascribed thereto in Section (pp) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental
        Authority</font>" means any: (i) domestic or foreign federal, territorial, provincial, state, regional, municipal or local governmental, regulatory or administrative authority, department, court, agency, commission, board or tribunal, arbitral
      body, bureau, ministry, agency or instrumentality or official, including any political subdivision thereof; (ii) quasi-governmental or private body exercising regulatory, expropriation or taxing authority under or for the account of any of the
      foregoing; or (iii) any stock exchange;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental
        Authorizations</font>" means licenses, permits, certificates, consents, orders, grants, registrations, recognition orders, exemption relief orders, no-action relief and other authorizations (including in connection with Environmental Laws) from any
      Governmental Authority;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Hazardous
        Substances</font>" means any pollutant, substance, dangerous substance, toxic substance, hazardous material, hazardous substance, waste, hazardous waste, dangerous good or contaminant, whether natural or artificial, and all breakdown substances,
      including any other material or substance that is prohibited, listed, defined, designated, classified or regulated under or pursuant to any Environmental Laws, and specifically including petroleum and all derivatives thereof and synthetic substitutes
      therefor;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Hedging
        Transaction</font>" means: (i) any transaction which is a rate swap transaction, basis swap, forward rate transaction, commodity loan, commodity consignment, commodity lease, commodity swap, commodity option, commodity purchase or sale (including,
      a forward Contract and whether settled by physical or financial delivery), equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar
      transaction, currency swap transaction, cross-currency rate swap transaction, currency option, transaction to buy, sell, borrow or lend securities or any other similar transaction (including any option with respect to any of these transactions); and
      (ii) any derivative or combination of these transactions;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">HSR Act</font>"
      means the <font style="font-style: italic;">Hart-Scott-Rodino Antitrust Improvements Act of 1976</font> (United States);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">HSR Approval</font>"
      means, in respect of the transactions contemplated by this Agreement, that all applicable waiting periods under the HSR Act have expired or been terminated including any extension thereof;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky</font>"
      means Husky Energy Inc., a corporation existing under the ABCA;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2022 Notes</font>" means the
      3.95% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due April 15, 2022 issued by Husky pursuant to the Husky USD Note Indenture, of which US$500,000,000
      principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2024 Notes</font>"
      means the 4.00% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due April 15, 2024 issued by Husky pursuant to the Husky USD Note Indenture, of which
      US$750,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2025 Notes</font>"
      means the 3.55% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due March 12, 2025 issued by Husky pursuant to the Husky CAD Note Indenture, of which
      $750,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2027 Notes</font>"
      means the 3.60% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due March 10, 2027 issued by Husky pursuant to the Husky CAD Note Indenture, of which
      $750,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2028 Notes</font>"
      means the 3.50% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due February 7, 2028 issued by Husky pursuant to the Husky CAD Note Indenture, of which
      $1,250,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2029 Notes</font>"
      means the 4.40% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due April 15, 2029 issued by Husky pursuant to the Husky USD Note Indenture, of which
      US$750,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky 2037 Notes</font>"
      means the 6.80% unsecured and unsubordinated<font style="font-weight: bold;">&#160;</font>notes due September 15, 2037 issued by Husky pursuant to the Husky USD Note Indenture, of which
      US$387,000,000 principal amount was outstanding as at the Agreement Date;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Balance
        Sheet</font>" has the meaning ascribed thereto in Section (cc)(i) of Schedule "F";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky BMO
        Operating Facility</font>" means the uncommitted demand operating facility of Husky with The Bank of Montreal pursuant to a letter agreement made as of December 13, 2013, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky BNS
        Operating Facility</font>" means the uncommitted demand operating facility of Husky with The Bank of Nova Scotia pursuant to a letter agreement made as of November 15, 2011, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Board</font>"
      means the board of directors of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Board
        Recommendation</font>" has the meaning ascribed thereto in Section 2.2(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky CAD Note
        Indenture</font>" means the trust indenture dated December 21, 2009, between Husky and Computershare Trust Company of Canada, as successor trustee to Valiant Trust Company, as amended and supplemented;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Capital
        Program</font>" means the capital program of Husky disclosed in writing by Husky to Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky CIBC
        Operating Facility</font>" means the uncommitted revolving demand credit facility of Husky with Canadian Imperial Bank of Commerce pursuant to a letter agreement made as of January 31, 2012, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Collective
        Agreements</font>" means all collective bargaining agreements, union agreements or Contracts by which any member of the Husky Group is bound;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Common
        Shareholders</font>" means the holders of Husky Common Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Common
        Shares</font>" means common shares in the capital of Husky;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Credit Agreements</font>" means
      the Husky CSF Credit Facility, the Husky RSF Credit Facility and the Husky Non-Revolving Credit Facility;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Credit
        Facilities</font>" means the Husky Credit Agreements and the Husky Operating Facilities;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky CSF Credit
        Facility</font>" means the revolving credit facility of Husky pursuant to a credit agreement made as of November 15, 2011, as amended and restated pursuant to an amended and restated credit agreement made as of December 14, 2012, among Husky and
      Husky Oil Operations Limited, as borrowers, Canadian Imperial Bank of Commerce, as administrative agent, and a syndicate of lenders,<font style="font-weight: bold;">&#160;</font>as amended by
      a second amending agreement made as of June 19, 2014, by a third amending agreement made as of March 6, 2015, by a fourth amending agreement made as of March 9, 2016, by a fifth amending agreement made as of November 30, 2017, and by a sixth amending
      agreement made as of June 27, 2019;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Disclosure
        Letter</font>" means the disclosure letter dated the Agreement Date from Husky to Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Disposition
        Event</font>" has the meaning ascribed thereto in Section 7.3;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky DSU Plan</font>"
      means the share accumulation plan of Husky providing for the grant of Husky DSUs to directors of Husky effective April 20, 2015;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky DSUs</font>"
      means the deferred share units granted under the Husky DSU Plan and outstanding immediately prior to the Effective Time entitling the holders thereof to receive, at the option of the holder, a cash payment equivalent to the fair market value of Husky
      Common Shares underlying such Husky DSUs or Husky Common Shares purchased on the open market upon ceasing to be a member of the Husky Board in accordance with the provisions of the Husky DSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Employee
        Plans</font>" has the meaning ascribed thereto in Section (qq) of Schedule "F";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Fairness
        Opinions</font>" means, collectively: (i) the opinion of Goldman Sachs Canada Inc., as financial advisor to Husky, to the effect that, as of the date of such opinion, and subject to the assumptions made and limitations and qualifications included
      therein, the consideration to be received by the Husky Common Shareholders is fair, from a financial point of view, to the Husky Common Shareholders; (ii) the opinion of CIBC World Markets Inc.&#160;as financial advisor to Husky, to the effect that, as of the date of such opinion, and subject to the assumptions made and limitations and qualifications included therein, the consideration to be received by the Husky
      Common Shareholders is fair, from a financial point of view, to the Husky Common Shareholders; and (iii) the opinion of CIBC World Markets Inc.,&#160;as financial advisor
      to Husky, to the effect that, as of the date of such opinion, and subject to the assumptions made and limitations and qualifications included therein, the consideration to be received by the Husky Preferred Shareholders is fair, from a financial
      point of view, to the Husky Preferred Shareholders;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Financial
        Statements</font>" means, collectively, the audited consolidated financial statements of Husky as at and for the years ended December 31, 2019 and 2018, together with the notes thereto and the auditor's report thereon, and the interim unaudited
      financial statements of Husky as at June 30, 2020 and for the three and six month periods ended June 30, 2020 and 2019, together with the notes thereto;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Group</font>"
      means Husky and its subsidiaries and their respective partnership interests, as the context requires;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Group IP</font>"
      has the meaning ascribed thereto in Section (vv) of Schedule "F";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Group IT</font>"
      has the meaning ascribed thereto in Section (vv) of Schedule "F";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky HSBC
        Operating Facility</font>" means the amended and restated operating facility of Husky with HSBC Bank Canada pursuant to a letter agreement made as of January 19, 2009, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Incentive
        Plans</font>" means, collectively, the Husky DSU Plan, the Husky Option Plan and the Husky PSU Plan;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Incentives</font>" means,
      collectively, the Husky DSUs, the Husky Options and the Husky PSUs;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Information</font>"
      means the information describing Husky and its business, operations and affairs required to be included or incorporated by reference in the Circular under Applicable Canadian Securities Laws;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Meeting</font>"
      means the special meeting of Husky Common Shareholders, Husky Preferred Shareholders and holders of Husky Options to be called and held in accordance with this Agreement and the Interim Order to permit the Husky Common Shareholders and the holders of
      Husky Options to consider the Arrangement Resolution and to permit the Husky Preferred Shareholders to consider the Preferred Shareholder Resolution, and related matters, and any adjournment(s) or postponement(s) thereof;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky MUFG
        Operating Facility</font>" means the uncommitted demand revolving letter of credit of Husky with MUFG Bank, Ltd., Canada Branch pursuant to a letter agreement made as of September 17, 2018, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky
        Non-Revolving Credit Facility</font>" means the non-revolving term credit facility of Husky under a credit agreement made as of April 7, 2020 among Husky and Husky Oil Operations Limited, as borrowers, Canadian Imperial Bank of Commerce, as
      administrative agent, and a syndicate of lenders consisting of Canadian Imperial Bank of Commerce, Royal Bank of Canada, and The Bank of Nova Scotia;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Notes</font>"
      means, collectively, the Husky 2022 Notes, the Husky 2024 Notes, the Husky 2025 Notes, the Husky 2027 Notes, the Husky 2028 Notes, the Husky 2029 Notes and the Husky 2037 Notes;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Operating
        Facilities</font>" means, collectively, the Husky BMO Operating Facility, Husky BNS Operating Facility, Husky CIBC Operating Facility, Husky HSBC Operating Facility, Husky MUFG Operating Facility, Husky RBC Operating Facility, Husky SMBC Operating
      Facility, and Husky TD Operating Facility;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Option Plan</font>"
      means the incentive stock option plan of Husky providing for the grant of Husky Options to officers or employees of Husky and its subsidiaries dated effective November 16, 2018;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Options</font>"
      means the stock options of Husky granted under the Husky Option Plan and outstanding immediately prior to the Effective Time entitling the holders thereof to acquire Husky Common Shares upon payment of an exercise price or surrender the stock options
      for a cash payment in accordance with the provisions of the Husky Option Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
        Shareholders</font>" means the holders of Husky Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
        Shareholders' Approval</font>" has the meaning ascribed thereto in Section 2.1(c)(ii)(B);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
        Shares</font>" means, collectively, Husky Series 1 Preferred Shares, Husky Series 2 Preferred Shares, Husky Series 3 Preferred Shares, Husky Series 4 Preferred Shares, Husky Series 5 Preferred Shares, Husky Series 6 Preferred Shares, Husky Series 7
      Preferred Shares and Husky Series 8 Preferred Shares;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky PSU Plan</font>"
      means the performance share unit plan of Husky providing for the grant of Husky PSUs to employees or officers of Husky and its affiliates established on February 22, 2010 and amended and restated on February 28, 2017;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky PSUs</font>"
      means the performance awards granted under the Husky PSU Plan and outstanding immediately prior to the Effective Time entitling the holders thereof to receive a cash payment upon vesting of such Husky PSUs in accordance with the provisions of the
      Husky PSU Plan;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky RBC
        Operating Facility</font>" means the uncommitted revolving demand credit facility of Husky with the Royal Bank of Canada pursuant to a letter agreement made as of January 25, 2012, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Required
        Approval</font>" has the meaning ascribed thereto in Section 2.1(c)(ii)(A);</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky RSF Credit Facility</font>" means
      the revolving credit facility of Husky pursuant to a credit agreement made as of August 30, 2010, as amended and restated pursuant to an amended and restated credit agreement made as of December 14, 2012, among Husky and Husky Oil Operations Limited,
      as borrowers, Canadian Imperial Bank of Commerce, as administrative agent, and a syndicate of lenders,<font style="font-weight: bold;">&#160;</font>as amended by a first amending agreement
      made as of June 19, 2014, by a second amending agreement made as of March 6, 2015, by a third amending agreement made as of March 9, 2016, by a fourth amending agreement made as of November 30, 2017 and by a fifth amending agreement made as of June
      27, 2019;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 1
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 1, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 2
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 2, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 3
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 3, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 4
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 4, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 5
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 5, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 6
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 6, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 7
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 7, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 8
        Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 8, in the capital of Husky;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky SMBC
        Operating Facility</font>" means the uncommitted demand revolving credit facility of Husky with Sumitomo Mitsui Banking Corporation pursuant to a letter agreement made as of October 10, 2017, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky TD Operating
        Facility</font>" means the amended and restated operating facility of Husky with Toronto-Dominion Bank pursuant to a letter agreement made as of June 15, 2007, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Termination
        Amount</font>" has the meaning ascribed thereto in Section 7.3;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky USD Note
        Indenture</font>" means the trust indenture dated September 11, 2007 between Husky and Wells Fargo Bank, National Association, as the successor trustee to The Bank of Nova Scotia Trust Company of New York, as amended and supplemented;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">IFRS</font>" means
      accounting principles generally accepted in Canada applicable to public companies at the relevant time and which incorporates International Financial Reporting Standards as adopted by the Canadian Accounting Standards Boards;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Information
        Technology</font>" means all computer, information technology, data processing, and communications systems, components, facilities, and services, including all software, hardware, networks, interfaces, platforms, databases and related data,
      switches, telecommunications equipment, operating systems, websites, website content, links, and equipment relating to the transmission, storage, maintenance, organization, presentation, generation, processing, or analysis of data and information,
      whether or not in electronic format;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Intellectual Property Rights</font>"
      means any right or protection existing from time to time in a specific jurisdiction, whether registered or not, under any patent law or other invention or discovery law, copyright law, industrial design law, confidential information law (including
      breach of confidence), trade secret law, trademark law, and any other industrial or intellectual property laws, including legislation by competent governmental authorities and judicial decisions under common law or equity;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Interim Order</font>"
      means the interim order of the Court concerning the Arrangement under section 193(4) of the ABCA, containing declarations and directions with respect to the Arrangement and the holding of the Husky Meeting, as such order may be affirmed, amended or
      modified by any court of competent jurisdiction;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Internal Revenue
        Code</font>" means the Internal Revenue Code of 1986, as amended, including any successor provisions and transition rules, whether or not codified;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Investment Canada
        Act</font>" means the <font style="font-style: italic;">Investment Canada Act</font>, RSC 1985, c 28 (1st Supp);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Key Regulatory
        Approvals</font>" means the Competition Act Approval, the HSR Approval, the CTA Approval and the Foreign Investment Clearance;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Laws</font>" means
      all laws (including, for greater certainty, common law), statutes, regulations, bylaws, statutory rules, orders, ordinances, protocols, codes, guidelines, notices and directions enacted by a Governmental Authority (including all Applicable Canadian
      Securities Laws and all Applicable U.S. Securities Laws) and the terms and conditions of any grant of approval, permission, judgment, decision, ruling, award, authority or license of any Governmental Authority or self-regulatory authority;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Matching Period</font>"
      has the meaning ascribed thereto in Section 7.1(d);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Material Adverse
        Change</font>" or "<font style="font-weight: bold;">Material Adverse Effect</font>" means, with respect to either Party, any fact or state of facts, circumstance, change, effect,
      occurrence or event that individually is or in the aggregate are, or would individually or in the aggregate reasonably be expected to be, material and adverse to the business, operations, results of operations, assets, properties, capitalization,
      liabilities, obligations (whether absolute, accrued, conditional or otherwise) or condition (financial or otherwise) of the Party and its subsidiaries, taken as a whole, except to the extent of any fact or state of facts, circumstance, change,
      effect, occurrence or event resulting from or arising in connection with:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z271345be897e431e80fff9ef30e944e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any change, development or condition generally affecting the industries, businesses or segments thereof in which such Party and its respective subsidiaries operate;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0ac28cd6ebab4cb693509fb97b76639c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any change, development or condition in or relating to global, national or regional political conditions (including strikes, lockouts, riots, blockades or facility
              takeover for emergency purposes) or in general economic, business, banking, regulatory, currency exchange, interest rate, rates of inflation or market conditions or in national or global financial or capital markets;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbd8952741604a58944cef497ea218ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any change, development or condition resulting from any act of terrorism or any outbreak of hostilities or declared or undeclared war, or any escalation or worsening of
              such acts of terrorism, hostilities or war;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd231258aa4c6414c8e149368492f4117" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any adoption, proposal, implementation or change in Law or in any interpretation, application or non-application of any Laws by any governmental entity (including, for
              greater certainty, any change to the Tax Act or other applicable taxing legislation or to tax rates);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbcb6afb5bf3640fc83dca6bd5ca48efc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any change in applicable generally accepted accounting principles, including IFRS, or changes in regulatory accounting requirements applicable to the oil and gas and
              oil sands exploration, development and production businesses, the petrochemicals industry and the business of refining, marketing and distributing petroleum products;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z6e5409416b5b4af58a5ae54ccb77f8e8" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="color: #010101; font-family: 'Times New Roman', Times, serif;">any climatic, earthquake or other natural event or condition (including weather conditions and
                  any natural disaster);</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="color: #010101; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e1572c7bcf2418096847ece7f8f2c83" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #010101;">any </font>epidemic, pandemic, disease outbreak (<font style="color: #010101;">including </font>COVID-19), other health crisis or public health event;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e302999e49a47fdb0aa9c549e6fbc5b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any decline in the market price for crude oil, natural gas or related hydrocarbons on a current or forward basis;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf41536df83414537b2ea1127f4a738c5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any actions taken (or omitted to be taken) at the written request of the Other Party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e5ecbef1265423488e32de7ec313c33" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any action taken by the Party or any of its subsidiaries that is required pursuant to this Agreement (excluding any obligation to act in the ordinary course of
              business, but, for greater certainty, including any steps taken pursuant to Sections 3.3 and 3.6);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc43b8879dfe942f9898289e38aa4685c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any matter which has been filed by the Party since January 1, 2020 and prior to the Agreement Date with any securities commission or similar regulatory authority in
              compliance, or intended compliance, with Applicable Canadian Securities Laws or Applicable U.S. Securities Laws, which is available for public viewing on the Party's profile on SEDAR at www.sedar.com and on the Party's profile on EDGAR at
              www.sec.gov/edgar/shtml;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd660290b63744535a0a0c860768eb5eb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the execution, announcement, pendency or performance of the Arrangement Agreement or the consummation of the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07ee1bfca09d4b3095c6c75fe943aa24" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the failure of the Party to meet any internal, published, public or analyst projections, forecasts, guidance or estimates, including without limitation of revenues,
              earnings or cash flows (it being understood that the causes underlying such failure may be taken into account in determining whether a Material Adverse Effect has occurred); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ea0cfa03317460381dc67abf3c7c4eb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any change in the market price or trading volume of any securities of the Party (it being understood that the causes underlying such change in market price or trading
              volume may be taken into account in determining whether a Material Adverse Effect has occurred);</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">provided, however, that (i) with respect to clauses (a) through and including (g), such matter does not have a
      materially disproportionate effect on the business, operations, results of operations, assets, properties, capitalization, liabilities, obligations (whether absolute, accrued, conditional or otherwise) or condition (financial or otherwise) of such
      Party and its subsidiaries, taken as a whole, relative to other comparable companies and entities operating in the oil and gas industry (in which case the incremental disproportionate effect may be taken into account in determining whether there has
      been, or is reasonably expected to be, a Material Adverse Effect), and (ii) unless expressly provided in any particular section of this Agreement, references in certain sections of this Agreement to dollar amounts are not intended to be, and shall
      not be deemed to be, illustrative or interpretive for purposes of determining whether a "<font style="font-weight: bold;">Material Adverse Effect</font>" has occurred;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">material change</font>"
      has the meaning ascribed thereto in the Securities Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Material
        Subsidiary</font>" means a subsidiary, the total assets of which constitute more than 10% of the consolidated assets of Cenovus or Husky (as applicable) as at December 31, 2019, or the total revenues of which constitute more than 10% of the
      consolidated revenues of Cenovus or Husky (as applicable), respectively, for the year ended December 31, 2019;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">McDaniel</font>"
      has the meaning ascribed thereto in Section (pp) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">misrepresentation</font>"
      has the meaning ascribed thereto in the Securities Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Money Laundering
        Laws</font>" has the meaning ascribed thereto in Section (yy)(ii) of Schedule "E";</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">No Action Letter</font>" means a
      written confirmation from the Commissioner that he does not, at that time, intend to make an application under section 92 of the Competition Act;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">NYSE</font>" means
      the New York Stock Exchange;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">OFAC</font>" has
      the meaning ascribed thereto in Section (yy)(iii) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">OHSL</font>" has
      the meaning ascribed thereto in Section (tt)(viii) of Schedule "E";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Order</font>"
      means all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations, awards, or decrees of any Governmental Authority (in each case, whether temporary, preliminary
      or permanent);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Party</font>"
      means: (i) with respect to Cenovus, Husky; and (ii) with respect to Husky, Cenovus;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Outside Date</font>"
      means May 31, 2021; provided that if the Key Regulatory Approvals have not been received by May 31, 2021, the Outside Date shall be August 31, 2021, or such later date as may be agreed to in writing by the Parties;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>"
      means Cenovus and Husky, and "<font style="font-weight: bold;">Party</font>" means either of them;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>"
      includes any individual, firm, partnership, joint venture, venture capital fund, association, trust, trustee, executor, administrator, legal personal representative, estate group, body corporate, corporation, unincorporated association or
      organization, Governmental Authority, syndicate or other entity, whether or not having legal status;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Personal
        Information</font>" means any information that is defined as "personal information", "personally identifiable information", or "personal data" under applicable Law;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of
        Arrangement</font>" means the plan of arrangement in the form attached hereto as Schedule "A", as the same may be amended or supplemented from time to time in accordance with the terms hereof, thereof or at the direction of the Court in the Final
      Order;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Arrangement
        Reorganization</font>" has the meaning ascribed thereto in Section 3.6(a)(i);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights
        Agreements</font>" means the pre-emptive rights agreements that may be entered into on or following the Effective Date between certain Cenovus Common Shareholders and Cenovus, in the form attached hereto as Schedule "I";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Preferred Share
        Condition</font>" means: (i) the Husky Preferred Shareholders have approved the Preferred Shareholder Resolution by the Husky Preferred Shareholders' Approval at the Husky Meeting; and (ii) unless otherwise determined by Cenovus in its sole
      discretion, holders of not more than 10% of the Husky Preferred Shares have validly exercised, and not withdrawn, Dissent Rights;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Preferred
        Shareholder Resolution</font>" means the special resolution in respect of the Arrangement to be considered by the Husky Preferred Shareholders at the Husky Meeting, substantially in the form attached hereto as Schedule "C";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Receiving Party</font>"
      has the meaning ascribed thereto in Section 7.1(c);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Recipient</font>"
      has the meaning ascribed thereto in Section 7.9(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registrar</font>"
      means the Registrar of Corporations for the Province of Alberta appointed under section 263 of the ABCA;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration
        Rights Agreements</font>" means the registration rights agreements that may be entered into on or following the Effective Date between certain Cenovus Common Shareholders and Cenovus, in the form attached hereto as Schedule "J";</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-15-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Release</font>" means any release,
      spill, leak, pumping, addition, pouring, emission, emptying, discharge, migration, injection, escape, leaching, disposal, dumping, deposit, spraying, burial, abandonment, incineration, seepage, placement or introduction of a Hazardous Substance,
      whether accidental or intentional, into or through the Environment that would constitute a violation of Environmental Law;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>"
      has the meaning ascribed thereto in Section 7.1(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Reserves
        Disclosure</font>" means disclosure relating to the engineering evaluation of crude oil, natural gas liquids and natural gas interests of Husky: (i) prepared internally in accordance with the regulations and guidelines of the Financial Accounting
      Standards Board in the United States and the U.S. Securities and Exchange Commission contained in Husky's Form 40-F for the year ended December 31, 2019 filed; and (ii) prepared in accordance with National Instrument 51-101 &#8211; <font style="font-style: italic;">Standards of Disclosure for Oil and Gas Activities</font> contained in the annual information form of Husky dated February 27, 2020;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Responding Party</font>"
      has the meaning ascribed thereto in Section 7.1(c);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Return</font>"
      means any report, return, statement, claim for refund, estimate, election, designation, form, declaration of estimated tax, information statement and return relating to, or required to be filed or actually filed with a Governmental Authority in
      connection with, any Taxes;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Securities Act</font>"
      means the <font style="font-style: italic;">Securities Act</font>, RSA 2000, c S-4;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">SEDAR</font>"
      means the System for Electronic Document Analysis and Retrieval;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Share Issuance
        Resolution</font>" means the ordinary resolution to be considered by the Cenovus Common Shareholders at the Cenovus Meeting, substantially in the form attached hereto as Schedule "D";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Sproule</font>"
      means Sproule Associates Limited;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Sproule Audit
        Opinion</font>" means the audit opinion of Sproule as of December 31, 2019 included in the annual information form of Husky dated February 27, 2020 relating to the audit of Husky's crude oil, natural gas and natural gas liquids reserves estimates
      prepared in accordance with generally accepted oil and gas engineering and evaluation practices in the Canada and as set out in the Canadian Oil and Gas Evaluation Handbook;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill
        Agreements</font>" means the standstill agreements to be entered into between the Supporting Husky Shareholders and Cenovus on the Agreement Date, and effective as of the Effective Date, which set out certain matters pertaining to the Cenovus
      Common Shares held by the Supporting Husky Shareholders following completion of the Arrangement, in the form attached hereto as Schedule "H";</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">subsidiary</font>"
      has the meaning ascribed thereto in the Securities Act;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Superior Proposal</font>"
      means an unsolicited bona fide written Acquisition Proposal:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ce04f3c6e094c52905a0e21e9dc044f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that complies with all Applicable Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z458d72fdd4dc4589b532dcea7caea4b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that is not subject to a financing condition, due diligence condition and/or access condition;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z674340678a034e2d8d3b78011a4b090a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">to acquire not less than all of the applicable Party's outstanding common shares or not less than substantially all of the assets, properties, permits, rights or other
              privileges (whether contractual or otherwise) of the applicable Party and its subsidiaries and partnership interests;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za42342bbe78a4279bcce517db00f4bb1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that the applicable Party's board of directors and any relevant committee thereof has determined in good faith (after receipt of advice from its professional financial
              advisors and external legal counsel) is reasonably capable of being consummated without undue delay, taking into account all legal, financial, regulatory and other aspects of such Acquisition Proposal and the Person making such Acquisition
              Proposal; and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-16-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z5f453332f3794f2a90fac4e663b433de" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">that the applicable Party's board of directors and/or any relevant committee thereof determines in good faith,
                  after consultation with its professional financial advisors, would be, if consummated in accordance with its terms, more favourable, from a financial point of view,<font style="font-weight: bold;">&#160;</font>to the holders of its common shares than the Arrangement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Support Agreements</font>"
      means the support agreements entered into between the Supporting Husky Shareholders and Cenovus, dated as of the Agreement Date, in the form attached as Schedule "G" hereto;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Supporting Husky
        Shareholders</font>" means Hutchison Whampoa Europe Investments S.&#224; r.l. and L.F. Investments S.&#224; r.l.;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Tax</font>" or "<font style="font-weight: bold;">Taxes</font>" means all taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind whatsoever imposed by any Applicable Laws
      and howsoever denominated, together with all interest, penalties, fines, additions to tax or other additional amounts imposed in respect thereof, including those levied on, or measured by, or referred to as, income, gross receipts, profits, capital,
      large corporation, capital gain, minimum, transfer, land transfer, sales, goods and services, harmonized sales, provincial sales, use, value-added, excise, stamp, withholding, business, franchising, property, employer health, payroll, employment,
      employment insurance, health and health insurance, social services, education and social security taxes, fuel taxes or levies, all surtaxes, all customs duties and import and export taxes, pension plan and workers compensation premiums or
      contributions, carbon taxes or levies and other obligations of the same or of a similar nature to any of the foregoing;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Tax Act</font>"
      means the <font style="font-style: italic;">Income Tax Act</font>, RSC 1985, c 1 (5th Supp);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Third Party
        Beneficiaries</font>" has the meaning ascribed thereto in Section 11.9;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transferred
        Information</font>" has the meaning ascribed thereto in Section 7.9(a);</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">TSX</font>" means
      the Toronto Stock Exchange;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Exchange Act</font>"
      means the United States <font style="font-style: italic;">Securities Exchange Act of 1934</font>, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Securities
        Act</font>" means the United States <font style="font-style: italic;">Securities Act of 1933</font>, as amended;</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Treasury
        Regulations</font>" means the Treasury regulations promulgated under the Internal Revenue Code; and</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Warrant
        Prospectus</font>" has the meaning ascribed thereto in Section 3.4(l).</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b5763035fa4445195d7849531bf5bba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation Not Affected by Headings, etc.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into articles and sections is for convenience of reference only and shall not affect
      the construction or interpretation of this Agreement. The terms "this Agreement", "hereof", "herein", "hereto" and "hereunder" and similar expressions refer to this Agreement (including the Schedules hereto) and not to any particular article, section
      or other portion hereof and include any agreement or instrument supplementary or ancillary hereto.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5542c6668bbd44cc825da269e37735be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number, etc.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number include the plural and vice versa, and words importing the use of any gender
      include all genders. Where the word "including" or "includes" is used in this Agreement, it means "including (or includes) without limitation".</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf4e870dcecdf460f9b6039e1c8441d10" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder is not a Business Day, such action shall be taken
      on the next succeeding day that is a Business Day.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-17-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zfd6c9b4bcacf42fb934209d4c2526125" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 72pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement, the Confidentiality Agreement (to the extent that the provisions of the Confidentiality Agreement
      have not been superseded by the provisions of this Agreement), together with the agreements and documents referred to herein and therein, constitute the entire agreement between the Parties pertaining to the subject matter hereof and supersede all
      prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. For greater certainty, the Support Agreements, the Standstill Agreements, the Pre-Emptive Rights
      Agreements and the Registration Rights Agreements are separate agreements between the parties thereto and are unaffected by this Section 1.5.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z475cc83f50d741569f8d63e12149b4ab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise indicated, all sums of money referred to in this Agreement are expressed in lawful money of
      Canada.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z62bcf3c11c8747848d63ccf34d6a52f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounting Matters</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto
      under IFRS and all determinations of an accounting nature that are required to be made shall be made in a manner consistent with IFRS.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb5a7f28e820429a9de6eda9c4dc950b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure in Writing</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Reference to "disclosure in writing" or similar references herein shall, in the case of disclosure to Cenovus be
      references exclusively to the Husky Disclosure Letter, or in the case of disclosure to Husky be references exclusively to the Cenovus Disclosure Letter.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z45024646324b481b942db4d9b5e79f68" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">References to Legislation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">References in this Agreement to any statute or sections thereof shall include such statute as amended or
      substituted and any regulations promulgated thereunder from time to time in effect.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4510ae28d2b2417bbb38b686829fd1c9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Knowledge</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement, references to "to the knowledge of" means the actual knowledge of the Executive Officers of
      Cenovus or Husky, as the case may be, after such inquiry as such officers shall consider reasonable in the circumstances. For purposes of this Section 1.10 "Executive Officers" in the case of Cenovus means Cenovus's President &amp; Chief Executive
      Officer, Executive Vice-President and Chief Financial Officer and Executive Vice-President, Stakeholder Engagement, Safety, Legal &amp; General Counsel and in the case of Husky means Husky's President &amp; Chief Executive Officer, Chief Financial
      Officer and Senior Vice-President, General Counsel and Secretary.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd12dff7566484fbaa4debf854540576c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Strict Construction</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties acknowledge that their respective legal counsel have reviewed and participated in settling the terms of
      this Agreement, and the Parties hereby agree that any rule of construction to the effect that any ambiguity is to be resolved against the drafting Party will not be applicable in the interpretation of this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcca6d5ed9db340c890c634b1c529499b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedules</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the final sentence of Section 1.5, the following schedules attached hereto are incorporated into, and
      form an integral part of, this Agreement:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-18-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; margin-left: 72pt;">Schedule "A" &#8211; Plan of Arrangement<font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font>Schedule "B" &#8211; Form of Arrangement Resolution<font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font>Schedule "C" &#8211; Form of Preferred Shareholder Resolution<font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font>Schedule "D" &#8211; Form of Share Issuance Resolution<font style="font-family: 'Times New Roman', Times, serif;"><br>
      </font>Schedule "E" &#8211; Representations and Warranties of Cenovus</div>
    <div style="margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Schedule "F" &#8211; Representations and Warranties of Husky</div>
    <div style="margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Schedule "G" &#8211; Form of Support Agreement<br>
      Schedule "H" &#8211; Form of Standstill Agreement</div>
    <div style="margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Schedule "I" &#8211; Form of Pre-Emptive Rights Agreement</div>
    <div style="margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Schedule "J" &#8211; Form of Registration Rights Agreement</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
      THE ARRANGEMENT AND MEETINGS</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb7c27d9ea4184852995dfb54c6121462" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Plan of Arrangement</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd10908145e6f4d26a005c5d30dcaea22" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions of this Agreement, the Parties agree to carry out the Arrangement in accordance with the terms of the Plan of Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z066d78d40e734bb69306b63f2a499670" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">As soon as reasonably practicable after the Agreement Date, but in any event by no later than November 30, 2020, Husky will apply to the Court, in a manner acceptable
              to Cenovus, acting reasonably, for the Interim Order and thereafter will diligently seek the Interim Order in cooperation with Cenovus. Upon receipt of the Interim Order, Husky will promptly carry out the terms of the Interim Order to the
              extent applicable to it.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z445ae4fec3204403bce16a3a1d05e973" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The application for an Interim Order referred to in Section 2.1(b) shall request that the Interim Order provide, among other things:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf3357d6c9c34d3bb1de184c66246cc4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the classes of Persons to whom notice is to be provided in respect of the Arrangement and the Husky Meeting and for the manner in which such notice is to be
              provided;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaaffa7bd567a472593ceb5c3b25936a3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that the requisite approval for:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ead0c13bd3246adac75f7d83dd3d859" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Arrangement Resolution to be placed before the Husky Common Shareholders and the holders of Husky Options at the Husky Meeting shall be:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6a88ea028c934776928b583666d6126e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">66&#8532;% of the votes cast on the Arrangement Resolution by Husky Common Shareholders present in person or represented by proxy at the Husky Meeting (and that each Husky
              Common Shareholder is entitled to one vote for each Husky Common Share held);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7316b15b6cdc4686b9113cd94a8ee6d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">66&#8532;% of the votes cast on the Arrangement Resolution by Husky Common Shareholders and holders of Husky Options present in person or represented by proxy at the Husky
              Meeting, voting together as a single class (and that (x) each Husky Common Shareholder is entitled to one vote for each Husky Common Share held, and (y) each holder of Husky Options is entitled to one vote for each Husky Option held); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9151646e97cf4d73a97a2cb467baae4e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if required under Applicable Canadian Securities Laws, a simple majority of the votes cast on the Arrangement Resolution by Husky Common Shareholders present in person
              or represented by proxy at the Husky Meeting after excluding the votes cast by those persons whose votes are required to be excluded in accordance with Multilateral Instrument 61-101 &#8211; <font style="font-style: italic;">Protection of Minority Security Holders in Special Transactions</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 121.5pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(the "<font style="font-weight: bold;">Husky Required Approval</font>"); and</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-19-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z3d1b10a134904010be23e0a648437ee6" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(B)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">the Preferred Shareholder Resolution to be placed before the Husky Preferred Shareholders at the Husky Meeting
                  shall be 66&#8532;% of the votes cast on the Preferred Shareholder Resolution by Husky Preferred Shareholders present in person or represented by proxy at the Husky Meeting, voting together as a single class (and that each Husky Preferred
                  Shareholder is entitled to one vote for each Husky Preferred Share held) (the "<font style="font-weight: bold;">Husky Preferred Shareholders' Approval</font>");</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca97a5a210fa435a94c784be2d4ef9f9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the method and manner in which amendments, revisions or supplements to the Circular (and any other materials sent by Husky in connection with the Husky Meeting),
              including material changes, may be mailed, filed or otherwise publicly disseminated to the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options and such other Persons as may be required by the Interim
              Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2d936bbaeeaf437ba7128f4be97a65d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that, in all other respects, other than as ordered by the Court, the terms, restrictions and conditions of the constating documents of Husky, including quorum
              requirements and all other matters, shall apply in respect of the Husky Meeting;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15ba167e50684c0ea464efa26b68bf3a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the grant of Dissent Rights to the registered Husky Common Shareholders and the registered Husky Preferred Shareholders as set forth in the Plan of Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z518f832587c24f059d27ba5e967b3a5d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that the Husky Meeting may be adjourned or postponed from time to time in accordance with the terms of this Agreement without the need for additional approval of the
              Court;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2aac78feb58e4737abaaeb01c8968deb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">confirmation of the record date for the purposes of determining the Husky Common Shareholders, the Husky Preferred Shareholders and the holders of Husky Options
              entitled to receive materials and vote at the Husky Meeting in accordance with the Interim Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b46c53f7e5f45179d10b92c7cacfca0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">that such record date will not change in respect of any adjournment(s) or postponement(s) of the Husky Meeting, unless required by Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z03bac6bc09cd4433af101b8ac604b646" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the notice requirements with respect to the presentation of the application to the Court for the Final Order; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0649573aa03142c2b570ca9488843664" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for such other matters as the Parties may agree in writing, each acting reasonably.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In the application referred to in Section 2.1(b), Husky shall inform the Court that Cenovus
      intends to rely on the exemption provided by section 3(a)(10) of the U.S. Securities Act for the issuance of Cenovus Common Shares, Cenovus Warrants, Cenovus Replacement Options, and, if the Preferred Share Condition is satisfied prior to the
      Effective Time, Cenovus Preferred Shares pursuant to the Arrangement and that, in connection therewith, the Court will be required to approve the substantive and procedural fairness of the terms and conditions of the Arrangement to each Person to
      whom Cenovus Common Shares, Cenovus Warrants, Cenovus Replacement Options and Cenovus Preferred Shares will be issued. Each Person to whom Cenovus Common Shares, Cenovus Warrants, Cenovus Replacement Options and Cenovus Preferred Shares will be
      issued on completion of the Arrangement will be given adequate notice in accordance with the Interim Order advising them of their right to attend and appear before the Court at the hearing of the Court for the Final Order and providing them with
      adequate information to enable such Person to exercise such right.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za36aca118847405288cc7696aad2c3d4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">If the Preferred Share Condition is not satisfied prior to the Effective Time then, in accordance with the Plan of Arrangement, the Cenovus Preferred Shares will not be
              issued in exchange for the Husky Preferred Shares on the Effective Date and the Husky Preferred Shares will remain outstanding in accordance with their terms.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2ba4cffb43074af8b595598c56fbe42a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">On the condition that all necessary approvals for the Arrangement Resolution are obtained from the Husky Common Shareholders and the holders of Husky Options and all
              necessary approvals for the Share Issuance Resolution are obtained from the Cenovus Common Shareholders, Husky shall, as soon as reasonably practicable following the Husky Meeting and the Cenovus Meeting but in any event not later than five</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-20-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Business Days after the Arrangement Resolution and the Share Issuance Resolution are duly passed, submit the
      Arrangement to the Court and apply for the Final Order.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4de06fb1daba48eea6e64bc747594a81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Board Recommendation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky represents and warrants to Cenovus that the Husky Board:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z802823d16948470281ce764d359e3fba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">has unanimously:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6d4846fc014450ba0ce9a66d1f2f7e1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">determined that the Arrangement and the entry into this Agreement are in the best interests of Husky;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze1e02961fac34f68bb5762afa752d985" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">determined that the Arrangement is fair to Husky Common Shareholders and Husky Preferred Shareholders;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9be6385e1b2c445d88186d0ebf0e353b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">approved this Agreement and the transactions contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z136be1395bd24418a33efa427be1a6da" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">resolved to recommend that Husky Common Shareholders and holders of Husky Options vote in favour of the Arrangement Resolution; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0892d900c64547dfb16f25da0db9c097" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">resolved to recommend that Husky Preferred Shareholders vote in favour of the Preferred Shareholder Resolution</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(collectively (a)(i), (ii), (iii), (iv) and (v), the "<font style="font-weight: bold;">Husky Board Recommendation</font>"); and</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z34d9b9dcae8a469bb7ffc273fd2bd4c9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">has received the oral Husky Fairness Opinions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87fc696334ed4787ae130ec60ef8a763" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cenovus Board Recommendation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus represents and warrants to Husky that the Cenovus Board:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75f38a184eb34220acfbd7183f56d3d0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">has unanimously:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za2d32332646b41dc921ddc73c86b0073" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">determined that the Arrangement and the entry into this Agreement are in the best interests of Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98438b71bab74ecdb3996a213338f693" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">determined that the consideration to be paid by Cenovus pursuant to the Arrangement is fair, from a financial point of view, to Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02e94696954b4e93b13bf84bced4181e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">approved this Agreement and the transactions contemplated hereby; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4349498dae3d4fbf861e82fd7ddef96f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">resolved to recommend that Cenovus Common Shareholders vote in favour of the Share Issuance Resolution</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(collectively (a)(i), (ii), (iii) and (iv), the "<font style="font-weight: bold;">Cenovus Board Recommendation</font>"); and</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z64a8dbe35b13498ca2a0f2da9e3a784e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">has received the oral Cenovus Fairness Opinions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze66c30dc883d4d0e892498d08130d24e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Circular and Meetings</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za707b64a548c43469ff1dc1c2d14da79" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">As promptly as practicable following the execution of this Agreement and in compliance with the Interim Order and Applicable Laws, Husky and Cenovus shall, as
              applicable and with assistance from and the participation of the Other Party, each acting reasonably: (i) prepare the Circular together with any other documents required by Applicable Laws in connection with the Cenovus Meeting and the Husky
              Meeting, and cause the Circular and such other documents to be mailed to the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options and such other Persons as required by the Interim Order</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-21-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">and the Cenovus Common Shareholders and such other Persons required by the CBCA and filed with applicable securities
      regulatory authorities and other Governmental Authorities in all jurisdictions where the same are required to be filed by no later than December 11, 2020; (ii) convene and conduct the Husky Meeting by no later than January 29, 2021 and not adjourn,
      postpone or cancel (or propose the same) the Husky Meeting without the prior written consent of Cenovus, such consent not to be unreasonably withheld, conditioned or delayed, except in the case of an adjournment or postponement required for quorum
      purposes or by Applicable Laws or by a Governmental Authority, at which Husky Meeting the Arrangement Resolution and the Preferred Shareholder Resolution shall be submitted to the Husky Common Shareholders, the Husky Preferred Shareholders and the
      holders of Husky Options entitled to vote upon such resolutions for approval; and (iii) convene and conduct the Cenovus Meeting by no later than January 29, 2021 and not adjourn, postpone or cancel (or propose the same) the Cenovus Meeting without
      the prior written consent of Husky, such consent not to be unreasonably withheld, conditioned or delayed, except in the case of an adjournment or postponement required for quorum purposes or by Applicable Laws or by a Governmental Authority, at which
      Cenovus Meeting the Share Issuance Resolution shall be submitted to the Cenovus Common Shareholders entitled to vote upon such resolution for approval. Notwithstanding the foregoing, Husky shall not submit the Preferred Shareholder Resolution to the
      Husky Preferred Shareholders at the Husky Meeting if so directed by Cenovus, in its sole discretion, in writing prior to the commencement of the Husky Meeting.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z97dc7eedf1f345fba8d3a51b49f97be8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky and Cenovus shall, with assistance from and the participation of the Other Party, each acting reasonably, cause the Circular to be prepared in compliance, in all
              material respects, with Applicable Canadian Securities Laws and to provide the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options and the Cenovus Common Shareholders with information in sufficient detail
              to permit them to form a reasoned judgment concerning the matters to be considered at the Husky Meeting and the Cenovus Meeting, respectively, and shall include: (i) or incorporate by reference the Husky Information; (ii) copies of the Husky
              Fairness Opinions; (iii) subject to the terms of this Agreement, the Husky Board Recommendation; (iv) or incorporate by reference the Cenovus Information; (v) subject to the terms of this Agreement, the Cenovus Board Recommendation; (vi)
              copies of the Cenovus Fairness Opinions; (vii) details of the composition of the Cenovus Board following the Effective Time as agreed to by the Parties in accordance with Section 2.8; (viii) a summary of the terms of the Cenovus Preferred
              Shares; (ix) a summary of the terms of the Support Agreements; (x) a summary of the terms of the Standstill Agreements; (xi) a summary of the terms of the Pre-Emptive Rights Agreements; (xii) a summary of the terms of the Registration Rights
              Agreements; (xiii) a summary of the terms of the Cenovus Warrants; and (xiv) a copy, and summary of the terms and conditions, of this Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefdb288a1902445691d4cbb8107a01a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall use reasonable commercial efforts to, in a timely manner, provide Cenovus with all financial statements and financial information reasonably requested by
              Cenovus to prepare pro forma financial statements at and for the periods ended September 30, 2020 and December 31, 2019 for inclusion in the Circular in the form prescribed by Applicable Canadian Securities Laws.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcd3342391ab4444b842ac6305a62043b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall use reasonable commercial efforts to, in a timely manner, provide Husky with all financial statements and financial information reasonably requested by
              Husky to prepare pro forma financial statements at and for the periods ended September 30, 2020 and December 31, 2019 for inclusion in the Circular in the form prescribed by Applicable Canadian Securities Laws.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07bd4d3aa24247f996859532248b1d86" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall, in a timely manner, provide Husky with the Cenovus Information, and such other information relating to Cenovus as Husky may reasonably request for
              inclusion in the Circular, so as to permit compliance with the timeline set out in Section 2.4(a).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6acbaa673e4445e2b7713bca203c15ff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall, in a timely manner, provide Cenovus with the Husky Information, and such other information relating to Husky as Cenovus may reasonably request for
              inclusion in the Circular, so as to permit compliance with the timeline set out in Section 2.4(a).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c5ad00734834d73b96c9d15545024f1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Parties shall, subject to compliance with Applicable Canadian Securities Laws, incorporate the Cenovus Information and the Husky Information into the Circular
              substantially in the form provided by Cenovus and Husky, respectively, and each Party shall provide the Other Party and its Representatives with an opportunity</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-22-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to review and comment on the Circular and any other relevant documentation and shall give due consideration to all
      comments made by the Other Party and its Representatives (subject to any Applicable Laws). The Circular shall be in form and content satisfactory to Husky and Cenovus, each acting reasonably, and shall comply with Applicable Canadian Securities Laws.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54f86254123640bfac149823f3dfb8fe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall use its reasonable commercial efforts to ensure that the Husky Information included in the Circular does not, at the time of the mailing of the Circular,
              contain any misrepresentation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b2811e1ca3d47bcbeea2525405da58a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall use its reasonable commercial efforts to ensure that the Cenovus Information provided by it for inclusion in the Circular does not, at the time of the
              mailing of the Circular, contain any misrepresentation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3467bdf38c1f493396c14aa84c239f72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall promptly notify the Other Party if it becomes aware that the Circular contains a misrepresentation, or otherwise requires an amendment or supplement.
              The Parties shall co-operate in the preparation of any such amendment or supplement as is required or appropriate, and Cenovus and Husky shall promptly mail, file or otherwise publicly disseminate any such amendment or supplement to the Husky
              Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options and such other Persons as required by the Interim Order and the Cenovus Common Shareholders and such other Persons as required by the CBCA and, if required by
              the Court or by Law, file the same with the applicable securities regulatory authorities and other Governmental Authorities as required.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z24f738d779414082bfe90148b900b5f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Parties shall cooperate to schedule and convene the Husky Meeting and the Cenovus Meeting on the same date (subject to any adjournments or postponements required or
              permitted by this Agreement).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ca799ef846c46aa92334ae3c4e2f31c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall consult with the Other Party in fixing the record date of the Husky Meeting and the Cenovus Meeting, and shall not change such record date for the
              Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options or the Cenovus Common Shareholders, as applicable, entitled to vote at the Husky Meeting or the Cenovus Meeting, as applicable, in connection with any
              adjournment or postponement of the Husky Meeting or the Cenovus Meeting, as applicable, unless required by Law.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2189df0ab2ac4e1e92e355de7d320fd8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall provide notice to the Other Party of the Husky Meeting or the Cenovus Meeting, as applicable, and allow the Other Party and its Representatives and
              legal counsel to attend such meeting.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4f7ec217a0a14c6880916d2751b4b705" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall advise the Other Party, as the Other Party may reasonably request, and on a daily basis on each of the last 10 Business Days prior to the proxy cutoff
              date for the Husky Meeting or the Cenovus Meeting, as applicable, as to the aggregate tally of the proxies received by such Party in respect of the Arrangement Resolution, the Preferred Shareholder Resolution and the Share Issuance
              Resolution, as applicable, and any other matters to be considered at the Husky Meeting or the Cenovus Meeting, as applicable.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d11813fc79e4e3fae9410ef74e648b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Court Proceedings</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In connection with the Court proceedings relating to obtaining the Interim Order and the Final Order, Husky shall:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb72858c09e3c435db035bb961b820562" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provide Cenovus and its legal counsel with reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with the
              Arrangement, prior to the filing of that material, and give reasonable and due consideration to all comments of Cenovus and its legal counsel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fc4ab761db442178abd338d422f9f04" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provide Cenovus and its legal counsel on a timely basis a description of any information required to be supplied by Cenovus for inclusion in any material to be filed
              with the Court in connection with the Arrangement, prior to the filing of that material, and will accept the reasonable comments of Cenovus and its legal counsel with respect to any such information required to be supplied by Cenovus and
              included in such material and any other matters contained therein;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc259ae0a2a304cde89e981716b3f3ac0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">provide counsel to Cenovus, on a timely basis, with copies of any notice of appearance and evidence served on Husky or its counsel in respect of the application for the
              Interim Order and the application for the Final</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-23-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Order or any appeal therefrom, and of any notice (written or oral) received by Husky indicating an intention to
      oppose the granting of the Interim Order or the Final Order or to appeal the Interim Order or the Final Order;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z996d82a9d5f8420fac94c65101288407" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">not object to legal counsel to Cenovus making such submissions on the application for the Interim Order and the application for the Final Order as such counsel
              considers appropriate, acting reasonably, provided that Husky is advised of the nature of any submissions prior to the hearing and such submissions are consistent in all material respects with this Agreement and the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8ac74867827948cb923485ce0a179beb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">subject to Laws, not file any material with, or make any written submissions to, the Court in connection with the Arrangement or serve any such material, and will not
              agree to modify or amend materials so filed or served, except as contemplated hereby or with Cenovus's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; on the condition that nothing herein shall
              require Cenovus to agree or consent to, and Cenovus shall not be deemed to agree or consent to, any increased purchase price or other consideration or other modification or amendment to such filed or served materials that expands or increases
              Cenovus's obligations, or diminishes or limits Cenovus's rights, set forth in any such filed or served materials or under this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4aa6fc4e3007486ab7261246903eaf49" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">oppose any proposal from any Person that the Interim Order or the Final Order contain any provision inconsistent with this Agreement, and if required by the terms of
              the Interim Order or the Final Order or by Law to return to Court with respect to the Interim Order or the Final Order do so only after notice to, and in consultation and cooperation with, Cenovus; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec6e5a86df564108a5a37130dd941530" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if at any time after the issuance of the Final Order and prior to the Effective Date, Husky is required by the terms of the Final Order or by Applicable Law to return
              to Court with respect to the Final Order, it shall do so after notice to, and in consultation and cooperation with Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9e7e91aa9ec419f9a0ff2411d34920a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Effective Date</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Arrangement shall become effective at the Effective Time on the Effective Date. The Certificate shall be
      conclusive evidence that the Arrangement has become effective as of the Effective Time. The Parties shall use their reasonable commercial efforts to cause the Effective Date to occur as soon as reasonably practicable, but in any event no later than
      three Business Days following the later of the issuance of the Final Order and the receipt of the Key Regulatory Approvals, and subject to the satisfaction or waiver of the conditions set out in Article 6, and, in any event, not earlier than January
      1, 2021 and not later than the Outside Date.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76d80be1970b4ac8ab125c767c40b9db" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment of Consideration</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus will, on the Effective Date, prior to the sending of the Articles of Arrangement to the Registrar:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72c2053079354762809238aebd06ae7e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Preferred Share Condition is satisfied prior to the Effective Time, send to the Director articles of amendment, in form and substance acceptable to Husky and
              Cenovus, acting reasonably, pursuant to section 27(4) of the CBCA, such that the Director shall issue a certificate of amendment pursuant to section 27(5) of the CBCA in respect of such articles of amendment prior to the Effective Time so as
              to create the Cenovus Preferred Shares; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11ab19f23d0849119af580f73807c0b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">pending only filing of the Articles of Arrangement, deposit, or cause to be deposited, in escrow with the Depositary, to be released in accordance with the Plan of
              Arrangement:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7752c98ec2a742fca04d37506b9dd449" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">for the benefit of and to be held on behalf of the Husky Common Shareholders entitled to receive Cenovus Common Shares and Cenovus Warrants pursuant to the Plan of
              Arrangement, certificates representing, or other evidence regarding the issuance of, the Cenovus Common Shares and the Cenovus Warrants that such Husky Common Shareholders are entitled to receive under the Arrangement (calculated without
              reference to whether any Husky Common Shareholder has exercised Dissent Rights); and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-24-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z22c272455ffe420dac4da5eb47dab5cd" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">if the Preferred Share Condition is satisfied prior to the Effective Time, for the benefit of and to be held on
                  behalf of the Husky Preferred Shareholders entitled to receive Cenovus Preferred Shares pursuant to the Plan of Arrangement, certificates representing, or other evidence regarding the issuance of, the Cenovus Preferred Shares that such
                  Husky Preferred Shareholders are entitled to receive under the Arrangement (calculated without reference to whether any Husky Preferred Shareholder has exercised Dissent Rights).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaef68a19e8da4e55b2d577fa312c95a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board of Directors and Senior Management of Cenovus upon completion of the Arrangement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties agree that the Cenovus Board and the senior management of Cenovus upon completion of the Arrangement
      shall be determined in the manner set out below.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c857036b21b413baf87230e2e27ff18" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Cenovus Board from the Effective Date until the next annual general meeting or until their successors are elected or appointed, shall consist of eight members of
              the current Cenovus Board and four members selected by Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d33519b93fb4cda9a98760e2d9169be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Alex J. Pourbaix will remain the President &amp; Chief Executive Officer of Cenovus. As soon as reasonably practicable following the Agreement Date and in any event no
              later than 10 Business Days prior to the Effective Date, the remaining executive officers of Cenovus will be selected from the executive officers of Cenovus and Husky by Cenovus's President &amp; Chief Executive Officer in consultation with
              the Cenovus Board and the Husky Board and the President &amp; Chief Executive Officer of Husky; provided that such executive officers will include the executive officers identified in the joint news release of the Parties announcing the
              transactions contemplated hereby issued on or after the Agreement Date. Cenovus and Husky agree that such senior officers will be appointed by the Cenovus Board on the Effective Date immediately after the Effective Time.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77e431c75a064ddd80202f7477555abc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employee Matters</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zae94e8610a624bb89add810ec966f54b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall use its reasonable commercial efforts to obtain and deliver to Cenovus at the Effective Time evidence reasonably satisfactory to Cenovus of the
              resignations, effective as of the Effective Time, of all: (i) of the directors of Husky who are not to form part of the Cenovus Board after the Effective Time; and (ii) subject to Section 2.8(b), all of the officers of Husky requested by
              Cenovus. Such resignations shall be received in consideration for Cenovus and Husky providing releases to each such persons, in form and substance satisfactory to Cenovus and such resigning person, each acting reasonably (or in the case of
              officers who have a form of release attached to their relevant employment agreement, in such form as is attached to such agreement), which mutual releases shall contain exceptions for amounts or obligations owing to such directors and/or
              officers for accrued but unpaid salary, directors' fees, bonus, payments in respect of Husky Incentives, other payments due pursuant to the Arrangement as a Husky Common Shareholder or Husky Preferred Shareholder, benefits and other
              compensation or pursuant to indemnity or directors' and officers' insurance arrangements, and for any payments that may be owing to them pursuant to the terms of their employment with Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z92a57a6944174d509c48de23c394f05b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall use its reasonable commercial efforts to obtain the resignations, effective as of the Effective Time, of all: (i) of the directors of Cenovus who are not
              to form part of the Cenovus Board after the Effective Time; and (ii) subject to Section 2.8(b), those officers of Cenovus who will not continue as officers of Cenovus after the Effective Time. Such resignations shall be received in
              consideration for Cenovus providing releases to each such persons, in form and substance satisfactory to Cenovus and Husky and such resigning person, each acting reasonably (or in the case of officers who have a form of release attached to
              their relevant employment agreement, in such form as is attached to such agreement), which mutual releases shall contain exceptions for amounts or obligations owing to such directors and/or officers for accrued but unpaid salary, directors'
              fees, bonus, payments in respect of Cenovus Incentives, benefits and other compensation or pursuant to indemnity or directors' and officers' insurance arrangements and for any payments that may be owing to them pursuant to the terms of their
              employment with Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99ba7d3983d34de0a99dc00786ca7f6f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus covenants and agrees, and after the Effective Time will cause Husky and any successor to Husky, to honour and comply with the terms of all existing employment,
              change of control and severance agreements</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-25-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">of Husky and its subsidiaries and all obligations of Husky and its subsidiaries under the Husky Employee Plans and
      the Husky Incentive Plans.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05b3c36690b445e496646877618ccb78" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treatment of Husky Incentives</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2383c0e12630463e937f28aa4912432a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Parties acknowledge that the Arrangement will result in a "change of control" in respect of the Husky PSUs and as a result the vesting of the Husky PSUs<font style="font-weight: bold;">&#160;</font>shall be accelerated as a result of the completion of the Arrangement. In respect of the payout of Husky PSUs granted under the Husky PSU Plan
              following the Agreement Date (including, for greater certainty, payments made in respect of Husky PSUs for which vesting has accelerated as a result of the completion of the Agreement), Husky hereby covenants and agrees that such payments
              will be determined in strict accordance with the terms of the Husky PSU Plan, without the making of any adjustments or other determinations as may be available to the Husky Board, or any committee thereof, in their discretion pursuant to the
              terms of the Husky PSU Plan or any Husky PSUs granted thereunder.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z016ca6de3d4a414fbeeb6fce05eb7c59" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">If a holder of Husky DSUs ceases to be a member of the Husky Board (and does not remain an employee of Husky or an affiliate of Husky or a member of the board of
              directors of any affiliate of Husky) in connection with the Arrangement, then the Husky DSUs held by such holder will be settled and redeemed in strict accordance with the terms of the Husky DSU Plan, without the making of any adjustments or
              other determinations as may be available to the Husky Board, or any committee thereof, in their discretion pursuant to the terms of the Husky DSU Plan or any Husky DSUs granted thereunder, provided that the settlement date of such Husky DSUs
              shall be as soon as practicable after the holder's termination.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf7c10c37d1a743458b5211f8aaec863a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall: (i) ensure that it will have available funds, at the Effective Time, to pay the aggregate cash consideration, if any, to be paid to the holders of Husky
              DSUs and Husky PSUs in connection with the Arrangement; and (ii) cause to be taken all necessary corporate action to allot and reserve for issuance the Husky Common Shares, if any, to be issued in settlement of Husky DSUs in connection with
              the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z86586492bb324137b95f1a1b12a2338f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Husky Options outstanding immediately prior to the Effective Time shall be treated in accordance with the Plan of Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z023e44a1f0ca49e7bf8c9cabe163eda6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treatment of Cenovus Incentives</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0fa402b100ff4b3dac365773c4a0f40b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Parties acknowledge that the Arrangement will result in a "change of control" in respect of the Cenovus Options, the Cenovus PSUs and the Cenovus RSUs and the
              vesting of the Cenovus Options, the Cenovus PSUs and the Cenovus RSUs shall be accelerated as a result of the completion of the Arrangement. In respect of the payout of Cenovus Options, Cenovus PSUs and Cenovus RSUs granted under the Cenovus
              Incentive Plans following the Agreement Date (including, for greater certainty, payments made in respect of Cenovus Options, Cenovus PSUs and Cenovus RSUs for which vesting has accelerated as a result of the completion of the Agreement),
              Cenovus hereby covenants and agrees that such payments will be determined in strict accordance with the terms of the Cenovus Incentive Plans, without the making of any adjustments (including as a consequence of the Arrangement) or other
              determinations as may be available to the Cenovus Board, or any committee thereof, in their discretion pursuant to the terms of the Cenovus Incentive Plans or any Cenovus Incentives granted thereunder.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9d6687b5ef6048c99d020d03e1b10c42" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">If a holder of Cenovus DSUs has a "Director's Termination Date" (within the meaning of the Cenovus Director DSU Plan) or an employee of Cenovus (or an employee of an
              affiliate of Cenovus) has a "Termination Date" (within the meaning of the Cenovus Employee DSU Plan), as applicable, in connection with the Arrangement, then the Cenovus DSUs held by such holder will be settled and redeemed in strict
              accordance with the terms of the applicable Cenovus DSU Plan, without the making of any adjustments or other determinations as may be available to the Cenovus Board, or any committee thereof, in their discretion pursuant to the terms of the
              applicable Cenovus DSU Plan or any Cenovus DSUs granted thereunder, provided that the settlement date of such Cenovus DSUs shall be as soon as practicable after the holder's termination.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-26-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z8d0e585973eb4d05a71fdb5d02f1a58b" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Cenovus shall: (i) ensure that it will have available funds, at the Effective Time, to pay the aggregate cash
                  consideration, if any, to be paid to the holders of Cenovus DSUs, Cenovus PSUs and Cenovus RSUs in connection with the Arrangement; and (ii) cause to be taken all necessary corporate action to allot and reserve for issuance the Cenovus
                  Common Shares, if any, to be issued in settlement of Cenovus Options, Cenovus PSUs and Cenovus RSUs in connection with the Arrangement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84b24e0b5d594ad29490b8aebd13c62f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Applicable U.S. Securities Laws</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Arrangement shall be structured and executed such that, assuming the Court considers the fairness of the terms
      and conditions of the Arrangement and grants the Final Order, the issuance of the Cenovus Common Shares, the Cenovus Warrants, the Cenovus Replacement Options and the Cenovus Preferred Shares issuable to Husky Common Shareholders, holders of Husky
      Options and Husky Preferred Shareholders, as applicable, under the Arrangement will not require registration under the U.S. Securities Act, in reliance upon section 3(a)(10) thereof. Each Party agrees to act in good faith, consistent with the intent
      of the Parties and the intended treatment of the Arrangement as set out in this Section 2.12.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za60e7a5a987543c7838e6210d05105a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.13</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Withholdings Obligations</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf7b3b758f824b4191793beb53e43c56" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky, Cenovus and the Depositary shall be entitled to deduct or withhold from any amounts payable to any Husky Common Shareholder, any Husky Preferred Shareholder, any
              holder of Husky Options or any other Person, pursuant to the Arrangement, such amounts (whether in cash, Cenovus Common Shares, Cenovus Warrants or Cenovus Preferred Shares) as Husky, Cenovus or the Depositary reasonably determines it is
              required to deduct or withhold with respect to such payment under the Tax Act or any provision of federal, provincial, territorial, state, local or foreign tax law. To the extent that amounts are so deducted or withheld, such deducted or
              withheld amounts shall be treated, for all purposes hereof, as having been paid or delivered to the holders of Husky Common Shares, Husky Preferred Shares or Husky Options in respect of whom such deduction or withholding was made, provided
              that such deducted or withheld amounts are timely remitted to the appropriate Governmental Authority. Any of Husky, Cenovus or the Depositary is hereby authorized to sell or otherwise dispose of any share consideration as is necessary to
              provide sufficient funds to Husky, Cenovus or the Depositary, as the case may be, to enable it to comply with all deduction or withholding requirements applicable to it, and none of Husky, Cenovus or the Depositary shall be liable to any
              Person for any deficiency in respect of any proceeds received, and Husky, Cenovus or the Depositary, as applicable, shall notify the holder thereof and remit to the holder thereof any unapplied balance of the net proceeds of such sale.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61b36bb644b64e6fb80d0266ce75ee4f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall be exclusively responsible to ensure compliance with any obligations in respect of withholding Taxes in respect of any amounts paid in connection with the
              settlement of Husky Incentives (whether pursuant to Section 2.10 or otherwise), and Husky shall deliver the consideration for the foregoing net of such amounts to holders of Husky Incentives. Any such amounts deducted, withheld and remitted
              by Husky will be treated for all purposes, including under this Agreement, as having been paid to the holders of Husky Incentives in respect of which such deduction, withholding and remittance was made, provided that such deducted and
              withheld amounts are timely remitted to the appropriate Governmental Authority.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec42c93d6ceb43e48d589527a8216f09" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall be exclusively responsible to ensure compliance with any obligations in respect of withholding Taxes in respect of any amounts paid in connection with the
              settlement of Cenovus Incentives (whether pursuant to Section 2.11 or otherwise), and Cenovus shall deliver the consideration for the foregoing net of such amounts to holders of Cenovus Incentives or make other arrangements for the
              satisfaction of such withholding Taxes. Any such amounts deducted, withheld and remitted by Cenovus will be treated for all purposes, including under this Agreement, as having been paid to the holders of Cenovus Incentives in respect of which
              such deduction, withholding and remittance was made, provided that such deducted and withheld amounts are timely remitted to the appropriate Governmental Authority.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-27-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
      COVENANTS AND ADDITIONAL AGREEMENTS</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3e1819997e04987ab742f97e84b3bec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conduct of Business of Cenovus</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">From the Agreement Date until the earlier of the Effective Time or the termination of this Agreement in accordance
      with Article 9, except as otherwise expressly permitted or specifically contemplated by this Agreement (including the Plan of Arrangement), except for any internal reorganizations solely amongst the Cenovus Group, or as otherwise required by
      Applicable Laws or except with the prior written consent of Husky (such consent not to be unreasonably withheld, conditioned or delayed):</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3cd6c265e29d4266ac31bd5aec8d5c1a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the business of the Cenovus Group shall be conducted only in, and the members of the Cenovus Group shall not take any action except in, the ordinary course of business
              and consistent with past practice, with it being acknowledged and agreed by Husky that such covenant is subject to: (i) the Cenovus Group's compliance with Applicable Laws related to the COVID-19 pandemic; and (ii) actions taken as a result
              of such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages or operational stoppages necessary to safeguard life or property); provided that any such action taken
              outside of the ordinary course of business or inconsistent with past practice as a result of such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages or operational
              stoppages necessary to safeguard life or property) will be commercially reasonable and, to the extent applicable, not disproportionate compared to actions taken by companies similar to Cenovus, and Cenovus shall use all reasonable commercial
              efforts to maintain and preserve its and their business organization, assets, employees and advantageous business relationships;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9343a16a0d65484b903bd99f714f632c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall not, and shall not permit any other member of the Cenovus Group to, directly or indirectly: (i) amend Cenovus's constating documents or amend in any
              material respects the constating documents of any other member of the Cenovus Group; (ii) amend its existing accounting policies, practices, methods and principles or adopt new accounting principles, in each case except as required by IFRS;
              (iii) declare, set aside or pay any dividend or other distribution or payment in cash, shares or property in respect of its shares owned by any Person other than a member of the Cenovus Group; (iv) except (A) Cenovus Common Shares issuable
              pursuant to the terms of outstanding Cenovus Incentives and convertible securities, or (B) with respect to the grant of Cenovus Incentives in the ordinary course of business consistent with past practice, issue, grant, sell or pledge or agree
              to issue, grant, sell or pledge any securities of Cenovus or any of its subsidiaries, or securities convertible into or exchangeable or exercisable for, or otherwise evidencing a right to acquire, securities of Cenovus or any of its
              subsidiaries; (v) split, consolidate, redeem, purchase or otherwise acquire any of its outstanding shares or other securities; (vi) amend the terms of any of its securities; (vii) adopt a plan of liquidation or resolutions providing for the
              liquidation, dissolution, merger, consolidation or reorganization of Cenovus or any of its Material Subsidiaries; or (viii) enter into, modify or terminate any Contract, agreement, commitment or arrangement with respect to any of the
              foregoing, except as permitted above;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za03ea0ddcb504f358e10628d832cb37e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as disclosed in writing by Cenovus to Husky, Cenovus shall not, and shall not permit any other member of the Cenovus Group to, directly or indirectly: (i) sell,
              pledge, dispose of or encumber any assets of any member of the Cenovus Group with a value individually or in the aggregate exceeding <font style="font-weight: bold;">[</font><font style="font-weight: bold; font-style: italic;">Amount Redacted.</font><font style="font-weight: bold;">]</font>,
              other than the sale of petroleum products in the ordinary course of business; (ii) acquire (by merger, amalgamation, consolidation or acquisition of shares or assets) any corporation, partnership or other business organization or division
              thereof or make any investment either by purchase of shares or securities, contributions of capital (other than to or from wholly-owned subsidiaries or partnerships) or, other than the purchase of petroleum products in the ordinary course of
              business, purchase of any property or assets of any other individual or entity with a value individually or in the aggregate exceeding <font style="font-weight: bold;">[</font><font style="font-weight: bold; font-style: italic;">Amount Redacted.</font><font style="font-weight: bold;">]</font>;
              (iii) incur any indebtedness for borrowed money or any other liability or obligation or issue any debt securities or assume, guarantee, endorse or otherwise as an accommodation become responsible for, the obligations of any other individual
              or entity, or make any loans or advances, except in the ordinary course of business consistent with past practice, for refinancing existing debt on commercially reasonable terms given market conditions at the applicable time or in relation to
              internal transactions solely involving the members of the Cenovus Group; (iv) pay, discharge or satisfy any claims, liabilities or obligations (including any regulatory</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-28-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">investigation) which are material to the business of Cenovus, other than the payment, discharge or satisfaction, in
      the ordinary course of business consistent with past practice, of liabilities reflected or reserved against in Cenovus's most recently publicly available financial statements as of the Agreement Date or incurred in the ordinary course of business
      consistent with past practice; (v) release or relinquish, or authorize or propose to do so, any contractual right which is material to the business of Cenovus; (vi) waive, release, grant or transfer any rights of value or modify or change any
      existing license, lease, Contract or other document which is material to the business of Cenovus, other than in the ordinary course of business consistent with past practice; (vii) enter into, amend or terminate any Hedging Transaction, other than a
      Hedging Transaction entered into, amended or terminated in the ordinary course of business consistent with past practice; (viii) no member of the Cenovus Group will agree to, endorse, enter into, change, amend or modify any Contract, arrangement or
      undertaking with any Person (other than a subsidiary of Cenovus) in which such member of the Cenovus Group holds a direct or indirect equity interest; or (ix) authorize or propose any of the foregoing, or enter into or modify any Contract, agreement,
      commitment or arrangement to do any of the foregoing;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f974ddfc53f4c649158a1540016294a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall not enter into any Contract that has take or pay obligations of any nature whatsoever which individually could require payments by Cenovus of more than [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>] annually or that in aggregate together with other Contracts with take or pay obligations of any nature
              whatsoever entered into after the Agreement Date could require payments by Cenovus of more than [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>]
              annually;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb4d30108d6e44e498ca22492290126f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except for the aggregate amount set forth in the Cenovus Capital Program, Cenovus shall not incur or commit to capital expenditures prior to the Effective Date
              individually or in the aggregate exceeding [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>];</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c9c0a12f4db4b7d9dc85256703fab75" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except in the ordinary course of business consistent with past practice or pursuant to existing employment, pension, supplemental pension, termination or compensation
              arrangements, policies or agreements (copies of which have been provided to Husky on or prior to the Agreement Date), or except as disclosed in writing by Cenovus to Husky, Cenovus shall not, and shall not permit any other members of the
              Cenovus Group to, grant to any executive officer or director an increase in compensation in any form, grant to any other employee any increase in compensation in any form (other than in the ordinary course and consistent with past practice),
              make any loan to any officer or director, or take any action with respect to the grant of any change of control, severance, retention or termination pay to, or the entering into of any employment agreement with, any executive officer or
              director of any member of the Cenovus Group, or with respect to any increase of benefits payable under its current change of control, severance or termination pay policies;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc68702b8b8c14708b222b8cdbd49d9c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as disclosed in writing by Cenovus to Husky, no member of the Cenovus Group shall adopt or amend or make any contribution to any bonus, profit sharing, option,
              pension, retirement, deferred compensation, insurance, retention, incentive compensation, other compensation or other similar plan, agreement, trust, fund or arrangement for the benefit of employees, except as is necessary to comply with
              non-discretionary requirements of pre-existing plans;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc2c43055c31c443795aa56130ce0ab70" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall use its reasonable commercial efforts (taking into account insurance market conditions and offerings and industry practices) to cause its current
              insurance (or reinsurance) policies, including directors' and officers' insurance, not to be cancelled or terminated or any of the coverage thereunder to lapse, except where such cancellation, termination or lapse would not individually or in
              the aggregate be material to Cenovus, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by insurance or re-insurance companies of nationally recognized standing having comparable deductibles
              and providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in full force and effect;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd18a07905fef4c12bb6e68157d0d8891" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall continue to withhold from each payment to be made to any of its present or former employees (which includes officers) and directors and to all other
              Persons (including all Persons who are non-residents of Canada for the purposes of the Tax Act), all amounts that are required to be so withheld by any Applicable Laws and Cenovus shall remit such withheld amounts to the proper Governmental
              Authority within the times prescribed by such Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-29-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div>
      <table class="DSPFListTable" id="z8b4d255cf3304b159e7377182ee2617d" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Cenovus shall: (i) duly and on a timely basis file all material Returns required to be filed by it and all such
                  Returns will be true, complete and correct in all material respects; (ii) timely pay all material Taxes which are due and payable unless validly contested; (iii) not make, rescind or revoke any material express or deemed election relating
                  to Taxes, file any material amended Returns or make any material Tax filings outside the ordinary course of business; (iv) not make a request for a Tax ruling with any Governmental Authority with respect to any material Taxes; (v) not
                  agree to any extension of time for the filing of any material Returns or with respect to the assessment or reassessment of material Taxes; (vi) not enter into a settlement agreement or settle or compromise any claim, action, suit,
                  litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes in respect of any matter where the aggregate amount of Tax exceeds [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>]; (vii) not change in any material respect any of its methods of reporting income, deductions or accounting for Tax purposes from those employed in the preparation of its
                  Returns for the taxation year ending December 31, 2019; (viii) not enter into any Tax sharing, Tax allocation or Tax indemnification agreement (other than any such agreement entered into in the ordinary course of business the primary
                  purpose of which does not relate to Taxes); and (ix) properly reserve (and reflect such reserves in its books and records and financial statements) in accordance with past practice and in the ordinary course of business, for all material
                  Taxes accruing in respect of Cenovus which are not due or payable prior to the Effective Date; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4074a578bc1e4a20bc962c1cd284fd73" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall not agree, resolve or commit to do any of the foregoing.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement is intended to or shall result in Husky exercising material influence over the operations
      of Cenovus, particularly in relation to operations in which the Parties compete or would compete, but for this Agreement, with each other, prior to the Effective Date.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z875801b1d76e4cc4bffde6c13806f09e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conduct of Business of Husky</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">From the Agreement Date until the earlier of the Effective Time or the termination of this Agreement in accordance
      with Article 9, except as otherwise expressly permitted or specifically contemplated by this Agreement (including the Plan of Arrangement and any Pre-Arrangement Reorganization), or as otherwise required by Applicable Laws or except with the prior
      written consent of Cenovus (such consent not to be unreasonably withheld, conditioned or delayed):</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6e188f7faec47489b2fe93a7903c059" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the business of the Husky Group shall be conducted only in, and the members of the Husky Group shall not take any action except in, the ordinary course of business and
              consistent with past practice, with it being acknowledged and agreed by Cenovus that such covenant is subject to: (i) the Husky Group's compliance with Applicable Laws related to the COVID-19 pandemic; and (ii) actions taken as a result of
              such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages or operational stoppages necessary to safeguard life or property); provided that any such action taken outside
              of the ordinary course of business or inconsistent with past practice as a result of such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages or operational stoppages
              necessary to safeguard life or property) will be commercially reasonable and, to the extent applicable, not disproportionate compared to actions taken by companies similar to Husky, and Husky shall use all reasonable commercial efforts to
              maintain and preserve its and their business organization, assets, employees and advantageous business relationships;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ca377cb9da240098ce30372fe7e9685" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall not, and shall not permit any other member of the Husky Group to, directly or indirectly: (i) amend Husky constating documents or amend in any material
              respects the constating documents of any other member of the Husky Group; (ii) amend its existing accounting policies, practices, methods and principles or adopt new accounting principles, in each case except as required by IFRS; (iii) except
              for regular quarterly dividends to holders of Husky Common Shares and Husky Preferred Shares in accordance with the terms thereof and in an amount consistent with past practice, declare, set aside or pay any dividend or other distribution or
              payment in cash, shares or property in respect of its shares owned by any Person other than a member of the Husky Group; (iv) except (A) in relation to internal transactions solely involving the members of the Husky Group, (B) Husky Common
              Shares issuable pursuant to the terms of outstanding Husky Incentives and convertible securities, or (C) with respect to the grant of Husky Incentives in the ordinary course of business consistent with past practice, issue, grant, sell or
              pledge or agree to issue, grant, sell or pledge any securities of Husky or any of its subsidiaries, or securities convertible into or exchangeable or</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-30-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">exercisable for, or otherwise evidencing a right to acquire, securities of Husky or any of its subsidiaries; (v)
      split, consolidate, redeem, purchase or otherwise acquire any of its outstanding shares or other securities; (vi) amend the terms of any of its securities; (vii) adopt a plan of liquidation or resolutions providing for the liquidation, dissolution,
      merger, consolidation or reorganization of Husky or any of its Material Subsidiaries; or (viii) enter into, modify or terminate any Contract, agreement, commitment or arrangement with respect to any of the foregoing, except as permitted above;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76aff0842f5a4bbbbf809380f2e65260" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as disclosed in writing by Husky to Cenovus, Husky shall not, and shall not permit any other member of the Husky Group to, directly or indirectly: (i)&#160;sell, pledge, dispose of or encumber any assets of any member of the Husky Group with a value individually or in the aggregate exceeding [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>], other than the sale of petroleum products in the ordinary course of business; (ii) acquire (by merger, amalgamation,
              consolidation or acquisition of shares or assets) any corporation, partnership or other business organization or division thereof or make any investment either by purchase of shares or securities, contributions of capital (other than to or
              from wholly-owned subsidiaries or partnerships) or, other than the purchase of petroleum products in the ordinary course of business, purchase of any property or assets of any other individual or entity with a value individually or in the
              aggregate exceeding [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>]; (iii) incur any indebtedness for borrowed money or any other liability or
              obligation or issue any debt securities or assume, guarantee, endorse or otherwise as an accommodation become responsible for, the obligations of any other individual or entity, or make any loans or advances, except in the ordinary course of
              business consistent with past practice, for refinancing existing debt on commercially reasonable terms given market conditions at the applicable time or in relation to internal transactions solely involving the members of the Husky Group;
              (iv) pay, discharge or satisfy any claims, liabilities or obligations (including any regulatory investigation) which are material to the business of Husky, other than the payment, discharge or satisfaction, in the ordinary course of business
              consistent with past practice, of liabilities reflected or reserved against in Husky's most recently publicly available financial statements as of the Agreement Date or incurred in the ordinary course of business consistent with past
              practice; (v) release or relinquish, or authorize or propose to do so, any contractual right which is material to the business of Husky; (vi) waive, release, grant or transfer any rights of value or modify or change any existing license,
              lease, Contract or other document which is material to the business of Husky, other than in the ordinary course of business consistent with past practice; (vii) enter into, amend or terminate any Hedging Transaction, other than a Hedging
              Transaction entered into, amended or terminated in the ordinary course of business consistent with past practice; (viii) no member of the Husky Group will agree to, endorse, enter into, change, amend or modify any Contract, arrangement or
              undertaking with any Person (other than a subsidiary of Husky) in which such member of the Husky Group holds a direct or indirect equity interest; or (ix) authorize or propose any of the foregoing, or enter into or modify any Contract,
              agreement, commitment or arrangement to do any of the foregoing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaca1e7db12724633890a2e8a633c363c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall not enter into any Contract that has take or pay obligations of any nature whatsoever which individually could require payments by Husky of more than [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>] annually or that in aggregate together with other Contracts with take or pay obligations of any nature
              whatsoever entered into after the Agreement Date could require payments by Husky of more than [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>]
              annually;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0e6502a351764cd09b40b994ae915885" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except for the aggregate amount set forth in the Husky Capital Program, Husky shall not incur or commit to capital expenditures prior to the Effective Date individually
              or in the aggregate exceeding [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>];</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0cba1fa3ff014577b04b22266cc88de3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except in the ordinary course of business consistent with past practice or pursuant to existing employment, collective bargaining, pension, supplemental pension,
              termination or compensation arrangements, policies or agreements (copies of which have been provided to Cenovus on or prior to the Agreement Date), or except as disclosed in writing by Husky to Cenovus, Husky shall not, and shall not permit
              any other members of the Husky Group to, grant to any executive officer or director an increase in compensation in any form, grant to any other employee any increase in compensation in any form (other than in the ordinary course and
              consistent with past practice), make any loan to any officer or director, or take any action with respect to the grant of any change of control, severance, retention or termination pay to, or the entering into of any employment agreement
              with, any executive officer or director of any member of the Husky Group, or with respect to any increase of benefits payable under its current change of control, severance or termination pay policies;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-31-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zc480d7623cce4976aafaa56ac9499593" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">except as disclosed in writing by Husky to Cenovus, no member of the Husky Group shall adopt or amend or make
                  any contribution to any bonus, profit sharing, option, pension, retirement, deferred compensation, insurance, retention, incentive compensation, other compensation or other similar plan, agreement, trust, fund or arrangement for the
                  benefit of employees, except as is necessary to comply with non-discretionary requirements of pre-existing plans;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z48fa519a32644df6bcafb2fea2caccd2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall use its reasonable commercial efforts (taking into account insurance market conditions and offerings and industry practices) to cause its current insurance
              (or reinsurance) policies, including directors' and officers' insurance, not to be cancelled or terminated or any of the coverage thereunder to lapse, except where such cancellation, termination or lapse would not individually or in the
              aggregate be material to Husky, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by insurance or re-insurance companies of nationally recognized standing having comparable deductibles and
              providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in full force and effect;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa8b704b9596488787cdfded23692f8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall continue to withhold from each payment to be made to any of its present or former employees (which includes officers) and directors and to all other Persons
              (including all Persons who are non-residents of Canada for the purposes of the Tax Act), all amounts that are required to be so withheld by any Applicable Laws and Husky shall remit such withheld amounts to the proper Governmental Authority
              within the times prescribed by such Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5d254ead588e4d2cb66e70b3d1c45167" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall: (i) duly and on a timely basis file all material Returns required to be filed by it and all such Returns will be true, complete and correct in all material
              respects; (ii) timely pay all material Taxes which are due and payable unless validly contested; (iii) not make, rescind or revoke any material express or deemed election relating to Taxes, file any material amended Returns or make any
              material Tax filings outside the ordinary course of business; (iv) not make a request for a Tax ruling with any Governmental Authority with respect to any material Taxes; (v) not agree to any extension of time for the filing of any material
              Returns or with respect to the assessment or reassessment of material Taxes; (vi) not enter into a settlement agreement or settle or compromise any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy
              relating to Taxes in respect of any matter where the aggregate amount of Tax exceeds [<font style="font-weight: bold; font-style: italic;">Amount Redacted.</font>]; (vii) not
              change in any material respect any of its methods of reporting income, deductions or accounting for Tax purposes from those employed in the preparation of its Returns for the taxation year ending December 31, 2019; (viii) not enter into any
              Tax sharing, Tax allocation or Tax indemnification agreement (other than any such agreement entered into in the ordinary course of business the primary purpose of which does not relate to Taxes); and (ix) properly reserve (and reflect such
              reserves in its books and records and financial statements) in accordance with past practice and in the ordinary course of business, for all material Taxes accruing in respect of Husky which are not due or payable prior to the Effective Date;
              and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6a76584928714c33a8f226774adc4399" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall not agree, resolve or commit to do any of the foregoing.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement is intended to or shall result in Cenovus exercising material influence over the
      operations of Husky, particularly in relation to operations in which the Parties compete or would compete, but for this Agreement, with each other, prior to the Effective Date.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd2ce322e6b9d4cd19a2bd34bb297e5c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mutual Covenants Regarding the Arrangement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to Applicable Laws, from the Agreement Date until the earlier of the Effective Time or the termination of
      this Agreement in accordance with Article 9, except as otherwise expressly permitted or specifically contemplated by this Agreement (including the Plan of Arrangement), or as otherwise required by Applicable Laws or except with the prior written
      consent of the Other Party (such consent not to be unreasonably withheld, conditioned or delayed):</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze8af9a6ac245455ca2ae4091d2ae0b3e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party will comply promptly with all requirements imposed by Law on it with respect to this Agreement and the Arrangement, including seeking all required
              securityholder approvals at the Husky Meeting and the Cenovus Meeting, as applicable;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-32-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zb72e485ebe5b483799c1d14863bcd12c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">each Party will use its reasonable commercial efforts to assist the Other Party in obtaining the Interim Order
                  and the Final Order and to carry out the intent or effect of this Agreement and the Arrangement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdda9cce928c941e9952e881f4cd1bfc1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party shall use its reasonable commercial efforts to satisfy (or cause the satisfaction of) the conditions precedent to its obligations under this Agreement (to
              the extent the satisfaction of the same is within the control of such Party) and to take, or cause to be taken, all other actions and to do, or cause to be done, all other things necessary, proper or advisable under Applicable Laws to
              complete and give effect to the transactions contemplated by this Agreement and the Arrangement, including using its reasonable commercial efforts to promptly:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4c1e2e44986b42d19804c016fd0821c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">obtain and maintain all necessary waivers, consents, permits, exemptions, orders, agreements, amendments (including, if applicable, in respect of the Interim Order),
              confirmations and approvals required to be obtained from any Person in connection with the Arrangement (including from counterparties to any material Contracts); and notwithstanding anything to the contrary in this Agreement, in connection
              with obtaining any approval or consent from any Person (other than a Governmental Authority) with respect to any transaction contemplated by this Agreement: (A) not, without the prior written consent of the Other Party (such consent not to be
              unreasonably withheld, conditioned or delayed), pay or commit to pay to such Person whose approval or consent is being solicited any material amount of cash or other consideration, or make any material commitment or incur any liability or
              other obligation due to such Person to the extent that such payments are not provided for in a Contract with such Person; and (B) neither Party nor any of their respective affiliates shall be required to pay or commit to pay to such Person
              whose approval or consent is being solicited any material amount of cash or other consideration, or make any commitment or incur any liability or other obligation to such Person to the extent that such payments are not provided for in a
              Contract with such Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z973e61707faa4c5d9772bbb6f4d31a01" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than in connection with obtaining the Key Regulatory Approvals, which approvals shall be governed by the provisions of Section 3.7, obtain all necessary consents,
              assignments, waivers and amendments to, or terminations of, any instruments or other documents to which it is a party, or by which it is bound, that may be necessary to permit it to carry out the transactions contemplated by this Agreement
              and to take such other steps and actions as may be necessary or appropriate to fulfill its obligations hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a5c8f21b6c943caa5ce2efef6a0ab37" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than in connection with obtaining the Key Regulatory Approvals, which approvals shall be governed by the provisions of Section 3.7, effect all necessary
              registrations, filings and submissions of information required by Governmental Authority from such Party and its subsidiaries relating to the Arrangement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e8db4c90ed744a6899e49963b920f1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than in connection with obtaining the Key Regulatory Approvals, which approvals shall be governed by the provisions of Section 3.7, obtain all necessary
              exemptions, consents, orders, approvals and authorizations as are required by it under all Applicable Laws to permit it to carry out the transactions contemplated by this Agreement and/or necessary to complete the Arrangement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3137a57d83ff4fe3a9b4f8e82de6a1f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">upon reasonable consultation with the Other Party, oppose, lift or rescind any injunction, restraining or other order, decree or ruling seeking to retain, enjoin or
              otherwise prohibit or adversely affect the consummation of the Arrangement and to defend, or cause to be defended, all lawsuits or other legal, regulatory or other proceedings challenging or affecting the Arrangement or this Agreement or the
              consummation of the transactions contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a5c46f5a9614d5bab19430d164b8de4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party will promptly provide to the Other Party, for review by the Other Party and its counsel, prior to filing or issuance of the same, any proposed public
              disclosure document, including any news release or material change report, subject to such Party's obligations under Applicable Canadian Securities Laws and Applicable U.S. Securities Laws to make continuous disclosure and timely disclosure
              of material information, and the Other Party agrees to keep such information confidential until it is filed as part of such Party's public disclosure record on SEDAR and EDGAR, as applicable;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-33-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z8b46ec01a12e4ece8d449f185f35adff" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">no member of the Husky Group or the Cenovus Group, as applicable, shall take any action, refrain from taking any
                  reasonable commercial action, or permit any action to be taken or reasonable commercial action to not be taken, which is inconsistent with this Agreement or which would reasonably be expected to prevent, materially impede or significantly
                  delay the consummation of the Arrangement or the transactions contemplated hereby, or which would render, or may reasonably be expected to render, any representation or warranty made by such Party in this Agreement untrue in any material
                  respect;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd2f24ed7abd457cadb6f7e7abe08a70" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party will promptly notify the Other Party in writing of:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8cc2325b174f41c0b45fe689b2196108" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any notice or other communication from any Person (other than Governmental Authorities in connection with the Key Regulatory Approvals) alleging that the consent or
              waiver, permit, exemption, order, approval, agreement, amendment or confirmation of such Person (or another Person) is or may be required in connection with this Agreement or the Arrangement and the response thereto from such Party, its
              subsidiaries or its Representatives;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a625d37fb964d3aa263fb7485e15362" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any material communication from any Governmental Authority in connection with the transactions and Key Regulatory Approvals contemplated by this Agreement and the
              response thereto from such Party, its subsidiaries or its Representatives;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3c80231f82404f4c876ee931f1f8f35b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any material Governmental Authority or third party complaints, investigations or hearings (or communications indicating that the same may be contemplated) in respect of
              any member of the Husky Group or the Cenovus Group, as applicable, or the Arrangement, and any material change in relation thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd572a879cfab4637826a7cb105f87974" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all material matters relating to material claims, actions, enquiries, applications, suits, demands, arbitrations, charges, indictments, hearings or other civil,
              criminal, administrative or investigative proceedings, or other investigations or examinations pending or, to the knowledge of such Party, threatened, against any member of the Husky Group or the Cenovus Group, as applicable, or related to
              the Arrangement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa1d43ae1a374c2184f6e2754f80f77e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any material change (actual, anticipated, contemplated or, to the knowledge of such Party, threatened) in its business, operations, affairs, assets, capitalization,
              financial condition, licenses, permits, rights, privileges or liabilities, whether contractual or otherwise, or of any change in any representation or warranty provided by such Party in this Agreement which change is or may be of such a
              nature to render any representation or warranty misleading or untrue in any material respect; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">such Party shall in good faith discuss with the Other Party any change in circumstances (actual,
      anticipated, contemplated, or to the knowledge of such Party, threatened) which is of such a nature that there may be a reasonable question as to whether notice need to be given to the Other Party pursuant to this Section 3.3(f);</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98aab64a773042c69105ab9f0cc28da4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party shall promptly inform the Other Party as soon as it is aware of any material communication (written or oral) received by such Party or its Representatives
              from the Husky Common Shareholders, the Husky Preferred Shareholders or the holders of Husky Options (in the case of Husky) or the Cenovus Common Shareholders (in the case of Cenovus) in opposition to the Arrangement or the transactions
              contemplated in this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z52a3554d4ac34109a1764794f4fa48c3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party will use its reasonable commercial efforts to maintain its status as a "reporting issuer" (or similarly designated entity) not in default under the
              securities legislation in force in all provinces and territories of Canada where it is a reporting issuer at the Agreement Date;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a5f578ea11546bf93456903dd17cfa2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party shall indemnify and save harmless the Other Party and its subsidiaries and their respective directors, officers, employees, representatives and agents from
              and against any and all liabilities, claims, demands, losses, costs, damages and expenses (excluding any loss of profits or consequential damages) to which any of such Persons may be subject or which any of such Persons may suffer or incur,
              whether under</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-34-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">the provisions of any Law or otherwise, in any way caused by, or arising, directly or indirectly, from or in
      consequence of:</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z22e84823389d47439893a05e7167021e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any misrepresentation or alleged misrepresentation by such Party in the Husky Information (in the case of Husky) or the Cenovus Information (in the case of Cenovus)
              contained in the Circular; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1cd2a091dc814ad199768f0f583d006e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any order made or any inquiry, investigation or proceeding by any securities commission or other competent authority based upon any untrue statement or omission of a
              material fact or alleged untrue statement or omission of a material fact or any misrepresentation or any alleged misrepresentation by such Party in the Husky Information (in the case of Husky) or the Cenovus Information (in the case of
              Cenovus) contained in the Circular,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that such Party shall not be liable in any such case to the extent that any such
      liabilities, claims, demands, losses, costs, damages and expenses arise out of or are based solely upon any untrue statement or omission of a material fact or alleged untrue statement or omission of a material fact or any misrepresentation or any
      alleged misrepresentation in the Circular that is based solely on the Cenovus Information or the Husky Information, as applicable, included in the Circular or the non-compliance by the Other Party with any requirement of Applicable Laws in connection
      with the transactions contemplated by this Agreement;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd065c121c18246289b9bb964a66c894a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except for proxies and non-substantive communications with the holders of its securities and communications that a Party is required to keep confidential pursuant to
              Applicable Law, such Party shall furnish promptly to the Other Party, or the Other Party's counsel, a copy of each notice, report, schedule or other document delivered, filed or received by such Party from holders of such Party's securities
              or regulatory agencies in connection with: (i) the Arrangement; (ii) the Husky Meeting or the Cenovus Meeting, as applicable; (iii) any filings under Applicable Laws in connection with the transactions contemplated by this Agreement; and (iv)
              any dealings with stock exchanges or regulatory agencies, in connection with the transactions contemplated by this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21e5c2c9ce204b658a0366c21be563c9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than in connection with obtaining the Key Regulatory Approvals, which approvals shall be governed by the provisions of Section 3.7, each Party shall make all
              filings and applications under Applicable Laws that are required to be made by such Party in connection with the Arrangement and shall take all reasonable commercial action necessary to be in compliance, in all material respects, with such
              Applicable Laws; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z49ab733fa23d4a63a8785176f6841226" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Party shall ensure that it has available funds to permit the payment of the Cenovus Termination Amount pursuant to Section 7.2, the Husky Termination Amount
              pursuant to Section 7.3 or expense reimbursement pursuant to Section 7.5, as applicable, having regard to its other liabilities and obligations, and will take all such actions as may be necessary to ensure that it maintains such availability
              to ensure that it is able to pay such amount if required.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05470bef425641689e638116c34667f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Covenants of Cenovus</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus shall perform, and shall cause each of the other members of the Cenovus Group to perform, all obligations
      required to be performed by the members of the Cenovus Group under this Agreement, co-operate with Husky in connection therewith, and do all such other acts and things as may be necessary or desirable in order to consummate and make effective, as
      soon as reasonably practicable, the transactions contemplated by this Agreement and, without limiting the generality of the foregoing:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4f11003d97fa46d086e883c413d1c520" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall assist Husky in the preparation of the Court documents related to the Interim Order and the Final Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd58867e8d5c943418c67bc6e040c86bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">subject to Laws, Cenovus shall not file any material with, or make any submissions to, the Court in connection with the Arrangement or serve any such material, and will
              not agree to modify or amend materials so filed or served, except as contemplated hereby or with Husky's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; on the condition that nothing herein shall
              require Husky to agree or consent to any decreased purchase price or other consideration or other modification or amendment</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-35-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to such filed or served materials that expands or increases Husky's obligations, or diminishes or limits Husky's
      rights, set forth in any such filed or served materials or under this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc5bcc5021ad64a14a4d39cd787c1fb8e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">unless this Agreement shall have been terminated in accordance with Section 9.1, Cenovus shall convene and hold the Cenovus Meeting, at which meeting the Share Issuance
              Resolution shall be submitted to the Cenovus Common Shareholders entitled to vote upon such resolution for approval, even if the Cenovus Board shall have withdrawn, amended, modified or qualified the Cenovus Board Recommendation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7e35cadc19954138b6a2a9dca47449f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">subject to the terms of this Agreement, Cenovus shall solicit proxies to be voted at the Cenovus Meeting in favour of the matters to be considered at such meeting,
              including the Share Issuance Resolution and against any resolution submitted by any Person that is inconsistent with such resolution and the completion of any of the transactions contemplated by this Agreement and, if requested by Husky,
              acting reasonably, shall engage a proxy solicitation agent to solicit proxies in favour of the Share Issuance Resolution and shall cooperate with any Persons engaged to solicit proxies in favour of the approval of the Share Issuance
              Resolution;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z048337eba29b4c70b18a38531f54bfb5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall conduct the Cenovus Meeting in accordance with the by-laws of Cenovus and any instrument of a Governmental Authority governing or having authority over
              such meeting and otherwise in accordance with Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z645f75f3bf1e45759b555cc36379ff12" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall, if requested in writing on or prior to the Effective Date by a Person that is, or will be, a beneficial holder of more than 5% of the outstanding Cenovus
              Common Shares immediately after the consummation of the Arrangement that was not party to a registration rights agreement or similar agreement that was in full force and effect as at the Agreement Date, cause to be executed and delivered a
              Pre-Emptive Rights Agreement, in the form attached hereto as Schedule "I", and a Registration Rights Agreement, in the form attached hereto as Schedule "J", in each case between Cenovus and such beneficial holder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze9ad3dfcae534619bf9a030bbe5d5aff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">subject to the approval of the Share Issuance Resolution by the Cenovus Common Shareholders at the Cenovus Meeting, Cenovus shall enter into an amendment to the Cenovus
              SRP Agreement effecting such amendments thereto as shall be reasonably necessary to cause an acquisition by any Person of Cenovus Common Shares or of rights to acquire Cenovus Common Shares pursuant to (i) the Arrangement, (ii) the Cenovus
              Warrants, including the exercise thereof, or (iii) any exercise of pre-emptive rights, including pursuant to any follow-on offering, in accordance with the terms and conditions of any Pre-Emptive Rights Agreement entered into by Cenovus
              pursuant to this Agreement, to not result in the occurrence of a "Flip-In Event" or the "Separation Time" (as those terms are defined in the Cenovus SRP Agreement), which amendments shall be effective not later than immediately prior to the
              Effective Time and conditional upon the Effective Time occurring;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z00069342d427426e8dee9c618b569d18" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus will use its reasonable commercial efforts to maintain the listing of the Cenovus Common Shares on the TSX and the NYSE;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ae12e73b4784612955fbef3f3f1e4b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall: (i) apply to the TSX for conditional approval of the listing of: (A) the Cenovus Common Shares, the Cenovus Warrants and the Cenovus Preferred Shares to
              be issued pursuant to the Arrangement; (B) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants; and (C) the Cenovus Common Shares issuable upon exercise of Cenovus Replacement Options; (ii) apply to the NYSE for approval of
              the listing of: (A) the Cenovus Common Shares and the Cenovus Warrants to be issued pursuant to the Arrangement; (B) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants; and (C) the Cenovus Common Shares issuable upon
              exercise of Cenovus Replacement Options; (iii) use all reasonable commercial efforts to obtain such conditional approval or approvals, subject only to customary conditions for listing of such Cenovus Common Shares, Cenovus Warrants and
              Cenovus Preferred Shares, including receiving the approval of the Cenovus Common Shareholders for the Share Issuance Resolution, prior to the mailing of the Circular; and (iv) on the Effective Date, enter into the Cenovus Warrant Indenture on
              terms and conditions, including the terms and conditions of the Cenovus Warrants thereunder, satisfactory to Cenovus and Husky, each acting reasonably;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-36-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zff36fde3ce344d38993bb10e988ce7e9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Cenovus will cause to be taken all necessary corporate action to create, allot and reserve for issuance: (i) the
                  Cenovus Common Shares and the Cenovus Warrants to be issued in exchange for Husky Common Shares pursuant to the Plan of Arrangement; (ii) if the Preferred Share Condition is satisfied prior to the Effective Time, the Cenovus Preferred
                  Shares to be issued in exchange for issued and outstanding Husky Preferred Shares pursuant to the Plan of Arrangement; (iii) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants; and (iv) the Cenovus Common Shares issuable
                  upon exercise of Cenovus Replacement Options;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ff17beb010549129cbdfba63ea17959" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus will make all filings and applications under Applicable Laws that are required to be made on the part of Cenovus or, following the Effective Date, Husky, in
              connection with the transactions contemplated herein and shall take all action that may be necessary to be in compliance, in all material respects, with such Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdb83c626c7a1458f96b6a85beb0ef6ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the Effective Time (whether prior to or after the Agreement Date): (i) Cenovus shall have filed a short form prospectus or a short form base shelf prospectus
              and accompanying prospectus supplement with respect to such short form base shelf prospectus, in each case with the Alberta Securities Commission (each, a "<font style="font-weight: bold;">Canadian Warrant Prospectus</font>"), qualifying the issuance of Cenovus Common Shares upon exercise of Cenovus Warrants (the "<font style="font-weight: bold;">Cenovus Warrant Shares</font>"); (ii) Cenovus shall have obtained a final receipt from the Alberta Securities Commission, in its capacity as principal regulator, representing the deemed receipt of each of the securities commissions
              or similar regulatory authorities in each of the provinces and territories of Canada for such short form prospectus or short form base shelf prospectus, as applicable; and (iii) Cenovus shall have filed a registration statement on Form F-10
              with the U.S. Securities and Exchange Commission and, if such Form F-10 contains a short form base shelf prospectus, an accompanying prospectus supplement (each, a "<font style="font-weight: bold;">U.S. Warrant Prospectus</font>") for the registration of Cenovus Warrant Shares issuable upon exercise of Cenovus Warrants under the U.S. Securities Act and such registration statement on Form F-10 shall have become
              effective;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcb8027b0b54240988b05b921666a9835" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall use its best efforts to cause there to be: (i) if required by Applicable Canadian Securities Laws, a Canadian Warrant Prospectus qualifying the issuance
              of the Cenovus Warrant Shares; and (ii) an effective registration statement registering the issuance of the Cenovus Warrant Shares under the U.S. Securities Act, in each case, for so long as any Cenovus Warrants are outstanding; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z46cb649f29c34b2ba0834004d77aade6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall, on or as promptly as practicable following the Effective Date, cause there to be a registration statement on Form S-8 filed with the U.S. Securities and
              Exchange Commission which registers the issuance of the Cenovus Common Shares upon exercise of the Cenovus Replacement Options.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb1d3f791592b4c64854bddc2b9ded69d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Covenants of Husky</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky shall perform, and shall cause each of the other members of the Husky Group to perform, all obligations
      required to be performed by the members of the Husky Group under this Agreement, co-operate with Cenovus in connection therewith, and do all such other acts and things as may be necessary or desirable in order to consummate and make effective, as
      soon as reasonably practicable, the transactions contemplated by this Agreement and, without limiting the generality of the foregoing:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1feeda179d52408ca0b8983934dbf514" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky will forthwith carry out the terms of the Interim Order and the Final Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za535e2d11eec4d7e8c39109a13a13f67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky will use its reasonable commercial efforts to maintain the listing of the Husky Common Shares and the issued and outstanding Husky Preferred Shares on the TSX;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87287945df6e4de5b27dac915b2c1327" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">unless this Agreement shall have been terminated in accordance with Section 9.1, Husky shall convene and hold the Husky Meeting, at which meeting the Arrangement
              Resolution and the Preferred Shareholder Resolution shall be submitted to the Husky Common Shareholders, the Husky Preferred Shareholders and the holders of Husky Options entitled to vote upon such respective resolution for approval, even if
              the Husky Board shall have withdrawn, amended, modified or qualified the Husky Board Recommendation;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-37-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="ze9b7a9986e944405ae3f40514bfc70d9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Husky shall conduct the Husky Meeting in accordance with the by-laws of Husky and any instrument of a
                  Governmental Authority governing or having authority over such meeting (including, in the case of the Husky Meeting, the Interim Order) and otherwise in accordance with Applicable Laws;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbafb3c8303304ea6801414974f66853e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">subject to the terms of this Agreement: (i) Husky shall solicit proxies to be voted at the Husky Meeting in favour of the matters to be considered at such meeting,
              including the Arrangement Resolution and the Preferred Shareholder Resolution and against any resolution submitted by any Person that is inconsistent with such resolutions and the completion of any of the transactions contemplated by this
              Agreement; (ii) Husky shall permit Cenovus to solicit on behalf of management of Husky proxies to be voted at the Husky Meeting in favour of the Preferred Shareholder Resolution; and (iii) if requested by Cenovus, acting reasonably, Husky
              shall engage a proxy solicitation agent to solicit proxies in favour of the Preferred Shareholder Resolution and shall cooperate with any Persons engaged to solicit proxies in favour of the approval of the Preferred Shareholder Resolution;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2af1bbe09b5a44a39b3e4295c7fbacbc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the Effective Date, Husky shall cooperate with Cenovus in making an application to list: (i) the Cenovus Common Shares, the Cenovus Warrants and the Cenovus
              Preferred Shares to be issued pursuant to the Arrangement on the TSX; (ii) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants on the TSX; (iii) the Cenovus Common Shares issuable upon exercise of Cenovus Replacement Options
              on the TSX; (iv) the Cenovus Common Shares and the Cenovus Warrants to be issued pursuant to the Arrangement on the NYSE; and (v) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants on the NYSE; and (vi) the Cenovus Common
              Shares issuable upon exercise of Cenovus Replacement Options on the NYSE; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z92c23041515d49d5948a4cc597d86e0f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall promptly inform Cenovus as soon as it is aware of the number of Husky Common Shareholders and Husky Preferred Shareholders for which Husky receives notices
              of dissent or written objections to the Arrangement, whether or not such notices or objections are valid or in proper form, and provide Cenovus with copies of such notices and written objections on an as received basis and, subject to
              Applicable Laws, shall provide Cenovus with an opportunity to review and comment upon any written communications proposed to be sent by or on behalf of Husky to any Husky Common Shareholder or Husky Preferred Shareholder exercising or
              purporting to exercise Dissent Rights in relation to the Arrangement Resolution or the Preferred Shareholder Resolution, as applicable, and reasonable consideration shall be given to any comments made by Cenovus and its counsel prior to
              sending any such written communications. Husky shall not settle any claims with respect to Dissent Rights without the prior written consent of Cenovus, not to be unreasonably withheld, conditioned or delayed.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1c458f7ee48345b6b78862dae850b7f9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pre-Arrangement Reorganization</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1476783c7e54a3cb3b18a2d7758a5ce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Subject to Section 3.6(b), Husky agrees that, upon request of Cenovus, Husky shall use its commercially reasonable efforts to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z47ab12242eeb433a8d09653bdc3ed6f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">perform such reorganizations of its corporate structure, capital structure, business, operations and assets or such other transactions as Cenovus may request, acting
              reasonably (each, a "<font style="font-weight: bold;">Pre-Arrangement Reorganization</font>");</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf288a48f22c14def922da70225670e84" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">cooperate with Cenovus and its advisors to determine the nature of the Pre-Arrangement Reorganizations that might be undertaken and the manner in which they would most
              effectively be undertaken, including providing any necessary information in connection therewith; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd76bfd88f27345c78a0768c62eee421d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">cooperate with Cenovus and its advisors to seek to obtain consents or waivers which might be required from Husky's lenders under the Husky Notes and the Husky Credit
              Facilities in connection with the Pre-Arrangement Reorganizations, if any.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf9fd87b45a94930b0f127cfb1fcd576" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding the foregoing, Husky will not be obligated to participate in any Pre-Arrangement Reorganization under Section 3.6(a) unless it determines to its
              satisfaction, acting reasonably, that such Pre-Arrangement Reorganization:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-38-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zf027c883c6c1466591e21682e71646c7" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">does not impair, impede, delay or prevent the satisfaction of any conditions set forth in Article 6, or the
                  ability of Husky or Cenovus to consummate, and will not materially delay the consummation of, the Arrangement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z74175f96f01c4ee9af66f8677039054a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">does not require Husky to obtain the approval of any Husky Common Shareholder, Husky Preferred Shareholder or holder of Husky Options (or, after the mailing of the
              Circular, any amendment thereto);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca1071b235734f398c216bdb112c2d47" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">does not reduce or modify or otherwise change the substance or form of the consideration to be received under the Arrangement by any Husky Common Shareholder, Husky
              Preferred Shareholder or holder of Husky Options;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd804236ef1114c2794dc66309e2dcc6d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">does not adversely affect or impact the Tax consequences to the Husky Common Shareholders, the Husky Preferred Shareholders or the holders of Husky Options in
              connection with the consummation of the Arrangement or otherwise result in any negative Tax consequences being imposed directly on any Husky Common Shareholder, Husky Preferred Shareholder or the holders of Husky Options;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8eced281a1d642598b21fc3115873068" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">does not materially interfere with the ongoing operations of the members of the Husky Group;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8588b48fc450443ea785186a62a99d15" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">does not result in any material tax (or other) costs to the Husky Group unless Cenovus agrees to indemnify Husky for such costs in the event that the Pre-Arrangement
              Reorganization is completed and the Arrangement is not completed;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c60c177b9884c88b1413ccf4dd42dc4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">would not require any member of the Husky Group to contravene any Laws; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z701af01c33484f8fab59ea736c45b80e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">is effected as close as reasonably practicable prior to the Effective Time.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z74c03b0403664df5beef3eceab2a10a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus must provide written notice to Husky of any proposed Pre-Arrangement Reorganization at least 15 Business Days prior to the Effective Date. Upon receipt of such
              notice, Husky and Cenovus shall work cooperatively and use their commercially reasonable efforts to prepare, prior to the Effective Time, all documentation necessary and do such other acts and things as are necessary to give effect to such
              Pre-Arrangement Reorganization, including any amendment to the Plan of Arrangement (on the condition that such amendments do not require Husky to obtain approval of the Husky Common Shareholders or the Husky Preferred Shareholders other than
              as properly put forward and approved at the Husky Meeting), provided that no Pre-Arrangement Reorganization shall become effective until Cenovus has waived or confirmed in writing the satisfaction of all conditions in its favour respecting
              the completion of the Arrangement and shall have confirmed in writing that Cenovus is prepared to promptly and without condition proceed to effect the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z86ac81f23fdc46c9a9714ddded6dec5d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Without limiting the generality of the foregoing, if the Arrangement is not completed, Cenovus agrees that it will be responsible for all reasonable costs and expenses
              incurred by the Husky Group associated with any Pre-Arrangement Reorganization, including professional fees and expenses and Taxes, where such reorganization is to be carried out at Cenovus's request, and shall indemnify and save harmless the
              Husky Group and its Representatives from and against any and all liabilities, losses, damages, Taxes, claims, costs, expenses, interest awards, judgments and penalties suffered or incurred by any of them in connection with or as a result of
              any such Pre-Arrangement Reorganization (including in respect of any unwinding, reversal, modification or termination of a Pre-Arrangement Reorganization if necessary and possible in the event that the Arrangement is not consummated). Without
              duplication, if the Arrangement is not completed, Cenovus shall reimburse Husky forthwith for all reasonable fees and expenses (including any professional fees and expenses and Taxes) incurred by Husky in considering or effecting all or any
              part of the Pre-Arrangement Reorganization. Cenovus hereby waives any breach of, or non-compliance with, a representation, warranty or covenant by Husky, where such breach or non-compliance is a result of an action taken by any member of the
              Husky Group in good faith in connection with a Pre-Arrangement Reorganization requested by Cenovus in accordance with this Section 3.6.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-39-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z6926d518ded149ebb436c480710c88e0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 72pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.7</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Key Regulatory Approvals</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z558194ead5774778bdc9a61ffd69bb85" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with the Key Regulatory Approvals:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39a78095779a4ef58317b07054219997" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">(A) within six<font style="font-weight: bold;">&#160;</font>Business Days following the Agreement Date,
              Cenovus shall, with the assistance of and in consultation with Husky, prepare and file with the Commissioner a request for an ARC or, in the alternative, a No Action Letter, in respect of the transactions contemplated by this Agreement; and
              (B) upon written request by Cenovus or Husky, each of Cenovus and Husky shall, and shall cause their respective affiliates, if applicable, to file with the Commissioner a notification under Part IX of the Competition Act within 10 Business
              Days following receipt of such request; provided that neither Party may make any such written request until at least 20 days following the filing of the request for an ARC has been made pursuant to this Section 3.7(a)(i);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16aec38edec7492aba32ff3044c54350" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">concurrently with making the filings and notifications to the Commissioner under Section 3.7(a)(i), (A) each of Cenovus and, if applicable, Husky, shall, and shall
              cause their respective affiliates, if applicable, to give the required notice to the Minister of Transport under section 53.1 of the Canada Transportation Act; and (B) Cenovus shall, with the assistance of and in consultation with Husky and
              its affiliates, file with the Minister of Transport a submission with respect to the public interest as it relates to national transportation in respect of the transactions contemplated by this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1622e65eed914b78b3b6e1ba156536a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">within six<font style="font-weight: bold;">&#160;</font>Business Days following the Agreement Date, each of
              Cenovus and Husky shall, and shall cause their respective affiliates, if applicable, to file any prescribed notifications under the HSR Act in respect of the transactions contemplated by this Agreement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbcabe39a0aea4cf8b75d8c4170481ec1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">as soon as reasonably practicable following (A) a determination by the Parties that a filing is mandatory or (B) a determination by a Party that a filing is prudent, in
              each case under any foreign investment law with respect to the transactions contemplated by this Agreement under any foreign investment laws, each of Cenovus and Husky shall, and shall cause their respective affiliates or Supporting Husky
              Shareholder, if applicable, to submit such filing with the applicable Governmental Authority in accordance with such foreign investment laws.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a86b69430f845c9aa58cc6a81793984" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall, and shall cause its respective affiliates to, use its commercially reasonable efforts to obtain all Key Regulatory Approvals as soon as reasonably
              practicable, but in any event no later than three<font style="font-weight: bold;">&#160;</font>Business Days prior to the Outside Date; provided, however, that Cenovus shall not be
              required to divest or hold separate, or to take any action or behavioural remedy, (i) in respect of any material business or assets of either the Cenovus Group or the Husky Group, in each case taken as a whole, or (ii) that would reasonably
              be expected to materially reduce the benefits of the Arrangement, in each case which may be required by any Governmental Authority to secure any such Key Regulatory Approvals; and provided that Cenovus shall consult with Husky in good faith
              in respect of any such proposed divestiture, hold separate, action or behavioural remedy and consider in good faith the comments of Husky in respect thereof.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec9a37018e414c5ca26ead74e7c018e3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In connection with obtaining the Key Regulatory Approvals, subject to Applicable Law, each Party shall, and shall cause its affiliates to: (i) cooperate with the Other
              Party and provide such assistance to the Other Party as the Other Party may reasonably request in connection with obtaining the Key Regulatory Approvals; (ii) respond at the earliest practicable date to any requests for information (including
              in respect of any submissions or supplementary information requests) or requests for meetings by any Governmental Authority; (iii) permit the Other Party an advance opportunity to review and comment upon any proposed written communications to
              any Governmental Authority, consider in good faith the comments of the Other Party, and provide the Other Party with final copies thereof; (iv) provide the Other Party a reasonable opportunity to participate in any meetings or discussions
              (whether in person, by e-mail, by telephone or otherwise) with any Governmental Authority (except where the Governmental Authority expressly requests that a Party should not be present at the meeting or discussion or part or parts of the
              meeting or discussion); (v) keep the Other Party informed of the status of the Key Regulatory Approvals and promptly notify the Other Party of receipt of any communications (oral or written) of any nature from a Governmental Authority and
              provide the Other Party with copies thereof; and (vi) subject to Section 3.7(b), refrain from extending or consenting to any extension of any applicable waiting or review period or enter into any agreement with a</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-40-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Governmental Authority to not consummate the transactions contemplated by this Agreement, except upon the prior
      written consent of the Other Party.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdf8288f6a8f4474a92d56dd84b25db52" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any requirement in this Agreement, including Section 3.7 and Section 7.6, or any other provision in this Agreement, where a Party is required to provide
              information to the Other Party that the disclosing Party deems to be competitively sensitive, the disclosing Party may restrict the provision of such competitively sensitive information only to the external legal counsel of the Other Party,
              provided that the disclosing Party also provides a redacted version of any such information to the Other Party.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 4<br>
      REPRESENTATIONS AND WARRANTIES OF CENOVUS</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f71f71179e542d9964bce4a60fce786" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Cenovus</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus hereby makes to, and in favour of, Husky the representations and warranties set out in Schedule "E" and
      acknowledges that Husky is relying upon such representations and warranties in connection with the matters contemplated by this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z116820efce394961a6ce9e81a19826c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investigation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any investigation by Husky and its advisors shall not mitigate, diminish or affect the representations and
      warranties of Cenovus pursuant to this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfa5edaf5a07c4b208bb24b2630c27a7c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclaimer</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky agrees and acknowledges that, except as set forth in this Agreement, Cenovus makes no representation or
      warranty, express or implied, at law or in equity, with respect to Cenovus, its businesses, its past, current or future financial condition or its assets, liabilities or operations, or its past, current or future profitability, performance or cash
      flows, individually or in the aggregate, and any such other representations or warranties are hereby expressly disclaimed.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z69b055a84540460798105ca174e23653" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Survival of Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The representations and warranties of Cenovus contained in this Agreement shall expire and be terminated on the
      earlier of the Effective Date and the date on which this Agreement is terminated in accordance with its terms.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 5<br>
      REPRESENTATIONS AND WARRANTIES OF HUSKY</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1448339508f542e7a70591a5a337f73f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Husky</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky hereby makes to, and in favour of, Cenovus the representations and warranties set out in Schedule "F" and
      acknowledges that Cenovus is relying upon such representations and warranties in connection with the matters contemplated by this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3259ab0c1dca4130ba39e95bc867d056" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investigation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any investigation by Cenovus and its advisors shall not mitigate, diminish or affect the representations and
      warranties of Husky pursuant to this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z279b59dea45047e5ab6e4d55b49dc82a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclaimer</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus agrees and acknowledges that, except as set forth in this Agreement, Husky makes no representation or
      warranty, express or implied, at law or in equity, with respect to Husky, its businesses, its past, current or future financial condition or its assets, liabilities or operations, or its past, current or future profitability, performance or cash</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-41-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">flows, individually or in the aggregate, and any such other representations or warranties are hereby expressly disclaimed.</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0da63b7f5a8948cb8c352900f4e31d09" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Survival of Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The representations and warranties of Husky contained in this Agreement shall expire and be terminated on the
      earlier of the Effective Date and the date on which this Agreement is terminated in accordance with its terms.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 6<br>
      CONDITIONS PRECEDENT</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16b084cb1e304a25b31f5023c1337ca2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mutual Conditions Precedent</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The respective obligations of the Parties to consummate the transactions contemplated by this Agreement, and in
      particular to complete the Arrangement, are subject to the satisfaction, on or before the Effective Time, or such other time specified, of the following conditions:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99f1b922feba41138f25c456c23c872c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Interim Order shall have been granted in form and substance satisfactory to each of Cenovus and Husky, acting reasonably, and such order shall not have been set
              aside or modified in a manner unacceptable to Cenovus or Husky, each acting reasonably, on appeal or otherwise;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f30d9c66cd34d20bcec266e2c6f7e25" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Arrangement Resolution shall have been approved by the Husky Common Shareholders and the holders of Husky Options by the Husky Required Approval at the Husky
              Meeting, in accordance with the Interim Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z151fa3cf3de14e9cbb78b5375eb99333" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Share Issuance Resolution shall have been approved by the Cenovus Common Shareholders at the Cenovus Meeting;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z95008e8e8d714040aaed6f1014369778" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Final Order shall have been granted on terms consistent with this Agreement, and such order shall not have been set aside or modified in a manner unacceptable to
              Cenovus or Husky, acting reasonably, on appeal or otherwise;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze04967236f1249f5881a98fb1f549c1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">(i) the TSX shall have conditionally approved the issuance and the listing and posting for trading on the TSX of: (A) the Cenovus Common Shares, the Cenovus Warrants
              and, if the Preferred Share Condition is satisfied prior to the Effective Time, the Cenovus Preferred Shares to be issued pursuant to the Arrangement; and (B) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants; and (ii) the
              NYSE shall have approved the issuance of: (A) the Cenovus Common Shares and the Cenovus Warrants to be issued pursuant to the Arrangement; and (B) the Cenovus Common Shares issuable upon exercise of Cenovus Warrants, subject, in each case, to
              official notice of issuance, in each case subject only to customary conditions reasonably expected to be satisfied;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdea779c558e24463a5110abd4c1ce364" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Key Regulatory Approvals shall have been obtained, and each such Key Regulatory Approval shall be in full force and effect; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07449c1029fe436380c4f61d43b81b11" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">no Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Order or Law which is then in effect and has the effect of making the
              Arrangement illegal or otherwise preventing or prohibiting consummation of the Arrangement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The conditions in this Section 6.1 are for the mutual benefit of the Parties and may be asserted by either Party
      regardless of the circumstances and may be waived by the mutual written consent of the Parties, in whole or in part, at any time and from time to time without prejudice to any other rights that the Parties may have, including the right of the Parties
      to rely on any other of such conditions.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-42-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z1e5d59cf89804c71b83e580ae27f5fd9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 72pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.2</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Conditions to Obligations of Cenovus</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The obligation of Cenovus to consummate the transactions contemplated by this Agreement, and in particular to
      complete the Arrangement, is subject to the satisfaction, on or before the Effective Date or such other time specified, of the following conditions:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf210ce6394724d2591f9bf080ae9ace3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall have fulfilled and complied with in all material respects each of its covenants herein to be performed, fulfilled or complied with on or before the
              Effective Time, and Husky shall have provided to Cenovus a certificate of two executive officers certifying compliance with such covenants dated the Effective Date;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(b)</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72c4c2fcf0274f279f02d9d13f7f8d2c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the representations and warranties in Section (t) of Schedule F (<font style="font-style: italic;">Capitalization</font>) shall be true and correct in all respects as of the Agreement Date and as of the Effective Date as if made on and as of such
              date (except to the extent such representations and warranties speak of an earlier date, the accuracy of which shall be determined as of such earlier date), except for such failures to be true and correct that are de minimis;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca01863043e64247a932ae811c80f1bf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the representations and warranties in Sections (a) (<font style="font-style: italic;">Organization and
                Qualification</font>), (b) (<font style="font-style: italic;">Authority Relative to this Agreement</font>), (c) (<font style="font-style: italic;">Material Subsidiaries</font>) and (d) (<font style="font-style: italic;">Ownership of Subsidiaries</font>) of Schedule F shall be true and
              correct in all material respects as of the Agreement Date and as of the Effective Date as if made on and as of such date; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z153a2e565664465ab5f3ddfcdd691259" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all other representations and warranties of Husky set forth in this Agreement shall be true and correct as of the Effective Date as if made on and as of such date
              (except to the extent such representations and warranties speak as of an earlier date, the accuracy of which shall be determined as of that specified date), except where any failure or failures of any such representations and warranties to be
              so true and correct would not result in, or would not reasonably be expected to result in, a Material Adverse Change in respect of the Husky Group (taken as a whole) (and, for this purpose, any reference to "material", "Material Adverse
              Effect" or any other concept of materiality shall be ignored),</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and Husky shall have provided to Cenovus a certificate of two executive officers certifying such
      accuracy on the Effective Date;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b02d4e70ab44e9aa9dddd7191560c20" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all third party consents, waivers, Governmental Authorizations, orders and approvals required, whether under applicable Law, from Governmental Authorities or parties to
              Contracts of the members of the Husky Group, or otherwise, in connection with the consummation of the Arrangement (including regulatory approvals other than the Key Regulatory Approvals) shall have been provided or obtained on terms and
              conditions acceptable to Cenovus, acting reasonably, at or before the Effective Time, except where the failure to provide or obtain such would not, individually or in the aggregate, have a Material Adverse Effect on the Husky Group (taken as
              a whole) or prevent the completion of the transactions contemplated in this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0c35a2ad88c04cd4a068b1c9828a2d01" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">between the Agreement Date and the Effective Time, there shall not have occurred any changes, events, circumstances or developments that would reasonably be likely to
              have (individually or in the aggregate) a Material Adverse Effect on Husky; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b3077a84e624ec19205045099c33a06" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the aggregate number of Husky Common Shares held, directly or indirectly, by the Husky Common Shareholders who have properly exercised and not withdrawn Dissent Rights
              in connection with the Arrangement shall not exceed 10% of the outstanding Husky Common Shares.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The conditions in this Section 6.2 are for the exclusive benefit of Cenovus and may be asserted by Cenovus
      regardless of the circumstances or may be waived by Cenovus in its sole discretion, in whole or in part, at any time and from</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-43-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">time to time without prejudice to any other rights which Cenovus may have, including the right of Cenovus to rely on any other of such
      conditions.</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc59fb2c121b14bfd80a77efc44632341" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Conditions to Obligations of Husky</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The obligation of Husky to consummate the transactions contemplated by this Agreement, and in particular to
      complete the Arrangement, is subject to the satisfaction, on or before the Effective Date or such other time specified, of the following conditions:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z79e0a35f0ecb44108e567091ece4298e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall have fulfilled and complied with in all material respects each of its covenants herein to be performed, fulfilled or complied with on or before the
              Effective Time, and Cenovus shall have provided to Husky a certificate of two executive officers certifying compliance with such covenants dated the Effective Date;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(b)</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8249648cfab4d1a904351706e687e39" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the representations and warranties in Section (v) (<font style="font-style: italic;">Capitalization</font>)
              of Schedule E shall be true and correct in all respects as of the Agreement Date and as of the Effective Date as if made on and as of such date (except to
              the extent such representations and warranties speak of an earlier date, the accuracy of which shall be determined as of such earlier date), except for such failures to be true and correct that are de minimis;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd0fdd2f5e704b369ebe87b7c0970b00" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the representations and warranties in Sections (a) (<font style="font-style: italic;">Organization and
                Qualification</font>), (b) (<font style="font-style: italic;">Authority Relative to this Agreement</font>), (c) (<font style="font-style: italic;">Material Subsidiaries</font>) and (d) (<font style="font-style: italic;">Ownership of Subsidiaries</font>) of Schedule E shall be true and
              correct in all material respects as of the Agreement Date and as of the Effective Date as if made on and as of such date; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55d1e9ac34b2488986efd9b17aed3dad" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all other representations and warranties of Cenovus set forth in this Agreement shall be true and correct as of the Effective Date as if made on and as of such date
              (except to the extent such representations and warranties speak as of an earlier date, the accuracy of which shall be determined as of that specified date), except where any failure or failures of any such representations and warranties to be
              so true and correct would not result in, or would not reasonably be expected to result in, a Material Adverse Change in respect of the Cenovus Group (taken as a whole) (and, for this purpose, any reference to "material", "Material Adverse
              Effect" or any other concept of materiality shall be ignored),</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and Cenovus shall have provided to Husky a certificate of two executive officers certifying such
      accuracy on the Effective Date;</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84708bdc98c84dcd8c4397e8bcd931d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">between the Agreement Date and the Effective Time, there shall not have occurred any changes, events, circumstances or developments that would reasonably be likely to
              have (individually or in the aggregate) a Material Adverse Effect on Cenovus; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0dd46ca0aa134801bf846bb7d768df44" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">on the Effective Date, the composition of the Cenovus Board shall be as set forth in Section 2.8(a).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The conditions in this Section 6.3 are for the exclusive benefit of Husky and may be asserted by Husky regardless
      of the circumstances or may be waived by Husky in its sole discretion, in whole or in part, at any time and from time to time without prejudice to any other rights which Husky may have, including the right of Husky to rely on any other of such
      conditions.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2908f6ab465483ab3a685d26ba5c99e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notice and Cure Provisions</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z664f13739f29461ba4807f179916caff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall give prompt notice to the Other Party of the occurrence, or failure to occur, at any time from the Agreement Date to the Effective Date, of any event
              or state of facts that would, or would be likely to:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-44-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zb7cc509c2abe4a0997a867a57ee1a36a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate in any
                  material respect on the date hereof or at the Effective Date; or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6cea6db3d2df4083ac2d95bede069ce4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">result in the failure to comply with or satisfy any covenant or condition to be complied with or satisfied by either Party hereunder prior to or at the Effective Date</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">in each case to the extent that the conditions in Section 6.2(a) and Section 6.2(b), in the case of Husky's
      representations, warranties and covenants, and Section 6.3(a) and Section 6.3(b), in the case of Cenovus's representations, warranties and covenants, would not be capable of being satisfied at any time from the Agreement Date until the Effective
      Date. No such notification shall affect the representations or warranties of the Parties or the conditions to the obligations of the Parties hereunder.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc13a4e1a2a8a4f5e9d62b156ded165c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Neither Husky nor Cenovus may elect to terminate this Agreement as provided for in Section 9.1(c) unless promptly, and in any event prior to the issuance of the
              Certificate: (i) the Party intending to rely thereon has delivered a written notice to the Other Party specifying in reasonable detail all breaches of covenants, representations and warranties or other matters that the Party delivering such
              notice is asserting as the basis for the non-fulfillment of the applicable condition or conditions precedent and shall provide in such notice that the Other Party shall be entitled to cure any breach of a covenant or representation and
              warranty or other matters within five Business Days after receipt of such notice (except that no cure period shall be provided for a breach that, by its nature, cannot be cured and, in no event, shall any cure period extend beyond the Outside
              Date); and (ii) if the breaches of covenants, representations and warranties or other matters specified in such notice have not been cured by the date that is the earlier of the Outside Date and the date that is five Business Days after
              receipt of such notice, such date shall be the termination date. More than one such notice may be delivered by a Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z93c877eccd574d53b9970b2087fee98f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Merger of Conditions</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The conditions set out in this Article 6 are conclusively deemed to have been satisfied, waived or released upon
      the issuance of a Certificate in respect of the Arrangement.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 7<br>
      ADDITIONAL AGREEMENTS</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z628a6bc93ee64c5fb2155d15e8020ab8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Covenants Regarding Non-Solicitation</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z554921cf0f654391a54f546cf0632dd9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall, and shall cause its respective subsidiaries and its and their officers, directors, employees, financial advisors, legal counsel, accountants, advisors
              and all other representatives and agents ("<font style="font-weight: bold;">Representatives</font>"), as applicable, to: (i) immediately cease and cause to be terminated all
              existing solicitations, encouragements, discussions or negotiations (including through any of the Representatives of such Party), if any, with any third parties (other than the Other Party), initiated before the Agreement Date with respect to
              any Person that has made, indicated any interest in making or may reasonably be expected to make, an Acquisition Proposal; (ii) as and from the Agreement Date until termination of this Agreement pursuant to Article 9, immediately discontinue
              providing access to and disclosure of any of its confidential information and not allow or establish further access to any of its confidential information, or any data room, virtual or otherwise, to any Person (other than the Other Party or
              its Representatives) who has entered into a confidentiality agreement with the Party relating to an Acquisition Proposal; (iii) pursuant to and in accordance with each applicable confidentiality agreement relating to an Acquisition Proposal,
              promptly request the return or destruction of all information provided to any third parties that have entered into a confidentiality agreement with such Party and the destruction of all material including or incorporating or otherwise
              reflecting such confidential information regarding such Party or any of its subsidiaries, and shall use reasonable commercial efforts to cause such requests to be honoured; and (iv) not release, waive, terminate or otherwise forbear in the
              enforcement of, amend or modify, or enter into or participate in any discussions, negotiations or agreements to release, waive or otherwise forbear or amend or modify, any rights or other benefits under any confidentiality agreements to which
              such Party or any of its subsidiaries is a party, including any "standstill provisions" thereunder; except, in respect of (ii) and (iii) above. Each Party</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-45-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">undertakes to enforce all standstill, non-disclosure, non-disturbance, non-solicitation and similar covenants or
      agreements that it has entered into with third parties prior to the Agreement Date.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb8103a4099cf4891a3a2d085cc39b99a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Neither Party shall, directly or indirectly, do, nor authorize or permit any of its Representatives to do, any of the following:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf238ab1050514f06bf2a5282c4ab7afe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">solicit, assist, initiate or knowingly facilitate or encourage or take any action to solicit, assist, initiate or knowingly facilitate or encourage any Acquisition
              Proposal, or engage in any communication regarding the making of any proposal or offer that constitutes or may constitute or may reasonably be expected to lead to an Acquisition Proposal, including by way of furnishing information or access
              to properties, facilities or books and records;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3f6ca1560fd4da9a6f70913a018cdb2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">withdraw, amend, modify or qualify, or propose to withdraw, amend, modify or qualify, in any manner adverse to the Other Party, the Husky Board Recommendation (or any
              related recommendation by any committee of the Husky Board) or the Cenovus Board Recommendation (or any related recommendation by any committee of the Cenovus Board), as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98d2eb46d89747619e136fbe461b0fa2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">make any public announcement or take any other action inconsistent with the Husky Board Recommendation or Cenovus Board Recommendation, as applicable;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70b192a4d5c2473aa95fa74f1535f525" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">enter into or otherwise engage or participate in any negotiations or any discussions regarding any inquiry, proposal or offer that constitutes or may constitute or may
              reasonably be expected to lead to an Acquisition Proposal, or furnish or provide access to any information with respect to such Party's securities, business, properties, operations or conditions (financial or otherwise) in connection with or
              in furtherance of an Acquisition Proposal, or otherwise cooperate in any way with, or assist or knowingly participate in, facilitate or encourage, any effort or attempt of any other Person to do or seek to do any of the foregoing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zacae3a1442ff44f3a548e667526be0a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">accept, recommend, approve, agree to, endorse or propose publicly to accept, recommend, approve, agree to or endorse, or, for a period in excess of two Business Days,
              take no position or a neutral position with respect to a publicly announced or publicly proposed, Acquisition Proposal; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a865d01b6104c5c87f3d3e210805db0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">accept, approve, endorse or enter into (other than a confidentiality agreement permitted by and in accordance with Section 7.1(b)(vii)) or publicly propose to accept,
              approve, endorse or enter into any agreement, understanding or arrangement (including any letter of intent or agreement in principle) in respect of or in any way related to any Acquisition Proposal or providing for the payment of any break,
              termination or other fees or expenses to any Person if Cenovus or Husky, as applicable, completes the transactions contemplated hereby;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that notwithstanding any other provisions of clause (ii) of Section 7.1(a) or this
      Section 7.1(b), each Party and its Representatives may:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbdb787661be342b49a4aaa59ba02d09e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">at any time prior to obtaining the approval of the Husky Common Shareholders and the holders of Husky Options of the Arrangement Resolution (in the case of Husky) or at
              any time prior to obtaining the approval of the Cenovus Common Shareholders of the Share Issuance Resolution (in the case of Cenovus), enter into, or participate in, any discussions or negotiations with an arm's length third party who
              (without any solicitation, initiation or encouragement, directly or indirectly, after the Agreement Date, by such Party or any of its Representatives) seeks to initiate such discussions or negotiations and, subject to execution of a
              confidentiality and standstill agreement with terms at least as restrictive to such counterparty as the Confidentiality Agreement (on the condition that such confidentiality agreement shall provide for the disclosure thereof, along with the
              information provided thereunder, to the Other Party), may furnish to such third party information concerning such Party and its business, affairs, properties and assets (on the condition that such third party is not furnished with greater
              access or information than the Other Party), in each case if and only to the extent that:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-46-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z1308462bf0774a8aa7849aa9e8f45824" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(A)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">the third party has first made a written bona fide Acquisition Proposal, which did not result from a breach of
                  this Section 7.1, and in respect of which the Husky Board or the Cenovus Board, as applicable, determines in good faith, after consultation with its external legal and independent financial advisors, constitutes, or would reasonably be
                  expected to constitute or lead to, a Superior Proposal;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f41a42340cd450aa2facd490d3c8000" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to furnishing such information to or entering into or participating in any such negotiations or initiating any discussions with such third party, the Party
              promptly provides written notice to the Other Party to the effect that it is furnishing information to or entering into or participating in discussions or negotiations with such Person or entity and provides to the Other Party the
              confidentiality and standstill agreement entered into with such Person or entity in accordance with this Section 7.1(b)(vii) and the information required to be provided under Sections 7.1(c) and 7.1(d); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1bb1cac32a3349dea0932cc90c376d5a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(C)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Receiving Party has been, and would be after entering into or participating in any such discussions or negotiations, in compliance with all of its obligations under
              this Section&#160;7.1;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38c08e0aafaf472fb1f5ad2af3d62f4e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">comply with Division 3 of National Instrument 62-104 &#8211; <font style="font-style: italic;">Take-Over Bids
                and Issuer Bids</font> and similar provisions under Applicable Canadian Securities Laws relating to the provision of directors' circulars and make appropriate disclosure with respect thereto to its securityholders; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba5d1e61cd6d4df28d3cdc0f9279105b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">at any time prior to obtaining the approval of the Husky Common Shareholders and the holders of Husky Options of the Arrangement Resolution (in the case of Husky) or at
              any time prior to obtaining the approval of the Cenovus Common Shareholders of the Share Issuance Resolution (in the case of Cenovus), withdraw the Husky Board Recommendation (or any recommendation by any committee of the Husky Board) or the
              Cenovus Board Recommendation (or any recommendation by any committee of the Cenovus Board), as applicable, and accept, recommend, approve or enter into an agreement to implement a Superior Proposal from a third party but only if prior to such
              acceptance, recommendation, approval or implementation: (A) the board of directors of such Party shall have concluded in good faith, after considering all proposals to adjust the terms and conditions of this Agreement as contemplated by
              Section 7.1(d) and after receiving the advice of its financial advisors and external legal counsel, as reflected in minutes of the board of directors of such Party, that such Superior Proposal is in the best interests of the Party and the
              taking of such action is necessary for the board of directors of such Party to act in a manner consistent with its fiduciary duties under Applicable Law; (B)&#160;such Party complies with its obligations set out in Section 7.1(d); and (C) if such
              Party is entering into an agreement to implement a Superior Proposal, such Party terminates this Agreement in accordance with Section 9.1(g) or Section 9.1(h), as applicable, and concurrently therewith pays the amount required by Section 7.2
              or Section 7.3, as applicable.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z18c0775be8db424391e47676dd84a0a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">If, after the Agreement Date, a Party or any of its subsidiaries (the "<font style="font-weight: bold;">Receiving
                Party</font>") is in receipt of an Acquisition Proposal or any request (which request may be reasonably considered to be in furtherance of, or in relation to, an Acquisition Proposal) for non-public information relating to the Receiving
              Party or its properties, facilities, books or records, the Receiving Party shall promptly (and in any event within 24 hours of receipt by the Receiving Party) notify the Other Party ("<font style="font-weight: bold;">Responding Party</font>") (at first orally and then in writing) of any Acquisition Proposal (or any amendment thereto) or any amendments to the foregoing received by the Receiving Party. Such notice
              shall include a copy of any written Acquisition Proposal (and any amendment thereto) or any such request (which request may be reasonably considered to be in furtherance of, or in relation to, an Acquisition Proposal) for non-public
              information relating to the Receiving Party or its properties, facilities, books or records received by the Receiving Party or, if no written Acquisition Proposal has been received, a description of the material terms and conditions of, and
              the identity of the Person making any inquiry, proposal or offer or request (to the extent then known by the Receiving Party). The Receiving Party shall also provide such further and other details of the Acquisition Proposal, request or any
              amendment thereto as the Responding Party may reasonably request (to the extent then known by the Receiving Party). The Receiving Party shall keep the Responding Party fully informed of the status, including any change to material terms, of
              any Acquisition Proposal, request or any amendment thereto, shall respond promptly to all reasonable inquiries by the Responding Party with respect thereto, and shall provide to the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-47-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Responding Party copies of all correspondence and other written material sent to or provided to the Receiving Party
      by any Person in connection with such inquiry, proposal, offer or request sent or provided by the Receiving Party to any Person in connection with such inquiry, proposal, offer or request.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87e81b5875d54ca4940221d5c01c29b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Following receipt of a Superior Proposal, the Receiving Party shall give the Responding Party, orally and in writing, at least five Business Days advance notice of any
              decision by its board of directors to accept, recommend, approve or enter into an agreement to implement a Superior Proposal, which notice shall:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5a8f8b278894f52b5991855e1cfb7d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">confirm that the board of directors of the Receiving Party has determined that such Acquisition Proposal constitutes a Superior Proposal;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19553747917b42738000044734e31dac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">identify the third party making the Superior Proposal;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c2a2ffff18a46ae91b77812a5b491e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Receiving Party is proposing to enter into an agreement to implement such Superior Proposal, confirm that the entering into of a definitive agreement to
              implement such Superior Proposal is not subject to any financing condition, due diligence or access condition; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf36e2ff4b6be4167b6ee72aff8586b05" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Receiving Party is proposing to enter into an agreement to implement such Superior Proposal, confirm that a definitive agreement to implement such Superior
              Proposal has been settled between the Receiving Party and such third party in all material respects (including in respect of the value and financial terms and the value ascribed to any non-cash consideration offered under such Acquisition
              Proposal), and the Receiving Party will concurrently provide a true and complete copy thereof, together with all supporting materials, including any financing documents supplied to the Receiving Party in connection therewith, and will
              thereafter promptly provide any amendments thereto, to the Responding Party.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">During the five Business Day period commencing on the delivery of such notice (such period, the
      "<font style="font-weight: bold;">Matching Period</font>"), the Receiving Party agrees not to accept, recommend, approve or enter into any agreement to implement such Superior Proposal
      and not to release the party making the Superior Proposal from any standstill provisions and shall not change, withdraw, withhold, amend, modify or qualify, or propose publicly to change, withdraw, withhold, amend, modify or qualify, the Husky Board
      Recommendation or the Cenovus Board Recommendation, as applicable. During the Matching Period, the Responding Party shall have the opportunity (but not the obligation) to offer to amend this Agreement and the Arrangement in order for such Acquisition
      Proposal to cease to be a Superior Proposal. In addition, during the Matching Period, or such longer period as the Receiving Party may approve in writing for such purpose: (i) the board of directors of the Receiving Party shall review any offer made
      by the Responding Party to amend this Agreement and the Arrangement in good faith in order to determine whether such proposal would, upon acceptance, result in the Acquisition Proposal previously constituting a Superior Proposal ceasing to be a
      Superior Proposal; and (ii) the Receiving Party shall negotiate in good faith with the Responding Party to make such amendments to the terms of this Agreement and the Arrangement as would enable the Responding Party to proceed with the transactions
      contemplated by this Agreement on such amended terms. If the board of directors of the Receiving Party determines that such Acquisition Proposal would cease to be a Superior Proposal: (x) the Receiving Party shall promptly so advise the Responding
      Party, and the Receiving Party and the Responding Party shall amend this Agreement to reflect such offer made by the Responding Party, and shall take and cause to be taken all such actions as are necessary to give effect to the foregoing; and (y) the
      board of directors of the Receiving Party shall not accept, recommend, approve or enter into any agreement to implement such Acquisition Proposal and shall not release the party making the Acquisition Proposal from any standstill provisions and shall
      not change, withdraw, withhold, amend, modify or qualify, or propose publicly to change, withdraw, withhold, amend, modify or qualify, the Husky Board Recommendation or the Cenovus Board Recommendation, as applicable. The Receiving Party acknowledges
      that each successive material modification of any Superior Proposal that results in an increase in the consideration (or the value thereof) to be received by the Receiving Party's shareholders or other material terms or conditions shall constitute a
      new Superior Proposal for purposes of the requirement under this Section 7.1(d) to initiate a new Matching Period.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-48-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z580b414399a44246be35d76596b9e587" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">The Cenovus Board or the Husky Board shall promptly and in any event within 24 hours after the determination in
                  clause (i) or (ii) below, reaffirm the Husky Board Recommendation or Cenovus Board Recommendation, as applicable, by news release after any Acquisition Proposal is publicly announced or made if: (i) the board of directors of the Receiving
                  Party determines that such Acquisition Proposal does not constitute a Superior Proposal in accordance with this Section 7.1; or (ii) the board of directors of the Receiving Party determines that an amendment to the terms of this Agreement
                  has been agreed that results in the Acquisition Proposal not being a Superior Proposal. The Receiving Party shall provide the Responding Party and its external legal counsel with a reasonable opportunity to review the form and content of
                  any such news release and shall make all reasonable amendments to such news release as requested by the Responding Party and its counsel.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z46300b940e074bc48c3c42a613944296" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each of Cenovus and Husky agree that all information that may be provided to it by the Other Party with respect to any Superior Proposal pursuant to this Section 7.1
              shall be treated as if it were "Confidential Information" as that term is defined in the Confidentiality Agreement, and such information shall not be disclosed or used except in accordance with the Confidentiality Agreement or in order to
              enforce its rights under this Agreement in legal proceedings.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0b84c56c35d842ac995da21ccc7c83f5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Party shall ensure that its Representatives are aware of the provisions of this Section 7.1. Each Party shall be responsible for any breach of this Section 7.1 by
              its Representatives.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a77df5e27bd495f8333e3da858b2154" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cenovus Disposition of Rights</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If at any time after the execution and delivery of this Agreement and prior to the termination of this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc5b9bb7374454abab182c66611b03540" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Husky Board (or any committee thereof): (i) fails to make the Husky Board Recommendation; (ii) changes, withdraws, withholds, amends, modifies or qualifies, or
              proposes publicly to change, withdraw, withhold, amend, modify or qualify, the Husky Board Recommendation in a manner adverse to Cenovus (it being understood that the taking of a neutral position or no position with respect to an announced
              Acquisition Proposal beyond the earlier of a period of two Business Days following such announcement or the date which is the day prior to the date proxies in respect of the Husky Meeting must be deposited shall be considered an adverse
              modification to such recommendation); (iii) fails to reaffirm publicly the Husky Board Recommendation: (A) in the manner and within the time period set out in Section 7.1(e); or (B) within five Business Days after having been requested to do
              so by Cenovus; or (iv) resolves to do any of the foregoing, and this Agreement is terminated pursuant to Section 9.1(e);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7b4eb0342c7948adbd2520a2a7ac6bdf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky breaches any of its obligations under Section 7.1 in any material respect, and this Agreement is terminated pursuant to Section 9.1(e);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z35898efb50614034b3632aefa37c3f97" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Husky Board (or any committee thereof): (i) accepts, recommends, approves, agrees to, endorses or enters into, or proposes publicly to accept, recommend, approve,
              agree to, endorse or enter into, an agreement, understanding or letter of intent to implement an Acquisition Proposal; or (ii) fails to recommend unequivocally against acceptance of an Acquisition Proposal, and this Agreement is terminated
              pursuant to Section 9.1(e);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb5c6e75163be4867b02ded03a4d3fd1c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement is terminated by Husky or Cenovus pursuant to Section 9.1(b)(i) and prior to such termination an Acquisition Proposal (or an intention to make an
              Acquisition Proposal) for Husky has been publicly announced, proposed, disclosed, offered or made by any Person (other than Cenovus or its affiliates) and, within 12 months following the date of such termination:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b1316af064e4202a4d23ca86543ccb7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Husky Board recommends any Acquisition Proposal which is subsequently consummated at any time thereafter (whether or not within such 12-month period);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z487e965d2c604d629436ff80e97ae968" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky enters into a binding definitive agreement in respect of any Acquisition Proposal which is subsequently consummated at any time thereafter (whether or not within
              such 12-month period); or</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-49-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="za172e3c621714c3d9743733f3441152a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(iii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">any Acquisition Proposal is consummated with Husky; or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b1c4bea17a146378bd4ca3336a47e3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky enters into a definitive agreement with respect to a Superior Proposal pursuant to Section 7.1(b)(ix) and terminates this Agreement pursuant to Section 9.1(g)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(each of the above, if not timely cured, if applicable, or waived by Cenovus, being (upon expiration of the
      applicable cure period) hereinafter referred to as a "<font style="font-weight: bold;">Cenovus Disposition Event</font>"), Husky shall pay to Cenovus $150 million (the "<font style="font-weight: bold;">Cenovus Termination Amount</font>"), in consideration for the disposition of Cenovus's rights under this Agreement, in immediately available funds, to an
      account designated by Cenovus, as follows:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z569c2cef13254fd8858dac61f2aadb39" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Cenovus Termination Amount is payable pursuant to Section 7.2(a), Section 7.2(b) or Section 7.2(c), the Cenovus Termination Amount shall be payable within two
              Business Days following the occurrence of such Cenovus Disposition Event;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2864c09fbb3c4c2fb8d9aa4048c583a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Cenovus Termination Amount is payable pursuant to Section 7.2(d), the Cenovus Termination Amount shall be payable upon the consummation of the Acquisition
              Proposal referred to therein; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6c9254f329d84ae382a0952e1f6f8858" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Cenovus Termination Amount is payable pursuant to Section 7.2(e), the Cenovus Termination Amount shall be payable concurrently with the termination of this
              Agreement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky shall only be obligated to pay one Cenovus Termination Amount pursuant to this Section 7.2.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z506fc5baf0a5465a9e381d85ee1eb359" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Disposition of Rights</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If, at any time after the execution and delivery of this Agreement and prior to the termination of this Agreement:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8a55651ecf94749a600af253df79726" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Cenovus Board (or any committee thereof): (i) fails to make the Cenovus Board Recommendation; (ii) changes, withdraws, withholds, amends, modifies or qualifies, or
              proposes publicly to change, withdraw, withhold, amend, modify or qualify, the Cenovus Board Recommendation in a manner adverse to Husky (it being understood that the taking of a neutral position or no position with respect to an announced
              Acquisition Proposal beyond the earlier of a period of two Business Days following such announcement or the date which is the day prior to the date proxies in respect of the Cenovus Meeting must be deposited shall be considered an adverse
              modification to such recommendation); (iii) fails to reaffirm publicly the Cenovus Board Recommendation: (A) in the manner and within the time period set out in Section 7.1(e); or (B) within five Business Days after having been requested to
              do so by Husky; or (iv) resolves to do any of the foregoing, and this Agreement is terminated in accordance with Section 9.1(f);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11c2155951234967ae25150060c93501" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus breaches any of its obligations under Section 7.1 in any material respect, and this Agreement is terminated in accordance with Section 9.1(f);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z83f4dc4ef999498fbf3576575adfd57f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Cenovus Board (or any committee thereof): (i) accepts, recommends, approves, agrees to, endorses or enters into, or proposes publicly to accept, recommend, approve,
              agree to, endorse or enter into, an agreement, understanding or letter of intent to implement an Acquisition Proposal; or (ii) fails to recommend unequivocally against acceptance of an Acquisition Proposal, and this Agreement is terminated in
              accordance with Section 9.1(f);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56d3f05406f942789b2491973427f654" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">this Agreement is terminated by Husky or Cenovus pursuant to Section 9.1(b)(ii) and prior to such termination an Acquisition Proposal (or an intention to make an
              Acquisition Proposal) for Cenovus has been publicly announced, proposed, disclosed, offered or made by any Person (other than Husky or its affiliates) and, within 12 months following the date of such termination:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z114093883f2b459882f7083377f4a12d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Cenovus Board recommends any Acquisition Proposal which is subsequently consummated at any time thereafter (whether or not within such 12-month period);</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-50-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z54a21064cf7848ae9bafa25e153e027f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Cenovus enters into a binding definitive agreement in respect of any Acquisition Proposal which is subsequently
                  consummated at any time thereafter (whether or not within such 12-month period); or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6021c76a2bc45228f1f6d4f4771d9a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any Acquisition Proposal is consummated with Cenovus; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z09d79c9f76224bc5a6c501101cfcefd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus enters into a definitive agreement with respect to a Superior Proposal pursuant to Section 7.1(b)(ix) and terminates this Agreement pursuant to Section 9.1(h)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(each of the above, if not timely cured, if applicable, or waived by Husky, being (upon expiration of the
      applicable cure period) hereunder referred to as a "<font style="font-weight: bold;">Husky Disposition Event</font>"), Cenovus shall pay to Husky $240 million (the "<font style="font-weight: bold;">Husky Termination Amount</font>"), in consideration for the disposition of Husky's rights under this Agreement, in immediately available funds, to an account
      designated by Husky, as follows:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z437fa0aa67c549b894987a38b9b6d2a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Husky Termination Amount is payable pursuant to Section 7.3(a), Section 7.3(b) or Section 7.3(c), the Husky Termination Amount shall be payable within two
              Business Days following the occurrence of such Husky Disposition Event;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cef5bf8805241e0ab8f1bf3d7357eee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Husky Termination Amount is payable pursuant to Section 7.3(d), the Husky Termination Amount shall be payable upon the consummation of the Acquisition Proposal
              referred to therein; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc02d3b0ff90d4c7dbc1a0c7cb731d6ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Husky Termination Amount is payable pursuant to Section 7.3(e), the Husky Termination Amount shall be payable concurrently with the termination of this
              Agreement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus shall only be obligated to pay one Husky Termination Amount pursuant to this Section 7.3.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z608c1d6d269041509b97e62df6ffc91d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Quantum of Termination Amounts and Specific Performance</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of Cenovus and Husky acknowledges that the payment of the amounts set out in Section 7.2 or Section 7.3 is a
      payment in consideration for the disposition of the Other Party's rights under this Agreement and agrees that such amount represents a genuine pre-estimate of the damages that Cenovus or Husky (as applicable) will suffer or incur as a result of the
      event giving rise to the disposition of rights under this Agreement and the resultant termination of this Agreement and is not a penalty. Each of Cenovus and Husky irrevocably waives any right it may have to raise as a defence that any such amounts
      payable by it are excessive or punitive. For greater certainty, Cenovus and Husky agree that receipt of an amount pursuant to Section 7.2 or Section 7.3 is the sole monetary remedy of Cenovus or Husky (as applicable) hereunder in such circumstances,
      except that this limitation shall not apply in the event of fraud, or wilful or intentional breach of this Agreement, by the Party that has made, or is required to make, a payment pursuant to Section 7.2 or Section 7.3, and, in such circumstances,
      the non-breaching Party may pursue an action against the breaching Party for damages. Nothing in Section 7.2, Section 7.3 or this Section 7.4 shall, in circumstances where the Cenovus Termination Amount or the Husky Termination Amount, as applicable,
      is not payable, otherwise preclude Cenovus or Husky, as applicable, from pursuing an action against the Other Party for damages for a breach under this Agreement or from seeking and obtaining injunctive relief to restrain any breach or threatened
      breach of the covenants or agreements of the Other Party set out in this Agreement or the Confidentiality Agreement or otherwise to obtain specific performance of any of such acts, covenants or agreements, without the necessity of posting bond or
      security in connection therewith.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67cfca9dd0d340a9a93b9f766f777207" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fees and Expenses</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except as expressly set out in this Agreement, each Party covenants and agrees to bear its own fees, costs and
      expenses in connection with the transactions contemplated by this Agreement and the Arrangement. Cenovus and Husky shall each be responsible for and shall pay 50% of the filing fees payable in respect of the Key Regulatory Approvals, including
      applicable Taxes.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-51-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zb02745f2cac34ee89545517e7c483ac7" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 72pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.6</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Access to Information; Confidentiality</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z735fdb6276c64939a68002c01ca75133" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">From and after the Agreement Date until the earlier of the Effective Time and the termination of this Agreement, subject to compliance with Applicable Laws and the
              terms of any existing Contracts (including the Confidentiality Agreement), Husky shall, and shall cause each other member of the Husky Group and its and their respective Representatives to, provide Cenovus and its Representatives such access
              as Cenovus may reasonably require at all reasonable times, at Cenovus's sole cost and expense and only during normal business hours, including for the purpose of facilitating integration business planning and reviewing Husky's cash management
              policy and internal financing policies, to their premises (including field offices and sites), books, Contracts, Returns, records, Information Technology, properties, assets, officers, employees, agents and management personnel, and shall
              furnish promptly to Cenovus all data and information as Cenovus may reasonably request in order to permit Cenovus to be in a position to expeditiously and efficiently integrate the business and operations of Cenovus and Husky immediately upon
              but not prior to the Effective Date; provided that no investigations made by or on behalf of Cenovus, whether under this Section 7.6 or otherwise, shall waive, diminish the scope of, or otherwise affect, or be deemed to modify, any
              representation or warranty made by Husky herein. Without limiting the foregoing and subject to compliance with Applicable Law and the terms of any existing Contracts (including the Confidentiality Agreement): (i) Cenovus and its
              Representatives shall, upon reasonable prior notice, have the right to conduct inspections of the properties of each member of the Husky Group; (ii) Husky shall, upon Cenovus's request, facilitate discussions between Cenovus and any third
              party from whom consent may be required; and (iii) Husky and Cenovus shall form a committee consisting of appropriate senior officers and other representatives that shall meet on a regular basis for the purpose of integration business
              planning, with mechanisms in place to ensure that all pre-closing activities of the Husky and Cenovus continue to be conducted independently.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4afff0ee8f52447590ef2eeab909a4f1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky shall provide information and reasonable assistance to Cenovus in implementing a communications plan of Cenovus in respect of the Husky Group's employees. Cenovus
              shall consult with and consider the reasonable comments of Husky in connection with the implementation of such plan. Husky shall coordinate reasonable access to the Husky Group's employees, from time to time, as reasonably requested by
              Cenovus and may attend and participate in any discussions or presentations in connection therewith.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a6f6e78f9a045dbaf88b456e6418853" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Nothing in this Section 7.6 shall require any member of the Husky Group to disclose information which it is prohibited from disclosing pursuant to a written
              confidentiality agreement or confidentiality provision of an agreement with a third party or information that, in the opinion of the applicable member of the Husky Group, acting reasonably, is competitively sensitive (provided that Husky
              acknowledges and agrees that external counsel to Cenovus may have access to such information on a privileged and confidential basis in connection with obtaining regulatory approvals required in connection with the Arrangement, including the
              Key Regulatory Approvals) or may result in jeopardizing the Husky Group's legal privilege in respect of such information.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7a0bbcbf95454dcc9e6f36117f644c0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Parties acknowledge and agree that all information provided by Husky to Cenovus (or any of its Representatives) pursuant to this Section 7.6 shall be considered to
              be "Confidential Information" for purposes of the Confidentiality Agreement and shall be subject to the Confidentiality Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6db5d981067c4e04b03e1dc2f956ad1d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance and Indemnification</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8b595ba7e0574452b7fbe708bf102c48" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus and Husky agree that that all rights to indemnification, expense reimbursement or exculpation now existing in favour of present and former officers and
              directors of Husky shall survive completion of the Arrangement and, after the Effective Time, Husky and any successor to Husky will not take any action to terminate or adversely affect, and will fulfill its obligations pursuant to, expense
              advancement and exculpation arrangements and indemnities provided or available to or in favour of past and present officers and directors of Husky pursuant to the provisions of the articles, by-laws or other constating documents of Husky,
              applicable corporate legislation and any written indemnity agreements (and each of them), which have been entered into between Husky and its past or current officers or directors effective on or prior to the Agreement Date.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-52-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zcadf8cd8a47d4399abe654da86e16081" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Cenovus will maintain or cause to be maintained in effect for six years from the Effective Time, policies of
                  directors' and officers' liability insurance providing coverage comparable to the coverage provided by the directors' and officers' policies obtained by Husky that are in effect immediately prior to the Effective Time and providing
                  coverage in respect of claims arising from facts or events that occurred on or prior to the Effective Time and which will cover all claims made prior to the Effective Date or within six years of the Effective Date. Prior to the Effective
                  Time, Husky may, in the alternative, purchase run off directors' and officers' liability insurance for the benefit of its officers and directors having a coverage period of up to six years from the Effective Time, and in such event
                  Cenovus will not have any further obligation under this Section 7.7.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb283cc7927b2407bbffaf06ba83d3c45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In the event that Cenovus or any of its successors or assigns shall (i) consolidate with or merge or amalgamate into any other Person and shall not be the continuing or
              surviving company or entity of such consolidation, merger or amalgamation or (ii) transfer all or substantially all of its properties and assets to any Person, then, and in each such case, Cenovus shall cause proper provision to be made so
              that the successor and assign of Cenovus or all or substantially all of its properties and assets, as the case may be, assumes the obligations set forth in this Section 7.7.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdafa5e7114e14de28f68ebbab4b523e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Advisors</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus and Husky represent and warrant to each other that, except for RBC Dominion Securities Inc. and TD
      Securities Inc. in the case of Cenovus, and Goldman Sachs Canada Inc. and CIBC World Markets Inc. in the case of Husky, no financial advisor, broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission, or to
      the reimbursement of any of its expenses, in connection with the Arrangement. Each Party has provided to the Other Party a correct and complete copy of all agreements relating to the arrangements between it and its financial advisors as are in
      existence at the Agreement Date and agrees: (a) not to amend the terms of any such agreements relating to the payment of fees and expenses or indemnification without the prior written approval of the Other Party; and (b) not to disclose the terms of
      the agreements between the Other Party and its financial advisors to such Party's financial advisors.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21780da1a4044bc481095d1550bf0cd6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Privacy Issues</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb7c2a40fcc4f4b088f1788aff7068c7a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">For the purposes of this Section 7.9, "<font style="font-weight: bold;">Transferred Information</font>"
              means any Personal Information to be disclosed or conveyed to one Party or any of its representatives or agents (for purposes of this Section 7.9, the "<font style="font-weight: bold;">Recipient</font>") by or on behalf of the Other Party (for purposes of this Section 7.9, the "<font style="font-weight: bold;">Disclosing Party</font>") as a result of or
              in conjunction with the transactions contemplated herein, and includes all such Personal Information disclosed to the Recipient on or prior to the Agreement Date.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0597d2ce125a435381e723a6a5870da8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Disclosing Party acknowledges and confirms that any Transferred Information which it is responsible for disclosing to a Recipient is necessary for the purposes of
              determining if the Parties shall proceed with the transactions contemplated in this Agreement, and if the determination is made to proceed with such transactions contemplated, to complete them.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf683a1406e3f4959a643999dd0bc8b8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each Disclosing Party covenants and agrees to, upon request, use reasonable efforts to advise the Recipient of the purposes for which the Transferred Information was
              initially collected from or in respect of the individual to which such Transferred Information relates and the additional purposes where the Disclosing Party has notified the individual of such additional purpose, and where required by
              Applicable Law, obtained the consent of such individual to such use or disclosure.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze03faa5b6c074fa0a842d6c2e953f838" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In addition to its other obligations hereunder, each of the Parties covenants and agrees to, and shall use reasonable commercial efforts to cause its Recipients to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z22ce55056160409598128823bbc32a91" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">prior to the completion of the transactions contemplated herein:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-53-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z3dba49d2f46b428aa15fe0dd6241e7d3" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(A)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">use and disclose the Transferred Information solely for the purpose of reviewing and completing the transactions
                  contemplated hereby, including for the purpose of determining to complete such transactions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb99aab469f140b48cc94dc2d0c96d27" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">protect the Transferred Information by making reasonable security arrangements against such risks as unauthorized access, collection, use, disclosure, copying,
              modification, disposal or destruction; provided, however, that such arrangements include, at a minimum, safeguards that are appropriate to the sensitivity of the Transferred Information; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za2e09c8863184178ab0796956915f727" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(C)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the transactions contemplated hereby do not proceed, return the Transferred Information to the Disclosing Party or destroy it, at the Disclosing Party's election,
              within a reasonable time;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99dba4b9762c4fd4b39cbd5f05493cf9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">after the completion of the transactions contemplated herein:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za03491ad73484c8b867271701a850562" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">use and disclose the Transferred Information under its control only for those purposes for which the Transferred Information was initially collected, permitted to be
              used or disclosed, unless:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb469dc05b4848218b15a38c4bce46c0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 144pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Disclosing Party or the Recipient has first notified the individual about whom the Transferred Information related of any additional purpose, and where required by
              Applicable Law, obtained the consent of such individual to such additional purpose; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ea9b9c5a4ed4285a44371a89ffadbc6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 144pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">such use or disclosure is permitted or authorized by Applicable Law, without notice to, or consent from, such individual;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zda3ff1cdd5fd4479a9d1dc0b736b0ecb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">protect the Transferred Information under its control by making reasonable security arrangements against such risks as unauthorized access, collection, use, disclosure,
              copying, modification, disposal or destruction; provided, however, that such arrangements include, at a minimum, safeguards that are appropriate to the sensitivity of the Transferred Information; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1b065a246e448cc9a8cbc636ec3c13c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(C)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">give effect to any withdrawal of consent made by an individual to whom the Transferred Information under its control relates; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a8e0e17fc684a8c95e9a70a0f4b3f05" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">notwithstanding any other provision herein, where the disclosure or transfer of Transferred Information to the Recipient requires the consent of, or the provision of
              notice to, the individual about whom the Transferred Information relates, to not require or accept the disclosure or transfer of such Transferred Information until the Disclosing Party has first notified such individual of such disclosure or
              transfer and the purpose for same, and where required by Applicable Law, obtained the individual's consent to same and to only collect, use and disclose such information to the extent necessary to complete the transactions contemplated herein
              and as authorized or permitted by Laws.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb8f0c8eed4a94baabf4073ef461db96c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Where required by Applicable Law, Husky agrees to promptly notify the individuals about whom the Transferred Information relates that the transactions contemplated
              herein have taken place and that their Transferred Information has been disclosed in connection herewith.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 8<br>
      AMENDMENT</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5e5d37e1940431fa466307ef4fa6f9a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the Interim Order, the Final Order and Applicable Laws, this Agreement (other than the Plan of
      Arrangement, which may only be amended in accordance with Article 5 thereof) may, at any time and from time to</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-54-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">time before or after the holding of the Husky Meeting and the Cenovus Meeting, but prior to the Effective Time, be amended by written
      agreement of the Parties without further notice to, or authorization from, their respective securityholders and any such amendment may, without limitation:</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa9a449c82ea4f23bc60d0ea27ece95c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">change the time for performance of any of the obligations or acts of Cenovus or Husky hereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za88c5318f3a0438dacd94a2898befa53" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">waive any inaccuracies in, or modify, any representation or warranty contained herein or in any document delivered pursuant hereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z065d93660fcb43cabb9a4e89f4294711" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">waive compliance with, or modify, any of the covenants contained herein and waive or modify performance of any of the obligations of Cenovus or Husky hereunder; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5452f261c3a94b1ea8ac45f050f14483" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">waive satisfaction of, or modify, any of the conditions precedent set out herein;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">on the condition that no such amendment: (i) reduces or modifies or otherwise changes the substance or form of the
      consideration to be received under the Arrangement by the Husky Common Shareholders without approval by the Husky Common Shareholders given in the same manner as required for the approval of the Arrangement Resolution; (ii) reduces or modifies or
      otherwise changes the substance or form of the consideration to be received under the Arrangement by the Husky Preferred Shareholders without approval by the Husky Preferred Shareholders given in the same manner as required for the approval of the
      Preferred Shareholder Resolution; (iii) reduces or modifies or otherwise changes the substance or form of the consideration to be received under the Arrangement by the holders of Husky Options without approval by the holders of Husky Options given in
      the same manner as required for the approval of the Arrangement Resolution; or (iv) increases the maximum number of Cenovus Common Shares issuable to the Husky Common Shareholders pursuant to the Arrangement without approval by the Cenovus Common
      Shareholders given in the same manner as required for the approval of the Share Issuance Resolution.</div>
    <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE 9<br>
      TERMINATION</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z707a9d0e20584ea38350c6424cb4f355" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Termination</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be terminated at any time prior to the Effective Date:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa9dc8c14cb54a0dac18752bf7f97f3e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by mutual written agreement of the Parties;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6da1113432d444dbaa59281493054077" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by either Party if:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1e7c2a9e4c26454aad57dc23187b1714" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Husky Common Shareholders and the holders of Husky Options fail to approve the Arrangement Resolution by the Husky Required Approval at the Husky Meeting in
              accordance with the Interim Order;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c34147eb42843a1b3c95122874a19b9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the Cenovus Common Shareholders fail to approve the Share Issuance Resolution by the requisite vote at the Cenovus Meeting;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba9d94a927874b0385a5fc4d4fc1f6a3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">a change in Law is enacted, made, enforced or amended that makes the consummation of the Arrangement illegal or otherwise prohibits or enjoins the Parties from
              completing the Arrangement, and such Law has, if applicable, become final and non-appealable, on the condition that: (A) the Party seeking to terminate this Agreement has used its reasonable commercial efforts to, as applicable, appeal or
              overturn such Law or otherwise have it lifted or rendered non-applicable in respect of the Arrangement; and (B)&#160;the enactment, making, enforcement or amendment of such Law was not primarily due to the failure of such Party to perform any of
              its covenants or agreements under this Agreement; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z45ce8ec566754e3e9bd28ba439b97029" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if the Effective Time shall not have occurred on or prior to the Outside Date, except that the right to terminate this Agreement under this Section 9.1(b)(iv) shall not
              be available to a Party whose failure</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-55-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to fulfill any of its obligations has been the cause of, or resulted in, the failure of the Effective Time to occur
      by such date;</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc084b624bd6427c8b2afe94519e2325" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if any of the conditions set forth in Sections 6.1 or 6.2 in the case of Cenovus, or in Sections 6.1 or 6.3, in the case of Husky, has not been satisfied or waived by
              the Outside Date or such condition is incapable of being satisfied by the Outside Date; provided that the Party seeking termination is in compliance with its obligations as provided in Section 6.4(b), if applicable, and on the condition that
              the failure to satisfy the particular condition precedent being relied upon as a basis for termination of this Agreement did not occur as a result of a breach by the Party seeking to rely on the condition precedent of any of its covenants or
              obligations under the Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf27a8322e1d84515b49a4ae46f3d1a67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Husky if, following the Husky Meeting, an Acquisition Proposal in respect of Cenovus is consummated or approved by the Cenovus Common Shareholders at a meeting at
              which the Husky Common Shareholders are not entitled to vote;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3aeafc98446341d6a26a3aede02ebf9c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Cenovus upon the occurrence of a Cenovus Disposition Event, as provided in Section 7.2;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfcebb9767e1b4f3681c8aca478def614" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Husky upon the occurrence of a Husky Disposition Event, as provided in Section 7.3;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c94d3447000463598c41ac6f5baa8c0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Husky, prior to approval of the Arrangement Resolution, if Husky enters into, or the Husky Board authorizes Husky to enter into, a definitive agreement with respect
              to a Superior Proposal, provided that: (i) Husky has previously paid or concurrently pays to Cenovus the Cenovus Termination Amount; and (ii) Husky has complied with its obligations set out in Section 7.1; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z63ce644200bc4ee687e500bb8fd35a45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">by Cenovus, prior to approval of the Share Issuance Resolution, if Cenovus enters into, or the Cenovus Board authorizes Cenovus to enter into, a definitive agreement
              with respect to a Superior Proposal, provided that: (i) Cenovus has previously paid or concurrently pays to Husky the Husky Termination Amount; and (ii) Cenovus has complied with its obligations set out in Section 7.1.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zce85491145234ecb9b30ea309d34879f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notice and Effect of Termination</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcb0d5598ba0e48e29e5932dd0d977492" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Party desiring to terminate this Agreement pursuant to Section 9.1 (other than pursuant to Section 9.1(c) in circumstances in which Section 6.4(b) is applicable and
              has been complied with) shall give written notice of such termination to the Other Party, specifying in reasonable detail the basis for such Party's exercise of its termination right.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e8f2b2067484f2fb068c684d58ba7c3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">If this Agreement is terminated in the circumstances set out in Section 9.1, this Agreement shall forthwith become void and neither Party shall have any liability or
              further obligation to the Other Party hereunder, except with respect to the obligations set forth in this Section 9.2, Sections 1.11, 3.3(i), 7.2, 7.3, 7.4, 7.5 and 7.9, Article 10 and Article 11, where applicable, which shall survive any
              termination hereof. Nothing<font style="font-weight: bold;">&#160;</font>contained in this Section 9.2 shall relieve either Party from liability for any fraud, or wilful or intentional
              breach of any provision of this Agreement prior to the termination of this Agreement. No termination of this Agreement shall affect the obligations of the Parties pursuant to the Confidentiality Agreement, except to the extent specified
              therein.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc176cf2706f48e7a39fe588fe93e056" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waiver</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Either Party may: (a) extend the time for the performance of any of the obligations or other acts of the Other
      Party; (b) waive compliance with any of the Other Party's agreements or the fulfillment of any conditions to its own obligations contained herein; and (c) waive inaccuracies in any of the Other Party's representations or warranties contained herein
      or in any document delivered by the Other Party; provided, however, that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party and such waiver shall apply only to the specific matters
      identified in such instrument. No failure or delay by either Party in exercising any right, power or privilege under this Agreement will operate as a waiver thereof, nor will any single or partial exercise preclude any other or further exercise of
      any right, power or privilege under this Agreement.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-56-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 10<br>
      NOTICES</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d28e365ada44446a4bc89df8a982110" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any notice that is required to be given pursuant to any provision of this Agreement shall be given or made in
      writing and shall be delivered personally (including by courier) or sent by email to the Party to whom it is addressed, as follows:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04d0dc8fa22b47e98540185e3a32d612" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Cenovus, addressed to it at:</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
      4100, 225 &#8211; 6th Avenue S.W.<br>
      Calgary Alberta, T2P 1N2</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160;&#160; Alex J. Pourbaix, President &amp; Chief Executive Officer<br>
      Email:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</div>
    <div style="margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
      4500 Bankers Hall East</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">855 2nd Street S.W.<br>
      Calgary, Alberta, T2P 4K7</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John E. Piasta<br>
      Email:&#160; piastaj@bennettjones.com</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3166c4345baf40a59116eda32cfe3fd3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">if to Husky, addressed to it at:</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky Energy Inc.<br>
      707 &#8211; 8th Avenue S.W.<br>
      Calgary, Alberta T2P 1H5</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160;&#160; Robert J. Peabody, President &amp; Chief Executive Officer<br>
      Email:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</div>
    <div style="margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Osler, Hoskin &amp; Harcourt LLP<br>
      Suite 2500, TransCanada Tower</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">450 &#8211; 1st Street S.W.<br>
      Calgary, Alberta, T2P 5H1</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Daniel G. Kolibar<br>
      Email:&#160; dkolibar@osler.com</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">or to such other address as a Party may, from time to time, advise to the Other Party by notice in writing. The
      date or time of receipt of any such notice shall be deemed to be the date of delivery or the time such email is received.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-57-</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 11<br>
      GENERAL</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z755161d0b1e34c29b686c883f1277a40" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Binding Effect</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be binding upon and enure to the benefit of the Parties and their respective successors and
      permitted assigns.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5d018d80d7b428ca4f92ce1d107766d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by either Party
      without the prior written consent of the Other Party.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze031ce82b2b44b338ac5410c9e91af9e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties agree to issue a joint press release with respect to this Agreement as soon as practicable after its
      due execution. Thereafter each Party shall promptly provide to the Other Party, for review by the Other Party and its counsel, and receive the prior consent, not to be unreasonably withheld, of the Other Party prior to issuing, or permitting any of
      its directors, officers, employees or agents to issue, any news release or other written statement or other public disclosure document with respect to this Agreement or the Arrangement, and the Other Party agrees to keep such information confidential
      until it is filed as part of such Party's public disclosure record on SEDAR and EDGAR, as applicable. Notwithstanding the foregoing, if either Party is required by Applicable Laws, or the rules of any stock exchange on which any of its securities may
      be listed, to make any disclosure relating to this Agreement or the transactions contemplated by this Agreement, such disclosure may be made, but that Party shall use reasonable commercial efforts to consult with the Other Party as to the nature and
      wording of such disclosure prior to it being made.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z037101dbf7674807aaf86b75862b6784" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any one or more of the provisions (or any part thereof) of this Agreement is determined to be invalid, illegal
      or unenforceable in any respect in any jurisdiction, such provision or provisions (or part or parts thereof) shall be, and shall be conclusively deemed to be, as to such jurisdiction, severable from the balance of this Agreement and:</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the validity, legality or enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired by the severance of the provisions
              (or parts thereof) so severed; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7800562fc0f54262a96aee86b49fdcee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">the invalidity, illegality or unenforceability of any provision (or part thereof) of this Agreement in any jurisdiction shall not affect or impair such provision (or
              part thereof) or any other provisions of this Agreement in any other jurisdiction.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon any determination that any term or other provision in this Agreement is invalid, illegal or incapable of being
      enforced, the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are
      fulfilled to the fullest extent possible.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76998a1dbf044b9cb2e4c08ac09669f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurances</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party shall from time to time and at all times hereafter at the request of the Other Party, but without
      further consideration, do and perform all such further acts, matters and things and execute and deliver all such further documents, deeds, assignments, agreements, notices and writings and give such further assurances as shall be reasonably required
      for the purpose of giving effect to this Agreement.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61a7f8688889449e97fb1ea2fe333e81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time of Essence</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Time is of the essence in this Agreement.</div>
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              <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.7</font></div>
            </td>
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              <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law</font></div>
            </td>
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    </div>
    <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the
      federal laws of Canada applicable therein and the Parties irrevocably attorn to the jurisdiction of the courts of the Province of Alberta in respect of all disputes arising under or in relation to this Agreement.</div>
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          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.8</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Specific Performance</div>
          </td>
        </tr>

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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party agrees that irreparable harm would occur for which money damages would not be an adequate remedy at law
      in the event that any of the provisions of this Agreement were not performed by the Other Party in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, except as provided for in Section 7.4, each Party shall
      be entitled to an injunction or injunctions and other equitable relief to prevent breaches or threatened breaches of the provisions of this Agreement or the Confidentiality Agreement or to otherwise obtain specific performance of any such provisions,
      any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief hereby being waived.</div>
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          <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.9</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Beneficiaries</div>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of Section 7.7 are: (i) intended for the benefit of all present and former directors and officers of
      Husky, as and to the extent applicable in accordance with their terms, and shall be enforceable by each of such Persons and his or her heirs, executors administrators and other legal representatives (collectively, the "<font style="font-weight: bold;">Third Party Beneficiaries</font>") and Cenovus shall hold the rights and benefits of Section 7.7 in trust for and on behalf of the Third Party Beneficiaries and Cenovus hereby
      accepts such trust and agrees to hold the benefit of and enforce performance of such covenants on behalf of the Third Party Beneficiaries; and (ii) in addition to, and not in substitution for, any other rights that the Third Party Beneficiaries may
      have by Contract or otherwise. The provisions of Section 3.4(f) are: (A) intended for the benefit of all holders of Cenovus Common Shares immediately after the consummation of the Arrangement and their successors and assigns and Cenovus shall hold
      the rights and benefits of Section 3.4(f) in trust for and on behalf of such Persons and Cenovus hereby accepts such trust and agrees to hold the benefit of and enforce performance of such covenants on behalf of such Persons; and (B) in addition to,
      and not in substitution for, any other rights that such Persons may have by Contract or otherwise. Except as provided in this Section 11.9, this Agreement shall not confer any rights or remedies upon any Person other than the Parties and their
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in counterparts and by facsimile or portable document format (PDF), each of which
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    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first above written.</div>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Alex J. Pourbaix</font>"</div>
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          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">President &amp; Chief Executive Officer</div>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jonathan M. McKenzie</font>"</div>
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          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Executive Vice-President &amp; Chief Financial Officer</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Robert J. Peabody</font>"</div>
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          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">President &amp; Chief Executive Officer</div>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(signed) "<font style="font-style: italic;">Jeffrey R. Hart</font>"</div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Jeffrey R. Hart</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Chief Financial Officer</div>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic;">Signature Page &#8211; Arrangement Agreement</div>
    </div>
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      <div style="margin-top: 12pt; font-weight: bold; text-align: center;"><br>
        <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE "A</font><font style="font-family: 'Times New Roman',Times,serif;">"<br style="line-height: 1.25;">
          <br>
          PLAN OF ARRANGEMENT UNDER SECTION 193<br>
          OF THE<br>
          <font style="font-style: italic;">BUSINESS CORPORATIONS ACT</font> (ALBERTA)</font></div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
        <u>INTERPRETATION</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Whenever used in this Plan of Arrangement, unless there is something in the context or subject matter
        inconsistent therewith, the following defined words and terms have the indicated meanings and grammatical variations of such words and terms have corresponding meanings:</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">ABCA</font>" means the <font style="font-style: italic;">Business Corporations Act</font>, RSA 2000, c B-9;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable
          Canadian Securities Laws</font>" means, collectively, the securities acts or similar statutes of each of the provinces and territories of Canada and the respective rules and regulations under such laws, together with applicable published
        national, multilateral and local policy statements, instruments, notices and blanket orders of the provinces and territories of Canada and all rules, by-laws and regulations governing the TSX;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>"
        means, in any context that refers to one or more Persons or its or their respective businesses, activities, properties, assets, undertakings or securities, the Laws that apply to such Person or Persons or its or their respective businesses,
        activities, properties, assets, undertakings or securities and emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their respective businesses, activities, properties, assets, undertakings or securities
        and, for greater certainty, includes Applicable Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S.
          Securities Laws</font>" means federal and state securities legislation of the United States and all rules, regulations and orders promulgated thereunder, and all rules, by-laws and regulations governing the New York Stock Exchange;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>"
        means the arrangement, pursuant to section&#160;193 of the ABCA, on the terms set out in this Plan of Arrangement, as supplemented, modified or amended in accordance with this Plan of Arrangement or made at the direction of the Court in the Final Order;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement
          Agreement</font>" means the arrangement agreement dated October 24, 2020 between Cenovus and Husky with respect to the Arrangement, as supplemented, modified or amended;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement
          Resolution</font>" means the special resolution in respect of the Arrangement to be considered by the Husky Common Shareholders and the holders of Husky Options at the Husky Meeting, substantially in the form attached to the Arrangement Agreement
        as Schedule "B";</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Articles of
          Arrangement</font>" means the articles of arrangement in respect of the Arrangement required under section 193(10) of the ABCA to be filed with the Registrar after the Final Order has been granted and all other conditions precedent to the
        Arrangement have been satisfied or waived, to give effect to the Arrangement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>"
        means, with respect to any action to be taken, any day other than a Saturday, Sunday or a statutory holiday in the Province of Alberta;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>"
        means the <font style="font-style: italic;">Canada Business Corporations Act</font>, RSC 1985, c C-44;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus</font>"
        means Cenovus Energy Inc., a corporation existing under the CBCA;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Common
          Shareholders</font>" means the holders of Cenovus Common Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Common
          Shares</font>" means common shares in the capital of Cenovus;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Meeting</font>"
        means the special meeting of Cenovus Common Shareholders to be called to permit the Cenovus Common Shareholders to consider the Share Issuance Resolution and related matters, and any adjournment(s) or postponement(s) thereof;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
          Preferred Shares</font>" means, collectively, Cenovus Series 1 Preferred Shares, Cenovus Series 2 Preferred Shares, Cenovus Series 3 Preferred Shares, Cenovus Series 4 Preferred Shares, Cenovus Series 5 Preferred Shares, Cenovus Series 6
        Preferred Shares, Cenovus Series 7 Preferred Shares and Cenovus Series 8 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus
          Replacement Option</font>" means an option to purchase Cenovus Common Shares granted by Cenovus in consideration for the Husky Options on the basis set forth in Section 2.4(d);</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 1
          Preferred Shares</font>" means First Preferred Shares, Series 1, in the capital of Cenovus, to be issued pursuant to this Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 1 Preferred Shares outstanding
        immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 1 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 2 Preferred Shares
        instead of Husky Series 2 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 2
          Preferred Shares</font>" means First Preferred Shares, Series 2, in the capital of Cenovus, to be issued pursuant to this Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 2 Preferred Shares outstanding
        immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 2 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 1 Preferred Shares
        instead of Husky Series 1 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 3
          Preferred Shares</font>" means First Preferred Shares, Series 3, in the capital of Cenovus, to be issued pursuant to this Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 3 Preferred Shares outstanding
        immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 3 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 4 Preferred Shares
        instead of Husky Series 4 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 4
          Preferred Shares</font>" means First Preferred Shares, Series 4, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 3 Preferred Shares in accordance with their terms, such shares having substantially
        identical terms to the Husky Series 4 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 3 Preferred Shares instead of Husky Series 3 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 5
          Preferred Shares</font>" means First Preferred Shares, Series 5, in the capital of Cenovus, to be issued pursuant to this Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 5 Preferred Shares outstanding
        immediately prior to the Effective Time, such shares having substantially identical terms to the Husky Series 5 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 6 Preferred Shares
        instead of Husky Series 6 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 6
          Preferred Shares</font>" means First Preferred Shares, Series 6, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 5 Preferred Shares in accordance with their terms, such shares having substantially
        identical terms to the Husky Series 6 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 5 Preferred Shares instead of Husky Series 5 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 7
          Preferred Shares</font>" means First Preferred Shares, Series 7, in the capital of Cenovus, to be issued pursuant to this Plan of Arrangement (if the Preferred Share Condition is met) in exchange for Husky Series 7 Preferred Shares outstanding
        immediately prior to the Effective Time, such shares having substantially identical terms to the </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky Series 7 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into
        Cenovus Series 8 Preferred Shares instead of Husky Series 8 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Series 8
          Preferred Shares</font>" means First Preferred Shares, Series 8, in the capital of Cenovus, to be issued from time to time upon conversion of Cenovus Series 7 Preferred Shares in accordance with their terms, such shares having substantially
        identical terms to the Husky Series 8 Preferred Shares except that the issuer thereof shall be Cenovus and they will be convertible into Cenovus Series 7 Preferred Shares instead of Husky Series 7 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrant
          Indenture</font>" means the warrant indenture to be entered into between such warrant agent determined by Cenovus, acting reasonably, and Cenovus, dated as of the Effective Date, governing the creation and issue of Cenovus Warrants, as further
        described in the Circular;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrants</font>"
        means common share purchase warrants of Cenovus to be issued by Cenovus to Husky Common Shareholders pursuant to Section 2.4(c)(ii), with each whole common share purchase warrant entitling the holder thereof to acquire one Cenovus Common Share at
        an exercise price of $6.54 per Cenovus Common Share for a period of 60 months from the Effective Date;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Warrants
          Portion</font>" means the fraction obtained when (i) the fair market value of 0.0651 of a Cenovus Warrant, is divided by (ii) the fair market value of the Husky Common Shareholders' Consideration, in each case determined immediately prior to the
        Effective Time;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Certificate</font>"
        means the certificate or other proof of filing to be issued by the Registrar pursuant to section 193(11) or section 193(12) of the ABCA in respect of the Articles of Arrangement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Circular</font>"
        means the joint management information circular of Husky and Cenovus to be sent by Husky to the Husky Common Shareholders, the Husky Preferred Shareholders and the holders of the Husky Options (and any other Persons required by the Interim Order)
        in connection with the Husky Meeting and to be sent by Cenovus to the Cenovus Common Shareholders (and any other Persons required by the CBCA) in connection with the Cenovus Meeting, together with any amendments thereto or supplements thereof;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Court</font>"
        means the Court of Queen's Bench of Alberta;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Depositary</font>"
        means Computershare Trust Company of Canada;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Dissenting
          Shareholder</font>" means any registered Husky Common Shareholder or, if the Preferred Share Condition is satisfied prior to the Effective Time, any registered Husky Preferred Shareholder, as applicable, who has duly and validly exercised its
        Dissent Rights with respect to the Arrangement Resolution or the Preferred Shareholder Resolution, as applicable, pursuant to Article 3 and the Interim Order, and has not withdrawn or been deemed to have been withdrawn such exercise of Dissent
        Rights;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Dissent Rights</font>"
        means the rights of dissent of Dissenting Shareholders in respect of the Arrangement described in Section 3.1;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>"
        means the date the Arrangement becomes effective in accordance with the ABCA;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>"
        means the time on the Effective Date when the Arrangement becomes effective in accordance with the ABCA;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Encumbrance</font>"
        means, any mortgage, pledge, assignment, charge, lien, security interest, adverse interest in property, other third party interest or encumbrance of any kind whether contingent or absolute, and any agreement, option, right or privilege (whether by
        Law, contract or otherwise) capable of becoming any of the foregoing;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Final Order</font>"
        means the order of the Court approving the Arrangement pursuant to section 193(9)(a) of the ABCA, as such order may be affirmed, amended or modified by any court of competent jurisdiction;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental
          Authority</font>" means any: (i) domestic or foreign federal, territorial, provincial, state, regional, municipal or local governmental, regulatory or administrative authority, department, court, agency, commission, board or tribunal, arbitral
        body, bureau, ministry, agency or instrumentality or official, including any political subdivision thereof; (ii) quasi-governmental or private body exercising regulatory, expropriation or taxing authority under or for the account of any of the
        foregoing; or (iii) any stock exchange;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky</font>"
        means Husky Energy Inc., a corporation existing under the ABCA;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Common
          Shareholders</font>" means the holders of Husky Common Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Common
          Shareholders' Consideration</font>" means, per Husky Common Share outstanding immediately prior to the Effective Time: (i) 0.7845 of a Cenovus Common Share; and (ii) 0.0651 of a Cenovus Warrant;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Common
          Shares</font>" means common shares in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Meeting</font>"
        means the special meeting of Husky Common Shareholders, Husky Preferred Shareholders and holders of Husky Options to be called and held in accordance with the Arrangement Agreement and the Interim Order to permit the Husky Common Shareholders and
        the holders of Husky Options to consider the Arrangement Resolution and to permit the Husky Preferred Shareholders to consider the Preferred Shareholder Resolution, and related matters, and any adjournment(s) or postponement(s) thereof;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Option
          Plan</font>" means the incentive stock option plan of Husky providing for the grant of Husky Options to officers or employees of Husky and its subsidiaries dated effective November 16, 2018;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Options</font>"
        means the stock options of Husky granted under the Husky Option Plan and outstanding immediately prior to the Effective Time entitling the holders thereof to acquire Husky Common Shares upon payment of an exercise price or surrender the stock
        options for a cash payment in accordance with the provisions of the Husky Option Plan;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
          Shareholders</font>" means the holders of issued and outstanding Husky Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
          Shareholders' Approval</font>" has the meaning ascribed thereto in the Arrangement Agreement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Preferred
          Shares</font>" means, collectively, Husky Series 1 Preferred Shares, Husky Series 2 Preferred Shares, Husky Series 3 Preferred Shares, Husky Series 4 Preferred Shares, Husky Series 5 Preferred Shares, Husky Series 6 Preferred Shares, Husky Series
        7 Preferred Shares and Husky Series 8 Preferred Shares;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 1
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 1, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 2
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 2, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 3
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 3, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 4
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 4, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 5
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 5, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 6
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 6, in the capital of Husky;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 7
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 7, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Husky Series 8
          Preferred Shares</font>" means Cumulative Redeemable Preferred Shares, Series 8, in the capital of Husky;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Interim Order</font>"
        means the interim order of the Court concerning the Arrangement under section 193(4) of the ABCA, containing declarations and directions with respect to the Arrangement and the holding of the Husky Meeting, as such order may be affirmed, amended or
        modified by any court of competent jurisdiction;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">In the Money
          Amount</font>" has the meaning ascribed thereto in Section 2.4(d);</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Laws</font>"
        means all laws (including, for greater certainty, common law), statutes, regulations, bylaws, statutory rules, orders, ordinances, protocols, codes, guidelines, notices and directions enacted by a Governmental Authority (including all Applicable
        Canadian Securities Laws and all Applicable U.S. Securities Laws) and the terms and conditions of any grant of approval, permission, judgment, decision, ruling, award, authority or license of any Governmental Authority or self-regulatory authority;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Letter of
          Transmittal</font>" means the letter of transmittal to be sent to Husky Common Shareholders or Husky Preferred Shareholders, as applicable, for use in connection with the Arrangement, in the form accompanying the Circular;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>"
        includes any individual, firm, partnership, joint venture, venture capital fund, association, trust, trustee, executor, administrator, legal personal representative, estate group, body corporate, corporation, unincorporated association or
        organization, Governmental Authority, syndicate or other entity, whether or not having legal status;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of
          Arrangement</font>" means this plan of arrangement, as supplemented, modified or amended in accordance with the terms of the Arrangement Agreement or the terms hereof, and "hereby", "hereof", "herein", "hereunder", "herewith" and similar terms
        refer to this plan of arrangement and not to any particular provision of this plan of arrangement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Preferred Share
          Condition</font>" means: (i) the Husky Preferred Shareholders have approved the Preferred Shareholder Resolution by the Husky Preferred Shareholders' Approval at the Husky Meeting; and (ii) unless otherwise<font style="font-weight: bold;">&#160;</font>determined by Cenovus in its sole discretion, holders of not more than 10% of the Husky Preferred Shares have validly exercised, and not withdrawn, Dissent Rights;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Preferred
          Shareholder Resolution</font>" means the special resolution in respect of the Arrangement to be considered by the Husky Preferred Shareholders at the Husky Meeting, substantially in the form attached to the Arrangement Agreement as Schedule "C";</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registrar</font>"
        means the Registrar of Corporations for the Province of Alberta appointed under section 263 of the ABCA;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Share Issuance
          Resolution</font>" means the ordinary resolution to be considered by the Cenovus Common Shareholders at the Cenovus Meeting, substantially in the form attached to the Arrangement Agreement as Schedule "D";</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Tax Act</font>"
        means the <font style="font-style: italic;">Income Tax Act</font>, RSC 1985, c 1 (5th Supp); and</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">TSX</font>"
        means the Toronto Stock Exchange.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation Not Affected by Headings, etc.</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Plan of Arrangement into articles and sections is for convenience of reference only and
        shall not affect the construction or interpretation of this Plan of Arrangement. The terms "this Plan of Arrangement", "hereof", "herein", "hereto" and "hereunder" and similar expressions refer to this Plan of Arrangement and not to any particular
        article, section or other portion hereof and include any agreement or instrument supplementary or ancillary hereto.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number, etc.</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number include the plural and vice versa, and words importing the use of any gender
        include all genders. Where the word "including" or "includes" is used in this Plan of Arrangement, it means "including (or includes) without limitation".</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder is not a Business Day, such action shall be
        taken on the next succeeding day that is a Business Day.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise indicated, all sums of money referred to in this Plan of Arrangement are expressed in lawful
        money of Canada.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">References to Legislation</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">References in this Plan of Arrangement to any statute or sections thereof shall include such statute as amended
        or substituted and any regulations promulgated thereunder from time to time in effect.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
        <u>THE ARRANGEMENT</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arrangement Agreement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Plan of Arrangement is made pursuant to, is subject to the provisions of and forms part of, the Arrangement
        Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Binding Effect</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Plan of Arrangement and the Arrangement, upon the filing of the Articles of Arrangement and the issuance of
        the Certificate, shall become effective at, and be binding as and from, the Effective Time, on: (a) Husky; (b) Cenovus; (c) all holders of Husky Options; (d) all registered and beneficial holders of Husky Common Shares and, if the Preferred Share
        Condition is satisfied prior to the Effective Time, Husky Preferred Shares, including in either case Dissenting Shareholders; (e) the Depositary; and (f) all other Persons, without any further act or formality required on the part of any Person
        except as expressly provided herein.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Filing of the Articles of Arrangement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Articles of Arrangement shall be filed with the Registrar with the purpose and intent that none of the
        provisions of this Plan of Arrangement shall become effective unless all of the provisions of this Plan of Arrangement shall have become effective in the sequence provided herein. The Certificate shall be conclusive evidence that the Arrangement
        has become effective and that each of the steps, events or transactions set out in Section&#160;2.4 have become effective in the sequence and at the times set out therein. If no Certificate is required to be issued by the Registrar pursuant to
        section&#160;193(11) of the ABCA, the Arrangement shall become effective commencing at the Effective Time on the date the Articles of Arrangement are filed with the Registrar pursuant to section&#160;193(10) of the ABCA.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Arrangement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Commencing at the Effective Time, each of the steps, events or transactions set out below shall, except for
        steps, events or transactions deemed to occur concurrently with other steps, events or transactions as set out below, occur and shall be deemed to occur consecutively in two minute intervals in the following order (or in such other manner, order or
        times as the parties to the Arrangement Agreement may agree in writing) without any further act or formality, except as otherwise provided herein:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div>
        <div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Dissenting Shareholders</div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd4ec237a9774d229b22756c96d13601" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Husky Common Shares held by Dissenting Shareholders and, if the Preferred Share Condition is satisfied prior to the Effective Time, the Husky Preferred Shares
                held by Dissenting Shareholders, shall be deemed to have been transferred to, and acquired by, Cenovus (free and clear of any Encumbrances), and:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7eb9e3b963b247c2b344963cae6e58fe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Dissenting Shareholders shall cease to be the holders of the Husky Common Shares or Husky Preferred Shares, as applicable, so transferred and to have any rights
                as Husky Common Shareholders or Husky Preferred Shareholders, as applicable, other than the right to be paid fair value for such Husky Common Shares or Husky Preferred Shares, as applicable, as set out in Section 3.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43573fe04ff74a88868998137ec5309f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Dissenting Shareholders' names shall be removed from the applicable register or registers of holders of Husky Common Shares or Husky Preferred Shares, as
                applicable, maintained by or on behalf of Husky as it relates to the Husky Common Shares or the Husky Preferred Shares, as applicable, so transferred; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z224c85b7bb524e42a45ee521bd7f7dbb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall become the transferee (free and clear of all Encumbrances) of the Husky Common Shares or the Husky Preferred Shares, as applicable, so transferred and
                shall be added to the applicable register or registers of Husky Common Shares or Husky Preferred Shares, as applicable, maintained by or on behalf of Husky;</div>
            </td>
          </tr>

      </table>
      <div>
        <div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Acquisition of Husky Preferred Shares by Cenovus</div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc418bcc48884ff7a35810cbcefbb0ea" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provided that the Preferred Share Condition is satisfied prior to the Effective Time, each outstanding Husky Series 1 Preferred Share, Husky Series 2 Preferred Share,
                Husky Series 3 Preferred Share, Husky Series 5 Preferred Share and Husky Series 7 Preferred Share held by a Husky Preferred Shareholder (in each case other than those held by Dissenting Shareholders and Cenovus) shall be, and shall be
                deemed to be, simultaneously transferred to, and acquired by, Cenovus (free and clear of any Encumbrances) in sole consideration for the issuance by Cenovus to the Husky Preferred Shareholder of:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38775b3decf846178436e0b06347ccca" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">one Cenovus Series 1 Preferred Share for each one Husky Series 1 Preferred Share so transferred;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2ad4a5874ffe4d90af8a202fddbca5ec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">one Cenovus Series 2 Preferred Share for each one Husky Series 2 Preferred Share so transferred;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0e9950ba4d134ed7afdbe298940847cd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">one Cenovus Series 3 Preferred Share for each one Husky Series 3 Preferred Share so transferred;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fb3b2c1b5754a51874c4799a605ef41" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">one Cenovus Series 5 Preferred Share for each one Husky Series 5 Preferred Share so transferred; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zef1c8dc5a18d48b685209e1dc2827556" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">one Cenovus Series 7 Preferred Share for each one Husky Series 7 Preferred Share so transferred,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and all of such Cenovus Preferred Shares shall be deemed to be duly authorized, validly issued
        and fully paid and non-assessable, and an amount equal to the lesser of (i) the "paid up capital", within the meaning of the Tax Act, of the applicable series of Husky Preferred Shares so acquired pursuant to this Section 2.4(b), and (ii) the fair
        market value of the applicable series of Husky Preferred Shares so acquired pursuant to this Section 2.4(b), shall be added to the stated capital account maintained by Cenovus for each applicable series of Cenovus Preferred Shares;</div>
      <div>
        <div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; text-transform: none;">Acquisition of Husky Common Shares by Cenovus</div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ff0404ece2a4d0da9a2f83b79c039fd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">each Husky Common Shareholder (other than a Dissenting Shareholder and Cenovus) shall simultaneously transfer, and shall be deemed to have transferred, to Cenovus
                (free and clear of any Encumbrances):</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1074f47856824e808b8e6f4a536e10f0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">that number of Husky Common Shares equal to the number of Husky Common Shares held by such Husky Common Shareholder immediately prior to the Effective Time, less the
                number of Husky Common Shares transferred to Cenovus pursuant to Section 2.4(c)(ii), in sole consideration for that number of Cenovus Common Shares obtained by multiplying the number of Husky Common Shares held by such Husky Common
                Shareholder immediately prior to the Effective Time, by 0.7845, and all of such Cenovus Common Shares shall be deemed to be duly authorized, validly issued and fully paid and non-assessable, and an amount equal to the lesser of (A) the
                "paid up capital", within the meaning of the Tax Act, of the Husky Common Shares so acquired pursuant to this Section 2.4(c)(i), and (B) the fair market value of the Husky Common Shares so acquired pursuant to this Section 2.4(c)(i), shall
                be added to the stated capital account maintained by Cenovus for the Cenovus Common Shares; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z422039bd7dc64a1db6dc4b2a3ca685b6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">that number of Husky Common Shares obtained by multiplying the number of Husky Common Shares held by such Husky Common Shareholder immediately prior to the Effective
                Time, by the Cenovus Warrants Portion, in sole consideration for that number of Cenovus Warrants obtained by multiplying the number of Husky Common Shares held by such Husky Common Shareholder immediately prior to the Effective Time, by
                0.0651; and</div>
            </td>
          </tr>

      </table>
      <div>
        <div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; text-transform: none;">Exchange of Husky Options for Cenovus Replacement Options</div>
          <div style="text-align: justify; line-height: 1.25; margin-top: 2pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </div>
        </div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a89fa5eab7d400caf09c93171662878" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">each Husky Option outstanding immediately prior to the Effective Time (whether vested or unvested) shall be transferred to Cenovus and, as sole consideration
                therefor, Cenovus will grant a Cenovus Replacement Option: (A) to acquire such number of Cenovus Common Shares as is equal to that number of Husky Common Shares that were issuable upon exercise of such Husky Option immediately prior to the
                Effective Time, multiplied by 0.7845, and (B) with an exercise price per Cenovus Common Share equal to the exercise price per share of such Husky Option immediately prior to the Effective Time divided by 0.7845 and rounded up to the nearest
                whole cent (provided that, if the foregoing calculation results in a holder of Cenovus Replacement Options being entitled to acquire a fraction of a Cenovus Common Share, then the number of Cenovus Common Shares subject to such Cenovus
                Replacement Options shall be rounded down to the next lower whole number of Cenovus Common Shares), and all Husky Options shall concurrently be cancelled and terminated, and:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11e4a23905d64061b2cf45fc6e9dd5f3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for greater certainty, a holder of Husky Options will receive no consideration for the exchange of such Husky Options other than the Cenovus Replacement Options;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z73c4a8aa6f734f2891c3b346a19192e6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all other terms and conditions of a Cenovus Replacement Option, including the term to expiry, vesting conditions and conditions to exercise, shall be the same as the
                Husky Option for which it was exchanged;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z18952e64330543f5b9790ea3c13fdc38" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any document, certificate or option agreement previously evidencing one or more Husky Options shall thereafter evidence and be deemed to evidence such Cenovus
                Replacement Options and no certificate evidencing one or more Cenovus Replacement Options shall be issued;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5590e5f50a9d47568fa91ffb662c20f9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such holder of Husky Options shall cease to be a holder of the Husky Options so transferred and to have any rights as a holder of Husky Options other than the right
                to receive the number of Cenovus Replacement Options issuable to such holder on the basis set forth in this Section 2.4(d); and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5aa2c1f4853246e7812b930014e9a0c8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such holder's name shall be removed from the register or account of holders of Husky Options maintained by or on behalf of Husky as it relates to the Husky Options so
                transferred.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the foregoing, if it is determined in good faith that: (A) the excess of the
        aggregate of the fair market value of the Cenovus Common Shares subject to a Cenovus Replacement Option, determined immediately after the effective time of this Section 2.4(d), over the aggregate option exercise price for such Cenovus Common Shares
        pursuant to such Cenovus Replacement Option (such excess referred to as the "<font style="font-weight: bold;">In the Money Amount</font>" of the Cenovus Replacement Option) would
        otherwise exceed (B) the excess of the </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">aggregate fair market value of the Husky Common Shares subject to the Husky Option in exchange
        for which the Cenovus Replacement Option was granted, determined immediately prior to the effective time of this Section 2.4(d), over the aggregate option exercise price for the Husky Common Shares pursuant to such Husky Option (such excess
        referred to as the "<font style="font-weight: bold;">In the Money Amount</font>" of the Husky Option), the previous provisions shall be modified so that the In the Money Amount of the
        Cenovus Replacement Option does not exceed the In the Money Amount of the Husky Option in accordance with subsection 7(1.4) of the Tax Act, but only to the extent necessary and in a manner that does not otherwise (except to the extent necessary to
        comply with subsection 7(1.4) of the Tax Act) adversely affect the holder of the Cenovus Replacement Option.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfer of Securities</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">With respect to each Husky Common Shareholder and each Husky Preferred Shareholder, in each case other than
        Dissenting Shareholders, immediately before the Effective Time, upon the exchange of Husky Common Shares for Cenovus Common Shares and Cenovus Warrants and the exchange of Husky Preferred Shares for Cenovus Preferred Shares pursuant to Section
        2.4(c) and Section 2.4(b), respectively:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb98a4bdcc69e490db5f2f1c72d7d8087" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Husky Common Shareholder shall cease to a holder of the Husky Common Shares so transferred and to have any rights as a Husky Common Shareholder other than the
                right to receive the number of Cenovus Common Shares and Cenovus Warrants issuable to such holder on the basis set forth in Section 2.4(c);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z594ccc0a57ca438b8a4206f7fc56d33b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Husky Preferred Shareholder shall cease to be a holder of the Husky Preferred Shares so transferred and to have any rights as a Husky Preferred Shareholder other
                than the right to receive the number of Cenovus Preferred Shares issuable to such holder on the basis set forth in Section 2.4(b);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z112ddb0f9b934e5a8a83a7452dd19a4a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such holder's name shall be removed from the applicable register or registers of holders of Husky Common Shares or Husky Preferred Shares, as applicable, maintained
                by or on behalf of Husky as it relates to the Husky Common Shares or the Husky Preferred Shares, as applicable, so transferred;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5682a4977d3642abb388f039768e5d62" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall become the transferee (free and clear of all Encumbrances) of the Husky Common Shares or the Husky Preferred Shares, as applicable, so transferred and
                shall be added to the register or registers of holders of Husky Common Shares or Husky Preferred Shares, as applicable, maintained by or on behalf of Husky; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8a59ac588e0416a817197dc14125592" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall cause to be issued and delivered the consideration issuable and deliverable to such Husky Common Shareholder or Husky Preferred Shareholder, as
                applicable, and, in particular, Cenovus shall allot and issue to:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z01027b6dfcb4459c9751fb7015eefe3a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Husky Common Shareholder the number of Cenovus Common Shares and Cenovus Warrants issuable to such holder on the basis set forth in Section 2.4(c), and such
                Husky Common Shareholder's name shall be added to the applicable register or registers of holders of Cenovus Common Shares and Cenovus Warrants maintained by or on behalf of Cenovus in respect of such issued Cenovus Common Shares and
                Cenovus Warrants; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z136d5ad410404b129d38dce1dc54f955" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such Husky Preferred Shareholder the number of Cenovus Preferred Shares issuable to such holder on the basis set forth in Section 2.4(b), and such Husky Preferred
                Shareholder's name shall be added to the register or registers of holders of Cenovus Preferred Shares maintained by or on behalf of Cenovus in respect of such issued Cenovus Preferred Shares.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Fractional Securities</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No fractional Cenovus Common Shares, Cenovus Warrants or Cenovus Preferred Shares shall be issued under the
        Arrangement. In lieu of any fractional Cenovus Common Shares, Cenovus Warrants or Cenovus Preferred Shares, a Husky Common Shareholder or a Husky Preferred Shareholder, as applicable, otherwise entitled to a fractional interest in a Cenovus Common
        Share, Cenovus Warrant or Cenovus Preferred Share, as applicable, shall receive the next </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">lower whole number of Cenovus Common Shares, Cenovus Warrants or Cenovus Preferred Shares, as applicable. In
        calculating fractional interests, all Husky Common Shares or Husky Preferred Shares, as applicable, registered in the name of or beneficially held by such Husky Common Shareholder or Husky Preferred Shareholder, as applicable, or its nominee(s),
        shall be aggregated.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjustment to Consideration</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Husky Common Shareholders' Consideration<font style="font-weight: bold;">&#160;</font>shall be adjusted to reflect fully the effect of any stock split, reverse split, stock dividend (including any dividend or distribution of securities convertible into Cenovus Common Shares or Husky Common
        Shares, other than stock dividends paid in lieu of ordinary course dividends), consolidation, reclassification, reorganization, recapitalization or other like change with respect to Cenovus Common Shares or Husky Common Shares occurring after the
        date of the Arrangement Agreement and prior to the Effective Time.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. Securities Act Exemption</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any provision herein to the contrary, Husky and Cenovus agree that this Plan of Arrangement will
        be carried out with the intention that all the Persons to whom the Cenovus Common Shares, Cenovus Warrants, Cenovus Replacement Options and Cenovus Preferred Shares are issued on completion of this Plan of Arrangement will be issued by Cenovus in
        reliance on the exemption from the registration requirements of the United States <font style="font-style: italic;">Securities Act of 1933</font>, as amended, as provided by section
        3(a)(10) thereof and pursuant to exemptions from registration under any applicable state securities laws.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
        <u>RIGHTS OF DISSENT</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Rights of Dissent</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Registered Husky Common Shareholders and registered Husky Preferred Shareholders, respectively, may exercise
        Dissent Rights with respect to the Husky Common Shares or the Husky Preferred Shares, as applicable, held by such holders in connection with the Arrangement pursuant to and in the manner set forth in section 191 of the ABCA, as modified by the
        Interim Order and this Section 3.1; provided that, notwithstanding section 191(5) of the ABCA, the written objection to the Arrangement Resolution or the Preferred Shareholder Resolution, as applicable, referred to in section 191(5) of the ABCA
        must be received by Husky not later than 5:00 p.m. (Calgary time) five Business Days immediately preceding the date of the Husky Meeting. Dissenting Shareholders who duly exercise their Dissent Rights shall be deemed to have transferred the Husky
        Common Shares and the Husky Preferred Shares, as applicable, held by them and in respect of which Dissent Rights have been validly exercised to Cenovus (free and clear of all Encumbrances) for cancellation without any further act or formality at
        the effective time of Section 2.4(a) notwithstanding the provisions of section 191 of the ABCA, and if they:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z69cf0c84c3ee4cc09978cdfbfea2210b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">ultimately are entitled to be paid fair value for such Husky Common Shares or Husky Preferred Shares, as applicable, they: (i) shall be deemed not to have
                participated in the transactions in Article 2 (other than Section 2.4(a)); (ii) shall be paid by Cenovus the fair value of such Husky Common Shares or Husky Preferred Shares, as applicable, which fair value shall be determined as of the
                close of business, in respect of the Husky Common Shares, on the last Business Day before the Arrangement Resolution was adopted and, in respect of the Husky Preferred Shares, on the last Business Day before the Preferred Shareholder
                Resolution was adopted; and (iii) will not be entitled to any other payment or consideration, including any payment that would be payable under the Arrangement had such holders not exercised their Dissent Rights in respect of such Husky
                Common Shares or Husky Preferred Shares, as applicable; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0cf76b5a8356439f92c7aa480e9c4b91" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">ultimately are not entitled, for any reason, to be paid fair value for such Husky Common Shares or Husky Preferred Shares, as applicable, they shall be deemed to have
                participated in the Arrangement, commencing at the Effective Time, on the same basis as a non-dissenting holder of Husky Common Shares or Husky Preferred Shares, as applicable, notwithstanding the provisions of section 191 of the ABCA, and
                such holder shall receive Cenovus Common Shares and Cenovus Warrants for such holder's Husky Common Shares or <br>
              </div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="margin-left: 36pt;"> Cenovus Preferred Shares for such holder's Husky Preferred Shares, as applicable, on the basis set forth in Section 2.4(c) or Section 2.4(b), as applicable.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recognition of Dissenting Shareholders</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ad97415937e4560b274834e03edfbf7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In no circumstances shall Husky, Cenovus or any other Person be required to recognize a Person exercising Dissent Rights unless such Person is the registered holder
                of those Husky Common Shares or Husky Preferred Shares, as applicable, in respect of which such rights are sought to be exercised.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f8c6807d32349e68a551f65c5b005cd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">For greater certainty, in no case shall Husky, Cenovus or any other Person be required to recognize Dissenting Shareholders as holders of Husky Common Shares or Husky
                Preferred Shares, as applicable, in respect of which Dissent Rights have been validly exercised after the effective time of Section 2.4(a). In addition to any other restrictions in section 191 of the ABCA, none of the following shall be
                entitled to exercise Dissent Rights: (i) holders of Husky Options; (ii) Husky Common Shareholders who have voted in favour of the Arrangement Resolution; or (iii) Husky Preferred Shareholders who have voted in favour of the Preferred
                Shareholder Resolution. A Person may only exercise Dissent Rights in respect of all, and not less than all, of such Person's Husky Common Shares or Husky Preferred Shares, respectively.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43fc57819aec4c3abd632560cca48dc1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary in this Plan of Arrangement, if the Preferred Share Condition is not satisfied prior to the Effective Time, the right to
                dissent provided for in this Article 3 shall cease to apply to Husky Preferred Shareholders and any written objection to the Preferred Shareholder Resolution sent by a Husky Preferred Shareholder shall be null and void.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
        <u>CERTIFICATES AND DELIVERY OF CONSIDERATION</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery of Consideration</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za38f6482b8684ffcb7e06a1073f7b66d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus shall, on the Effective Date, prior to the sending of the Articles of Arrangement to the Registrar, deposit, or cause to be deposited, in escrow with the
                Depositary:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd651d7057b954cdeba373875b5453348" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for the benefit of and to be held on behalf of the Husky Common Shareholders entitled to receive Cenovus Common Shares and Cenovus Warrants pursuant to Section
                2.4(c), certificates representing, or other evidence regarding the issuance of, the Cenovus Common Shares and the Cenovus Warrants that such Husky Common Shareholders are entitled to receive under the Arrangement (calculated without
                reference to whether any Husky Common Shareholder has exercised Dissent Rights); and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55c970ea6e024f8faac30728494c2157" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if the Preferred Share Condition is satisfied prior to the Effective Time, for the benefit of and to be held on behalf of the Husky Preferred Shareholders entitled to
                receive Cenovus Preferred Shares pursuant to Section 2.4(b), certificates representing, or other evidence regarding the issuance of, the Cenovus Preferred Shares that such Husky Preferred Shareholders are entitled to receive under the
                Arrangement (calculated without reference to whether any Husky Preferred Shareholder has exercised Dissent Rights),</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">in each case, which certificates, or other evidence, shall be held by the Depositary as agent
        and nominee for the Husky Common Shareholders and the Husky Preferred Shareholders, as applicable, in accordance with the provisions of this Article 4.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z47ffeef8919f4dcb95f1773b20e27f6e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Forthwith following the Effective Time, subject to Section 4.1(c), Cenovus shall: (i) cause to be issued to each Husky Common Shareholder the number of Cenovus Common
                Shares and Cenovus Warrants issuable in respect of the Husky Common Shares required by Section 2.4(c), as adjusted, if applicable, pursuant to Section 2.7; and (ii) if the Preferred Share Condition is satisfied prior to the Effective Time,
                cause to be issued to each Husky Preferred Shareholder the number of Cenovus Preferred Shares issuable in respect of the Husky Preferred Shares required by Section 2.4(b).</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze5d74bac85c744109a0c2f0b896067db" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Depositary shall deliver the consideration in respect of those Husky Common Shares and, if the Preferred Share Condition is satisfied prior to the Effective Time,
                Husky Preferred Shares that were transferred or deemed to be transferred pursuant to Section 2.4(c) and Section 2.4(b), respectively, which are held on a book-entry basis, less any amounts withheld pursuant to Section 4.4, in accordance
                with normal industry practice for payments relating to securities held on a book-entry only basis. With respect to those Husky Common Shares and Husky Preferred Shares not held on a book-entry basis, upon surrender to the Depositary for
                cancellation of a certificate or certificates (as applicable) which, immediately prior to the Effective Time, represented outstanding Husky Common Shares or, if the Preferred Share Condition is satisfied prior to the Effective Time, Husky
                Preferred Shares that were transferred or deemed to be transferred pursuant to Section 2.4(c) or Section 2.4(b), as applicable, together with a duly completed and executed Letter of Transmittal and such additional documents and instruments
                as the Depositary may reasonably require, each Husky Common Shareholder or Husky Preferred Shareholder, as applicable, represented by such surrendered certificate(s) shall be entitled to receive in exchange therefor, and the Depositary
                shall deliver to such holder as directed in the Letter of Transmittal, the consideration which such holder has the right to receive under this Plan of Arrangement for such Husky Common Shares or Husky Preferred Shares, as applicable, less
                any amounts withheld pursuant to Section 4.4, and any certificate(s) so surrendered shall forthwith be cancelled.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6133450d9649441c8bbd3f68217999e6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Until surrendered as contemplated by Section&#160;4.1(c), each certificate that immediately prior to the Effective Time represented Husky Common Shares or, if the
                Preferred Share Condition is satisfied prior to the Effective Time, Husky Preferred Shares shall be deemed after the Effective Time to represent only the right to receive upon such surrender the consideration to which holders of such Husky
                Common Shares or Husky Preferred Shares, as applicable, are entitled under the Arrangement, less any amounts withheld pursuant to Section 4.4, or as to those held by Dissenting Shareholders, other than those Dissenting Shareholders deemed
                to have participated in the Arrangement pursuant to Section 3.1, to receive the fair value of the Husky Common Shares or the Husky Preferred Shares, as applicable, represented by such certificate.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5500f2443866456d92ad02ca2e6cea98" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to any Applicable Laws relating to unclaimed personal property, any certificate formerly representing Husky Common Shares or, if the Preferred Share Condition
                is satisfied prior to the Effective Time, Husky Preferred Shares, as applicable, that is not deposited, together with all other documents required hereunder, on or before the last Business Day before the third anniversary of the Effective
                Date, and any right or claim by or interest of any kind or nature, including the right of a former Husky Common Shareholder or, if the Preferred Share Condition is satisfied prior to the Effective Time, former Husky Preferred Shareholder to
                receive certificates representing Cenovus Common Shares and Cenovus Warrants (in the case of former Husky Common Shareholders) or Cenovus Preferred Shares (in the case of former Husky Preferred Shareholders) to which such holder is entitled
                pursuant to the Arrangement, shall terminate and be deemed to be surrendered and forfeited to Cenovus for no consideration, together with all entitlements to dividends, distributions and interest thereon. In such case, such Cenovus Common
                Shares, Cenovus Warrants and Cenovus Preferred Shares shall be returned to Cenovus for cancellation.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56668eda232d48c6b818f58d958e906e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">No holder of Husky Options, Husky Common Shareholder or, if the Preferred Share Condition is satisfied prior to the Effective Time, Husky Preferred Shareholder shall
                be entitled to receive any consideration with respect to the Husky Options, Husky Common Shares or Husky Preferred Shares, as applicable, other than the consideration to which the holder is entitled to receive under the Arrangement and, for
                greater certainty, no such holder will be entitled to receive any interest, dividend, premium or other payment in connection therewith.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lost Certificates</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any certificate which immediately prior to the Effective Time represented an interest in one or more
        outstanding Husky Common Shares or Husky Preferred Shares that were transferred pursuant to Section&#160;2.4 has been lost, stolen or destroyed, upon satisfying such reasonable requirements as may be imposed by Cenovus and the Depositary in relation to
        the issuance of replacement share certificates, the Depositary will issue and deliver in exchange for such lost, stolen or destroyed certificate the consideration to which the holder is entitled pursuant to the Arrangement (and any dividends or
        distributions with respect thereto) as determined in accordance with the Arrangement, deliverable in accordance with such holder's Letter of Transmittal. The Person who is entitled to receive such consideration shall, as a condition precedent to
        the receipt thereof, give a bond satisfactory to each of Cenovus, Husky and their respective transfer agents in such form as is satisfactory to Cenovus, Husky and their respective </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">transfer agents, or shall otherwise indemnify Cenovus, Husky and their respective transfer agents, to the
        reasonable satisfaction of such parties, against any claim that may be made against any of them with respect to the certificate alleged to have been lost, stolen or destroyed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions with Respect to Unsurrendered Certificates</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No dividend or other distribution declared or made after the Effective Time with respect to Cenovus Common Shares
        or Cenovus Preferred Shares, as applicable, with a record date after the Effective Time shall be delivered to the holder of any unsurrendered certificate which, immediately prior to the Effective Time, represented outstanding Husky Common Shares or
        Husky Preferred Shares, as applicable, unless and until the holder of such certificate shall have complied with the provisions of Section 4.1 or Section 4.2. Subject to Applicable Law and to Section 4.4, at the time of such compliance, a Husky
        Common Shareholder or Husky Preferred Shareholder, as applicable, entitled to receive Cenovus Common Shares or Cenovus Preferred Shares, as applicable, shall receive, in addition to the delivery of a certificate representing the Cenovus Common
        Shares or Cenovus Preferred Shares, as applicable, a cheque for the amount of the dividend or other distribution with a record date after the Effective Time, without interest, theretofore paid with respect to such Cenovus Common Shares or Cenovus
        Preferred Shares, as applicable.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Withholdings</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Husky, Cenovus and the Depositary shall be entitled to deduct or withhold from any amounts payable to any Husky
        Common Shareholder, any Husky Preferred Shareholder, any holder of Husky Options or any other Person, pursuant to the Arrangement, such amounts (whether in cash, Cenovus Common Shares, Cenovus Warrants or Cenovus Preferred Shares) as Husky, Cenovus
        or the Depositary reasonably determines it is required to deduct or withhold with respect to such payment under the Tax Act or any provision of federal, provincial, territorial, state, local or foreign tax law. To the extent that amounts are so
        deducted or withheld, such deducted or withheld amounts shall be treated, for all purposes hereof, as having been paid or delivered to the holders of Husky Common Shares, Husky Preferred Shares or Husky Options in respect of whom such deduction or
        withholding was made, provided that such deducted or withheld amounts are timely remitted to the appropriate Governmental Authority. Any of Husky, Cenovus or the Depositary is hereby authorized to sell or otherwise dispose of any share
        consideration as is necessary to provide sufficient funds to Husky, Cenovus or the Depositary, as the case may be, to enable it to comply with all deduction or withholding requirements applicable to it, and none of Husky, Cenovus or the Depositary
        shall be liable to any Person for any deficiency in respect of any proceeds received, and Husky, Cenovus or the Depositary, as applicable, shall notify the holder thereof and remit to the holder thereof any unapplied balance of the net proceeds of
        such sale.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Encumbrances</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any exchange or transfer of securities pursuant to this Plan of Arrangement shall be free and clear of any
        Encumbrances or other claims of third parties of any kind.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Paramountcy</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">From and after the Effective Time:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z82bdb8bcc6cc4919bb2c29d89dee28d8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">this Plan of Arrangement shall take precedence and priority over any and all rights related to Husky Options, Husky Common Shares and, if the Preferred Share
                Condition is satisfied prior to the Effective Time, Husky Preferred Shares issued or outstanding prior to the Effective Time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e638651d38947f392ba66cb28c8d365" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the rights and obligations of Husky, Cenovus, the Depositary, the holders of Husky Options, the Husky Common Shareholders and, if the Preferred Share Condition is
                satisfied prior to the Effective Time, the Husky Preferred Shareholders, and any trustee, transfer agent or other depositary therefor, shall be solely as provided for in this Plan of Arrangement; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z299c8bfbad8a4ca58045a527d0426d0e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all actions, causes of action, claims or proceedings (actual or contingent, and whether or not previously asserted) based on or in any way relating to any Husky
                Options, Husky Common Shares and, if the Preferred <br>
              </div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%14%A-%%-->
      <div style="margin-left: 36pt;"> Share Condition is satisfied prior to the Effective Time, Husky Preferred Shares shall be deemed to have been settled, compromised, released and determined without liability except as set forth in this Plan of
        Arrangement.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Illegality of Delivery of Cenovus Common Shares and Cenovus Preferred Shares</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the foregoing, if it appears to Cenovus that it would be contrary to Applicable Law to issue
        Cenovus Common Shares or, if the Preferred Share Condition is satisfied prior to the Effective Time, Cenovus Preferred Shares pursuant to the Arrangement to a Husky Common Shareholder or Husky Preferred Shareholder, as applicable, that is not a
        resident of Canada or the U.S., the Cenovus Common Shares or the Cenovus Preferred Shares that otherwise would be issued to that Person will be issued to the Depositary for sale by the Depositary or a nominee of the Depositary acceptable to Husky
        and Cenovus, each acting reasonably, on behalf of that Person. The Cenovus Common Shares or Cenovus Preferred Shares so issued to the Depositary will be pooled and sold as soon as practicable after the Effective Date, on such dates and at such
        prices as the Depositary determines in its sole discretion. The Depositary or its nominee shall not be obligated to seek or obtain a minimum price for any of the Cenovus Common Shares or the Cenovus Preferred Shares sold by it. Each such Person
        will receive a pro rata share of the cash proceeds from the sale of the Cenovus Common Shares or the Cenovus Preferred Shares, as applicable, sold by the Depositary (less commissions, other reasonable expenses incurred in connection with the sale
        of the Cenovus Common Shares or the Cenovus Preferred Shares and any amount withheld in respect of taxes) in lieu of the Cenovus Common Shares or the Cenovus Preferred Shares themselves. None of Husky, Cenovus or the Depositary will be liable for
        any loss arising out of any such sales.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
        <u>AMENDMENTS</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment of this Plan of Arrangement</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6d3aeda09d64cc584557a8f9aa35f0d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Husky and Cenovus may amend, modify or supplement this Plan of Arrangement at any time and from time to time prior to the Effective Time, provided that each such
                amendment, modification or supplement must be: (i) set out in writing; (ii)&#160;approved by both Husky and Cenovus, each acting reasonably; (iii)&#160;filed with the Court and, if made following the Husky Meeting, approved by the Court; and
                (iv)&#160;communicated to the Husky Common Shareholders, the Husky Preferred Shareholders or both, if and as required by the Court.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e7576f4255146cda59dc3e31e8c26c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Any amendment, modification or supplement to this Plan of Arrangement may be proposed by Husky or Cenovus at any time prior to or at the Husky Meeting (provided that
                Husky or Cenovus, as applicable, shall have consented thereto in writing, acting reasonably) with or without any other prior notice or communication and, if so proposed and accepted by the Persons voting at the Husky Meeting (other than as
                may be required by the Interim Order), shall become part of this Plan of Arrangement for all purposes.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6573eb517b694ecb882d0e5e04350403" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Any amendment, modification or supplement to this Plan of Arrangement that is approved or directed by the Court following the Husky Meeting shall be effective only:
                (i)&#160;if it is consented to in writing by each of Husky and Cenovus (in each case, acting reasonably); and (ii)&#160;if required by the Court, it is consented to by some or all of the Husky Common Shareholders and the Husky Preferred Shareholders
                voting in the manner directed by the Court.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75fe903d980e4554899fcc6135f9ce6a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">This Plan of Arrangement may be amended, modified or supplemented following the Effective Time unilaterally by Cenovus, provided that it concerns a matter which, in
                the reasonable opinion of Cenovus, is of an administrative nature required to better give effect to the implementation of this Plan of Arrangement and is not adverse to the economic interest of any former holder of Husky Options, Husky
                Common Shares or, if the Preferred Share Condition is satisfied prior to the Effective Time, Husky Preferred Shares.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 6<br>
        <u>FURTHER ASSURANCES</u></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurances</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding that the steps, events and transactions set out in this Plan of Arrangement shall occur and shall
        be deemed to occur in the order set out in this Plan of Arrangement without any further act or formality, each of Cenovus and Husky shall make, do and execute, or cause to be made, done and executed, all such further acts, deeds, agreements,
        transfers, assurances, instruments or documents as may reasonably be required by either of them in order to further document or evidence any of the steps, events and transactions set out in this Plan of Arrangement.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <br>
      <br>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%B-%%-->
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "B"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF ARRANGEMENT RESOLUTION</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b356176d834476dabf6f7613c3a32cf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The arrangement (the "<font style="font-weight: bold;">Arrangement</font>") under section 193 of the <font style="font-style: italic;">Business Corporations Act</font>, RSA 2000, c B-9 (the "<font style="font-weight: bold;">ABCA</font>") involving Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>"), as more particularly described and set forth in the joint management
              information circular of Husky and Cenovus Energy Inc. ("<font style="font-weight: bold;">Cenovus</font>") accompanying the notice of this meeting, as the Arrangement may be
              modified or amended in accordance with its terms, is hereby authorized, approved and adopted.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0fe8b18ac06f48228d2693e713e5aeca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The plan of arrangement (the "<font style="font-weight: bold;">Plan of Arrangement</font>") involving
              Husky, the full text of which is set out as Schedule "A" to the Arrangement Agreement dated October 24, 2020 between Cenovus and Husky (the "<font style="font-weight: bold;">Arrangement
                Agreement</font>"), as the Plan of Arrangement may be modified or amended in accordance with its terms, is hereby authorized, approved and adopted.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf5de4b9b9d24344b029ca9b73ca32c5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Arrangement Agreement, the actions of the directors of Husky in approving the Arrangement Agreement and the actions of the directors and officers of Husky in
              executing and delivering the Arrangement Agreement and any amendments thereto in accordance with its terms are hereby ratified and approved.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdfe72530b99a48a19bb409e73b1806ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding that this resolution has been passed (and the Plan of Arrangement adopted) by the holders of common shares in the capital of Husky and the holders of
              options to acquire common shares in the capital of Husky (collectively, the "<font style="font-weight: bold;">Husky Securityholders</font>") or that the Arrangement has been
              approved by the Court of Queen's Bench of Alberta, the directors of Husky are hereby authorized and empowered, without further notice to or approval of the Husky Securityholders: (a) to amend the Arrangement Agreement or the Plan of
              Arrangement, to the extent permitted by the Arrangement Agreement and the Plan of Arrangement, as applicable; and (b) subject to the terms of the Arrangement Agreement, to disregard the Husky Securityholders' approval and not proceed with the
              Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze51146cac77147d096a870a96e5d07c7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Any one director or officer of Husky is hereby authorized and directed, for and on behalf of Husky, to execute, under the corporate seal of Husky or otherwise, and to
              deliver to the Registrar under the ABCA for filing articles of arrangement and such other documents as are necessary or desirable to give effect to the Arrangement and the Plan of Arrangement in accordance with the Arrangement Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde58750ebf6945398b4a241f6f373ef3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Any one director or officer of Husky is hereby authorized and directed, for and on behalf of Husky, to execute or cause to be executed, under the corporate seal of
              Husky or otherwise, and to deliver or cause to be delivered, all such other documents and instruments and to perform or cause to be performed all such other acts and things as in such director's or officer's opinion may be necessary or
              desirable to give full effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such
              act or thing.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%C-%%-->
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "C"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF PREFERRED SHAREHOLDER RESOLUTION</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28d8520666df4bf09d035a2c701dbc39" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The arrangement (the "<font style="font-weight: bold;">Arrangement</font>") under section 193 of the <font style="font-style: italic;">Business Corporations Act</font>, RSA 2000, c B-9 (the "<font style="font-weight: bold;">ABCA</font>") involving Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>"), as more particularly described and set forth in the joint management
              information circular of Husky and Cenovus Energy Inc. ("<font style="font-weight: bold;">Cenovus</font>") accompanying the notice of this meeting, as the Arrangement may be
              modified or amended in accordance with its terms, is hereby authorized, approved and adopted.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z74d0bbe2d0c54568aec98639b8e48650" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The plan of arrangement (the "<font style="font-weight: bold;">Plan of Arrangement</font>") involving
              Husky, the full text of which is set out as Schedule "A" to the Arrangement Agreement dated October 24, 2020 between Cenovus and Husky (the "<font style="font-weight: bold;">Arrangement
                Agreement</font>"), as the Plan of Arrangement may be modified or amended in accordance with its terms, is hereby authorized, approved and adopted.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc99bc913dec842e182d320583b88d4b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Arrangement Agreement, the actions of the directors of Husky in approving the Arrangement Agreement and the actions of the directors and officers of Husky in
              executing and delivering the Arrangement Agreement and any amendments thereto in accordance with its terms are hereby ratified and approved.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3598ae3036b04192b36faab2375e3645" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding that this resolution has been passed (and the Plan of Arrangement adopted) by the holders of preferred shares in the capital of Husky (the "<font style="font-weight: bold;">Husky Preferred Shareholders</font>") or that the Arrangement has been approved by the Court of Queen's Bench of Alberta, the directors of Husky are
              hereby authorized and empowered, without further notice to or approval of the Husky Preferred Shareholders: (a) to amend the Arrangement Agreement or the Plan of Arrangement, to the extent permitted by the Arrangement Agreement and the Plan
              of Arrangement, as applicable; and (b) subject to the terms of the Arrangement Agreement, to disregard the Husky Preferred Shareholders' approval and not proceed with the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5149c71c5ef9474099d3fc7cdcad464f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Any one director or officer of Husky is hereby authorized and directed, for and on behalf of Husky, to execute, under the corporate seal of Husky or otherwise, and to
              deliver to the Registrar under the ABCA for filing articles of arrangement and such other documents as are necessary or desirable to give effect to the Arrangement and the Plan of Arrangement in accordance with the Arrangement Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbe34f848a56e42e88000c03f0676eeb6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Any one director or officer of Husky is hereby authorized and directed, for and on behalf of Husky, to execute or cause to be executed, under the corporate seal of
              Husky or otherwise, and to deliver or cause to be delivered, all such other documents and instruments and to perform or cause to be performed all such other acts and things as in such director's or officer's opinion may be necessary or
              desirable to give full effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such
              act or thing.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%D-%%-->
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "D"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF SHARE ISSUANCE RESOLUTION</div>
    <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BE IT RESOLVED AS AN ORDINARY RESOLUTION THAT:</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z864fbcb2a68a4fde8897fc8242b00a73" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The issuance of up to [&#9679;]<font style="font-weight: bold;">&#160;</font>common shares ("<font style="font-weight: bold;">Cenovus Common Shares</font>") in the capital of Cenovus Energy Inc. ("<font style="font-weight: bold;">Cenovus</font>")
              and up to [&#9679;] common share purchase warrants of Cenovus ("<font style="font-weight: bold;">Cenovus Warrants</font>") pursuant to an arrangement (the "<font style="font-weight: bold;">Arrangement</font>") under section 193 of the <font style="font-style: italic;">Business Corporations Act</font>,
              RSA 2000, c B-9 involving Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>"), the full text of which is set out as Schedule "A" to the Arrangement Agreement dated
              October 24, 2020 between Cenovus and Husky, as more particularly described and set forth in the joint management information circular of Cenovus and Husky accompanying the notice of this meeting (the "<font style="font-weight: bold;">Circular</font>"), is hereby authorized and approved (such number of Cenovus Common Shares consisting of (i) up to [&#9679;] Cenovus Common Shares issuable pursuant to the
              Arrangement, (ii) up to [&#9679;] Cenovus Common Shares issuable upon exercise, from time to time, of up to [&#9679;] Cenovus Warrants, and (iii) up to [&#9679;] Cenovus Common Shares issuable upon exercise, from time to time, of up to [&#9679;] replacement options
              to purchase Cenovus Common Shares granted by Cenovus in consideration for the outstanding options to purchase common shares in the capital of Husky pursuant to the Arrangement).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc92ee8f75e7848ef8596ead4269cb0a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Arrangement Agreement, the actions of the directors of Cenovus in approving the Arrangement Agreement and the actions of the directors and officers of Cenovus in
              executing and delivering the Arrangement Agreement and any amendments thereto in accordance with its terms are hereby ratified and approved.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec5c38360b06463794fd63c6f593f567" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The amendments to the Amended and Restated Shareholder Rights Plan Agreement dated as of April 25, 2018 between Cenovus and Computershare Investor Services, Inc. (the "<font style="font-weight: bold;">SRP Agreement</font>") described and set forth in the Circular, and such further amendments as the Cenovus directors may determine to be reasonably
              necessary to ensure that an acquisition by any person of Cenovus Common Shares or of rights to acquire Cenovus Common Shares pursuant to (i) the Arrangement, (ii) the Cenovus Warrants, including the exercise thereof, or (iii) any exercise of
              pre-emptive rights, including pursuant to any follow-on offering, under any Pre-Emptive Rights Agreement (as defined in the Arrangement Agreement) does not and will not result in the occurrence of a "Flip-In Event" or the "Separation Time"
              (as those terms are defined in the SRP Agreement), are hereby consented to and approved.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd6a4f38193b48e2a38d28647a867c0b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding that this resolution has been passed by the Cenovus Common Shareholders (as defined in the Arrangement Agreement) or that the Arrangement (as defined in
              the Arrangement Agreement) has been approved by the Court of Queen's Bench of Alberta, the directors of Cenovus are hereby authorized and empowered, without further notice to or approval of the Cenovus Common Shareholders: (a) to amend the
              Arrangement Agreement, to the extent permitted by the Arrangement Agreement; and (b) subject to the terms of the Arrangement Agreement, to disregard the Cenovus Common Shareholders' approval and not proceed with the Arrangement or any related
              amendments to the SRP Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze27bbd508fe24c45ad00167cfb8d79b1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Any one director or officer of Cenovus is hereby authorized and directed, for and on behalf of Cenovus, to execute or cause to be executed, under the corporate seal of
              Cenovus or otherwise, and to deliver or cause to be delivered, all such other documents and instruments and to perform or cause to be performed all such other acts and things as in such director's or officer's opinion may be necessary or
              desirable to give full effect to the foregoing resolutions and the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such
              act or thing.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">D-1</font></div>
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "E"<br>
      <br style="line-height: 1.25;">
      <br>
      REPRESENTATIONS AND WARRANTIES OF CENOVUS</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ad0062c3f80415c949f07f462189e17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Organization and Qualification</u>. Each<font style="font-weight: bold;">&#160;</font>of Cenovus and its Material Subsidiaries is a corporation or partnership, as applicable, duly incorporated or formed, validly existing and in good standing under the
              Applicable<font style="font-weight: bold;">&#160;</font>Laws of its jurisdiction of incorporation, formation or continuance and has the requisite corporate or partnership power and
              authority to own its properties as now owned and to carry on its business as it is now being conducted. Cenovus is, and its Material Subsidiaries are, duly registered to do business and each is in good standing in each jurisdiction in which
              the character of its properties, owned or leased, or the nature of its activities makes such registration necessary, except where the failure to be so registered or in good standing would not have a Material Adverse Effect on Cenovus and its
              Material Subsidiaries taken as a whole.</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a766e396b12492f955e471fb61a0c72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Authority Relative to this Agreement</u>. Cenovus has the requisite corporate
              authority to enter into this Agreement, the Support Agreements, the Standstill Agreements, the Pre-Emptive Rights Agreements, the Registration Rights Agreements and the Cenovus Warrant Indenture and to carry out its obligations hereunder and
              thereunder. The execution and delivery of this Agreement, the Support Agreements, the Standstill Agreements, the Pre-Emptive Rights Agreements, the Registration Rights Agreements and the Cenovus Warrant Indenture, and the consummation by
              Cenovus of the transactions contemplated hereunder and thereunder, have been duly authorized by the Cenovus Board and, subject to the approval of the Share Issuance Resolution by Cenovus Common Shareholders and the approval of the Circular
              and matters relating to the Cenovus Meeting by the Cenovus Board, no other corporate proceedings on the part of Cenovus are necessary to authorize this Agreement or the Arrangement. This Agreement, the Support Agreements and the Standstill
              Agreements have been duly executed and delivered by Cenovus and constitute legal, valid and binding obligations of Cenovus enforceable against it in accordance with the terms thereof, subject to the qualification that such enforceability may
              be limited by bankruptcy, insolvency, reorganization or other Applicable Laws of general application relating to or affecting rights of creditors and that equitable remedies, including specific performance, are discretionary and may not be
              ordered.</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z051a1b6ca57145629764e7995f3b801a" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Material Subsidiaries</u>. Cenovus has no Material Subsidiaries other than
              Cenovus Energy Marketing Services Ltd., FCCL Partnership and WRB Refining LP. None of Cenovus's Material Subsidiaries are currently prohibited, directly or indirectly, from paying any dividends to Cenovus, from making any other distribution
              on such Material Subsidiary's capital stock, from repaying to Cenovus any loans or advances to such Material Subsidiary from Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc535e0b7574b48deaa9a3ca750b8c220" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Ownership of Subsidiaries</u>. Cenovus is, except as pursuant to restrictions on
              transfer contained in constating documents, rights of first refusal and similar rights restricting transfer contained in shareholders, partnership or joint venture agreements for or pursuant to existing financing arrangements involving
              subsidiaries which are not wholly owned, the beneficial direct or indirect owner of all of the outstanding shares and other ownership interests of the subsidiaries of Cenovus with good title thereto free and clear of any and all Encumbrances.
              There are no outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise) regarding the right to acquire any such shares of capital stock or other ownership interests in any of the subsidiaries of
              Cenovus. Except as disclosed in writing by Cenovus to Husky, all of the outstanding shares of capital stock and other ownership interests in the subsidiaries of Cenovus are validly issued, fully paid and non-assessable and are not subject to,
              nor were they issued in violation of, any pre-emptive rights.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04f3defc34a2483ab518c35468617b51" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Violation; Absence of Defaults and Conflicts</u>.</div>
          </td>
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    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15db6bd076fd47e7abf11b051521f7c3" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Cenovus Group is in violation of its constating documents or by-laws or in default in the performance or observance of any obligation, agreement,
              covenant or condition contained in any note, bond, mortgage, indenture, loan agreement, deed of trust, agreement, lien, Contract or other instrument or obligation to which any member of the Cenovus Group is a party or to which any of them, or
              any of their respective properties or assets, may be subject or by which any member of the Cenovus Group is bound, except for such defaults which would not result in a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-1</font></div>
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    <div>
      <table class="DSPFListTable" id="zf0c2412307a244f0a74f006b91ef1aa8" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Neither the execution and delivery of this Agreement by Cenovus nor the consummation of the Arrangement
                  contemplated by this Agreement nor compliance by Cenovus with any of the provisions hereof will: (A) except as disclosed in writing by Cenovus to Husky, violate, conflict with, or result in a breach of any provision of, require any
                  consent, approval or notice under, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) or result in a right of termination or acceleration under, or result in the creation of any
                  Encumbrance upon any of the properties or assets of Cenovus or any of its subsidiaries or cause any indebtedness to come due before its stated maturity or cause any credit to cease to be available, under any of the terms, conditions or
                  provisions of: (1) their respective charter or by-laws; or (2) any note, bond, mortgage, indenture, loan agreement, deed of trust, agreement, lien, Contract or other instrument or obligation to which any member of the Cenovus Group is a
                  party or to which any of them, or any of their respective properties or assets, may be subject or by which any member of the Cenovus Group is bound; or (B) subject to obtaining the Key Regulatory Approvals and the requisite approvals of
                  the Cenovus Common Shareholders, the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options, the Court, the TSX and the NYSE and compliance with Applicable Canadian Securities Laws, violate any Laws
                  applicable to any member of the Cenovus Group or any of their respective properties or assets; or (C) cause the suspension or revocation of any authorization, consent, approval or license currently in effect (except, in the case of each
                  of clauses (A), (B) and (C) above, for such violations, conflicts, breaches, defaults, terminations, accelerations, creations of Encumbrances, suspensions or revocations which, or any consents, approvals or notices which if not given or
                  received, would not, individually or in the aggregate, have any Material Adverse Effect on Cenovus).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0ae7ed96d7524f44ad3e225d97ccb831" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Other than in connection with or in compliance with the provisions of Applicable Laws in relation to the completion of the Arrangement or which are required to be
              fulfilled post Arrangement, and except for the Key Regulatory Approvals and the requisite approvals of the Cenovus Common Shareholders, the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options, the Court,
              the TSX and the NYSE: (A) there is no legal impediment to Cenovus's consummation of the Arrangement; and (B) no filing or registration with, or authorization, consent or approval of, any Governmental Authority is required of Cenovus in
              connection with the consummation of the Arrangement, except for such filings or registrations which, if not made, or for such authorizations, consents or approvals which, if not received, would not have a Material Adverse Effect on Cenovus or
              significantly impede the ability of Cenovus to consummate the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaeb1a93e853f424c9b2b3380aca2994d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Cenovus Common Shares, Cenovus Warrants and Cenovus Preferred Shares</u>. The
              Cenovus Board has authorized the creation of, and filing of articles of amendment in relation to, the Cenovus Preferred Shares. Cenovus has reserved and allotted or will reserve and allot prior to the Effective Time a sufficient number of (i)
              Cenovus Common Shares and Cenovus Preferred Shares as are issuable pursuant to the Arrangement, (ii) Cenovus Common Shares as are issuable pursuant to the Cenovus Warrants, and (iii) Cenovus Common Shares as are issuable pursuant to the
              Cenovus Replacement Options, and, subject to the terms and conditions of the Arrangement, such Cenovus Common Shares and Cenovus Preferred Shares, when issued, will be duly authorized, validly issued and fully paid and non-assessable. Upon
              execution and delivery of the Cenovus Warrant Indenture, the Cenovus Warrants will be created and authorized to be issued in accordance with the terms thereof, and the Cenovus Warrants, when issued, will be validly created and issued as fully
              paid and non-assessable securities of Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z237fde19b50e44eba4ca2705d9e8a9e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Funds Available</u>. Cenovus has, and will until the Effective Time have,
              sufficient funds available or available under its credit facilities to pay the Husky Termination Amount pursuant to Section 7.3.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9e39e54c2a1f4233ad84b4f146ccb140" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Litigation</u>. There are no actions, suits, proceedings or investigations by
              Governmental Authorities pending or, to the knowledge of Cenovus, threatened, affecting or that would reasonably be expected to affect the Cenovus Group or any of its properties or assets at law or equity or before or by any court or
              Governmental Authority which action, suit, proceeding or investigation involves a reasonable possibility of any judgment against or liability of the Cenovus Group which, if successful, would have a Material Adverse Effect on Cenovus or would
              significantly impede the ability of Cenovus to consummate the Arrangement. No member</div>
          </td>
        </tr>

    </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-2</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">of the Cenovus Group is subject to any outstanding order, writ, injunction or decree that has had or would have a
      Material Adverse Effect on Cenovus or would significantly impede the ability of Cenovus to consummate the Arrangement.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3988447997174b4a84025ee87f9ab0dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Returns Filed and Taxes Paid</u>. All material Returns required to be filed by or
              on behalf of each member of the Cenovus Group have been duly filed on a timely basis and such Returns are true, complete and correct in all material respects. All material Taxes due or payable by any member of the Cenovus Group, whether or
              not shown to be payable on such Returns, have been paid in full on a timely basis, other than any such Taxes being contested in good faith and for which adequate reserves in accordance with IFRS have been established.</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3a4093c9440d44239ce0dfb5ebc1df17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Reserves</u>. Cenovus has provided adequate accruals in the Cenovus Financial
              Statements for material impacts to deferred Taxes payable and current Taxes payable by, or required to be withheld and remitted by, any member of the Cenovus Group, which Taxes are not yet payable to the applicable Governmental Authority, in
              each case in conformity with IFRS.</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Deficiencies; Audits</u>. No deficiencies exist or have been asserted with
              respect to Taxes of any member of the Cenovus Group that would have a Material Adverse Effect on Cenovus. No member of the Cenovus Group is a party to any action or proceeding for assessment or collection of Taxes that would have a Material
              Adverse Effect on Cenovus, nor, to the knowledge of Cenovus, has such an event been asserted or threatened against any member of the Cenovus Group or any of their respective assets that would have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdcec139c3531490b93666f75dc5ed35d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Withholding Taxes</u>. Each member of the Cenovus Group has paid or has withheld
              and remitted to the appropriate Governmental Authority all material Taxes required to be paid, withheld and remitted by them, including in connection with amounts paid or owing to employees, non-residents of Canada, independent contractors,
              creditors, shareholders or other third parties.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde095458c7864cc5a8760e99741981ad" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Full Disclosure</u>. The data and information in respect of Cenovus's Tax
              position provided by Cenovus to Husky in Cenovus's virtual data room as of 5:00 p.m. (Calgary time) on October 23, 2020 and otherwise made available to Husky in writing, was and is accurate and correct in all material respects as at the
              respective dates thereof and, in respect of any information provided or requested, did not knowingly omit any material data or information necessary to make any data or information provided not misleading as at the respective dates thereof.
              Cenovus has no knowledge of any material adverse change to the Tax of the Cenovus Group from that disclosed in such data and information.</div>
          </td>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Foreign Returns</u>. Except as disclosed in writing by Cenovus to Husky, no
              member of the Cenovus Group has filed, or has been required or is currently required to file, any Returns with any Governmental Authority outside of the jurisdiction of incorporation or establishment of such member, and no claims have ever
              been made by a Governmental Authority that any member of the Cenovus Group is or may be subject to Tax in a jurisdiction where it does not file Returns.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbcb9eb1746044b7d86a059671d850eff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>GST and Similar Taxes</u>. The books and records of the Cenovus Group fairly and
              correctly set out and disclose, in all material respects, all liabilities and unclaimed input tax credits under Part IX of the <font style="font-style: italic;">Excise Tax Act </font>(Canada)
              for purposes of the goods and services or harmonized sales tax or any similar legislation, and fairly and correctly set out and disclose in all material respects all liabilities and remittances in respect of any provincial sales tax, fuel
              tax, or any other value-added tax. All financial transactions of each member of the Cenovus Group have been accurately and completely recorded, in all material respects in the books and records of each member of the Cenovus Group.</div>
          </td>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z880c54b1cb78495fbc11f2126dfb923f" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Residence.</u> Cenovus is a "Canadian corporation" as defined in the Tax Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z030f9b4be2564577ac285e2a004b9703" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Listed Transactions</u>. No member of the Cenovus Group has (A) participated in
              any listed transaction within the meaning of U.S. Treasury Regulations Section&#160;1.6011-4(b)(2) (or any similar provision of state or local Tax law) or (B) taken any reporting position on a Return, which reporting position (i) if not sustained
              would be reasonably likely, absent disclosure, to give rise to a penalty for substantial understatement of federal</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">income Tax under Section 6662 of the Internal Revenue Code (or any similar provision of state or local Tax law), and
      (ii) has not adequately been disclosed on such Return in accordance with Section 6662(d)(2)(B) of the Internal Revenue Code (or any similar provision of state or local Tax law).</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc50e5c9f79114d24b93ca4e4b0fd0c07" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Sharing Agreements</u>. No member of the Cenovus Group is a party to any
              agreement relating to the sharing, allocation or indemnification of Taxes, or any similar agreement, Contract or arrangement (other than any such agreement entered into in the ordinary course of business the primary purpose of which does not
              relate to Taxes), or has any liability for material Taxes of any Person (other than members of the affiliated group, within the meaning of Section 1504(a) of the Internal Revenue Code, filing consolidated federal income Tax Returns of which a
              member of the Cenovus Group is the common parent) under U.S. Treasury Regulations Section&#160;1.1502 6 or similar provision of state, local or non-U.S. Tax law, as a transferee or successor, by Contract or otherwise.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfed05cc74e8f4fcc856818ca8ad26bce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Distributing or Controlled Corporation</u>. No member of the Cenovus Group has
              constituted a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Internal Revenue Code) in a distribution of shares qualifying or intending to qualify for tax-free treatment under
              Section 355 of the Internal Revenue Code (i) in the two years prior to the date of this Agreement or (ii) in a distribution that could otherwise constitute part of a "plan" or "series of related transactions" (within the meaning of Section
              355(e) of the Internal Revenue Code) in conjunction with this acquisition.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6689863674da4e1e9432985dc0ad4eca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Investment Canada Act</u>. Cenovus is a "Canadian" within the meaning of the
              Investment Canada Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9f1d0d851d74382bcfb1bc648c829d5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Reporting Issuer Status</u>. Cenovus is a reporting issuer (where such concept
              exists) in all provinces and territories of Canada and is in material compliance with all Applicable Canadian Securities Laws therein. The Cenovus Common Shares are registered pursuant to the U.S. Exchange Act and Cenovus is in material
              compliance with all Applicable U.S. Securities Laws. The Cenovus Common Shares are listed and posted for trading on the TSX and the NYSE, and Cenovus is in material compliance with the applicable rules of the TSX and the NYSE.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeccc7a5c3bab4dfeaad66162ef37db97" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Capitalization</u>. As of the Agreement Date, the authorized capital of Cenovus
              consists of an unlimited number of Cenovus Common Shares and First Preferred Shares and Second Preferred Shares, issuable in series, in each case, in a number within the limits on issue set out in Cenovus's articles (as amended). As of the
              Agreement Date, 1,228,869,903 Cenovus Common Shares and no Cenovus Preferred Shares are issued and outstanding. As of the Agreement Date, other than 30,744,816 Cenovus Options, 8,349,289 Cenovus PSUs and 8,862,680 Cenovus RSUs, there are no
              options, warrants or other rights, plans, agreements or commitments of any nature whatsoever requiring the issuance, sale or transfer by Cenovus of any securities of Cenovus (including Cenovus Common Shares and Cenovus Preferred Shares) or
              any securities convertible into, or exchangeable or exercisable for, or otherwise evidencing a right to acquire, any securities of Cenovus (including Cenovus Common Shares and Cenovus Preferred Shares). All issued and outstanding Cenovus
              Common Shares are duly authorized, validly issued, fully paid and non-assessable and are not subject to, nor were they issued in violation of, any pre-emptive rights and all Cenovus Common Shares issuable upon the exercise of Cenovus Options
              or, following the Effective Date, Cenovus Replacement Options, in accordance with the terms of such securities will be duly authorized, validly issued, fully paid and non-assessable and will not be subject to any pre-emptive rights. Other
              than the issued and outstanding Cenovus Common Shares, there are no securities of Cenovus outstanding which have the right to vote generally with Cenovus Common Shareholders on any matter. As of the Agreement Date, there are 1,230,839 Cenovus
              Director DSUs and 270,781 Cenovus Employee DSUs entitling holders thereof to receive cash payments equivalent to the value of Cenovus Common Shares underlying such Cenovus DSUs upon ceasing to be a director of, or employed by, Cenovus, as
              applicable.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c4b1668f14c4965966091c23e8f9712" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Orders</u>. No order, ruling or determination having the effect of suspending
              the sale of, or ceasing the trading of, the Cenovus Common Shares or any other securities of Cenovus has been issued by any Governmental Authority and is continuing in effect and no proceedings for that purpose have been instituted, are
              pending or, to the knowledge of Cenovus, are contemplated or threatened under any Applicable Laws or by any Governmental Authority.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z05f320ff530a43dfacb21954a671ba8c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(x)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Material Agreements</u>.
                  Other than this Agreement, Cenovus has not entered into any material agreements which are required to be filed by Cenovus under National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>, except for those agreements which have been so filed by Cenovus.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc9f7aff19399403da6da710b8332d02b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Non-Competition Agreements</u>. No member of the Cenovus Group is a party to or
              bound by any non-competition agreement or any other agreement or obligation which purports to limit the manner or the localities in which all or any material portion of the business of the Cenovus Group is or is reasonably expected to be
              conducted.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1924b6d772b94775913847382e73efba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Filings</u>. Cenovus has filed all material documents required to be filed by it
              with all applicable Governmental Authorities and all such documents were, as of their respective dates, in compliance in all material respects with all Applicable Laws and at the time filed did not contain any untrue statement of a material
              fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeaadadee3c7b4295ae905cb95f7844f5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Books and Records</u>. The corporate records and minute books of each member of
              the Cenovus Group have been maintained substantially in accordance with all Applicable Laws and are complete and accurate in all material respects.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc5edc9b029a94c9084c5169f797479b6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Financial Statements</u>. The Cenovus Financial Statements, and any interim or
              annual financial statements filed by or on behalf of Cenovus on and after the Agreement Date with any securities regulatory authorities, in compliance, or intended compliance, with any Applicable Canadian Securities Laws, were, or when so
              filed, will have been, prepared in accordance with IFRS (consistently applied), and present, or when so filed will present, fairly in accordance with IFRS the consolidated financial position, results of operations and changes in financial
              position of Cenovus on a consolidated basis as of the dates thereof and for the periods indicated therein (subject, in the case of any unaudited interim financial statements, to normal year-end audit adjustments). There has been no material
              change in Cenovus's accounting policies, except as described in the notes to the Cenovus Financial Statements, since January 1, 2020.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9b16a75800140808a9b97fbcaee96a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Financial Reporting</u>. Each member of the Cenovus Group maintains a system of
              internal control over financial reporting (as such term is defined in National Instrument 52-109 &#8211; <font style="font-style: italic;">Certification of Disclosure in Issuers'
                Annual and Interim Filings</font>) providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS and has otherwise complied with
              National Instrument 52-109 &#8211; <font style="font-style: italic;">Certification of Disclosure in Issuers' Annual and Interim Filings</font>, except where the failure to maintain
              such a system would not reasonably be expected to have a Material Adverse Effect on Cenovus; management of Cenovus has assessed the effectiveness of Cenovus's internal control over financial reporting, as at December 31, 2019, and has
              concluded that such internal control over financial reporting was effective as of such date.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze87cc782d6b74f2ebae5d10e0be77ebf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Disclosure Controls and Procedures</u>. Cenovus maintains disclosure controls and
              procedures that comply with the requirements of Applicable Canadian Securities Laws and Applicable U.S. Securities Laws; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by Cenovus
              in the reports that it files or submits under Applicable Canadian Securities Laws and Applicable U.S. Securities Laws is recorded, processed, summarized and reported within the time periods specified in such securities laws; such disclosure
              controls and procedures were effective as of December 31, 2019 at a reasonable assurance level.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26f55e96ceb54b0bb03b27477d08b955" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Absence of Undisclosed Liabilities</u>. Cenovus has no material obligations or
              liabilities of any nature (matured or unmatured, fixed or contingent), other than:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3e602088b504682892d1be62c3ce8f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those set forth or adequately provided for in the most recent statement of financial position and associated notes thereto included in the Cenovus Financial Statements
              (the "<font style="font-weight: bold;">Cenovus Balance Sheet</font>");</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="z0bf7a36f15e242bb96999b73b77f6a1f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">those incurred in the ordinary course of business and not required to be set forth in the Cenovus Balance Sheet
                  under IFRS;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4408d386e0904c1fa4e2475fccf64f1d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those disclosed in writing by Cenovus to Husky and incurred in the ordinary course of business since the date of the Cenovus Balance Sheet and consistent with past
              practice; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z36beceae20ab449b85e1195564ae7e05" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those incurred in connection with the execution of this Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z191910097751448ca4ed1f9dfe789877" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Material Adverse Change</u>. Except for the Arrangement or any action taken in
              accordance with this Agreement, since September 30, 2020: (i) each member of the Cenovus Group has conducted its business only in the ordinary and normal course substantially consistent with past practice, subject to the Cenovus Group's
              compliance with laws related to, and the impact on the Cenovus Group's business of, the COVID-19 pandemic and such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages
              or operational stoppages necessary to safeguard life or property); (ii) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise) material to the Cenovus Group (taken as a whole) has been incurred other
              than in the ordinary course of business; (iii) there has not been any Material Adverse Change in respect of Cenovus; and (iv) there have been no material facts, transactions, events or occurrences which would have a Material Adverse Effect on
              Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc632756d7804484fbfc5304df0dd28fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Conduct of Business</u>. Since September 30, 2020, no member of the Cenovus Group
              has taken any action that would be in violation of Section 3.1 if such provision had been in effect since that date, other than violations which would not have any Material Adverse Effect on Cenovus or would not significantly impede Cenovus's
              ability to consummate the Arrangement contemplated hereby.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5acf141ac1074d388069a8e0e276defc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Foreign Private Issuer</u>. Cenovus is a "foreign private issuer" as defined in
              Rule 405 of Regulation C under the U.S. Securities Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze4cb9335cdc144e9a764de3828dd331d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Environmental</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77d37b02985b4a80a0a50c6530b390b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There have not occurred any material spills, emissions or pollution on any property of Cenovus or as a result of its operations that have not been remediated in
              compliance with Environmental Laws, nor has Cenovus been subject to any stop orders, control orders, clean-up orders or reclamation orders under applicable Environmental Laws that have not been complied with, except in each case to the extent
              any of such material spills, emissions or pollution on property or stop orders, control orders, clean-up order or reclamation orders would not individually or in the aggregate have a Material Adverse Effect on Cenovus. All operations of the
              members of the Cenovus Group have been and are now being conducted in compliance with all applicable Environmental Laws, except where the failure to be in compliance would not individually or in the aggregate have a Material Adverse Effect on
              Cenovus. No member of the Cenovus Group is aware of, or is subject to:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(ii)</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf28c293f8ee34e96a68fba369b5f9ac7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any proceeding, application, order or directive which relates to environmental, health or safety matters, and which may require any material work, repairs,
              construction, or expenditures; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd845857843cc41c18400980467e253d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any demand or notice with respect to the breach of any Environmental Laws applicable to any member of the Cenovus Group, including any regulations respecting the use,
              storage, treatment, transportation, or disposition of any Hazardous Substances,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">which would reasonably be expected to have a Material Adverse Effect on
      Cenovus.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd46e58d755ca438e8c2abd4f5e6040af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In the ordinary course of its business, Cenovus periodically reviews the effect of Environmental Laws on various business, operations and properties of the Cenovus
              Group, in the course of which it identifies and evaluates associated costs and liabilities (including any capital or operating</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit,
      license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review, Cenovus has reasonably concluded that such associated costs and liabilities would not result in a
      Material Adverse Change.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6347f653f73b4a0fb36727e7853e68cd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Title</u>. Cenovus and its Material Subsidiaries have good and sufficient title
              to their real property interests, including fee simple estate of and in real property, leases, easements, rights of way, permits or licenses from landowners or authorities permitting the use of land by Cenovus and its Material Subsidiaries,
              necessary to permit the operation of its business as presently owned and conducted, other than where the failure to have such good and sufficient title would not individually or in the aggregate have a Material Adverse Effect on Cenovus.
              Cenovus does not have any knowledge nor is aware of any defects, failures or impairments in the title of Cenovus to its assets, whether or not an action, suit, proceeding or inquiry is pending or threatened or whether or not discovered by any
              third party, which in aggregate would have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z001e15451f8b4548be106bee953e7683" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Defaults under Leases and Agreements</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z25ea9f90a6ff4f49a97a908493636156" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus has not received notice of any default under any of the leases and other title and operating documents or any other agreement or instrument pertaining to
              Cenovus's assets to which Cenovus is a party or by or to which Cenovus or any of its assets are bound or subject except to the extent that such defaults would not in the aggregate have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2c87be0db2f4c81bdce3dd7a7ecd478" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">To the knowledge of Cenovus:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za038182eaf5d4114b9ab6064627a7971" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Cenovus is in good standing under all, and is not in default under any; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43848e2024ef46dab2fded625cb0207b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no existing condition, circumstance or matter which constitutes or which, with the passage of time or the giving of notice, would constitute a default under
              any,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">leases and other title and operating documents or any other agreements and instruments
      pertaining to its assets to which it is a party or by or to which it or such assets are bound or subject and, to the knowledge of Cenovus, all such leases, title and operating documents and other agreements and instruments are in good standing and in
      full force and effect and none of the counterparties to such leases, title and operating documents and other agreements and instruments is in default thereunder except to the extent that such defaults would not, individually or in the aggregate, have
      a Material Adverse Effect on Cenovus.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf2620cca40be4d9a97af3fe0d55f54ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Encumbrances</u>. Cenovus has not encumbered or alienated its interest in its
              assets or agreed to do so and its assets are free and clear of all Encumbrances except for such Encumbrances as are disclosed in any governmental registry or arising in the ordinary course of business or are not material in the aggregate.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc62c300408b4b0c9b554e76d709bf1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Ownership of Material Property</u>. Each of Cenovus and its Material Subsidiaries
              has ownership of all material property (including oil and gas leasehold interests in accordance with industry standard oilfield practice) necessary to the operation of its business, in each case free and clear of all Encumbrances and other
              material adverse claims known to Cenovus, other than such Encumbrances as are disclosed in any governmental registry or arising in the ordinary course of business or are material in the aggregate.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z267a48f52ab6472e808ace8c85174982" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No ROFRs</u>. There are no rights of first refusal, pre-emptive rights of
              purchase or similar right whereby any third party has the right to acquire or purchase any of Cenovus's assets as a consequence of the Parties entering into this Agreement or the Arrangement, other than where such rights would not
              individually or in the aggregate have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z702ddecf8dda4dd2bce0bd6a3788a6a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Royalties, Rentals and Taxes Paid</u>. All royalties and rentals payable under
              the leases and other title and operating documents pertaining to the oil and gas (onshore and offshore) assets of Cenovus and all ad valorem, property, production, severance and similar taxes and assessments based upon or measured by the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">ownership of such assets or the production of petroleum substances derived therefrom or allocated thereto or the
      proceeds of sales thereof payable have been properly paid in full and in a timely manner except to the extent that such non-payment would not in the aggregate have a Material Adverse Effect on Cenovus.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z301cea600953497db15e2252a9b1a477" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Reserves</u>. A true and complete copy of each of the reports prepared by
              McDaniel &amp; Associates Consultants Ltd. ("<font style="font-weight: bold;">McDaniel</font>") for the year ended December 31, 2019 and by GLJ Ltd. ("<font style="font-weight: bold;">GLJ</font>") for the year ended December 31, 2019 with respect to Cenovus's reserves (together, the "<font style="font-weight: bold;">Cenovus Reserves Reports</font>") has been provided to Husky. Cenovus co-operated with GLJ and McDaniel in the preparation of the Cenovus Reserves Reports, which have been accepted and approved by the
              Safety, Environment, Responsibility and Reserves Committee and the Cenovus Board. Cenovus has made available to GLJ and McDaniel prior to the issuance of the Cenovus Reserves Reports for the purpose of preparing such reports, all information
              within Cenovus's power or possession requested by GLJ or McDaniel, which information did not to Cenovus's knowledge, at the time such information was provided, contain any misrepresentation and Cenovus does not have any knowledge of any
              change in the production, cost, reserves, resources or other relevant information provided to GLJ or McDaniel since the date that such information was so provided that would result, individually or in the aggregate, in a Material Adverse
              Effect. Cenovus believes that the Cenovus Reserves Reports reasonably present the estimated quantity and pre-tax net present values of the oil and natural gas reserves associated with the crude oil, natural gas and NGL properties evaluated in
              such reports as at December 31, 2019, based upon information available at the time such reserves information was prepared, and Cenovus believes that at the date of such reports, they reasonably presented the aggregate estimated quantity and
              pre-tax net present values of such reserves or the estimated monthly production volumes therefrom. Each of GLJ and McDaniel, who prepared the Cenovus Reserves Reports, are, to Cenovus's knowledge, independent reserves evaluators in respect of
              the Cenovus Reserves Reports as required by the applicable securities laws in Canada as interpreted and applied by the securities commission or similar securities regulatory authority in each of the provinces and territories of Canada.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d55454ef6be4a2c8023fdad3d667b6a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Licences</u>. Each member of the Cenovus Group has obtained and is in compliance
              with all licenses, permits, certificates, consents, orders, grants and other authorizations of or from any Governmental Authority necessary to conduct its businesses as they are now being or are proposed to be conducted, other than such
              licenses, permits, certificates, consents, orders, grants and other authorizations, the absence of which would, individually or in the aggregate, not have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z36a6d326e7ab4b799dc23ee57a1723df" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Long-Term Hedging Transactions</u>. Each member of the Cenovus Group has no
              obligations or liabilities, direct or indirect, vested or contingent in respect of any Hedging Transaction except with respect to Hedging Transactions entered in the ordinary course of business consistent with past practice and as permitted
              under Cenovus's corporate policies.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z88f1f0864c0740cbbae9652eddaa4f3b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Employee Benefit Plans</u>. Cenovus has made available to Husky true, complete
              and correct copies of each material option, incentive compensation, deferred compensation, share purchase or share-based compensation plan and each other material employee or director compensation or benefit plan, agreement or arrangement, or
              any similar agreement, plan, policy or other arrangement (and any amendments thereto), for the benefit of directors or former directors of the members of the Cenovus Group, consultants or former consultants of the members of the Cenovus
              Group, employees or former employees of the members of the Cenovus Group, which are maintained by, contributed to, or binding upon any member of the Cenovus Group or in respect of which any member of the Cenovus Group thereof has any actual
              or potential liability (the "<font style="font-weight: bold;">Cenovus Employee Plans</font>"), and:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2031eda1ab64d09ac5a4255acd064ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Cenovus Employee Plan has been maintained and administered in material compliance with its terms and is funded in accordance<font style="font-weight: bold;">&#160;</font>with Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54d6ed4bccfe43b69f1c1a379bdf6e37" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all required material employer contributions under any Cenovus Employee Plans have been made in accordance with the terms thereof;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d7ee16e6d8d460bad7fc6afbdd72a4c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Cenovus Employee Plan that is required or intended to be qualified under Applicable Law or registered or approved by a Governmental Authority has been so
              qualified, registered or approved by the appropriate Governmental Authority, and nothing has occurred since the date of the last</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">qualification, registration or approval to materially adversely affect, or cause, the appropriate Governmental
      Authority to revoke such qualification, registration or approval;</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4322aadd22544ea5aa5d2837112547a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">to the knowledge of Cenovus, there are no pending or anticipated material claims against or otherwise involving any of the Cenovus Employee Plans and no material suit,
              action or other litigation (excluding claims for benefits incurred in the ordinary course of Cenovus Employee Plan activities) has been brought against or with respect to any Cenovus Employee Plan;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67405512f3b24ff388f8172e77b4f8d3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all material contributions, reserves or premium payments required to be made to the Cenovus Employee Plans have been made or accrued for in the books and records of
              Cenovus;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfa4d4ca953bd4a378053154a526ebc0a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">other than as disclosed in writing by Cenovus to Husky, the execution and delivery of this Agreement or the consummation of the transactions contemplated herein will
              not under any Cenovus Employee Plan result in, cause the accelerated vesting of, funding or delivery of, or increase the amount or value of, any payment or benefit to any employee, officer, or director of any member of the Cenovus Group, or
              will not limit the right of any member of the Cenovus Group to amend, merge, terminate or receive a reversion of assets from any Cenovus Employee Plan or related trust; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd897c3dc08fc4b3391813b1933df2894" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all material unfunded liabilities in respect of the Cenovus Employee Plans have been reflected in the Cenovus Financial Statements or accrued for in the books and
              records of Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z46bc75dd7d9a49c6858ad654a56b3395" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(tt)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Employment Agreements and Collective Agreements</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfedd818ec752412d81d3f775278dd5ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Cenovus Group is a party to, nor is engaged in any negotiations with respect to, any employment agreement with any employee or any written or oral
              agreement, arrangement or understanding, providing for severance, termination or change of control payments to any Cenovus employee as a result of the execution and delivery of this Agreement or the consummation of the transactions
              contemplated herein.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z78eba605a9824175ab48398aeedbf08b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Cenovus Group is a party to, nor is engaged in any negotiations with respect to, any collective bargaining or union agreement, any actual or threatened
              application for certification or bargaining rights or letter of understanding, with respect to any current or former Cenovus employee. No trade union, council of trade unions, employee bargaining agency or affiliated bargaining agent holds
              bargaining rights with respect to any employees of the Cenovus Group by way of certification, interim certification, voluntary recognition or succession rights of any Cenovus employees.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfeed42d897d449d1aaeca0e2bf56c645" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There is no labour strike, dispute, lock-out, work slowdown or stoppage or concerted work refusal outstanding, pending or involving any member of the Cenovus Group and,
              to the knowledge of Cenovus, no labour strike, dispute, lock-out, work slowdown or stoppage is threatened against any member of the Cenovus Group. No trade union has applied to have any member of the Cenovus Group declared a related
              successor, or common employer pursuant to the <font style="font-style: italic;">Labour Relations Code</font> (Alberta) or any similar legislation in any jurisdiction in which the
              Cenovus Group carries on business.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a06e10a07d54e69a47f5485f874f53d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No unfair labour practice complaint, grievance or arbitration proceeding is pending or involving any member of the Cenovus Group and, to the knowledge of Cenovus, no
              member of the Cenovus Group has engaged in any unfair labour practice and no unfair labour practice complaint, grievance or arbitration proceeding has been threatened against any member of the Cenovus Group, in each case other than as in the
              aggregate would be material to Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z977607d29ce24157ae8540b5cf084b27" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each member of the Cenovus Group is in material compliance with all terms and conditions of employment and all Applicable Laws respecting employment, including pay
              equity, human rights, privacy, employment standards, worker's compensation and occupational health and safety, and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">there are no outstanding actual or, to the knowledge of Cenovus, threatened claims, complaints, investigations or
      orders under any such Laws, other than as in the aggregate do not have a Material Adverse Effect on Cenovus.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb49b9f5fd9fe48ca9430c6402b9a5a3d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Other than as disclosed in writing by Cenovus to Husky, all amounts due or accrued for all salary, wages, bonuses, commissions, vacation with pay and other employee
              benefits in respect of employees of the Cenovus Group which are attributable to the period before the Effective Date have been paid or are accurately reflected in the books and records of Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd9758eb195da42499eb81fc83486c030" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There are no material outstanding assessments, penalties, fines, liens, charges, surcharges or other amounts due or owing by any member of the Cenovus Group pursuant to
              any workers' compensation legislation and Cenovus has not been reassessed in any material respect under such legislation and, to the knowledge of Cenovus, no audit of Cenovus is currently being performed pursuant to any applicable worker's
              compensation legislation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z71219effd2304f9e85c86fea9f363350" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There are no material charges pending with respect to the Cenovus Group under applicable Occupational Health and Safety legislation ("<font style="font-weight: bold;">OHSL</font>"). Each member of the Cenovus Group has complied in all material respects with the terms and conditions of the OHSL, as well as with any orders issued under OHSL.
              There are no appeals of any material orders under OHSL currently outstanding.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfd81d8b01b8441d498f2fc203a9006f2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each member of the Cenovus Group has in all material respects properly classified each contractor and contingent worker directly engaged or retained by a member of the
              Cenovus Group in accordance with all Applicable Laws and there are no outstanding actual or, to the knowledge of Cenovus, threatened material claims, complaints or investigations regarding any member of the Cenovus Group's classification of
              such contractors and contingent workers.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze8d95b66bcc04fb2ab725b3e18f1c63f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(uu)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Insurance</u>. Policies of insurance are in force naming Cenovus as an insured
              that adequately cover all risks as are customarily covered by oil and gas (onshore and offshore) producers and distributors in the industry in which Cenovus operates. All such policies shall remain in force and effect (subject to taking into
              account insurance market conditions and offerings and industry practices) and shall not be cancelled or otherwise terminated as a result of the transactions contemplated by this Agreement other than such cancellations as would not
              individually or in the aggregate have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf714c02ab7af463bb993b824ed38ca1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Indebtedness To and By Officers, Directors and Others</u>. Cenovus is not
              indebted to any of the directors, officers, employees or consultants of the members of the Cenovus Group, or any of their respective associates or affiliates, or other parties not at arm's length to Cenovus, except for amounts due as normal
              compensation or reimbursement of ordinary business expenses, nor is there any indebtedness owing by any such parties to Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d261eb3b93c4013a7767fdeb46c72b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ww)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Compliance with Laws</u>. Each member of the Cenovus Group has complied with and
              is not in violation of any Applicable Laws other than non-compliance or violations which would, individually or in the aggregate, not have a Material Adverse Effect on Cenovus.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7ab5a1cc7b9477f89ed6c5367e8dcf1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(xx)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Possession of Intellectual Property</u>. (i) The members of the Cenovus Group own
              with good and valid title thereto, free and clear of all Encumbrances, or have the full right or license to use, and to continue to use, the Intellectual Property Rights owned by, licensed to, or used by any of them in the operation, conduct
              or maintenance of their respective businesses in the manner presently and historically operated, conducted and maintained (collectively, the "<font style="font-weight: bold;">Cenovus
                Group IP</font>"); (ii) the Cenovus Group IP is sufficient for each member of the Cenovus Group to operate, conduct and maintain its respective business in the manner presently and historically operated, conducted and maintained; (iii)
              neither the operation, conduct or maintenance by any member of the Cenovus Group of its respective business in the manner presently and historically operated, conducted and maintained, nor the use by any member of the Cenovus Group of any
              Cenovus Group IP in respect thereto infringes, misappropriates, misuses or violates the Intellectual Property Rights or any other rights of any third party, or breaches any duty or obligation owed to any third party; (iv) no member of the
              Cenovus Group has received any notice, complaint, threat or claim alleging: (A) the infringement,</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">misappropriation, misuse or violation of any Intellectual Property Right or other right of any third party or breach
      of any duty or obligation owed to any third party; or (B) that a member of the Cenovus Group does not own any Cenovus Group IP or, in the case of Cenovus Group IP which is licensed to a member of the Cenovus Group, that such member does not have the
      right to use such Intellectual Property Rights in connection with the operation, conduct and maintenance of its business in the manner presently and historically operated, conducted and maintained; (v) each member of the Cenovus Group has used and
      continues to use reasonable commercial efforts (including measures to protect secrecy and confidentiality, where appropriate) to protect the Cenovus Group IP; (vi) the Information Technology owned, licensed, leased or used by any member of the
      Cenovus Group (collectively, the "<font style="font-weight: bold;">Cenovus Group IT</font>") meets or exceeds industry standards, and adequately satisfies the data processing and other
      computing needs of the respective businesses and operations of each member of the Cenovus Group as presently and historically operated, conducted and maintained; (vii) each member of the Cenovus Group: (A) has and continues to use reasonable
      commercial efforts to protect the security and integrity of the Cenovus Group IT and the information thereon; and (B) has adopted administrative, procedural, physical and technological safeguards (including disaster recovery and business continuity
      plans), which are consistent with or exceed current industry standards, to adequately and properly ensure the protection of its respective business; and (viii) each member of the Cenovus Group has collected, used, disclosed, stored, and otherwise
      processed all Personal Information under its custody and control materially in accordance with applicable data protection and privacy Laws.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc666657949744d09a985a9bbbf2de0f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(yy)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Corrupt Practices and Trade Legislation</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56317e2ebb9748e9beb5baf94b581567" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">To the knowledge of Cenovus, no member of the Cenovus Group, or any director, officer, agent, employee or affiliate of any member of the Cenovus Group acting in their
              capacity as such, has, directly or indirectly, (A) made or authorized, or promised to make or authorize, any contribution, payment or gift of funds, property or other thing of value to any official, employee or agent of any governmental
              agency, authority or instrumentality (including government-owned or &#8211;controlled businesses) of any jurisdiction or any official or employee of any public international organization, state-owned enterprise, or a close relative thereof, or (B)
              made, or promised to make,<font style="font-weight: bold;">&#160;</font>or authorized<font style="font-weight: bold;">&#160;</font>any
              contribution, payment or gift of funds, property or other thing of value to any candidate for public office, to any political party, political party official or employee, in either case, where either the payment or the purpose of such
              contribution, payment, gift or other thing of value to improperly influence any government action or decision or to secure an improper advantage for the purpose of obtaining or retaining business, or was, is, or would be prohibited under
              applicable legislation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, U<font style="font-style: italic;">.S.
                Foreign Corrupt Practices Act of 1977</font>, as amended (the "<font style="font-weight: bold;">FCPA</font>"), the <font style="font-style: italic;">Corruption of Foreign Public Officials Act (Canada)</font> or the <font style="font-style: italic;">Proceeds of Crime (Money Laundering) and
                Terrorist Financing Act (Canada)</font> or the rules and regulations promulgated thereunder or under any other applicable legislation of any jurisdiction covering a similar subject matter ("<font style="font-weight: bold;">Anti-Corruption Laws</font>") applicable to any member of the Cenovus Group and its operations and have instituted and maintained policies and procedures designed to ensure, and which are
              reasonably expected to continue to ensure, continued compliance with such legislation. This includes, for greater certainty, policies and procedures that are designed to ensure compliance by any third party agents, representatives or business
              partners that interact with foreign public officials on Cenovus's behalf with Applicable Laws that prohibit corruption or bribery. To the knowledge of Cenovus, no action, suit or proceeding or investigation by or before any court or
              governmental agency, authority or body or any arbitrator involving the Cenovus Group or any member of the Cenovus Group or any with respect to the Anti-Corruption Laws is pending or threatened or has been pending or threatened.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56748d5135154fcf8d961defea843e74" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">During the periods of the Cenovus Financial Statements, the operations of the Cenovus Group and its members are and have been conducted at all times in compliance with
              applicable statutory and regulatory financial recordkeeping and reporting requirements, the accurate books and requirements of Anti-Corruption Laws, and applicable anti-money laundering statutes and the rules and regulations thereunder and
              any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "<font style="font-weight: bold;">Money Laundering Laws</font>"). To the knowledge of Cenovus, no action, suit, proceeding or investigation by or before any</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">court or governmental agency, authority or body or any arbitrator involving the Cenovus Group or any member of the
      Cenovus Group with respect to the Money Laundering Laws is pending or threatened or has been pending or threatened.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4d34c25588ee4e4f8ba23e5c5dae08ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Cenovus Group nor, to the knowledge of Cenovus, any director, officer, agent, employee or affiliate of any member of the Cenovus Group has had any
              sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<font style="font-weight: bold;">OFAC</font>"), Global Affairs Canada or Public
              Safety Canada imposed upon such Person; and no member of the Cenovus Group is in violation of any of the economic sanctions of the United States administered by OFAC, Global Affairs Canada or Public Safety Canada or any Applicable Law or
              executive order relating thereto (the "<font style="font-weight: bold;">Economic Sanctions</font>"), including, for greater certainty, Economic Sanctions that restrict oil and gas
              sector investments and trade in oil and gas sector equipment to certain destinations such as Russia, Iran and Syria, or is conducting or has conducted business with any Person who is the target of any Economic Sanctions in violation of
              applicable Economic Sanctions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcfff3e3a29814647b742c94c0dc48f87" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There have been no material inaccurate or fictitious entries made in the books or records of any member of the Cenovus Group (to the extent such books or records are
              kept in connection with the books and records of Cenovus) relating to any secret or unrecorded fund or any unlawful payment, gift, political or charitable contribution or other thing of value or advantage, and no member of the Cenovus Group,
              or, to the knowledge of Cenovus, its affiliates has directly or indirectly established or maintained a secret or unrecorded fund.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd4c0ad6558d14ac68df4c13736c84e10" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Cenovus Group: (A) maintains systems of accounting and internal controls sufficient to provide reasonable assurances that: (1) the books and records of the Cenovus
              Group accurately and fairly reflect the transactions of the members of the Cenovus Group in reasonable detail; (2) transactions are executed in accordance with management's general or specific authorization; and (3) transactions are recorded
              as necessary to maintain accountability for assets; (B) maintains a risk-based system of accounting and compliance controls sufficient to ensure that each entity's financial statements and all of them are accurately and fairly stated and to
              monitor, prevent, detect and report transactions violating any Applicable Law that prohibits corruption or bribery; and (C) has instituted policies and procedures in relation to business conduct and ethics required by Applicable Law and
              otherwise reasonably sufficient to provide reasonable assurances that the business of the Cenovus Group is conducted without any of the actions described in clause (i)(A), (i)(B), and (i)(C) of this Section (yy) and, to the knowledge of
              Cenovus, there has not been any material breach of such policies or procedures.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zded86618e573462185197f57b8d83ffa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Without limiting the generality of the foregoing, each member of the Cenovus Group, and each of their respective officers and employees, and each of their respective
              consultants, agents and representatives, acting in their capacity as such, is in material compliance with all Applicable Laws relating to its lobbying activities and campaign contributions, if any, and all filings required to be made under
              any Applicable Law relating to such lobbying activities and campaign contributions are accurate and have been properly filed with the appropriate Governmental Authority in all material respects.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc1e275a3ca45451bb480442b76adfb91" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, any reference to "other thing of value" in this Section (yy) includes meals, entertainment, travel and lodging.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z212324d4844e4a4fa8d2c75a2f42ddee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">For purposes of this Section (yy) only, "affiliates" means those affiliates acting in connection with the properties, assets or business of any member of the Cenovus
              Group.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb538c72796934f85ac8bb7a2c081a353" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(zz)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Disclosure</u>. To the knowledge of Cenovus, Cenovus has not withheld from Husky
              any material information or documents concerning any member of the Cenovus Group or their respective assets or liabilities during the course of Husky's review of Cenovus and its assets. No representation or warranty contained in this
              Agreement or other disclosure document provided or to be provided to Husky by Cenovus pursuant to this Agreement contains or will contain any untrue statement of a material fact or omits to state a material fact which is necessary in order to
              make the statements herein or therein not misleading.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">E-12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE "F"<br>
      <br style="line-height: 1.25;">
      <br>
      REPRESENTATIONS AND WARRANTIES OF HUSKY</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04f1acee434a4c95960b5ceb384e2d6a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Organization and Qualification</u>. Each<font style="font-weight: bold;">&#160;</font>of Husky and its Material Subsidiaries is a corporation or partnership, as applicable, duly incorporated or formed, validly existing and in good standing under the
              Applicable<font style="font-weight: bold;">&#160;</font>Laws of its jurisdiction of incorporation, formation or continuance and has the requisite corporate or partnership power and
              authority to own its properties as now owned and to carry on its business as it is now being conducted. Husky is, and its Material Subsidiaries are, duly registered to do business and each is in good standing in each jurisdiction in which the
              character of its properties, owned or leased, or the nature of its activities makes such registration necessary, except where the failure to be so registered or in good standing would not have a Material Adverse Effect on Husky and its
              Material Subsidiaries taken as a whole.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd4b1d18ac8c4b4ca9d88778cd231e88" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Authority Relative to this Agreement</u>. Husky has the requisite corporate
              authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement, and the consummation by Husky of the transactions contemplated hereunder, and the participation by Husky in the
              Arrangement contemplated hereby have been duly authorized by the Husky Board and, subject to the approval of the Arrangement Resolution by Husky Common Shareholders and holders of Husky Options, the approval of the Preferred Shareholder
              Resolution by Husky Preferred Shareholders and the approval of the Circular and matters relating to the Husky Meeting by the Husky Board, no other corporate proceedings on the part of Husky are necessary to authorize this Agreement or the
              Arrangement. This Agreement has been duly executed and delivered by Husky and constitutes a legal, valid and binding obligation of Husky enforceable against it in accordance with the terms thereof, subject to the qualification that such
              enforceability may be limited by bankruptcy, insolvency, reorganization or other Applicable<font style="font-weight: bold;">&#160;</font>Laws of general application relating to or
              affecting rights of creditors and that equitable remedies, including specific performance, are discretionary and may not be ordered.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0e85aec424824264b6070cf14b4ecbbb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Material Subsidiaries</u>. Husky has no Material Subsidiaries other than Husky
              Oil Operations Limited, Husky Energy International Corporation, Lima Refining Company, Husky Marketing and Supply Company, Husky Oil Limited Partnership, Husky Energy Marketing Partnership, Sunrise Oil Sands Partnership, BP-Husky Refining LLC
              and Husky Atlantic Partnership. None of Husky's Material Subsidiaries are currently prohibited, directly or indirectly, from paying any dividends to Husky, from making any other distribution on such Material Subsidiary's capital stock, from
              repaying to Husky any loans or advances to such Material Subsidiary from Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde09080f78b049dfa90173925bae56d7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Ownership of Subsidiaries</u>. Husky is, except as pursuant to restrictions on
              transfer contained in constating documents, rights of first refusal and similar rights restricting transfer contained in shareholders, partnership or joint venture agreements for or pursuant to existing financing arrangements involving
              subsidiaries which are not wholly owned, the beneficial direct or indirect owner of all of the outstanding shares and other ownership interests of the subsidiaries of Husky with good title thereto free and clear of any and all Encumbrances.
              There are no outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise) regarding the right to acquire any such shares of capital stock or other ownership interests in any of the subsidiaries of Husky.
              All of the outstanding shares of capital stock and other ownership interests in the subsidiaries of Husky are validly issued, fully paid and non-assessable and are not subject to, except as disclosed in writing by Husky to Cenovus, nor were
              they issued in violation of, any pre-emptive rights.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc53e7219db164357a40f32e57d42d2bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Violation; Absence of Defaults and Conflicts</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z118a281d88e049b0a31f5c3c33c6f4d1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Husky Group is in violation of its constating documents or by-laws or in default in the performance or observance of any obligation, agreement,
              covenant or condition contained in any note, bond, mortgage, indenture, loan agreement, deed of trust, agreement, lien, Contract or other instrument or obligation to which any member of the Husky Group is a party or to which any of them, or
              any of their respective properties or assets, may be subject or by which any member of the Husky Group is bound, except for such defaults which would not result in a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div>
      <table class="DSPFListTable" id="zfacf5db24d8745288947bddc6b2b7b4a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">Neither the execution and delivery of this Agreement by Husky nor the consummation of the Arrangement
                  contemplated by this Agreement nor compliance by Husky with any of the provisions hereof will: (A) except as disclosed in writing by Husky to Cenovus, violate, conflict with, or result in a breach of any provision of, require any consent,
                  approval or notice under, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) or result in a right of termination or acceleration under, or result in the creation of any
                  Encumbrance upon any of the properties or assets of Husky or any of its subsidiaries or cause any indebtedness to come due before its stated maturity or cause any credit to cease to be available, under any of the terms, conditions or
                  provisions of: (1) their respective charter or by-laws; or (2) any note, bond, mortgage, indenture, loan agreement, deed of trust, agreement, lien, Contract or other instrument or obligation to which any member of the Husky Group is a
                  party or to which any of them, or any of their respective properties or assets, may be subject or by which any member of the Husky Group is bound; or (B) subject to obtaining the Key Regulatory Approvals and the requisite approvals of the
                  Cenovus Common Shareholders, the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options, the Court, the TSX and the NYSE and compliance with Applicable Canadian Securities Laws, violate any Laws
                  applicable to any member of the Husky Group or any of their respective properties or assets or (C) cause the suspension or revocation of any authorization, consent, approval or license currently in effect (except, in the case of each of
                  clauses (A), (B) and (C) above, for such violations, conflicts, breaches, defaults, terminations, accelerations, creations of Encumbrances, suspensions or revocations which, or any consents, approvals or notices which if not given or
                  received, would not, individually or in the aggregate, have any Material Adverse Effect on Husky).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14c06d6530e94bc89324f42e3d5b20ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Other than in connection with or in compliance with the provisions of Applicable Laws in relation to the completion of the Arrangement or which are required to be
              fulfilled post Arrangement, and except for the Key Regulatory Approvals and the requisite approvals of the Cenovus Common Shareholders, the Husky Common Shareholders, the Husky Preferred Shareholders, the holders of Husky Options, the Court,
              the TSX and the NYSE: (A) there is no legal impediment to Husky's consummation of the Arrangement; and (B) no filing or registration with, or authorization, consent or approval of, any Governmental Authority is required of Husky in connection
              with the consummation of the Arrangement, except for such filings or registrations which, if not made, or for such authorizations, consents or approvals which, if not received, would not have a Material Adverse Effect on Husky or
              significantly impede the ability of Husky to consummate the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b5189309e3e40ffa347d9d17403b878" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Funds Available</u>. Husky has, and will until the Effective Time have,
              sufficient funds available or available under its credit facilities to: (i) pay the Cenovus Termination Amount pursuant to Section 7.2; and (ii) satisfy its payment obligations to the holders of Husky Incentives in connection with the
              Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z028a980e74504f0c9fb0aec896e3fb6f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Litigation</u>. There are no actions, suits, proceedings or investigations by
              Governmental Authorities pending or, to the knowledge of Husky, threatened, affecting or that would reasonably be expected to affect the Husky Group or any of its properties or assets at law or equity or before or by any court or Governmental
              Authority which action, suit, proceeding or investigation involves a reasonable possibility of any judgment against or liability of the Husky Group which, if successful, would have a Material Adverse Effect on Husky or would significantly
              impede the ability of Husky to consummate the Arrangement. No member of the Husky Group is subject to any outstanding order, writ, injunction or decree that has had or would have a Material Adverse Effect on Husky or would significantly
              impede the ability of Husky to consummate the Arrangement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8eb7b50296f741a8a648a4d10b601e8f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Returns Filed and Taxes Paid</u>. All material Returns required to be filed by or
              on behalf of each member of the Husky Group have been duly filed on a timely basis and such Returns are true, complete and correct in all material respects. All material Taxes due or payable by any member of the Husky Group, whether or not
              shown to be payable on such Returns, have been paid in full on a timely basis, other than any such Taxes being contested in good faith and for which adequate reserves in accordance with IFRS have been established.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b6f6f8618844a32b94b8a4c6beccc41" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Reserves</u>. Husky has provided adequate accruals in the Husky Financial
              Statements for material impacts to deferred Taxes payable and current Taxes payable by, or required to be withheld and remitted by, any</div>
          </td>
        </tr>

    </table>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">member of the Husky Group, which Taxes are not yet payable to the applicable Governmental Authority, in each case in
      conformity with IFRS.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z78af9b3b6de34105ba1f2a64c769b685" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Deficiencies; Audits</u>. No deficiencies exist or have been asserted with
              respect to Taxes of any member of the Husky Group that would have a Material Adverse Effect on Husky. No member of the Husky Group is a party to any action or proceeding for assessment or collection of Taxes that would have a Material Adverse
              Effect on Husky, nor, to the knowledge of Husky, has such an event been asserted or threatened against any member of the Husky Group or any of their respective assets that would have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcaf92600ea1744c5b02148a3263251b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Withholding Taxes</u>. Each member of the Husky Group has paid or has withheld
              and remitted to the appropriate Governmental Authority all material Taxes required to be paid, withheld and remitted by them, including in connection with amounts paid or owing to employees, non-residents of Canada, independent contractors,
              creditors, shareholders or other third parties.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Full Disclosure</u>. The data and information in respect of Husky's Tax position
              provided by Husky to Cenovus in Husky's virtual data room as of 5:00 p.m. (Calgary time) on October 23, 2020 and otherwise made available to Cenovus in writing, was and is accurate and correct in all material respects as at the respective
              dates thereof and, in respect of any information provided or requested, did not knowingly omit any material data or information necessary to make any data or information provided not misleading as at the respective dates thereof. Husky has no
              knowledge of any material adverse change to the Tax of the Husky Group from that disclosed in such data and information.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Foreign Returns</u>. Except as disclosed in writing by Husky to Cenovus, no
              member of the Husky Group has filed, or has been required or is currently required to file, any Returns with any Governmental Authority outside of the jurisdiction of incorporation or establishment of such member, and no claims have ever been
              made by a Governmental Authority that any member of the Husky Group is or may be subject to Tax in a jurisdiction where it does not file Returns.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>GST and Similar Taxes</u>. The books and records of the Husky Group fairly and
              correctly set out and disclose, in all material respects, all liabilities and unclaimed input tax credits under Part IX of the <font style="font-style: italic;">Excise Tax Act </font>(Canada)
              for purposes of the goods and services or harmonized sales tax or any similar legislation, and fairly and correctly set out and disclose in all material respects all liabilities and remittances in respect of any provincial sales tax, fuel
              tax, or any other value-added tax. All financial transactions of each member of the Husky Group have been accurately and completely recorded, in all material respects in the books and records of each member of the Husky Group.</div>
          </td>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Residence.</u> Husky is a "Canadian corporation" as defined in the Tax Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67f0fdaf2cd64fbb8ef1f9643114f0e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Listed Transactions</u>. No member of the Husky Group has (A) participated in any
              listed transaction within the meaning of U.S. Treasury Regulations Section&#160;1.6011-4(b)(2) (or any similar provision of state or local Tax law) or (B) taken any reporting position on a Return, which reporting position (i) if not sustained
              would be reasonably likely, absent disclosure, to give rise to a penalty for substantial understatement of federal income Tax under Section 6662 of the Internal Revenue Code (or any similar provision of state or local Tax law), and (ii) has
              not adequately been disclosed on such Return in accordance with Section 6662(d)(2)(B) of the Internal Revenue Code (or any similar provision of state or local Tax law).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z82ca30bad7c64eb8b47e39b0f614d1fe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Tax Sharing Agreements</u>. No member of the Husky Group is a party to any
              agreement relating to the sharing, allocation or indemnification of Taxes, or any similar agreement, Contract or arrangement (other than any such agreement entered into in the ordinary course of business the primary purpose of which does not
              relate to Taxes), or has any liability for material Taxes of any Person (other than members of the affiliated group, within the meaning of Section 1504(a) of the Internal Revenue Code, filing consolidated federal income Tax Returns of which a
              member of the Husky Group is the common parent) under U.S. Treasury Regulations Section&#160;1.1502 6 or similar provision of state, local or non-U.S. Tax law, as a transferee or successor, by Contract or otherwise.</div>
          </td>
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          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(r)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Distributing or Controlled
                      Corporation</u>. No member of the Husky Group has constituted a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Internal Revenue Code) in a distribution of shares
                  qualifying or intending to qualify for tax-free treatment under Section 355 of the Internal Revenue Code (i) in the two years prior to the date of this Agreement or (ii) in a distribution that could otherwise constitute part of a "plan"
                  or "series of related transactions" (within the meaning of Section 355(e) of the Internal Revenue Code) in conjunction with this acquisition.</font></div>
            </td>
          </tr>

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    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3f500bffc81438ea3477e0e99124dd6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Reporting Issuer Status</u>. Husky is a reporting issuer (where such concept
              exists) in all provinces of Canada and is in material compliance with all Applicable Canadian Securities Laws therein. The Husky Common Shares and the issued and outstanding Husky Preferred Shares are listed and posted for trading on the TSX,
              and Husky is in material compliance with the applicable rules of the TSX.</div>
          </td>
        </tr>

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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37699a03033340cca08606dbaa71587b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Capitalization</u>. As of the Agreement Date, the authorized capital of Husky
              consists of an unlimited number of Husky Common Shares and Husky Preferred Shares, issuable in series, in each case, in a number within the limits on issue set out in Husky's articles (as amended). As of the Agreement Date, 1,005,121,738
              Husky Common Shares, 10,435,932 Husky Series 1 Preferred Shares, 1,564,068 Husky Series 2 Preferred Shares, 10,000,000 Husky Series 3 Preferred Shares, nil Husky Series 4 Preferred Shares, 8,000,000 Husky Series 5 Preferred Shares, nil Husky
              Series 6 Preferred Shares, 6,000,000 Husky Series 7 Preferred Shares and nil Husky Series 8 Preferred Shares are issued and outstanding. As of the Agreement Date, other than 19,222,040 Husky Options and the Husky Preferred Shares, there are
              no options, warrants or other rights, plans, agreements or commitments of any nature whatsoever requiring the issuance, sale or transfer by Husky of any securities of Husky (including Husky Common Shares and Husky Preferred Shares) or any
              securities convertible into, or exchangeable or exercisable for, or otherwise evidencing a right to acquire, any securities of Husky (including Husky Common Shares and Husky Preferred Shares). All issued and outstanding Husky Common Shares
              and Husky Preferred Shares are duly authorized, validly issued, fully paid and non-assessable and are not subject to, nor were they issued in violation of, any pre-emptive rights and all Husky Common Shares issuable upon the exercise of Husky
              Options in accordance with the terms of such securities will be duly authorized, validly issued, fully paid and non-assessable and will not be subject to any pre-emptive rights. Other than the Husky Common Shares and the issued and
              outstanding Husky Preferred Shares, there are no securities of Husky outstanding which have the right to vote generally with Husky Common Shareholders or Husky Preferred Shareholders on any matter. As of the Agreement Date, there are: (i)
              19,702,898 Husky PSUs entitling holders thereof to receive a cash payment upon vesting of such Husky PSUs in accordance with the provisions of the Husky PSU Plan; and (ii) 445,164 Husky DSUs entitling holders thereof to receive cash payments
              equivalent to the value of Husky Common Shares underlying such Husky DSUs upon ceasing to be a member of the Husky Board.</div>
          </td>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Orders</u>. No order, ruling or determination having the effect of suspending
              the sale of, or ceasing the trading of, the Husky Common Shares or the Husky Preferred Shares or any other securities of Husky has been issued by any Governmental Authority and is continuing in effect and no proceedings for that purpose have
              been instituted, are pending or, to the knowledge of Husky, are contemplated or threatened under any Applicable Laws or by any Governmental Authority.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Material Agreements</u>. Other than this Agreement, Husky has not entered into
              any material agreements which are required to be filed by Husky under National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>,
              except for those agreements which have been so filed by Husky.</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Non-Competition Agreements</u>. No member of the Husky Group is a party to or
              bound by any non-competition agreement or any other agreement or obligation which purports to limit the manner or the localities in which all or any material portion of the business of the Husky Group is or is reasonably expected to be
              conducted.</div>
          </td>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Filings</u>. Husky has filed all material documents required to be filed by it
              with all applicable Governmental Authorities and all such documents were, as of their respective dates, in compliance in all material respects with all Applicable Laws and at the time filed did not contain any untrue statement of a material
              fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</div>
          </td>
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            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(y)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Books and Records</u>.
                  The corporate records and minute books of each member of the Husky Group have been maintained substantially in accordance with all Applicable Laws and are complete and accurate in all material respects.</font></div>
            </td>
          </tr>

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    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d634b1fd5c446468ede21f79d6c6801" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Financial Statements</u>. The Husky Financial Statements, and any interim or
              annual financial statements filed by or on behalf of Husky on and after the Agreement Date with any securities regulatory authorities, in compliance, or intended compliance, with any Applicable Canadian Securities Laws, were, or when so
              filed, will have been, prepared in accordance with IFRS (consistently applied), and present, or when so filed will present, fairly in accordance with IFRS the consolidated financial position, results of operations and changes in financial
              position of Husky on a consolidated basis as of the dates thereof and for the periods indicated therein (subject, in the case of any unaudited interim financial statements, to normal year-end audit adjustments). There has been no material
              change in Husky's accounting policies, except as described in the notes to the Husky Financial Statements, since January 1, 2020.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Financial Reporting</u>. Each member of the Husky Group maintains a system of
              internal control over financial reporting (as such term is defined in National Instrument 52-109 &#8211; <font style="font-style: italic;">Certification of Disclosure in Issuers'
                Annual and Interim Filings</font>) providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS and has otherwise complied with
              National Instrument 52-109 &#8211; <font style="font-style: italic;">Certification of Disclosure in Issuers' Annual and Interim Filings</font>, except where the failure to maintain
              such a system would not reasonably be expected to have a Material Adverse Effect on Husky; management of Husky has assessed the effectiveness of Husky's internal control over financial reporting, as at December 31, 2019, and has concluded
              that such internal control over financial reporting was effective as of such date.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Disclosure Controls and Procedures</u>. Husky maintains disclosure controls and
              procedures that comply with the requirements of Applicable Canadian Securities Laws; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by Husky in the reports that it files or
              submits under Applicable Canadian Securities Laws is recorded, processed, summarized and reported within the time periods specified in such securities laws; such disclosure controls and procedures were effective as of December 31, 2019 at a
              reasonable assurance level.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Absence of Undisclosed Liabilities</u>. Husky has no material obligations or
              liabilities of any nature (matured or unmatured, fixed or contingent), other than:</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those set forth or adequately provided for in the most recent statement of financial position and associated notes thereto included in the Husky Financial Statements
              (the "<font style="font-weight: bold;">Husky Balance Sheet</font>");</div>
          </td>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those incurred in the ordinary course of business and not required to be set forth in the Husky Balance Sheet under IFRS;</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those disclosed in writing by Husky to Cenovus and incurred in the ordinary course of business since the date of the Husky Balance Sheet and consistent with past
              practice; and</div>
          </td>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">those incurred in connection with the execution of this Agreement.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Material Adverse Change</u>. Except for the Arrangement or any action taken in
              accordance with this Agreement, since September 30, 2020: (i) each member of the Husky Group has conducted its business only in the ordinary and normal course substantially consistent with past practice, subject to the Husky Group's
              compliance with laws related to, and the impact on the Husky Group's business of, the COVID-19 pandemic and such pandemic's continuing effect on working restrictions and the local, national and global economy (including any work stoppages or
              operational stoppages necessary to safeguard life or property); (ii) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise) material to the Husky Group (taken as a whole) has been incurred other than in
              the ordinary course of business; (iii) there has not been any Material Adverse Change in respect of Husky; and (iv) there have been no material facts, transactions, events or occurrences which would have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
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    <div>
      <table class="DSPFListTable" id="z3b584af96148403ba4491055cf81fd45" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ee)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Conduct of Business</u>.
                  Since September 30, 2020, no member of the Husky Group has taken any action that would be in violation of Section 3.2 if such provision had been in effect since that date, other than violations which would not have any Material Adverse
                  Effect on Husky or would not significantly impede Husky's ability to consummate the Arrangement contemplated hereby.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z290be8070f1b46c39ef986ec776236d4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Foreign Private Issuer</u>. Husky is a "foreign private issuer" as defined in
              Rule 405 of Regulation C under the U.S. Securities Act.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z325a19446dc64fe4bbc85f166bb3fa3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Environmental</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81d689014fbb488da71be52f081a8cc0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There have not occurred any material spills, emissions or pollution on any property of Husky or as a result of its operations that have not been remediated in
              compliance with Environmental Laws, nor has Husky been subject to any stop orders, control orders, clean-up orders or reclamation orders under applicable Environmental Laws that have not been complied with, except in each case to the extent
              any of such material spills, emissions or pollution on property or stop orders, control orders, clean-up order or reclamation orders would not individually or in the aggregate have a Material Adverse Effect on Husky. All operations of the
              members of the Husky Group have been and are now being conducted in compliance with all applicable Environmental Laws, except where the failure to be in compliance would not individually or in the aggregate have a Material Adverse Effect on
              Husky. No member of the Husky Group is aware of, or is subject to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z214a26af871f4c2b91ac3cf082b5e6bd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any proceeding, application, order or directive which relates to environmental, health or safety matters, and which may require any material work, repairs,
              construction, or expenditures; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29f32008406c4285ba736bec04a9e58b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">any demand or notice with respect to the breach of any Environmental Laws applicable to any member of the Husky Group, including any regulations respecting the use,
              storage, treatment, transportation, or disposition of any Hazardous Substances,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">which would reasonably be expected to have a Material Adverse Effect on
      Husky.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb64410939df9439f9cb2176561f095cb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">In the ordinary course of its business, Husky periodically reviews the effect of Environmental Laws on various business, operations and properties of the Husky Group,
              in the course of which it identifies and evaluates associated costs and liabilities (including any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or
              approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review, Husky has reasonably concluded that such associated costs and liabilities would not result in a Material
              Adverse Change.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z121a5094f44447feb93f75e187092b61" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Title</u>. Husky and its Material Subsidiaries have good and sufficient title to
              their real property interests, including fee simple estate of and in real property, leases, easements, rights of way, permits or licenses from landowners or authorities permitting the use of land by Husky and its Material Subsidiaries,
              necessary to permit the operation of its business as presently owned and conducted, other than where the failure to have such good and sufficient title would not individually or in the aggregate have a Material Adverse Effect on Husky. Husky
              does not have any knowledge nor is aware of any defects, failures or impairments in the title of Husky to its assets, whether or not an action, suit, proceeding or inquiry is pending or threatened or whether or not discovered by any third
              party, which in aggregate would have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefd5a438a72d48f4adafda9b955ef7d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Defaults under Leases and Agreements</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b58082cc3e24c0988edcb40a5bccb72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky has not received notice of any default under any of the leases and other title and operating documents or any other agreement or instrument pertaining to Husky's
              assets to which Husky is a party or by or to which Husky or any of its assets are bound or subject except to the extent that such defaults would not in the aggregate have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div>
      <table class="DSPFListTable" id="zf40654bec7bb4ab7a9c13a1c58023c30" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">To the knowledge of Husky:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8e83df17306e4c35891cee37a8b32200" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Husky is in good standing under all, and is not in default under any; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d72786621c4449e894066f6d95591cd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">there is no existing condition, circumstance or matter which constitutes or which, with the passage of time or the giving of notice, would constitute a default under
              any,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">leases and other title and operating documents or any other agreements and instruments
      pertaining to its assets to which it is a party or by or to which it or such assets are bound or subject and, to the knowledge of Husky, all such leases, title and operating documents and other agreements and instruments are in good standing and in
      full force and effect and none of the counterparties to such leases, title and operating documents and other agreements and instruments is in default thereunder except to the extent that such defaults would not, individually or in the aggregate, have
      a Material Adverse Effect on Husky.</div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11b4338dc2354c3da9f1d75072e6790c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No Encumbrances</u>. Husky has not encumbered or alienated its interest in its
              assets or agreed to do so and its assets are free and clear of all Encumbrances except for such Encumbrances as are disclosed in any governmental registry or arising in the ordinary course of business or are material in the aggregate.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7b83d92401954a5c9507407bc30c01ce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Ownership of Material Property</u>. Each of Husky and its Material Subsidiaries
              has ownership of all material property (including oil and gas leasehold interests in accordance with industry standard oilfield practice) necessary to the operation of its business, in each case free and clear of all Encumbrances and other
              material adverse claims known to Husky, other than such Encumbrances as are disclosed in any governmental registry or arising in the ordinary course of business or are material in the aggregate.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7fc64c2957d54505851f82954b1ae1fa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>No ROFRs</u>. There are no rights of first refusal, pre-emptive rights of
              purchase or similar right whereby any third party has the right to acquire or purchase any of Husky's assets as a consequence of the Parties entering into this Agreement or the Arrangement, other than where such rights would not individually
              or in the aggregate have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3726030fff8e48b9a06d6168f89ab70a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Royalties, Rentals and Taxes Paid</u>. All royalties and rentals payable under
              the leases and other title and operating documents pertaining to the oil and gas (onshore and offshore) assets of Husky and all ad valorem, property, production, severance and similar taxes and assessments based upon or measured by the
              ownership of such assets or the production of petroleum substances derived therefrom or allocated thereto or the proceeds of sales thereof payable have been properly paid in full and in a timely manner except to the extent that such
              non-payment would not in the aggregate have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf3a1c166c9d43ff91a92b0d45cb22d4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Reserves</u>. Husky believes that the Reserves Disclosure reasonably presents the
              estimated quantity and pre-tax net present value of liquids and natural gas properties evaluated in such report as at December 31, 2019 based upon information available at the time such reserves information was prepared, and Husky believes
              that at the date of such report it reasonably presented the aggregate estimated quantity or pre-tax net present values of such reserves or estimated monthly production volumes therefrom. Husky made available to Sproule, prior to the issuance
              of the Sproule Audit Opinion, for the purposes of preparing such opinion, all information requested by Sproule, which information did not contain any material misrepresentation at the time such information was provided.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7976df9ddd9548188d6a656326c2ae55" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Licences</u>. Each member of the Husky Group has obtained and is in compliance
              with all licenses, permits, certificates, consents, orders, grants and other authorizations of or from any Governmental Authority necessary to conduct its businesses as they are now being or are proposed to be conducted, other than such
              licenses, permits, certificates, consents, orders, grants and other authorizations the absence of which would, individually or in the aggregate, not have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zac7964da9bc94a5ca47d5bf31639b61c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Long-Term Hedging Transactions</u>.&#160;Each member of the Husky Group has no obligations or liabilities, direct or indirect, vested or contingent in respect of any Hedging Transaction except with respect to Hedging</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Transactions entered in the ordinary course of business consistent with past practice and as permitted under Husky's
      corporate policies.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zddf3daeacbf241169d7dc2f65282d961" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Employee Benefit Plans</u>. Husky has made available to Cenovus true, complete
              and correct copies of each material option, incentive compensation, deferred compensation, share purchase or share-based compensation plan and each other material employee or director compensation or benefit plan, agreement or arrangement, or
              any similar agreement, plan, policy or other arrangement (and any amendments thereto), for the benefit of directors or former directors of the members of the Husky Group, consultants or former consultants of the members of the Husky Group,
              employees or former employees of the members of the Husky Group, which are maintained by, contributed to, or binding upon any member of the Husky Group or in respect of which any member of the Husky Group thereof has any actual or potential
              liability (the "<font style="font-weight: bold;">Husky Employee Plans</font>"), and:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z47b7936a6cc74d40bd0b2714290697f5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Husky Employee Plan has been maintained and administered in material compliance with its terms, any Husky Collective Agreements and is funded in accordance with
              Applicable Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z212cc305708846048d923e0d5b9c8d19" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all required material employer contributions under any Husky Employee Plans have been made in accordance with the terms thereof;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z415e704d5ed34522bf991e91f7f5c000" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">each Husky Employee Plan that is required or intended to be qualified under Applicable Law or registered or approved by a Governmental Authority has been so qualified,
              registered or approved by the appropriate Governmental Authority, and nothing has occurred since the date of the last qualification, registration or approval to materially adversely affect, or cause, the appropriate Governmental Authority to
              revoke such qualification, registration or approval;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ea6743b54b14d7083c9d39a74146edf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">to the knowledge of Husky, there are no pending or anticipated material claims against or otherwise involving any of the Husky Employee Plans and no material suit,
              action or other litigation (excluding claims for benefits incurred in the ordinary course of Husky Employee Plan activities) has been brought against or with respect to any Husky Employee Plan;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1df16b56bafb4d6cb46157e36faecc8d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all material contributions, reserves or premium payments required to be made to the Husky Employee Plans have been made or accrued for in the books and records of
              Husky;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5671f2bafb2e4e31bdf1446bb74be077" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">except as disclosed in writing by Husky to Cenovus, the execution and delivery of this Agreement or the consummation of the transactions contemplated herein will not
              under any Husky Employee Plan result in, cause the accelerated vesting of, funding or delivery of, or increase the amount or value of, any payment or benefit to any employee, officer, or director of any member of the Husky Group, or will not
              limit the right of any member of the Husky Group to amend, merge, terminate or receive a reversion of assets from any Husky Employee Plan or related trust; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c58cd166c4042028a2449c148040416" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">all material unfunded liabilities in respect of the Husky Employee Plans have been reflected in the Husky Financial Statements or accrued for in the books and records
              of Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z297b7c3091f64b5a8e2b0f3cdc0f1fcd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Employment Agreements and Collective Agreements</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze0d4e0244fae47ceadd8b1316060d0b9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Other than as disclosed in writing by Husky to Cenovus, no member of the Husky Group is a party to, nor is engaged in any negotiations with respect to, any employment
              agreement with any employee or any written or oral agreement, arrangement or understanding, providing for severance, termination or change of control payments to any Husky employee as a result of the execution and delivery of this Agreement
              or the consummation of the transactions contemplated herein.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4af31b0baa154dd9ac6afd0112c5f430" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Except for the Husky Collective Agreements: (A) no member of the Husky Group is a party to, nor is engaged in any negotiations with respect to, any collective
              bargaining or union agreement, any actual or threatened application for certification or bargaining rights or letter of understanding, with respect to any current or former Husky employee; and (B) no trade union, council of trade unions,</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">employee bargaining agency or affiliated bargaining agent holds bargaining rights with respect to any employees of
      the Husky Group by way of certification, interim certification, voluntary recognition or succession rights of any Husky employees.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2801fa1569a64cd09fe006c8607fbdf2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There is no labour strike, dispute, lock-out, work slowdown or stoppage or concerted work refusal outstanding, pending or involving any member of the Husky Group and,
              to the knowledge of Husky, no labour strike, dispute, lock-out, work slowdown or stoppage is threatened against any member of the Husky Group.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ea68124a5a748d3bdb9e19fd1711635" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Husky Group is in material breach of any Husky Collective Agreement, and, except as set out in the Husky Collective Agreements, no member of the Husky
              Group has any outstanding obligations existing under any collective agreements to deduct, remit, withhold or contribute in any manner.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z96cb2a9be1a64280bb503b03c71ada81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No unfair labour practice complaint, grievance or arbitration proceeding is pending or involving any member of the Husky Group and, to the knowledge of Husky, no member
              of the Husky Group has engaged in any unfair labour practice and no unfair labour practice complaint, grievance or arbitration proceeding has been threatened against any member of the Husky Group, in each case other than as in the aggregate
              would be material to Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze860acb9e4d64a8885e7887ca9dfa965" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each member of the Husky Group is in material compliance with all terms and conditions of employment and all Applicable Laws respecting employment, including pay
              equity, human rights, privacy, employment standards, worker's compensation and occupational health and safety, and there are no outstanding actual or, to the knowledge of Husky, threatened claims, complaints, investigations or orders under
              any such Laws, other than as in the aggregate do not have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze6e1500d0c7b45c9b285a7b5c2e137d3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">All amounts due or accrued for all salary, wages, bonuses, commissions, vacation with pay and other employee benefits in respect of employees of the Husky Group which
              are attributable to the period before the Effective Date have been paid or are accurately reflected in the books and records of Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2acaf11e7f9b497c9090f83febab7e63" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There are no material outstanding assessments, penalties, fines, liens, charges, surcharges or other amounts due or owing by any member of the Husky Group pursuant to
              any workers' compensation legislation and Husky has not been reassessed in any material respect under such legislation and, to the knowledge of Husky, no audit of Husky is currently being performed pursuant to any applicable worker's
              compensation legislation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcb55372446d04889a0bf1e528bc2b76a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There are no material charges pending with respect to the Husky Group under OHSL. Each member of the Husky Group has complied in all material respects with the terms
              and conditions of the OHSL, as well as with any orders issued under OHSL. There are no appeals of any material orders under OHSL currently outstanding.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9cc006d33b75494194022cf2943b3b78" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Each member of the Husky Group has in all material respects properly classified each contractor and contingent worker directly engaged or retained by a member of the
              Husky Group in accordance with all Applicable Laws and there are no outstanding actual or, to the knowledge of Husky, threatened material claims, complaints or investigations regarding any member of the Husky Group's classification of such
              contractors and contingent workers.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z367174ae3bb147e78355a8b487df793c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Insurance</u>. Policies of insurance are in force naming Husky as an insured that
              adequately cover all risks as are customarily covered by oil and gas (onshore and offshore) producers and distributors in the industry in which Husky operates. All such policies shall remain in force and effect (subject to taking into account
              insurance market conditions and offerings and industry practices) and shall not be cancelled or otherwise terminated as a result of the transactions contemplated by this Agreement other than such cancellations as would not individually or in
              the aggregate have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table class="DSPFListTable" id="zdc7ceeb898b34617ae4378530ef29f73" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(tt)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Indebtedness To and By Officers,
                      Directors and Others</u>. Husky is not indebted to any of the directors, officers, employees or consultants of the members of the Husky Group, or any of their respective associates or affiliates, or other parties not at arm's
                  length to Husky, except for amounts due as normal compensation or reimbursement of ordinary business expenses, nor is there any indebtedness owing by any such parties to Husky.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb42f5c7c730446ffa2aa9e2dc1abcce6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(uu)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Compliance with Laws</u>. Each member of the Husky Group has complied with and is
              not in violation of any Applicable Laws other than non-compliance or violations which would, individually or in the aggregate, not have a Material Adverse Effect on Husky.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze4e52c362de24ca6b1aa80bf48474098" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Possession of Intellectual Property</u>. (i) The members of the Husky Group own
              with good and valid title thereto, free and clear of all Encumbrances, or have the full right or license to use, and to continue to use, the Intellectual Property Rights owned by, licensed to, or used by any of them in the operation, conduct
              or maintenance of their respective businesses in the manner presently and historically operated, conducted and maintained (collectively, the "<font style="font-weight: bold;">Husky
                Group IP</font>"); (ii) the Husky Group IP is sufficient for each member of the Husky Group to operate, conduct and maintain its respective business in the manner presently and historically operated, conducted and maintained; (iii) neither
              the operation, conduct or maintenance by any member of the Husky Group of its respective business in the manner presently and historically operated, conducted and maintained, nor the use by any member of the Husky Group of any Husky Group IP
              in respect thereto infringes, misappropriates, misuses or violates the Intellectual Property Rights or any other rights of any third party, or breaches any duty or obligation owed to any third party; (iv) no member of the Husky Group has
              received any notice, complaint, threat or claim alleging: (A) the infringement, misappropriation, misuse or violation of any Intellectual Property Right or other right of any third party or breach of any duty or obligation owed to any third
              party; or (B) that a member of the Husky Group does not own any Husky Group IP or, in the case of Husky Group IP which is licensed to a member of the Husky Group, that such member does not have the right to use such Intellectual Property
              Rights in connection with the operation, conduct and maintenance of its business in the manner presently and historically operated, conducted and maintained; (v) each member of the Husky Group has used and continues to use reasonable
              commercial efforts (including measures to protect secrecy and confidentiality, where appropriate) to protect the Husky Group IP; (vi) the entering into of this Agreement will not trigger any material change of control payments or fees under
              any seismic license agreements; (vii) the Information Technology owned, licensed, leased or used by any member of the Husky Group (collectively, the "<font style="font-weight: bold;">Husky Group IT</font>") meets or exceeds industry standards, and adequately satisfies the data processing and other computing needs of the respective businesses and operations of each member of the Husky Group as presently and
              historically operated, conducted and maintained; (viii) each member of the Husky Group: (A) has and continues to use reasonable commercial efforts to protect the security and integrity of the Husky Group IT and the information thereon; and
              (b) has adopted administrative, procedural, physical and technological safeguards (including disaster recovery and business continuity plans), which are consistent with or exceed current industry standards, to adequately and properly ensure
              the protection of its respective business; and (ix) each member of the Husky Group has collected, used, disclosed, stored, and otherwise processed all Personal Information under its custody and control materially in accordance with applicable
              data protection and privacy Laws.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab0ada642e374975a6282f933be0b354" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ww)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Corrupt Practices and Trade Legislation</u>.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3457ce64533d49f49dffb00991f54178" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">To the knowledge of Husky, no member of the Husky Group, or any director, officer, agent, employee or affiliate of any member of the Husky Group acting in their
              capacity as such, has, directly or indirectly, (A) made or authorized, or promised to make or authorize, any contribution, payment or gift of funds, property or other thing of value to any official, employee or agent of any governmental
              agency, authority or instrumentality (including government-owned or &#8211;controlled businesses) of any jurisdiction or any official or employee of any public international organization, state-owned enterprise, or a close relative thereof, or (B)
              made, or promised to make,<font style="font-weight: bold;">&#160;</font>or authorized<font style="font-weight: bold;">&#160;</font>any
              contribution, payment, or gift of funds, property or other thing of value to any candidate for public office, to any political party, political party official or employee, in either case, where either the payment or the purpose of such
              contribution, payment, gift or other thing of value to improperly influence any government action or decision or to secure an improper advantage for the purpose of obtaining or retaining business, or was, is, or would be prohibited under
              Anti-Corruption Laws</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">applicable to any member of the Husky Group and its operations and have instituted and maintained policies and
      procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance with such legislation. This includes, for greater certainty, policies and procedures that are designed to ensure compliance by any third
      party agents, representatives or business partners that interact with foreign public officials on Husky's behalf with Applicable Laws that prohibit corruption or bribery. To the knowledge of Husky, no action, suit or proceeding or investigation by or
      before any court or governmental agency, authority or body or any arbitrator involving the Husky Group or any member of the Husky Group or any with respect to the Anti-Corruption Laws is pending or threatened or has been pending or threatened.</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdeca9713059c40998c80be2cdfeb4ba3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">During the periods of the Husky Financial Statements, the operations of the Husky Group and its members are and have been conducted at all times in compliance with the
              Money Laundering Laws. To the knowledge of Husky, no action, suit, proceeding or investigation by or before any court or governmental agency, authority or body or any arbitrator involving the Husky Group or any member of the Husky Group with
              respect to the Money Laundering Laws is pending or threatened or has been pending or threatened.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d4d792b00e74673aedd994cdd284cd9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">No member of the Husky Group nor, to the knowledge of Husky, any director, officer, agent, employee or affiliate of any member of the Husky Group has had any sanctions
              administered by OFAC, Global Affairs Canada or Public Safety Canada imposed upon such Person; and no member of the Husky Group is in violation of any of the Economic Sanctions, including, for greater certainty, Economic Sanctions that
              restrict oil and gas sector investments and trade in oil and gas sector equipment to certain destinations such as Russia, Iran and Syria, or is conducting or has conducted business with any Person who is the target of any Economic Sanctions
              in violation of applicable Economic Sanctions.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">There have been no material inaccurate or fictitious entries made in the books or records of any member of the Husky Group (to the extent such books or records are kept
              in connection with the books and records of Husky) relating to any secret or unrecorded fund or any unlawful payment, gift, political or charitable contribution or other thing of value or advantage, and no member of the Husky Group, or, to
              the knowledge of Husky, its affiliates has directly or indirectly established or maintained a secret or unrecorded fund.</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The Husky Group: (A) maintains systems of accounting and internal controls sufficient to provide reasonable assurances that: (1) the books and records of the Husky
              Group accurately and fairly reflect the transactions of the members of the Husky Group in reasonable detail; (2) transactions are executed in accordance with management's general or specific authorization; and (3) transactions are recorded as
              necessary to maintain accountability for assets; (B) maintains a risk-based system of accounting and compliance controls sufficient to ensure that each entity's financial statements and all of them are accurately and fairly stated and to
              monitor, prevent, detect and report transactions violating any Applicable Law that prohibits corruption or bribery; and (C) has instituted policies and procedures in relation to business conduct and ethics required by Applicable Law and
              otherwise reasonably sufficient to provide reasonable assurances that the business of the Husky Group is conducted without any of the actions described in clause (i)(A), (i)(B), and (i)(C) of this Section (ww) and, to the knowledge of Husky,
              there has not been any material breach of such policies or procedures.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">Without limiting the generality of the foregoing, each member of the Husky Group, and each of their respective officers and employees, and each of their respective
              consultants, agents and representatives, acting in their capacity as such, is in material compliance with all Applicable Laws relating to its lobbying activities and campaign contributions, if any, and all filings required to be made under
              any Applicable Law relating to such lobbying activities and campaign contributions are accurate and have been properly filed with the appropriate Governmental Authority in all material respects.</div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">(vii)</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, any reference to "other thing of value" in this Section (ww) includes meals,
                  entertainment, travel and lodging.</font></div>
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    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">For purposes of this Section (ww) only, "affiliates" means those affiliates acting in connection with the properties, assets or business of any member of the Husky
              Group.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(xx)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;"><u>Disclosure</u>. Except as disclosed in writing by Husky to Cenovus, to the
              knowledge of Husky, Husky has not withheld from Cenovus any material information or documents concerning any member of the Husky Group or their respective assets or liabilities during the course of Cenovus's review of Husky and its assets. No
              representation or warranty contained in this Agreement or other disclosure document provided or to be provided to Cenovus by Husky pursuant to this Agreement contains or will contain any untrue statement of a material fact or omits to state a
              material fact which is necessary in order to make the statements herein or therein not misleading.</div>
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "G"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF SUPPORT AGREEMENT</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(attached)</div>
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    <div style="line-height: 1.25; margin-bottom: 12pt;">
      <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPORT AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS SUPPORT AGREEMENT is made effective as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2020</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
      <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws
        of Luxembourg (the&#160;"<font style="font-weight: bold;">Shareholder</font>")</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">WHEREAS the Corporation and Husky Energy Inc.<font style="font-weight: bold;">&#160;</font>("<font style="font-weight: bold;">Husky</font>") have, concurrently with the execution and delivery of this Agreement, entered into an arrangement
        agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"), regarding a proposed arrangement
        under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, the Corporation and the shareholders of Husky (as the same may be
        amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Arrangement contemplates, among other things, that the Corporation will acquire all of the issued
        and outstanding Husky Common Shares in consideration for Cenovus Common Shares and Cenovus Warrants, and each holder of Husky Common Shares will receive, for each Husky Common Share held, 0.7845 Cenovus Common Shares and 0.0651 Cenovus Warrants;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS, as of the date hereof, the Shareholder beneficially owns, and exercises control or direction over
        403,986,043 Husky Common Shares, representing approximately 40.19% of the total Husky Common Shares issued and outstanding at the date hereof, as more particularly set out in Schedule A hereto;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Shareholder understands and acknowledges that the Corporation is entering into the Arrangement
        Agreement in reliance upon the execution and delivery of this Agreement by the Shareholder and the terms and conditions contained herein; and in consideration for the Corporation entering into the Arrangement Agreement, the Shareholder agrees to be
        bound by this Agreement, which sets out the terms and conditions upon which they have agreed, among other things, to support the Arrangement and to cause their respective Subject Securities to be voted in favour of the Arrangement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">NOW THEREFORE, in consideration of the foregoing and the covenants and agreements herein contained and other good
        and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z68ce9eab15484e09a367d87bfdab240a" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Capitalized terms not otherwise defined in this Agreement shall have the meanings specified in the Arrangement
        Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement (including the recitals hereto):</div>
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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
                considered to be an Affiliate of another Person (second Person) if the first Person: (i) Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly,
                the second Person;</div>
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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this support agreement, as amended, modified
                or supplemented from time to time;</div>
            </td>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals
                to this Agreement;</div>
            </td>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the
                recitals to this Agreement;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
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            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors (or the equivalent) of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Party</font>" means a party to this Agreement, and "<font style="font-weight: bold;">Parties</font>" means all parties to this Agreement;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Relevant Securities</font>" means Husky Common Shares, Husky
                Preferred Shares and, if applicable after the date hereof, any other securities of Husky having voting rights in respect of the Arrangement under Applicable Laws;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of
                such Person's directors, officers, employees, consultants, advisors, agents or other Person acting on behalf of the Person;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>" has the meaning ascribed thereto in the recitals
                to this Agreement; and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subject Securities</font>" means all Relevant Securities beneficially
                owned, or over which control or direction is exercised by the Shareholder, including any Relevant Securities that the Shareholder acquires beneficial ownership of, or control or direction over, after the date hereof.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Covenants</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions of this Agreement, the Shareholder hereby covenants and agrees with the
        Corporation that, unless otherwise consented to in writing by the Corporation, the Shareholder shall:</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z603aa6b6179b4c6ca9d1f220df6e43b3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote (or cause to be voted) all Subject Securities at any meeting of Husky Common Shareholders (and any meeting of holders of any other Relevant Securities, as
                applicable, at which the Shareholder is entitled to vote), including the Husky Meeting:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e7e83be1f414bbb8417d94a58660ef4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for and in favour of the Arrangement Resolution (and, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution) and any
                other matter necessary for the consummation of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbecab006de6b4eb3a4cc27f703a7ba9c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as contemplated in paragraph (i), against any business combination, arrangement, amalgamation, merger, consolidation, reorganization, recapitalization,
                liquidation, material asset sale or similar transaction involving Husky, or any issue of securities by Husky, or any resolution to approve, ratify or adopt any of the foregoing; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54fcaf5a13e548ddbf31941af7baca19" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">against any resolution, transaction or other action that is inconsistent with, or could reasonably be likely to impede, interfere with, delay, postpone, or adversely
                affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, including against any Acquisition Proposal in respect of Husky,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and cause the Subject Securities to be counted as present at the Husky Meeting and any such
        other meeting, as applicable, for quorum purposes;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bab62d6b1f444eead5ab4da8b6a843a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">without limiting paragraph 2(a): (i) duly deposit or deliver (or cause to be duly deposited or delivered) valid proxies or voting instruction forms, as applicable,
                duly completed and executed, in respect of the Subject Securities, at least fifteen (15) calendar days prior to the Husky Meeting, directing that all of the Husky Common Shares comprising all or a part of the Subject Securities in favour of
                the Arrangement Resolution (and, if applicable, all of the Husky Preferred Shares comprising a part of the Subject Securities for and in favour of the Preferred Shareholder Resolution) and any other matter necessary for the consummation of
                the Arrangement; (ii) provide the Corporation with confirmation of the deposit or delivery of valid proxies or voting instruction forms as aforesaid; and (iii) not take (or permit any Person on its behalf to take) any action to withdraw,
                amend or invalidate any proxy or voting instruction form deposited or delivered pursuant to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0646f3bc2dd4e71b7ed680c2ef2bd36" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not: (i) sell, transfer, gift, assign, convey, pledge, hypothecate, encumber, grant a security interest in or option, or enter into any derivative transactions in
                respect of, or otherwise dispose of any right or interest (including any economic consequence of ownership) in, any of the Subject Securities, or enter into any agreement, arrangement or understanding in connection therewith, other than
                pursuant to the Arrangement; (ii) grant or agree to grant any proxy, power of attorney or other right to vote any of the Subject Securities, deposit any of its Subject Securities into a voting trust or pooling agreement, or enter into any
                agreement, arrangement or understanding with respect to the voting of any of its Subject Securities, other than as provided in this Agreement or at any annual meeting of the holders of Husky Common Shares; or (iii) requisition or join in
                the requisition of any meeting of Husky Common Shareholders or any other securities of Husky for the purpose of considering any resolution (A) that could reasonably be expected to impair or materially delay the completion of the Arrangement
                or (B) regarding an Acquisition Proposal in respect of Husky;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a4f176bac34472783e0d67387d29318" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not: (i) take any action, that opposes or competes with, or could reasonably be expected to frustrate, impede, delay, restrain or prevent the Arrangement or any of
                the other matters and transactions contemplated by the Arrangement Agreement; or (ii) act jointly or in concert with any Person or group of Persons with respect to voting securities of Husky or the Corporation in opposition to or
                competition with the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, or in support of any Acquisition Proposal in respect of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zecbff2a6f21a4354872b102262f09aae" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not exercise or assert (or permit to be exercised or asserted on its behalf): (i) any Dissent Rights or any other rights of dissent or appraisal with respect to the
                Subject Securities in respect of the Arrangement, the Arrangement Resolution or, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution all of which rights are hereby irrevocably waived by the
                Shareholder to the fullest extent permitted by Laws; or (ii) any other rights or remedies with respect to the Subject Securities that are available at common law or pursuant to the ABCA, Applicable Canadian Securities Laws, Applicable U.S.
                Securities Laws or any other Laws that could reasonably be expected to impede, interfere with, delay, postpone, or adversely affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5eb2381e7d444f8587a1f094f676883a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not withdraw, amend, modify or qualify, or publicly propose or state any intention to withdraw, amend, modify or qualify, its support for the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z462e4c89cace46e38276b8f8df484209" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not accept, approve, endorse, recommend or enter into, or publicly propose or state any intention to accept, approve, endorse, recommend or enter into, any publicly
                disclosed Acquisition Proposal in respect of Husky or the Corporation, or make or enter into any agreement, arrangement or understanding, written or oral, in respect of an Acquisition Proposal in respect of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76579fe2c12f4d03b94a999c9bd74903" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not deposit or tender (or permit to be deposited or tendered) any securities of Husky or the Corporation to any take-over bid or other Acquisition Proposal in respect
                of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bd06c37730e4d54b8011381b08d8e88" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">prior to the termination of the Arrangement Agreement (other than by Husky pursuant to Section 9.1(g) of the Arrangement Agreement), not:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z546b6f45616f4b1f9ff58f9920f239cc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">acquire, offer to acquire (including by offer to purchase or solicitation of an offer to sell) or make any proposal to acquire, directly or indirectly, beneficial
                ownership of, or control or direction over any Cenovus Common Shares or other securities of the Corporation, any additional securities of Husky beyond than those set out in Schedule A hereto or any assets of Husky or the Corporation or any
                of their respective subsidiaries, whether by means of purchase, exchange, business combination, arrangement, amalgamation, merger, consolidation, reorganization, take-over bid or otherwise;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5753bc0b4e8a416ab6d46ddb651a48ac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">solicit any proxies, or participate in any solicitation of proxies, with respect to the voting of any securities of Husky or the Corporation other than in favour of
                the Arrangement Resolution, the Preferred Shareholder Resolution and the Share Issuance Resolution, as applicable;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="zb5284d23e52e4ec38b7981cc863cfa7e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; line-height: 1.25;">(iii)</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;">make any announcement or public disclosure with respect to any of the matters in this paragraph 2(i), except to the extent
                  required by Applicable Laws;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;"> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9340411258954fa593133ee70771220b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">immediately cease and cause to be terminated all solicitations, encouragements, discussions or negotiations (including through any Affiliate or Representative), if
                any, with any Person other than the Corporation and its Representatives, with respect to any Acquisition Proposal in respect of Husky or the Corporation or expression of interest relating to an Acquisition Proposal in respect of Husky or
                the Corporation, or any inquiry, proposal or offer that constitutes or may constitute, or could reasonably be expected to lead to, an Acquisition Proposal in respect of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z73b82194ea8c401fa657a4f4a191c8ed" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not take or omit to take any action that would cause any representation or warranty of such Shareholder contained herein to become untrue or incorrect in any material
                respect, and promptly notify the Corporation if any of the Shareholder's representations and warranties contained herein becomes untrue or incorrect in any material respect;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d55aa8a6ef5455196b4bbee01b04b9b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not act jointly or in concert or otherwise knowingly cooperate in any way with, or assist (including by providing financial assistance), facilitate, encourage or
                participate in, any effort or attempt by, any other Person or group of Persons to do or seek to do anything contrary to the foregoing; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07f4b7c71df04c968ea3c943666bfa30" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not do indirectly, including through any Affiliate or Representative, that which it may not do directly by the terms of this Section 2.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41b0e51e67e345d1aad208db423af192" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory Cooperation</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc036921c10594ad9878f01d0c14a0d4b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In connection with obtaining the Key Regulatory Approvals, subject to Applicable Law, the Parties shall, and shall cause their Affiliates to:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd375d81b8cf54ab18613cc15705080ff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as soon as reasonably practicable following a determination by a Party that a filing is required or prudent, as set forth in Section 3(b) or as required in Section
                3.7 of the Arrangement Agreement, make a filing in respect of the transactions contemplated by this Agreement, submit such filing with the applicable Governmental Authority in accordance with such foreign investment laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc9d512724ccc4e20991919c8b4748f7a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use its commercially reasonable efforts to obtain all Key Regulatory Approvals as soon as reasonably practicable, but in any event no later than three Business Days
                prior to the Outside Date;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6256348e3ba64a518b8cb58827e1a1db" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">cooperate with the each other and provide such assistance to the each other as each Party may reasonably request in connection with obtaining the Key Regulatory
                Approvals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d00f3665951496a91f42c519991d329" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">respond at the earliest practicable date to any requests for information (including in respect of any submissions or supplementary information requests) or requests
                for meetings by any Governmental Authority;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6375971c64584cc192ec90197877efca" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">permit each other an advance opportunity to review and comment upon any proposed written communications to any Governmental Authority, consider in good faith the
                comments of each other, and provide each other with final copies thereof;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z90af41b905944783ac3247d14bad9f8f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify; line-height: 1.25;">(vi)</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; line-height: 1.25;">provide each other a reasonable opportunity to participate in any meetings or discussions (whether in person, by e-mail, by telephone or
                  otherwise) with any Governmental Authority (except where the Governmental Authority expressly requests that a Party should not be present at the meeting or discussion or part or parts of the meeting or discussion);</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;"> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z836d18fca23f447ebcda6c87be880f49" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">keep each other informed of the status of the Key Regulatory Approvals and promptly notify each other of receipt of any communications (oral or written) of any nature
                from a Governmental Authority (including, in particular, receipt of any notice under the Investment Canada Act or any foreign investment laws) in connection with the transaction contemplated by the Arrangement Agreement and provide each
                other with copies thereof; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1500420f3e5a4bbea7d7cea4ffada5a7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">refrain from extending or consenting to any extension of any applicable waiting or review period or enter into any agreement with a Governmental Authority to not
                consummate the transactions contemplated by this Agreement, except upon the prior written consent of each other.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z884c9d34f7f649da8073e3b5310a4c0f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In connection with any determination by the Shareholder that a filing by the Corporation is required or prudent to obtain a Key Regulatory Approval, the Shareholder
                shall make such determination as soon as reasonably practicable upon receipt of the information reasonably necessary to make such determination in an informed manner and only after consultation with the Corporation in good faith and acting
                reasonably.&#160; In the event that the Shareholder does make the determination to obtain a Key Regulatory Approval pursuant to the foregoing sentence, such filing shall be deemed to be a Key Regulatory Approval under the Arrangement Agreement
                and the Corporation shall pursue such Key Regulatory Approval in accordance with the Arrangement Agreement.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde68fee86c8f411e81300885a3610fcd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any requirement in this Agreement, where a Party is required to provide information to the other Party that the disclosing Party deems to be
                competitively or commercially sensitive, the disclosing Party may restrict the provision of such competitively sensitive information only to the external legal counsel of the other Party, provided that the disclosing Party also provides a
                redacted version of any such information to the other Party.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca26ef56cd8547ef936c4afeed269037" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Representations and Warranties</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder represents and warrants to the Corporation as follows, and acknowledges that the Corporation is
        relying upon such representations and warranties in connection with the matters contemplated by this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb08f54eb884f4233b140a68bc58f6964" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete
                the transactions contemplated hereby;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3673f51f47240c0a98c0eff65b18286" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement of the Shareholder enforceable against it
                in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be
                granted only in the discretion of a court of competent jurisdiction;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="zef2f76ec04d4444d9bd2907937192125" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Shareholder, or completion of the
                    transactions contemplated hereby, violates or constitutes a breach or default under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a
                    breach or default under, of conflict with), any agreement, arrangement, understanding or restriction of any kind, including pursuant to any Applicable Laws, to which the Shareholder is a party or by which it is bound, except in each
                    case as would not impair the ability of the Shareholder to perform its obligations hereunder;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4c21b010fd4f4a799c45ff100cd6ac04" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, the Shareholder: (i) beneficially owns, and exercises control and direction over the number of Subject Securities set forth opposite its name
                on Schedule A hereto, and (ii) does not beneficially own, or exercise control or direction over any Cenovus Common Shares or other securities of the Corporation, or any other securities of Husky or of any subsidiary of Husky;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd827a68823ca4ac19b09c75aafd982f6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has the sole and exclusive right to sell and vote or direct the sale and voting of the Subject Securities set forth opposite its name on Schedule A
                hereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zabd72c88045f4df796661ae185daed27" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">none of the Subject Securities are subject to any shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or
                arrangement, or any right or privilege (by Law or contract) capable of becoming a shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, other than this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4bae8e0e71ef48048472dc1045fd7bf8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no proxy in existence with respect to any of the Subject Securities, except for a proxy given by the Shareholder in accordance with this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c588eeaecb7485f95a22ac0176505d6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">no Person has, or will at any time during the term of this Agreement have, any agreement or option, or any right or privilege (by Law or contract) capable of becoming
                an agreement or option, for the purchase, acquisition or transfer of any of the Subject Securities, or any interest therein or right thereto (including any right to vote), other than pursuant to this Agreement and the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zee59fa4ace684030afa499ea0bf4c41c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Shareholder, threatened against it that adversely
                affects the Shareholder's ability to enter into this Agreement and perform its obligations hereunder, or its title to any of the Subject Securities; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0bdc855b969b441b85838543c600ba65" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder is a "WTO investor" and is not a "state owned enterprise" within the meaning of the Investment Canada Act.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaebfc8b658dd4eaea4ca05c4485993e6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Corporation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is
        relying upon such representations and warranties in connection with the matters contemplated by this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2a20ccb4ec3b46f788c8f2541ccd29ce" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Corporation has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete
                the transactions contemplated hereby;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z91451fcab80a48808ae25c86fef98f9e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Corporation and constitutes a legal, valid and
                    binding agreement of the Corporation enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that
                    equitable remedies such as specific performance and injunction may be granted only in the discretion of a court of competent jurisdiction;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2caff1af1e4e4aed9f78d01948db5e0e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Corporation, or completion of the transactions contemplated hereby, violates or constitutes a
                breach or default under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with) any agreement,
                arrangement, understanding or restriction of any kind, including pursuant to any Applicable Laws, to which the Corporation is a party or by which it is bound, except in each case as would not impair the ability of the Corporation to perform
                its obligations hereunder; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b3f77d9d57648acb815b2bc4ca5cd5d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Corporation, threatened against it or any of its
                affiliates that adversely affects the Corporation's ability to enter into this Agreement and perform its obligations hereunder.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z60e9d1de6e5a44c9b783b9516704d106" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Termination</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement and the Parties' respective rights and obligations hereunder shall terminate on the earliest of:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2b4e0acb732409d9e213ca1cc3326b6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the mutual written consent of the Corporation and the Shareholder, by instrument in writing signed by each Party, to terminate this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77d6add46c1b4219a770d0c0e0f492cc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the time (if any) at which the Arrangement Agreement is terminated:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdc67955a525d473d930077e1ac2b65e5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by mutual written agreement of the parties thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb21786b836bd4d85a2e787774de69f37" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by the Corporation in accordance with the terms thereof; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z045d6470988b40c3b51fff443c2f79fd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by Husky in accordance with section 9.1(b)(ii), section 9.1(b)(iii), section 9.1(c) or section 9.1(f) thereof;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaee3c805df184e0497064ac04d5f307a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">completion of an Acquisition Proposal in respect of the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z34ddd96656a74b54b1f857ca57e4fc08" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">approval by the requisite majority of Cenovus Common Shareholders of an Acquisition Proposal in respect of the Corporation, completion of which requires, pursuant to
                Applicable Laws, approval by the Cenovus Common Shareholders;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z00c472312c534e688b7820c84a96dd9d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Effective Time; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a87944a6d47488b853eeb8826839a16" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Outside Date.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon termination or expiration of this Agreement, neither Party shall have any further obligations or liabilities
        under this Agreement, provided, however, that (i) the provisions of Sections 7-14 and 16-18, inclusive, shall survive termination of this Agreement, and (ii) nothing herein shall relieve a Party from</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">liability for any breach of this Agreement that occurs prior to termination, or prejudice the rights of the other
        Parties as a result of any such breach.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z06561aaa2f7a4d97889860b0b3b5a092" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party acknowledges and agrees that if any provisions of this Agreement are not performed in accordance with
        their specific terms or are otherwise breached, the non-breaching Parties would suffer irreparable harm for which monetary damages would not be an adequate remedy. Accordingly, in addition to (and without limiting) any other remedies available at
        law or equity, a non-breaching Party shall be entitled to equitable relief, including remedies of specific performance and temporary and permanent injunctive relief, to enforce performance and/or restrain any actual or threatened non-performance or
        other breach, without any requirement for security or posting of any bond in connection with the obtaining of such equitable relief.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc993098c12d64c9ca6063bd29d3b5f9d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fiduciary Obligations</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation acknowledges and agrees that the Shareholder is bound hereunder solely in its capacity as a
        holder of the Subject Securities, and, if any Representative of the Shareholder or any of its Affiliates is a director and/or officer of Husky, that the provisions hereof shall not be deemed or interpreted to bind such individual in his or her
        capacity as a director or officer of Husky and this Agreement shall not: (a) restrict, limit or prohibit any such individual from exercising (in his or her capacity as a director or officer) his or her fiduciary duties under Applicable Laws
        (including any action permitted by the Arrangement Agreement); or (b) require any such individual, in his or her capacity as an office or director, if applicable, of Husky, to take any action in contravention of, or omit to take any action pursuant
        to, or otherwise take or refrain from taking any actions which are inconsistent with, instructions or directions of the Husky Board undertaken in the exercise of his or her fiduciary duties.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4168a5ab0b6141ac8e4c14d2a14da5c9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement; Amendments and Waivers</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and
        supersedes all prior negotiations, understandings and agreements. No amendment, modification or supplement to this Agreement shall be valid or binding unless set forth in writing and executed by the Parties. A waiver of any default, breach or
        non-compliance under this Agreement shall not be effective unless set forth in writing and signed by the Party to be bound by the waiver and, unless otherwise specified in such writing, the waiver shall be limited to the specific default, breach or
        non-compliance waived and shall not constitute a continuing waiver or apply to any subsequent default, breach or non-compliance.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z566cad6142ed42efb3125d27934308aa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No Party may assign any of its rights or obligations under this Agreement without the prior written consent of
        the other Party.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf48760287751499fbe6ee442adbeabdd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any notice or other communication required or permitted to be given hereunder shall be given in writing and shall
        be sufficiently given if delivered personally (including by courier service) or transmitted by electronic mail with receipt confirmed by the recipient, addressed as follows:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z155f659d635a4b9986508c9757d5cdd0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder:</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="margin: 0px 0px 0px 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">7, Rue du March&#233;-aux-Herbes<br>
        L-1728 Luxembourg<br>
        Grand Duchy of Luxembourg<br style="line-height: 1.25;">
        <br>
        Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information
          Redacted.</font>]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Stikeman Elliott LLP<br>
        5300 Commerce Court West<br>
        199 Bay Street.<br>
        Toronto, Ontario, M5L 1B9<br>
        <br>
        Attention:&#160; Elizabeth Breen/John Ciardullo/J.R. Laffin<br>
        E-mail:&#160; ebreen@stikeman.com/jciardullo@stikeman.com/jrlaffin@stikeman.com</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefc52651eaa24692b61a5a3574ab2087" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
        E-mail:&#160; piastaj@bennettjones.com</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">or to such other address as may from time to time be substituted by the addressee by notice given as herein
        provided.&#160; Any notice or other communication delivered in person or sent by electronic mail shall be deemed to have been given on (i) in the case of personal delivery, the date of actual delivery, and (ii) in the case of electronic mail, on the
        date on which the recipient confirms receipt; except that if such date is not a business day in the place of receipt, or if the personal delivery or electronic mail transmission occurs after 4:00 p.m. in the place of receipt, then the notice or
        other communication shall be deemed to have been given on the next following business day.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb5d21e03924742fab40622ca3c2dd2f3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa.&#160; Words importing gender shall
        include all genders.&#160; If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.&#160; Where the word "<font style="font-weight: bold;">including</font>"
        is used in this Agreement it means "<font style="font-weight: bold;">including without limitation</font>". Unless otherwise stated, reference to a particular "<font style="font-weight: bold;">Section</font>" means the corresponding section of this Agreement.&#160; The division of this Agreement into Sections and other subdivisions, and the</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">insertion of descriptive headings, are for convenience of reference only and shall not affect the construction
        hereof.&#160; Schedule A hereto forms an integral part of this Agreement.&#160; Time shall be of the essence of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>",
        "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular section or other portion hereof, and include any agreement
        supplemental hereto.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
        question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of
        this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cdf22d6a7434ac983aff52aa3695d56" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that
        jurisdiction, be ineffective to the extent of such invalidity or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement (which shall remain in full force and
        effect) or affecting the validity or enforceability of such provision in any other jurisdiction.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d556e4fa49046628bf68fc8a056d346" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs and Expenses</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party shall bear and be solely responsible for the fees, charges and disbursements of its respective
        financial, legal and other advisors, and all other costs and expenses of any nature or kind whatsoever, howsoever incurred, in connection with the preparation, execution, delivery and performance of this Agreement and completion of the transactions
        contemplated hereby and by the Arrangement Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3c5196c61404529975cdd92d03adc4e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder agrees to promptly provide the Corporation with any information pertaining to the Shareholder
        that the Corporation legally requires for the preparation of any news release or disclosure document (including the Circular) required under Applicable Securities Laws to be filed by the Corporation with any Governmental Authority in connection
        with the matters contemplated by this Agreement; and to promptly notify the Corporation of any required corrections to any such information provided by it for use in any such disclosure document, if and to the extent that any such information shall
        have become false or misleading in any material respect. Except as required by Applicable Laws, no Party shall make any public announcement or statement with respect to this Agreement without the consent of the other Party, which shall not be
        unreasonably withheld, conditioned or delayed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder irrevocably and unconditionally consents to the public disclosure by the Corporation and Husky:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67458c2ae2d049c8af511365decaf68b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">of the existence of this Agreement, pursuant to Applicable Canadian Securities Laws, Applicable U.S. Securities Laws, and the Court proceedings to be commenced under
                section 193 of the ABCA in respect of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcabd783fdecc4a20b45e5becf874a75f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">of the details of this Agreement being set out in the news release announcing the entering into of the Arrangement Agreement, the Circular, any documents filed by the
                Corporation</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">pursuant to Applicable Canadian Securities Laws or Applicable U.S. Securities Laws, and
        materials filed with the Court, provided that the Shareholder shall be given a reasonable opportunity to review such disclosure and the Corporation shall give reasonable consideration to the comments of the Shareholder; and</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z851449c8d9f74dbca3ee3a0264c07ef4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">to this Agreement being filed on SEDAR pursuant to Applicable Canadian Securities Laws and on EDGAR pursuant to Applicable U.S. Securities Laws, and with the Court.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z35872f18ec544fcc8f6b033b9ec4228b" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of each Party and their respective successors and
        permitted assigns.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</td>
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            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of
        Alberta and the federal laws of Canada applicable therein, without giving effect to any conflict of laws principles thereunder that would otherwise require the application of the laws of another jurisdiction. Each Party irrevocably attorns and
        submits to the jurisdiction of the courts of the Province of Alberta in respect of any disputes or other matters arising under or in relation to this Agreement, and waives any objection to the venue of any proceeding in such court or that such
        court provides an inconvenient forum.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed and delivered in any number of counterparts, each of which shall be deemed to be
        an original and all of which taken together shall be deemed to constitute one and the same instrument. Delivery by any Party of an executed signature page to this Agreement by facsimile, portable document format (PDF) or other electronic
        transmission shall be as effective as delivery by such Party of a manually executed counterpart.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Support Agreement as of the date first written above.</div>
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        <font style="font-family: 'Times New Roman', Times, serif;"><br>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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                Title:</div>
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            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:<br>
                Title:</div>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:<br>
                Title:</div>
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            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:<br>
                Title:</div>
              <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>

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      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE A</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to Support Agreement dated as of October 24, 2020<br>
        between Cenovus Energy Inc. and Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>SUBJECT SECURITIES</u></div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf47d3f2e32b34512abbefe9c6545d0cd" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Shareholder</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered Holder</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Common Shares Held</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Preferred Shares Held</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Husky Securities Held</div>
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          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">403,986,043</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
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            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
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          </tr>

      </table>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPORT AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS SUPPORT AGREEMENT is made effective as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2020</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg (the&#160;"<font style="font-weight: bold;">Shareholder</font>")</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">WHEREAS the Corporation and Husky Energy Inc.<font style="font-weight: bold;">&#160;</font>("<font style="font-weight: bold;">Husky</font>") have, concurrently with the execution and delivery of this Agreement, entered into an arrangement
        agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"), regarding a proposed arrangement
        under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, the Corporation and the shareholders of Husky (as the same may be
        amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Arrangement contemplates, among other things, that the Corporation will acquire all of the issued
        and outstanding Husky Common Shares in consideration for Cenovus Common Shares and Cenovus Warrants, and each holder of Husky Common Shares will receive, for each Husky Common Share held, 0.7845 Cenovus Common Shares and 0.0651 Cenovus Warrants;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS, as of the date hereof, the Shareholder beneficially owns, and exercises control or direction over
        294,703,249 Husky Common Shares, representing approximately 29.32% of the total Husky Common Shares issued and outstanding at the date hereof, as more particularly set out in Schedule A hereto;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">AND WHEREAS the Shareholder understands and acknowledges that the Corporation is entering into the Arrangement
        Agreement in reliance upon the execution and delivery of this Agreement by the Shareholder and the terms and conditions contained herein; and in consideration for the Corporation entering into the Arrangement Agreement, the Shareholder agrees to be
        bound by this Agreement, which sets out the terms and conditions upon which they have agreed, among other things, to support the Arrangement and to cause their respective Subject Securities to be voted in favour of the Arrangement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">NOW THEREFORE, in consideration of the foregoing and the covenants and agreements herein contained and other good
        and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as follows:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98a7d0838b8748e9b00d3f5f536bb822" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Capitalized terms not otherwise defined in this Agreement shall have the meanings specified in the Arrangement
        Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement (including the recitals hereto):</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14717d01dc5f446ea2f9e75d2d096dd0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
                considered to be an Affiliate of another Person (second Person) if the first Person: (i) Controls the second Person, or (ii) is</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Controlled by the second Person, or (iii) is Controlled by another Person that Controls,
        directly or indirectly, the second Person;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fdf9fe839284391b64962eeefc78404" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this support agreement, as amended, modified
                or supplemented from time to time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf62806cee8b5445e8369c91871b52822" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals
                to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdb8762b936a245b5aedb6b8399d6796a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the
                recitals to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za0dc8a88a8ee4d75b4ea34674af10d68" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b0c7d646b6841d3a40324dc6d6cd5dd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors (or the equivalent) of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7aebee09260f49629ce44f31c1a935f3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0dcfb18871c141f8894656755a4140a3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd72591f800cf438f8b47f04d1d09ff04" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Party</font>" means a party to this Agreement, and "<font style="font-weight: bold;">Parties</font>" means all parties to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfd64073113ae4ab08e6cdd91e479f975" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Relevant Securities</font>" means Husky Common Shares, Husky
                Preferred Shares and, if applicable after the date hereof, any other securities of Husky having voting rights in respect of the Arrangement under Applicable Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9267628762be447d80a7dd5161d547a3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of
                such Person's directors, officers, employees, consultants, advisors, agents or other Person acting on behalf of the Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z414c84f8abf8400ebbb4487129adc2aa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>" has the meaning ascribed thereto in the recitals
                to this Agreement; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcdafeb3db88e4d07a646af9a127409f4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subject Securities</font>" means all Relevant Securities beneficially
                owned, or over which control or direction is exercised by the Shareholder, including any Relevant Securities that the Shareholder acquires beneficial ownership of, or control or direction over, after the date hereof.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z111e766862214b898a837f90879cf6de" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Covenants</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions of this Agreement, the Shareholder hereby covenants and agrees with the
        Corporation that, unless otherwise consented to in writing by the Corporation, the Shareholder shall:</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z6eb23f29558c44168f7c152bde8da576" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">vote (or cause to be voted) all Subject Securities at any meeting of Husky Common Shareholders (and any
                    meeting of holders of any other Relevant Securities, as applicable, at which the Shareholder is entitled to vote), including the Husky Meeting:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7d60f4bfe1e46328544fac673d89d7a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for and in favour of the Arrangement Resolution (and, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution) and any
                other matter necessary for the consummation of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6de6f2011af4b7bb6c583d299c09fa3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as contemplated in paragraph (i), against any business combination, arrangement, amalgamation, merger, consolidation, reorganization, recapitalization,
                liquidation, material asset sale or similar transaction involving Husky, or any issue of securities by Husky, or any resolution to approve, ratify or adopt any of the foregoing; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd00257a4127d461b98f1f05e0ed71766" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">against any resolution, transaction or other action that is inconsistent with, or could reasonably be likely to impede, interfere with, delay, postpone, or adversely
                affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, including against any Acquisition Proposal in respect of Husky,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">and cause the Subject Securities to be counted as present at the Husky Meeting and any such
        other meeting, as applicable, for quorum purposes;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b33d8a697734560adf33f9ae2ae4249" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">without limiting paragraph 2(a): (i) duly deposit or deliver (or cause to be duly deposited or delivered) valid proxies or voting instruction forms, as applicable,
                duly completed and executed, in respect of the Subject Securities, at least fifteen (15) calendar days prior to the Husky Meeting, directing that all of the Husky Common Shares comprising all or a part of the Subject Securities in favour of
                the Arrangement Resolution (and, if applicable, all of the Husky Preferred Shares comprising a part of the Subject Securities for and in favour of the Preferred Shareholder Resolution) and any other matter necessary for the consummation of
                the Arrangement; (ii) provide the Corporation with confirmation of the deposit or delivery of valid proxies or voting instruction forms as aforesaid; and (iii) not take (or permit any Person on its behalf to take) any action to withdraw,
                amend or invalidate any proxy or voting instruction form deposited or delivered pursuant to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze98c1597137b4718ae8439e994844076" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not: (i) sell, transfer, gift, assign, convey, pledge, hypothecate, encumber, grant a security interest in or option, or enter into any derivative transactions in
                respect of, or otherwise dispose of any right or interest (including any economic consequence of ownership) in, any of the Subject Securities, or enter into any agreement, arrangement or understanding in connection therewith, other than
                pursuant to the Arrangement; (ii) grant or agree to grant any proxy, power of attorney or other right to vote any of the Subject Securities, deposit any of its Subject Securities into a voting trust or pooling agreement, or enter into any
                agreement, arrangement or understanding with respect to the voting of any of its Subject Securities, other than as provided in this Agreement or at any annual meeting of the holders of Husky Common Shares; or (iii) requisition or join in
                the requisition of any meeting of Husky Common Shareholders or any other securities of Husky for the purpose of considering any resolution (A) that could reasonably be expected to impair or materially delay the completion of the Arrangement
                or (B) regarding an Acquisition Proposal in respect of Husky;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z4413deb1d16645cab59153b3e456cf90" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">not: (i) take any action, that opposes or competes with, or could reasonably be expected to frustrate, impede,
                    delay, restrain or prevent the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement; or (ii) act jointly or in concert with any Person or group of Persons with respect to voting securities
                    of Husky or the Corporation in opposition to or competition with the Arrangement or any of the other matters and transactions contemplated by the Arrangement Agreement, or in support of any Acquisition Proposal in respect of Husky or
                    the Corporation;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a98b449c74e4ee98d35a66d4dbeda68" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not exercise or assert (or permit to be exercised or asserted on its behalf): (i) any Dissent Rights or any other rights of dissent or appraisal with respect to the
                Subject Securities in respect of the Arrangement, the Arrangement Resolution or, if the Subject Securities include any Husky Preferred Shares, the Preferred Shareholder Resolution all of which rights are hereby irrevocably waived by the
                Shareholder to the fullest extent permitted by Laws; or (ii) any other rights or remedies with respect to the Subject Securities that are available at common law or pursuant to the ABCA, Applicable Canadian Securities Laws, Applicable U.S.
                Securities Laws or any other Laws that could reasonably be expected to impede, interfere with, delay, postpone, or adversely affect in any material respect, the Arrangement or any of the other matters and transactions contemplated by the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze13af8d5836f4f09bc3dc5465fc010b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not withdraw, amend, modify or qualify, or publicly propose or state any intention to withdraw, amend, modify or qualify, its support for the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1e380e7d9af14d2196661d67d4f8c302" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not accept, approve, endorse, recommend or enter into, or publicly propose or state any intention to accept, approve, endorse, recommend or enter into, any publicly
                disclosed Acquisition Proposal in respect of Husky or the Corporation, or make or enter into any agreement, arrangement or understanding, written or oral, in respect of an Acquisition Proposal in respect of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21b04d1b164940d8a40f4ddce5e5df8e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not deposit or tender (or permit to be deposited or tendered) any securities of Husky or the Corporation to any take-over bid or other Acquisition Proposal in respect
                of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9444eabe5fb64e97a2260e1a14c2c7a1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">prior to the termination of the Arrangement Agreement (other than by Husky pursuant to Section 9.1(g) of the Arrangement Agreement), not:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6371abd218ba4ce88cde986e692219aa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">acquire, offer to acquire (including by offer to purchase or solicitation of an offer to sell) or make any proposal to acquire, directly or indirectly, beneficial
                ownership of, or control or direction over any Cenovus Common Shares or other securities of the Corporation, any additional securities of Husky beyond than those set out in Schedule A hereto or any assets of Husky or the Corporation or any
                of their respective subsidiaries, whether by means of purchase, exchange, business combination, arrangement, amalgamation, merger, consolidation, reorganization, take-over bid or otherwise;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z60737d7cc64d44b7bc0ed6e0d9ad491b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">solicit any proxies, or participate in any solicitation of proxies, with respect to the voting of any securities of Husky or the Corporation other than in favour of
                the Arrangement Resolution, the Preferred Shareholder Resolution and the Share Issuance Resolution, as applicable;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z3ecdfe965d144b4989a725af595b5c0e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(iii)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">make any announcement or public disclosure with respect to any of the matters in this paragraph 2(i), except
                    to the extent required by Applicable Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zef1264c342194969982ccef7b4babd6f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">immediately cease and cause to be terminated all solicitations, encouragements, discussions or negotiations (including through any Affiliate or Representative), if
                any, with any Person other than the Corporation and its Representatives, with respect to any Acquisition Proposal in respect of Husky or the Corporation or expression of interest relating to an Acquisition Proposal in respect of Husky or
                the Corporation, or any inquiry, proposal or offer that constitutes or may constitute, or could reasonably be expected to lead to, an Acquisition Proposal in respect of Husky or the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9a75da8cb7934156b7d19accbc8340c8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not take or omit to take any action that would cause any representation or warranty of such Shareholder contained herein to become untrue or incorrect in any material
                respect, and promptly notify the Corporation if any of the Shareholder's representations and warranties contained herein becomes untrue or incorrect in any material respect;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc957fc85aef044c0a82314e8678f9fc7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not act jointly or in concert or otherwise knowingly cooperate in any way with, or assist (including by providing financial assistance), facilitate, encourage or
                participate in, any effort or attempt by, any other Person or group of Persons to do or seek to do anything contrary to the foregoing; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeb171419987c4faeb99bbaba5f856f52" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not do indirectly, including through any Affiliate or Representative, that which it may not do directly by the terms of this Section 2.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zce7c4ef26ea04187925b356618cb8d63" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory Cooperation</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd07e70323bf04d848b8b3014a80ec6cb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In connection with obtaining the Key Regulatory Approvals, subject to Applicable Law, the Parties shall, and shall cause their Affiliates to:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1341a861cf2243a99403992400340175" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as soon as reasonably practicable following a determination by a Party that a filing is required or prudent, as set forth in Section 3(b) or as required in Section
                3.7 of the Arrangement Agreement, make a filing in respect of the transactions contemplated by this Agreement, submit such filing with the applicable Governmental Authority in accordance with such foreign investment laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc620dcdade4d40e1aeb90016074d5688" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use its commercially reasonable efforts to obtain all Key Regulatory Approvals as soon as reasonably practicable, but in any event no later than three Business Days
                prior to the Outside Date;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z514ff453ab5841e19ea0e867a9abfef4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">cooperate with the each other and provide such assistance to the each other as each Party may reasonably request in connection with obtaining the Key Regulatory
                Approvals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb688ae787f94735b998cd1c65c794fb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">respond at the earliest practicable date to any requests for information (including in respect of any submissions or supplementary information requests) or requests
                for meetings by any Governmental Authority;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67bade90c8e44c988bfda9f97140bb33" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">permit each other an advance opportunity to review and comment upon any proposed written communications to any Governmental Authority, consider in good faith the
                comments of each other, and provide each other with final copies thereof;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z37cce28885ac4d77afd4f5e1c8fd16a0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(vi)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">provide each other a reasonable opportunity to participate in any meetings or discussions (whether in person,
                    by e-mail, by telephone or otherwise) with any Governmental Authority (except where the Governmental Authority expressly requests that a Party should not be present at the meeting or discussion or part or parts of the meeting or
                    discussion);</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf0a0b5c1f07f4f778b0440aa3bd3fd4c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">keep each other informed of the status of the Key Regulatory Approvals and promptly notify each other of receipt of any communications (oral or written) of any nature
                from a Governmental Authority (including, in particular, receipt of any notice under the Investment Canada Act or any foreign investment laws) in connection with the transaction contemplated by the Arrangement Agreement and provide each
                other with copies thereof; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze299f1f54512496081b1643eab74d943" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">refrain from extending or consenting to any extension of any applicable waiting or review period or enter into any agreement with a Governmental Authority to not
                consummate the transactions contemplated by this Agreement, except upon the prior written consent of each other.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6fca3bfcc54341baaf61f6f33c38a75d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In connection with any determination by the Shareholder that a filing by the Corporation is required or prudent to obtain a Key Regulatory Approval, the Shareholder
                shall make such determination as soon as reasonably practicable upon receipt of the information reasonably necessary to make such determination in an informed manner and only after consultation with the Corporation in good faith and acting
                reasonably.&#160; In the event that the Shareholder does make the determination to obtain a Key Regulatory Approval pursuant to the foregoing sentence, such filing shall be deemed to be a Key Regulatory Approval under the Arrangement Agreement
                and the Corporation shall pursue such Key Regulatory Approval in accordance with the Arrangement Agreement.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd453339aded14afb9df40caa60bd7d34" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any requirement in this Agreement, where a Party is required to provide information to the other Party that the disclosing Party deems to be
                competitively or commercially sensitive, the disclosing Party may restrict the provision of such competitively sensitive information only to the external legal counsel of the other Party, provided that the disclosing Party also provides a
                redacted version of any such information to the other Party.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z322049211dfe4907aeb6803b1b9c3284" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Representations and Warranties</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder represents and warrants to the Corporation as follows, and acknowledges that the Corporation is
        relying upon such representations and warranties in connection with the matters contemplated by this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb127b8c222df4372bc5a9b203274e2e3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete
                the transactions contemplated hereby;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6842a67824b4ea8bd99afcd114ced73" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement of the Shareholder enforceable against it
                in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies such as specific performance and injunction may be
                granted only in the discretion of a court of competent jurisdiction;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z874778cac2fc49c7b0bceb5e26f2b5c1" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Shareholder, or completion of the
                    transactions contemplated hereby, violates or constitutes a breach or default under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a
                    breach or default under, of conflict with), any agreement, arrangement, understanding or restriction of any kind, including pursuant to any Applicable Laws, to which the Shareholder is a party or by which it is bound, except in each
                    case as would not impair the ability of the Shareholder to perform its obligations hereunder;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1282d1c974174b7a8987f63d19af9643" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, the Shareholder: (i) beneficially owns, and exercises control and direction over the number of Subject Securities set forth opposite its name
                on Schedule A hereto, and (ii) does not beneficially own, or exercise control or direction over any Cenovus Common Shares or other securities of the Corporation, or any other securities of Husky or of any subsidiary of Husky;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z08656653fb0f4c9e9fbfe8eec11beed6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder has the sole and exclusive right to sell and vote or direct the sale and voting of the Subject Securities set forth opposite its name on Schedule A
                hereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f544c8ffde74add9f3b60ac5dfdb148" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">none of the Subject Securities are subject to any shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or
                arrangement, or any right or privilege (by Law or contract) capable of becoming a shareholders' agreement, voting trust, pooling agreement or similar agreement, commitment, understanding or arrangement, other than this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81b458ce77af4280af3e709d0db8898c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no proxy in existence with respect to any of the Subject Securities, except for a proxy given by the Shareholder in accordance with this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8b77ecc3d4d4f6bb63fc1f5f2b910bc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">no Person has, or will at any time during the term of this Agreement have, any agreement or option, or any right or privilege (by Law or contract) capable of becoming
                an agreement or option, for the purchase, acquisition or transfer of any of the Subject Securities, or any interest therein or right thereto (including any right to vote), other than pursuant to this Agreement and the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zad527a85d96e4f9eafe05c30147c5904" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Shareholder, threatened against it that adversely
                affects the Shareholder's ability to enter into this Agreement and perform its obligations hereunder, or its title to any of the Subject Securities; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z388c9ac2feee4131b83f53b9b829a6e7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder is a "WTO investor" and is not a "state owned enterprise" within the meaning of the Investment Canada Act.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z048d45e648904e36bfe8404bb42178ba" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Corporation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is
        relying upon such representations and warranties in connection with the matters contemplated by this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3bf5a1f7157d4a2a8ad108af41c724e1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Corporation has all necessary power, authority, right and capacity to execute and deliver this Agreement, and to perform its obligations hereunder and complete
                the transactions contemplated hereby;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <table class="DSPFListTable" id="z3ec8ee8da72f4f7fa94c9db35635aa58" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">this Agreement has been duly executed and delivered by the Corporation and constitutes a legal, valid and
                    binding agreement of the Corporation enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that
                    equitable remedies such as specific performance and injunction may be granted only in the discretion of a court of competent jurisdiction;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41e36d7792bb4f20b549a88ed2177228" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">none of the execution, delivery or performance of this Agreement by the Corporation, or completion of the transactions contemplated hereby, violates or constitutes a
                breach or default under, or conflicts with (or would with the giving of notice, the lapse of time or the happening of any other event or condition violate or constitute a breach or default under, of conflict with) any agreement,
                arrangement, understanding or restriction of any kind, including pursuant to any Applicable Laws, to which the Corporation is a party or by which it is bound, except in each case as would not impair the ability of the Corporation to perform
                its obligations hereunder; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb0271a5ea684632a5ad3c0f548ff2aa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">there is no claim, action, lawsuit or other legal proceeding in progress or pending or, to the knowledge of the Corporation, threatened against it or any of its
                affiliates that adversely affects the Corporation's ability to enter into this Agreement and perform its obligations hereunder.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8768e130e1b140869a34495cf01a1fda" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Termination</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement and the Parties' respective rights and obligations hereunder shall terminate on the earliest of:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbab9dbf0b996458a81b0e3693918127b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the mutual written consent of the Corporation and the Shareholder, by instrument in writing signed by each Party, to terminate this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc27663b877844b99a0f18370f7a4e21f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the time (if any) at which the Arrangement Agreement is terminated:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8a821b29ebc4edd979cdd5235f51c60" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by mutual written agreement of the parties thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf4ce20e0c4824af8ad1c537817a3e3a9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by the Corporation in accordance with the terms thereof; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z40d9e032632242ee93610541a0e47aa2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">by Husky in accordance with section 9.1(b)(ii), section 9.1(b)(iii), section 9.1(c) or section 9.1(f) thereof;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb329cb9100374c44a8b185e5587e214b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">completion of an Acquisition Proposal in respect of the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8ca1ae1c15854f82ac2b9d5477b5c071" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">approval by the requisite majority of Cenovus Common Shareholders of an Acquisition Proposal in respect of the Corporation, completion of which requires, pursuant to
                Applicable Laws, approval by the Cenovus Common Shareholders;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z216d33e4a3294c2ea4df2c973137bd4d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Effective Time; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67532fce344e4dd79c6d79b31ba46e88" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Outside Date.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon termination or expiration of this Agreement, neither Party shall have any further obligations or liabilities
        under this Agreement, provided, however, that (i) the provisions of Sections 7-14 and 16-18, inclusive, shall survive termination of this Agreement, and (ii) nothing herein shall relieve a Party from</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">liability for any breach of this Agreement that occurs prior to termination, or prejudice the rights of the other
        Parties as a result of any such breach.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z01bff93f5f48426d98a237f1fda0071c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party acknowledges and agrees that if any provisions of this Agreement are not performed in accordance with
        their specific terms or are otherwise breached, the non-breaching Parties would suffer irreparable harm for which monetary damages would not be an adequate remedy. Accordingly, in addition to (and without limiting) any other remedies available at
        law or equity, a non-breaching Party shall be entitled to equitable relief, including remedies of specific performance and temporary and permanent injunctive relief, to enforce performance and/or restrain any actual or threatened non-performance or
        other breach, without any requirement for security or posting of any bond in connection with the obtaining of such equitable relief.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9a3defa04d54fe2887893b0e80b8a4a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fiduciary Obligations</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation acknowledges and agrees that the Shareholder is bound hereunder solely in its capacity as a
        holder of the Subject Securities, and, if any Representative of the Shareholder or any of its Affiliates is a director and/or officer of Husky, that the provisions hereof shall not be deemed or interpreted to bind such individual in his or her
        capacity as a director or officer of Husky and this Agreement shall not: (a) restrict, limit or prohibit any such individual from exercising (in his or her capacity as a director or officer) his or her fiduciary duties under Applicable Laws
        (including any action permitted by the Arrangement Agreement); or (b) require any such individual, in his or her capacity as an office or director, if applicable, of Husky, to take any action in contravention of, or omit to take any action pursuant
        to, or otherwise take or refrain from taking any actions which are inconsistent with, instructions or directions of the Husky Board undertaken in the exercise of his or her fiduciary duties.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf9bc397afbd74e57948c8bd673cc1f06" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement; Amendments and Waivers</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and
        supersedes all prior negotiations, understandings and agreements. No amendment, modification or supplement to this Agreement shall be valid or binding unless set forth in writing and executed by the Parties. A waiver of any default, breach or
        non-compliance under this Agreement shall not be effective unless set forth in writing and signed by the Party to be bound by the waiver and, unless otherwise specified in such writing, the waiver shall be limited to the specific default, breach or
        non-compliance waived and shall not constitute a continuing waiver or apply to any subsequent default, breach or non-compliance.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8fd5edfe4cb141deae641e6294589bb7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No Party may assign any of its rights or obligations under this Agreement without the prior written consent of
        the other Party.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z124902d7f64a4b9481058ef3fd943f61" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any notice or other communication required or permitted to be given hereunder shall be given in writing and shall
        be sufficiently given if delivered personally (including by courier service) or transmitted by electronic mail with receipt confirmed by the recipient, addressed as follows:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41a0202c242d43c39120a82fee2a6a33" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder:</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="margin: 0px 0px 0px 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">L.F. Investments S.&#224; r.l.</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">9-11 Grand Rue<br>
        L-1661 Luxembourg<br>
        Grand Duchy of Luxembourg<br style="line-height: 1.25;">
        <br>
        Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information
          Redacted.</font>]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Marvin Yontef, Esq.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">E-mail:&#160; myontef@outlook.com</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f6c9edb4e2a470c829e8f72a3100f22" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
        E-mail:&#160; piastaj@bennettjones.com</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">or to such other address as may from time to time be substituted by the addressee by notice given as herein
        provided.&#160; Any notice or other communication delivered in person or sent by electronic mail shall be deemed to have been given on (i) in the case of personal delivery, the date of actual delivery, and (ii) in the case of electronic mail, on the
        date on which the recipient confirms receipt; except that if such date is not a business day in the place of receipt, or if the personal delivery or electronic mail transmission occurs after 4:00 p.m. in the place of receipt, then the notice or
        other communication shall be deemed to have been given on the next following business day.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2255f4b2b0f3472daab0a1ffd2c2e326" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa.&#160; Words importing gender shall
        include all genders.&#160; If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.&#160; Where the word "<font style="font-weight: bold;">including</font>"
        is used in this Agreement it means "<font style="font-weight: bold;">including without limitation</font>". Unless otherwise stated, reference to a particular "<font style="font-weight: bold;">Section</font>" means the corresponding section of this Agreement.&#160; The division of this Agreement into Sections and other subdivisions, and the insertion of descriptive
        headings, are for convenience of reference only and shall not affect the construction hereof.&#160; Schedule A hereto forms an integral part of this Agreement.&#160; Time shall be of the essence of this Agreement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>",
        "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular section or other portion hereof, and include any agreement
        supplemental hereto.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
        question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of
        this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5072337eb554e619f81cd8a8b5981f4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Any provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that
        jurisdiction, be ineffective to the extent of such invalidity or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement (which shall remain in full force and
        effect) or affecting the validity or enforceability of such provision in any other jurisdiction.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0866fe4ffcfe4dd9aef25b6c9f544b13" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs and Expenses</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each Party shall bear and be solely responsible for the fees, charges and disbursements of its respective
        financial, legal and other advisors, and all other costs and expenses of any nature or kind whatsoever, howsoever incurred, in connection with the preparation, execution, delivery and performance of this Agreement and completion of the transactions
        contemplated hereby and by the Arrangement Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1717c066967641068d6cd9d09d75002d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder agrees to promptly provide the Corporation with any information pertaining to the Shareholder
        that the Corporation legally requires for the preparation of any news release or disclosure document (including the Circular) required under Applicable Securities Laws to be filed by the Corporation with any Governmental Authority in connection
        with the matters contemplated by this Agreement; and to promptly notify the Corporation of any required corrections to any such information provided by it for use in any such disclosure document, if and to the extent that any such information shall
        have become false or misleading in any material respect. Except as required by Applicable Laws, no Party shall make any public announcement or statement with respect to this Agreement without the consent of the other Party, which shall not be
        unreasonably withheld, conditioned or delayed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder irrevocably and unconditionally consents to the public disclosure by the Corporation and Husky:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4acf41d7f9fb4a1d8263a97273efd169" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">of the existence of this Agreement, pursuant to Applicable Canadian Securities Laws, Applicable U.S. Securities Laws, and the Court proceedings to be commenced under
                section 193 of the ABCA in respect of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z17270013e4d54159a30135b438104de6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">of the details of this Agreement being set out in the news release announcing the entering into of the Arrangement Agreement, the Circular, any documents filed by the
                Corporation pursuant to Applicable Canadian Securities Laws or Applicable U.S. Securities Laws, and materials filed with the Court, provided that the Shareholder shall be given a reasonable opportunity to review such disclosure and the
                Corporation shall give reasonable consideration to the comments of the Shareholder; and</div>
            </td>
          </tr>

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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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        <table class="DSPFListTable" id="z7c1201e474a44b2186bdccdbd40d071a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;">to this Agreement being filed on SEDAR pursuant to Applicable Canadian Securities Laws and on EDGAR pursuant
                    to Applicable U.S. Securities Laws, and with the Court.</font></div>
              </td>
            </tr>

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      </div>
      <div style="line-height: 1.25; text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfe1b90e1a5744b7b9b25c20e6addbe3d" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</td>
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            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of each Party and their respective successors and
        permitted assigns.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a110682f41d488e9faa3836e55bac62" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
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            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of
        Alberta and the federal laws of Canada applicable therein, without giving effect to any conflict of laws principles thereunder that would otherwise require the application of the laws of another jurisdiction. Each Party irrevocably attorns and
        submits to the jurisdiction of the courts of the Province of Alberta in respect of any disputes or other matters arising under or in relation to this Agreement, and waives any objection to the venue of any proceeding in such court or that such
        court provides an inconvenient forum.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed and delivered in any number of counterparts, each of which shall be deemed to be
        an original and all of which taken together shall be deemed to constitute one and the same instrument. Delivery by any Party of an executed signature page to this Agreement by facsimile, portable document format (PDF) or other electronic
        transmission shall be as effective as delivery by such Party of a manually executed counterpart.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Support Agreement as of the date first written above.</div>
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        </font><br style="line-height: 1.25;">
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z4455f90e7c334e16933b6002966f68b3" border="0" cellpadding="0" cellspacing="0">

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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
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              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
              <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE A</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">to Support Agreement dated as of October 24, 2020<br>
        between Cenovus Energy Inc. and L.F. Investments S.&#224; r.l.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>SUBJECT SECURITIES</u></div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbc6ad9ea962e42069fa7df3b52c353e2" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Shareholder</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered Holder</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Common Shares Held</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Husky Preferred Shares Held</div>
            </td>
            <td style="width: 20%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Husky Securities Held</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">294,703,249</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Nil</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "H"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF STANDSTILL AGREEMENT</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(attached)</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;">
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
      <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br style="line-height: 1.25;">
          <br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT<br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">October 24, 2020</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS STANDSTILL AGREEMENT is made as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2020 and shall be effective as of the Effective
        Time (as defined herein).</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada ("<font style="font-weight: bold;">Cenovus</font>")</div>
      <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws
        of Luxembourg ("<font style="font-weight: bold;">Shareholder</font>")</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font>
        Cenovus and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>") have, concurrently with the execution and delivery of this Agreement, entered into an arrangement
        agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"), regarding a proposed arrangement
        under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, Cenovus and the shareholders of Husky (as the same may be
        amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        the Arrangement contemplates, among other things, that Cenovus will acquire all of the issued and outstanding common shares of Husky in consideration for Common Shares and Warrants, and each holder of Husky common shares will receive, for each
        Husky common share held, 0.7845 Common Shares and 0.0651 Warrants;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        on the Effective Date, Cenovus shall issue, pursuant to the Arrangement, Common Shares and Warrants to Shareholder in consideration for the common shares of Husky held by the Shareholder at the Effective Time;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        in connection with the proposed issuance of Common Shares and Warrants to Shareholder pursuant to the Arrangement, the Parties wish to enter into this Agreement to provide for certain matters relating to the relationship between Cenovus and
        Shareholder, as a shareholder of Cenovus commencing at, and following, the Effective Time;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>,
        in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as
        follows:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
        INTERPRETATION</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28dcfea382c24f4d896752b207216e9c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
                considered to be an Affiliate of another Person (second Person) if the first Person: (i) Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly,
                the second Person; provided, however, that except to the extent expressly provided otherwise, the determination of whether a Person is an Affiliate of another Person shall be made on the basis that Shareholder is not an Affiliate of Cenovus
                or any of its Subsidiaries and vice versa;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zacb3b248f22049a58dfec932fe539d4b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this standstill agreement, as amended,
                restated or modified from time to time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z915a31e49374401881df00c1e52c469e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Canadian Securities Laws</font>" has the meaning ascribed
                thereto in the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z072c302b50ce4cf08e797c3ab6546e27" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a54761d57f04a4ca916fdcbcf21e2e4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means, collectively, Applicable
                Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8b6a830aea914af18c3c81c7f630519e" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S. Securities Laws</font>" has the meaning ascribed
                thereto in the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc0a1f79be7e14197b9d1d98d12a288c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Appointment Deadline</font>" means the date that is ten (10) Business
                Days after receipt or deemed receipt by Cenovus of a notice under Section 2.1(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fc0b2711e7b47c48dd77b7db5f82a5b" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7489e63ffa948b097180f85ec137027" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the
                recitals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z726f6e8a7bc4494b8271fb6b57b76d5c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Designees</font>" means:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze0ce6c310ecc4db287d37da0a1d92543" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the Effective Date, the four directors of the Board as determined by Husky prior to the Effective Date, who shall include one independent (as determined under
                Applicable Securities Laws) director;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze711eb7e2f3546d6876e358c03e3890e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">at any time after the Effective Date:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e261d83a04341ad948c937932e9cb74" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">each of the individuals described in clause (i) insofar as he or she continues to be a Board member, or the Successor Designee of such individual; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2b8805bfe2264bf09eb67c7df74e83fe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any additional Qualified Individual nominated and appointed to the Board pursuant to Section 2.1(b);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb9b0cf052fe415ebd671b22a1f00cf3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Shareholders</font>" means, collectively, the holders of
                Common Shares;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z34098ea932764c6eb165fd95fffbdafd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board of Directors</font>" or "<font style="font-weight: bold;">Board</font>" means the board of directors of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f52402a0e9246f7897569e874430dc4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board Size</font>" means the then-current number of directors of
                Cenovus plus any unfilled vacancies at such time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcdccc08320cd47fba455ad139cf9918e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open
                for the transaction of commercial business in Calgary, Alberta, but does not in any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z268517b8bfcd40a38115484cbd31c16c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian</font>" has the meaning ascribed thereto in the Investment
                Canada Act;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z606f45134c504ab68995ff7faad1740f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>" means the <font style="font-style: italic;">Canada Business Corporations Act</font> and the regulations thereunder, as amended, restated or modified from time to time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd916ec709ddb437986b714fd73fdbfa4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Change of Control Transaction</font>" has the meaning ascribed
                thereto in Section 3.4;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf822abcb091b4ce5b6ea89614eb27682" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Combination Transaction</font>" means any take-over bid for the
                voting or equity securities of Cenovus or any acquisition of all or substantially all of the assets of Cenovus and its Subsidiaries on a consolidated basis, or any arrangement, amalgamation, merger or other similar business combination
                transaction involving Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d3a781aa4eb4c0f9a053ea020f0b14d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of
                Cenovus and includes any shares of Cenovus into which such common shares may be converted, reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a reorganization, amalgamation, merger, arrangement or
                other form of reorganization;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7edeb4573c4543ea8d422989bfecd8c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Continuing Designees</font>" has the meaning ascribed thereto in
                Section 2.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z90e1b1de9b37415c9a5b02c9cdac399d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6890bae89350438daf0bda6a2475a144" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors (or the equivalent) of the second Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6c5440bbb7a4ba0b2aa1b41834f272e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37796d08aac84c9390355346caba3690" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7efb04610ee840ec9d522c7dc146ad3f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Designated Number</font>" means:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z151c52d667b245fc903d4378ecc4559f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">prior to the close of the Initial AGM, four (4); and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb2ecb9278274e0e815ed46c2b043149" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">following the close of the Initial AGM, the Proportionate Director Number:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf173f4424544ea59f35c6b0a9167f0f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>" shall have the meaning ascribed thereto in the
                Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1e1b24897b774755b947e18bba2eb065" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>" shall have the meaning ascribed thereto in the
                Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55774248a9444bc6a6b70bc98f96beb5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Excess Shares</font>" means, at the applicable time, such number of
                Common Shares as is equal to the amount by which (i) the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates exceeds (ii) the number (rounded up or
                down to the nearest whole number with a fractional number equal to an exact multiple of 0.5 rounded up) determined by multiplying the number of then-outstanding Common Shares by 0.199;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5973b082a87f4b20aa20ee3fb7d6f10e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" shall have the meaning ascribed
                thereto in the Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f2657409c8b498ead288c7be4fa318d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Initial AGM</font>" means the first annual meeting of Cenovus
                Shareholders following the Effective Date at which members of the Board are elected.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb6a23f05f15423583bff7cdb5f8b5cb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Investment Canada Act</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf04cc664e24e4cc693cb3940de0e61ae" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Agreement</font>" means the standstill agreement
                dated as of the Effective Date between Cenovus and Other Standstill Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "K" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c49c5507be54b1e9d2043067a457ab2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Shareholder</font>" means L.F. Investments S.&#224; r.l.;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8ebe7889a9148409abc0da5aa169ef8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, Cenovus, Shareholder and their respective
                successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f97f2b65b2640cd9b18c19e76e8dbec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited
                partnership, limited liability partnership, limited or unlimited liability company or corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal personal representative or Governmental Authority or entity however designated or constituted;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z33df0f741dc246e388b07764f1d9908c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of Arrangement</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z96b01912441b4a769ef61524fa88a10c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Arrangement Matter</font>" means a Combination Transaction
                recommended by the Board prior to the Effective Time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z992c6b0081c844beb5da4885861f1c91" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights Agreement</font>" means the pre-emptive rights
                agreement dated as of the Effective Date between Cenovus and Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "I" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8ef660aa11a493bbce9bbda2c1aa3e6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Proportionate Director Number</font>" means the whole number
                determined by:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1104a288c7b44f93bcef18f51f760ae8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">multiplying the Board Size by a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned or, controlled or directed, by the
                Standstill Shareholders and their respective Affiliates at such time (as reported in the System for Electronic Disclosure by Insiders (SEDI) of the Canadian Securities Administrators) and the denominator of which is the total number of
                then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z878cac07c34d4ca99e73ede8ba4afb3c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">rounding the number determined in clause (i) up or down to the nearest whole number (with a fractional number equal to an exact multiple of 0.5 rounded up);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze8ea8e5244d143a9b2eda42a81e44f14" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Qualified Individual</font>" means an individual who is: (i)
                reasonably acceptable to the Nominating and Corporate Governance Committee (or its successor committee) of the Board (it being understood that an individual who is not prohibited from acting as director pursuant to the CBCA, Applicable
                Securities Laws and the rules of any recognized stock exchange on which the Common Shares are listed for trading shall be deemed to be reasonably acceptable); (ii) in the event that less than one-quarter of the Continuing Designees are
                Canadian (including any other individual who is a Qualified Individual), a Canadian; and (iii) in the event that the Designated Number equals or exceeds four (4) and none of the Continuing Designees is an independent (as determined under
                Applicable Securities Laws) director, an independent (as determined under Applicable Securities Laws) director;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2d4c1f7ae32342169262ff5ac1968fde" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" means the registration rights
                agreement dated as of the Effective Date between Cenovus and Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "J" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z93a67d990e974e44ad673d7a9f793dfb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of
                such Person's directors, officers, related parties, employees, consultants, advisers, agents or other Person acting on behalf of the first Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4efaa129fb2147938a195fe1f75d43bc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>&#160;<font style="font-weight: bold;">Pro Rata Excess Shares</font>" means such number of Common Shares as is equal to the product (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple
                of 0.5 rounded up) of (i) the number of Excess Shares; multiplied by (ii) a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by Shareholder and its Affiliates at such
                time and the denominator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zda4b898cd0574d0990f8caa942e3b210" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Shareholders</font>" means Shareholder, Other Standstill
                Shareholder and any Affiliate of Shareholder or Other Standstill Shareholder who becomes, and is required to become, a party to this Agreement (in the case of Shareholder) or the Other Standstill Agreement (in the case of Other Standstill
                Shareholder), as applicable,&#160; in either case after the date hereof as a result of a permitted Transfer of Common Shares to such Affiliate pursuant to Section 3.3 (in the case of the Shareholder) or a result of a permitted Transfer of Common
                Shares to such Affiliate pursuant to section 3.3 of the Other Standstill Agreement (in the case of Other Standstill Shareholder), and "<font style="font-weight: bold;">Standstill
                  Shareholder</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3bf4cab59174605b08e575003e25971" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subsidiary</font>" means a Person that is Controlled by another
                Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9a460012a7b2489f8c03681ca004a05e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Successor Designee</font>" means, at any time, with respect to any
                individual who was an Arrangement Designee prior to such time but ceases for any reason to be a Board member, the Qualified Individual nominated and appointed to the Board in accordance with Section 2.1 in replacement of such individual;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb942de65267244d98a72e3a27121efc6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer</font>" includes any sale, exchange, disposition,
                assignment, gift, bequest, mortgage, charge, pledge, encumbrance, grant of security interest or other arrangement by which possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a
                different capacity, whether or not voluntary and whether or not for value and whether directly or indirectly in any manner whatsoever, and includes any agreement to effect any of the foregoing and, in the case of Common Shares includes a
                transaction (other than a Change of Control Transaction) involving the Transfer of the ownership interests in Shareholder or an Affiliate of Shareholder which holds any legal title or beneficial ownership in Common Shares which is designed
                to otherwise circumvent the restrictions contained in Section 3.2; and the words "Transferred", "Transferring" and similar words have corresponding meanings; and</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zea596205903c466091b66b5fba99257b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Warrants</font>" means the common share purchase warrants of Cenovus
                issued on the date hereof pursuant to the Arrangement, each having an exercise price of $6.54 and a five-year term (subject to adjustment in certain circumstances).</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings for Reference Only</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the
        insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction and Interpretation</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
        question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of
        this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa (including, for certainty, with
        respect to the defined terms Standstill Shareholders and Standstill Shareholder). Words importing gender shall include all genders. If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.
        Where the word "<font style="font-weight: bold;">including</font>" or "<font style="font-weight: bold;">includes</font>"
        is used in this Agreement it means "including without limitation" or "includes without limitation", respectively. Any reference to any document shall include a reference to any schedule, amendment or supplement thereto or any agreement in
        replacement thereof, all as permitted under such document.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">A reference herein to any statute includes every regulation (and other similar ancillary instrument having the
        force of law) made pursuant thereto, all amendments to the statute or to any such regulation (or other similar ancillary instrument) in force from time to time, and any statute or regulation (or other similar ancillary instrument) which supplements
        or supersedes such statute or regulation (or other similar ancillary instrument); and a reference to any section or provision of a statute includes all amendments to such section or provision, as made from time to time, and all sections or
        provisions which supplement or supersede such section or provision referred to herein.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>",
        "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement
        supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and
        subparagraphs of this Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The term "<font style="font-weight: bold;">then-outstanding
          Common Shares</font>" shall mean:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0fd1f2f876e34a898c5a8903033906d3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as set out in (b)-(d) below, the actual number of outstanding Common Shares at any such time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1cf8e02a5b194fd9800d097f11aad430" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(a), the actual number of outstanding Common Shares
                as at the record date for voting at the applicable meeting of Cenovus Shareholders;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec5c8430dae44686919863e7ba161513" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(b), the actual number of outstanding Common Shares
                as at the third (3rd) Business Day prior to the deadline for deposit or tender; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5dbdc66c9b054b2f9ad05c7a43490107" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for the purposes of Section 3.2, the actual number of outstanding Common Shares at any such time, provided that, notwithstanding the foregoing, Shareholder shall be
                entitled to rely upon information most recently disclosed publicly by Cenovus in a news release or in accordance with section 5.4 of National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>, whichever contains the most recent relevant information.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day,
        such action is required to be taken on the next succeeding day which is a Business Day.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise
        noted.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certification of Outstanding Common Shares</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">As requested by Shareholder from time to time, Cenovus shall promptly provide (or cause its transfer agent and/or
        registrar to provide) to Shareholder a certificate setting out the number of outstanding Common Shares as at the nearest practicable date to the date of delivery of such certificate.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
        VOTING OF SHARES</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Composition</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If, at any time after the Effective Time the number of Arrangement Designees is less than the then applicable
        Designated Number, including as a result of any Arrangement Designee ceasing for any reason to be a director of Cenovus:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6a7207749d624a0bb58718c2d44c9aab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the remaining Arrangement Designees (the "<font style="font-weight: bold;">Continuing Designees</font>")
                may nominate, by written notice to Cenovus signed by each such Continuing Designee, a Qualified Individual for appointment to the Board; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98959656326f4d7ca3bbdb5e876a89c4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus may, but shall not be obligated to, cause such Qualified Individual to be appointed to the Board on or before the Appointment Deadline.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If a Qualified Individual duly nominated in accordance with clause (a) above is not appointed to the Board on or
        before the applicable Appointment Deadline, this Agreement shall terminate in accordance with Section 5.5(e).</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting of Common Shares &#8211; Director Elections</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder covenants and agrees that it shall, and shall cause its Affiliates to:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bc7f78d0d13465cbaca74df19d748e7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in favour of; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28d4a8ce1bd84402b0649b54d03604be" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in respect of;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">the election, as directors of Cenovus, of all nominees of the Board or Cenovus management at any annual or other
        meeting of Cenovus Shareholders at which members of the Board are proposed to be elected (and, for greater certainty, not withhold any vote in respect of, or vote against, any of the foregoing); and</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b4495190c904449bcea0116a2b01fd7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">without limiting the foregoing:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2f5064954b547fd882ef4793a05f92b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not knowingly take any action that is adverse to the nomination, appointment or election of any Board-supported nominee or Board-proposed nominee to the Board,
                including by voting for the nomination, appointment or election of another individual as a director of Cenovus instead of such Board-supported nominees or Board-proposed nominees; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3df58558c5b4f43a82ddf8d556074f4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, against any such matter or
                proposal.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which members of
        the Board are proposed to be elected, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za0e89c44ccf341028f9c6f5b08bc447a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing
                requirements of this Section 2.2, and all such proxy or proxies described above in this Section 2.2 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy
                (with full power of substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za07bada10d434c408cdce949efefb414" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates
                has control or direction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting of Common Shares &#8211; Certain Transactions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than in respect of a Pre-Arrangement Matter, Shareholder covenants and agrees that it shall, and shall
        cause its Affiliates to:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zff332d422c094dfb86f0ab4678f14e07" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in accordance with the
                Board's recommendation in respect of any Combination Transaction (whether for or against) (and, for greater certainty, not abstain from <br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"> voting such Excess Shares in accordance with the Board's recommendation in respect of any Combination Transaction); and</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf56b1461bef349598bee7dd24628a5e3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deposit or tender, or not deposit or tender, all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, to or
                under any Combination Transaction, in accordance with the Board's recommendation in respect of the Combination Transaction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which a
        Combination Transaction is proposed to be considered, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11b53eb29e8046559228c038709a2b7e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing
                requirements of this Section 2.3, and all such proxy or proxies described above in this Section 2.3 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy
                (with full power of substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cb14e365c744e64a1dcaf8f0b53c478" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates
                has control or direction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Excess Shares beneficially owned by Shareholder or any of its Affiliates, or over which Shareholder or any of
        its Affiliates has control or direction, shall be equal to the Shareholder Pro Rata Excess Shares; provided, however, that Shareholder shall be deemed to have complied with this Section 2.3 so long as the aggregate number of Common Shares voted,
        caused to be voted, deposited, tendered, or not deposited or tendered by the Standstill Shareholders and their respective Affiliates, as applicable, in accordance with this Section 2.3 and section 2.3 of the Other Standstill Agreement is not less
        than the aggregate number of Excess Shares.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">For greater certainty, and notwithstanding anything else in this Agreement, other than as required in clause (x)
        and (y) above or in Section 2.2(a) and (b), Shareholder and its Affiliates shall be entitled to vote, and otherwise deal with, all Common Shares that are not Excess Shares at their discretion on all voting matters (or tendering or not tendering, as
        the case may be).</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
        RESTRICTIONS ON SHAREHOLDER ACTIONS AND SHARE TRANSFERS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prohibited Activities</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than as permitted under Section 2.3 or Section 3.2, without the prior written consent of Cenovus (which
        consent may, in the sole discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), neither Shareholder nor any of its Affiliates, nor any of their respective Representatives acting on
        behalf of Shareholder or any of its Affiliates, will, directly or indirectly, do any of the following or cause such to occur from the Effective Time:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z754d19f8abac4ea0a1cf2a2357313f26" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">acquire, agree to acquire or make any proposal or offer to acquire any:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1dc26755b6674f1e9cb71b46f1e96987" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants);</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07357b33abbd420890c680498f639167" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">securities convertible into, or exercisable or exchangeable for, voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other
                than Warrants); or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z270b305a8e484a13b77e13f747388680" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">assets of Cenovus or any of its Subsidiaries;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except: (A) pursuant to a stock dividend or dividend-in-kind paid by Cenovus to all holders of
        Common Shares, including pursuant to any dividend reinvestment plan of Cenovus, (B) pursuant to an exercise of Warrants or pre-emptive rights in accordance with the Pre-Emptive Rights Agreement, or (C) pursuant to a Transfer permitted under Section
        3.3 or Section 3.4;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9fccec81c8304d129eefd3d89fd88053" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">engage in any discussion or negotiations, conclude any understanding or enter into (or propose or offer to enter into), directly or indirectly, any agreement with
                respect to any Combination Transaction;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a65dcbccea3489888e793d31f071ed8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">engage in, participate in, or in any way knowingly initiate, directly or indirectly and whether alone or jointly or in concert with another Person, any "solicitation"
                (as such term is defined in the CBCA) of proxies or consents, with respect to the voting of any securities of Cenovus, or knowingly initiate, propose or otherwise "solicit" (as such term is defined in the CBCA) securityholders of Cenovus to
                vote any securities of Cenovus on any matter;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb38d7222bd8c4b64bba605366c5465b0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">except as required by and in accordance with Section 2.2 and 2.3, grant any power of attorney over any securities of Cenovus, or deposit any securities of Cenovus in
                any voting agreement, voting trust, voting pool or similar arrangement or subject any securities of Cenovus to any arrangement or agreement with respect to the voting of any such securities, or grant any proxy with respect to any securities
                of Cenovus (other than to the named Cenovus management proxies);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd0aa79fbfd0843bc82e0423d605a14ce" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">seek, alone or in concert with others, to requisition or call a meeting of shareholders of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6f415607ab15437d942d6e59416b75db" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">submit any shareholder proposal pursuant to sections 103(5) or 137 of the CBCA;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55a65830a8884a9e80a62a3cbebc55c0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">seek or cause any Person or Governmental Authority to issue a cease trade order in respect of, or otherwise interfere with the operation of, any shareholder rights
                plan or similar arrangement of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37b30a179d51488ab696fb965b0e7673" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as required by Applicable Law or the rules of the Toronto Stock Exchange or New York Stock Exchange, publicly disclose any plan, intention or proposal with
                respect to any of the foregoing; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8972b99a168495b89a3cf101a8b55f3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">enter into any discussions, agreements or understandings with any Person with respect to the foregoing, or knowingly advise, induce, assist (including providing
                financial assistance) or encourage any Person to take any of the actions prohibited by clauses (a)-(h).</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The restrictions in this Section 3.1 shall cease to apply on the earlier of: (i) the execution and delivery by
        Cenovus of a definitive agreement to implement a transaction or series of transactions pursuant to which a Person agrees to acquire beneficial ownership of, or control or direction over, more than 50% of the outstanding voting securities of Cenovus
        (measured on a fully-diluted basis) or a majority of the consolidated assets of Cenovus and its Subsidiaries; (ii) a Person or group of related Persons acting jointly or in concert acquire beneficial ownership of, or control or direction over, at
        least 20% of the outstanding voting securities of Cenovus; and (iii) a Person or group of related Persons acting jointly or in concert </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">publicly commence a formal take-over bid<font style="font-weight: bold;">&#160;</font>for more than 20% of the outstanding voting securities of Cenovus.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement prohibits Shareholder, any Affiliate of Shareholder or any Representative of
        Shareholder or any of its Affiliates from making a private proposal to, or corresponding and engaging in private discussions or negotiations with, Cenovus executive management or Board members, or with Other Standstill Shareholder or its Affiliates
        and their respective Representatives, regarding any of the matters described in this Section 3.1.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions on Transfers of Shares</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except as set out under Section 2.3, without the prior written consent of Cenovus (which consent may, in the sole
        discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), the Shareholder shall not, and shall cause its Affiliates and their respective Representatives acting on behalf of Shareholder
        or any of its Affiliates, to not, directly or indirectly:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4f3968b20de84a97a316e6ddd1605848" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for the period ending at 11:59 p.m. (Calgary time) on the date that is 18 months following the Effective Date, Transfer or cause the Transfer of any Common Shares,
                except: (i) pursuant to a Combination Transaction that has been approved by the Board or recommended by the Board for approval by the shareholders of Cenovus; (ii) as contemplated under Section 3.3; or (iii) as contemplated under Section
                3.4;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z179954a7fb0745b280bb86b9a5315098" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfer or cause the Transfer, either alone or in the aggregate with its Affiliates, Other Standstill Shareholder and Other Standstill Shareholder's Affiliates, and
                whether in a single transaction or a series of related transactions, any Common Shares or Warrants that would, to the knowledge of Shareholder (after reasonable inquiry), result in such Person, together with any Persons acting jointly or in
                concert with such Person, beneficially owning, or controlling or directing, 20% or more of the then-outstanding Common Shares (including, for certainty, those Common Shares and Warrants proposed to be Transferred) and assuming for this
                purpose the full exercise of all Warrants that would, after the proposed Transfer, be beneficially owned or controlled or directed by such Person and any Person acting jointly or in concert therewith; <u>provided</u>&#160;<u>that</u> the foregoing shall not apply to:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89cc448d173a4281a3ea3c961baeefe1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected through an underwritten public offering (including an underwritten public offering undertaken pursuant to the Registration Rights Agreement);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfe5b1c453b6a46e4935df4ec238aa2d3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected as a result of the consummation of a Combination Transaction which has been approved by a resolution of Cenovus Shareholders, or made to an offeror
                in relation to a take-over bid where the offeror pursuant to such take-over bid is proposing to acquire such Common Shares from Shareholder or Other Standstill Shareholder or both in connection with an identical offer made to all holders of
                Common Shares (in terms of price, timing, proportion of securities sought to be acquired and conditions); or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29c490b4583942f6987bd0eec104ff68" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers made to an Affiliate in accordance with Section 3.3.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If Shareholder or any of its Affiliates or any Representative acting on behalf of Shareholder or any of its
        Affiliates, proposes to Transfer or cause the Transfer of any Common Shares or Warrants in circumstances as described in Section 3.2(b) except that the reference therein to "20%" is instead read as a reference to "10%", then Shareholder shall give
        Cenovus advance written notice of the proposed Transfer and, if reasonably practicable, consult with Cenovus with respect to such Transfer, not less than 24 hours prior to the earlier of (i) entering into any agreement or binding obligation in
        respect thereof or (ii) effecting such </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Transfer, and shall, unless otherwise prohibited by confidentiality or similar restrictions (in respect of which
        Shareholder has used its commercially reasonable efforts to seek a waiver or consent thereof), provide Cenovus with the identity of the proposed transferee and the terms on which the Transfer is proposed to be completed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers to Affiliates</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Section 3.2, Shareholder may Transfer all or any portion of the Common Shares or Warrants legally
        or beneficially owned by Shareholder to an Affiliate of Shareholder, provided that such Affiliate agrees to be bound by and become a Party to this Agreement as a "Shareholder" (and Shareholder agrees to cause such Affiliate to become a party
        hereto) and, concurrent with the completion of such Transfer shall validly execute and deliver a joinder or similar document in order to effect the foregoing.&#160; Shareholder, or its Affiliate, shall promptly (and in any event within two (2) Business
        Days) notify Cenovus if it engages in any of the transactions referred to in this Section 3.3.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers in Change of Control Transaction</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything in Section 3.2 or elsewhere in this Agreement to the contrary, any transaction in which
        a Person or group of Persons acting jointly or in concert acquires, directly or indirectly, including by merger, consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization or other business
        combination transaction, control of at least a majority of the equity of Shareholder (each, a "<font style="font-weight: bold;">Change of Control Transaction</font>") shall be a
        permitted Transfer for all purposes under this Agreement and shall not be deemed to violate this Agreement in any manner whatsoever.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
        REPRESENTATIONS AND WARRANTIES</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Cenovus</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus represents and warrants to Shareholder that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc7fa039c95d427b8f832a307db6d895" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze0c50c45e0104c02871a3a01659e6b00" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of Cenovus to authorize the execution, delivery and performance of this Agreement, and this Agreement has been
                duly authorized, executed and delivered by Cenovus and constitutes a valid and legally binding obligation of Cenovus, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and
                other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0761fafcbbfa433bb7786d6e3e364552" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by Cenovus nor the performance by Cenovus of its obligations hereunder will result in any breach of, or
                be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbc2b8ac266d84ade82af9dbd0624b2c0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any provisions of the articles or by-laws or other constating documents of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d47e30178e242f4b9b11fdb2a27b98b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of the Board or the shareholders of Cenovus;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z11ea09033bf54407a6797886082698ee" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which Cenovus is a party or by which it is bound; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb00423d80ef64c2cbae65e94f7c3e752" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Shareholder</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder represents and warrants to Cenovus that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z029e40c9c2a8472d99c1eaecca380c33" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, it does not beneficially own, or control or direct, any Common Shares;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5dae34d059684bac8eddf0ed269c9983" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19a9922fd4cb44b18cf1ca7c16881e68" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of it to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly
                authorized, executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of
                general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6bdb5eeffa2c460993acff1170a9dee2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by it nor the performance by it of its obligations hereunder will result in any breach of, or be in
                conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze90fa416b9c44c22a267f8c1f9d83227" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any provisions of its articles, by-laws, partnership or trust agreement or other constating documents, as applicable;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z629d51f857224d52ace0cf8b0bdfba0b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of its board of directors, general partner, trustee or similar body, or its securityholders, partners or beneficiaries, as applicable;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55dc02992e284104aae49f82815eac54" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which it is a party or by which it is bound; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z79b520f998e340a09d60465681118dbe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
        GENERAL PROVISIONS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
        or law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
        manner materially adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect
        the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may not be assigned by Shareholder without the prior written consent of Cenovus; provided,
        however, this Agreement may, following prior written notice to Cenovus, be assigned by Shareholder to any Person who is a permitted transferee of Common Shares pursuant to the terms of this Agreement and Shareholder will be fully released from its
        obligations under this Agreement if, following such Transfer, Shareholder no longer beneficially owns, or exercises control or direction over, any Common Shares. Upon any permitted transferee(s) or assignee(s) executing an instrument in writing
        agreeing to be bound by this Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto as " Shareholder". For the avoidance of doubt, nothing in this
        Section 5.2 shall in any way restrict or limit any Transfer otherwise permitted pursuant to Sections 3.2(b), 3.3 or 3.4.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies and Breaches</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7011f229aa224cdfa087ef5e4a5f80d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this
                Agreement were not performed in accordance with its specific terms or was otherwise breached and that such injury may not be adequately compensable in damages. It is accordingly agreed that Shareholder and Cenovus shall, in addition to any
                other remedy to which they may be entitled at law or in equity, each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other Party hereto will not take any action, directly
                or indirectly, in opposition to the Party seeking relief on the grounds that any other remedy or relief is available at law or in equity. The prevailing Party in any such action shall be entitled to recover legal fees and expenses from the
                non-prevailing Party.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42d14989ecd54c46a136315fdfc25716" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges that it shall be liable for any breach of this Agreement by any of its Affiliates or any of its or its Affiliates'
                Representatives or other Persons acting on their behalf, and that it shall inform its and its Affiliates' Representatives of the terms of this Agreement and shall cause them to comply with them.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">All Securities Subject to this Agreement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties will be bound by the terms, rights, obligations and restrictions of this Agreement with
        respect to all Common Shares held or beneficially owned, or over which control or direction is exercised (including any Common Shares acquired by Shareholder or its Affiliates after the date hereof as permitted hereby), until this Agreement is
        terminated as set forth below in Section 5.5.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term and Termination</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur after the Effective Date:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze8406860f67a422c9622644ed17fc858" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">upon the termination of the Arrangement Agreement, other than as a result of the completion of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z546fe8d5d5cb471facd576cf23146306" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the Effective Date;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfd3334c0dda541418332f59cc943fcc7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement or the Other Standstill Agreement is terminated by the written agreement of the Parties;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb607137362ef439cb367a0a56b7eb5fb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provided that Shareholder has complied with Section 3.2 of this Agreement and Other Standstill Shareholder has complied with section 3.2 of the Other Standstill
                Agreement, the date on which the Standstill Shareholders, together with their respective Affiliates, cease to beneficially own, or control or direct, in aggregate, at least 10% of the then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z62d62e69502741a09e7d99caee64c67a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Qualified Individual duly nominated in accordance with Section 2.1(a) is not appointed to the Board on or before the applicable Appointment Deadline,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that (i) the provisions of this Article 5 shall continue in full force and effect notwithstanding any
        termination of this Agreement, and (ii) termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and obligations,
        including any indemnities and remedies, will continue in full force and effect and survive the termination of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder further acknowledges and agrees that the Registration Rights Agreement and the Pre-Emptive Rights
        Agreement shall each terminate concurrently with the termination of this Agreement, notwithstanding any provision therein to the contrary.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given
        by personal delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for Shareholder or Cenovus, as applicable, as set forth below. Any such notice or other communication given hereunder
        shall, if personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail transmittal (as
        the case may be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business Day, then on the
        next Business Day following the day of delivery or transmittal. The Parties hereto may give from time to time written notice of change of address in the manner aforesaid.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a0e9c3f76754ee9906f7ca9b79f17af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to Shareholder:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Hutchison Whampoa Europe Investments S.&#224; r.l.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">7, Rue du March&#233;-aux-Herbes</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L-1728 Luxembourg</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Grand Duchy of Luxembourg</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Stikeman Elliott LLP<br>
        5300 Commerce Court West<br>
        199 Bay Street.<br>
        Toronto, Ontario, M5L 1B9<br>
        <br>
        Attention:&#160; Elizabeth Breen/John Ciardullo/J.R. Laffin<br>
        E-mail:&#160; ebreen@stikeman.com/jciardullo@stikeman.com/jrlaffin@stikeman.com</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-15-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf84fe13885754bdf89b406a198ca342d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to Cenovus:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
        E-mail:&#160; piastaj@bennettjones.com</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Beneficiaries</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the transferees and assignees contemplated in Section 3.3 and Section 5.2, this Agreement
        is not intended to confer any rights, remedies, obligations or liabilities upon any Person other than the Parties to this Agreement and their respective successor or permitted assigns.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
        will be paid by the Party incurring such fee, cost or expense, whether or not the transactions contemplated hereunder are completed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law and Attornment</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province
        of Alberta and the federal laws of Canada applicable therein.&#160; Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta.&#160; Each Party hereby attorns to and accepts the jurisdiction of
        such courts.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in
        writing and signed by the Party purporting to give the same and, unless otherwise provided, such waiver shall be limited to the specific breach waived.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time of Essence</font></div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">prior understanding and agreements among the Parties with respect thereto. There are no representations,
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Standstill Agreement as of the date first written above.</div>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
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            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
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            </td>
            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
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              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
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            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
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            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HUTCHISON WHAMPOA EUROPE INVESTMENTS S.&#192; R.L.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>

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      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
      <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br style="line-height: 1.25;">
          <br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT<br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">October 24, 2020</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: right; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Execution Version</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STANDSTILL AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS STANDSTILL AGREEMENT is made as of October 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2020 and shall be effective as of the Effective
        Time (as defined herein).</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada ("<font style="font-weight: bold;">Cenovus</font>")</div>
      <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</font>, a <font style="font-style: italic;">soci&#233;t&#233; &#224; responsibilit&#233; limit&#233;e</font> existing under the laws of Luxembourg ("<font style="font-weight: bold;">Shareholder</font>")</div>
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      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font>
        Cenovus and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>") have, concurrently with the execution and delivery of this Agreement, entered into an arrangement
        agreement (as the same may be amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement Agreement</font>"), regarding a proposed arrangement
        under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving Husky, Cenovus and the shareholders of Husky (as the same may be
        amended, modified or supplemented from time to time, the "<font style="font-weight: bold;">Arrangement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        the Arrangement contemplates, among other things, that Cenovus will acquire all of the issued and outstanding common shares of Husky in consideration for Common Shares and Warrants, and each holder of Husky common shares will receive, for each
        Husky common share held, 0.7845 Common Shares and 0.0651 Warrants;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        on the Effective Date, Cenovus shall issue, pursuant to the Arrangement, Common Shares and Warrants to Shareholder in consideration for the common shares of Husky held by the Shareholder at the Effective Time;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        in connection with the proposed issuance of Common Shares and Warrants to Shareholder pursuant to the Arrangement, the Parties wish to enter into this Agreement to provide for certain matters relating to the relationship between Cenovus and
        Shareholder, as a shareholder of Cenovus commencing at, and following, the Effective Time;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>,
        in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties), the Parties covenant and agree as
        follows:</div>
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      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
        INTERPRETATION</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
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          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
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              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
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                the second Person; provided, however, that except to the extent expressly provided otherwise, the determination of whether a Person is an Affiliate of another Person shall be made on the basis that Shareholder is not an Affiliate of Cenovus
                or any of its Subsidiaries and vice versa;</div>
            </td>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
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              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this standstill agreement, as amended,
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
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              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Canadian Securities Laws</font>" has the meaning ascribed
                thereto in the Arrangement Agreement;</div>
            </td>
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      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z45305f26ef154beeb2fefcbce64bae1b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Laws</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e449922cc0c4253a66deaf7e17df482" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means, collectively, Applicable
                Canadian Securities Laws and Applicable U.S. Securities Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba85bf5f436c49a1976e771afe9b6964" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable U.S. Securities Laws</font>" has the meaning ascribed
                thereto in the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56a5f67e48674572b3f4d8df417c24c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Appointment Deadline</font>" means the date that is ten (10) Business
                Days after receipt or deemed receipt by Cenovus of a notice under Section 2.1(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z97acb9cf2cbf499bafffa5c8e4320f20" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba7d1defdd6840e29577091e16fce22b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Agreement</font>" has the meaning ascribed thereto in the
                recitals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6aa7cb0b18514c298448d9ddb47b0973" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement Designees</font>" means:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z35ffa33d59e647eaae31da956a838d84" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the Effective Date, the four directors of the Board as determined by Husky prior to the Effective Date, who shall include one independent (as determined under
                Applicable Securities Laws) director;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80d571209f6e4bd88c27528f9dd2b734" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">at any time after the Effective Date:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41d952c9a3fa4b70aa5caffefc6bd32a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">each of the individuals described in clause (i) insofar as he or she continues to be a Board member, or the Successor Designee of such individual; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38f94c36e430477bafd9afe3464523a4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any additional Qualified Individual nominated and appointed to the Board pursuant to Section 2.1(b);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca3bf6500ec241c6a99ed3c9877650fa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Cenovus Shareholders</font>" means, collectively, the holders of
                Common Shares;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze5bbd430034c40cd805fcc285f78459e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board of Directors</font>" or "<font style="font-weight: bold;">Board</font>" means the board of directors of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb79fd26621a0473483f2d435018e9337" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board Size</font>" means the then-current number of directors of
                Cenovus plus any unfilled vacancies at such time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zed0490040a3542f0acf788eccf5652d9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open
                for the transaction of commercial business in Calgary, Alberta, but does not in any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26e49ed1ed3240cbaf577803bd1a13ed" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian</font>" has the meaning ascribed thereto in the Investment
                Canada Act;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3277b734df94889b36fcfbb1f234e95" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">CBCA</font>" means the <font style="font-style: italic;">Canada Business Corporations Act</font> and the regulations thereunder, as amended, restated or modified from time to time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z773ab6003334484fbab960ed209726ee" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Change of Control Transaction</font>" has the meaning ascribed
                thereto in Section 3.4;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z12e19d477108442c8df274284a76ea53" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Combination Transaction</font>" means any take-over bid for the
                voting or equity securities of Cenovus or any acquisition of all or substantially all of the assets of Cenovus and its Subsidiaries on a consolidated basis, or any arrangement, amalgamation, merger or other similar business combination
                transaction involving Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z435b387531d84ac4a2ccc23c93feebb0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of
                Cenovus and includes any shares of Cenovus into which such common shares may be converted, reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a reorganization, amalgamation, merger, arrangement or
                other form of reorganization;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc560cb44d93d4b02877a767a6ddb1f87" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Continuing Designees</font>" has the meaning ascribed thereto in
                Section 2.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8a2e2bbf0ae4c6295e5a1d4c8ce87ef" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf097784f7cd49a0994bf3b3e4ee7796" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors (or the equivalent) of the second Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z797b2e6268a4430b804cf48c49e71794" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z934f4d5f15de400892d967e699b9459d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7bfb83a9c514dc1b5ef4f7763d7eab2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Designated Number</font>" means:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d1e3a82a88c4b0b9349fe4e209f1321" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">prior to the close of the Initial AGM, four (4); and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84aeb1c4318f4541ad6561283c7df516" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">following the close of the Initial AGM, the Proportionate Director Number:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7da4e48017b844698b6e6bd87bceecf5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Date</font>" shall have the meaning ascribed thereto in the
                Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd0159e631ac8498083d962b4e5994f12" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Effective Time</font>" shall have the meaning ascribed thereto in the
                Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdfe2adc0cbb5414aa8df09db36804cb0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Excess Shares</font>" means, at the applicable time, such number of
                Common Shares as is equal to the amount by which (i) the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates exceeds (ii) the number (rounded up or
                down to the nearest whole number with a fractional number equal to an exact multiple of 0.5 rounded up) determined by multiplying the number of then-outstanding Common Shares by 0.199;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb16cb8db60a848459dd07e4dc673a6e2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" shall have the meaning ascribed
                thereto in the Plan of Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde27955ab27f4149b79f2337778654e7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Initial AGM</font>" means the first annual meeting of Cenovus
                Shareholders following the Effective Date at which members of the Board are elected.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf77494502d442629d83252b5505ff0a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Investment Canada Act</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze159a2c133e64cf9b402f79b254e41cc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Agreement</font>" means the standstill agreement
                dated as of the Effective Date between Cenovus and Other Standstill Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "K" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3cadf21ebd594abdae8c0baba41a3341" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Other Standstill Shareholder</font>" means Hutchison Whampoa Europe
                Investments S.&#224; r.l.;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3cedeb6a178483a80a9c2b864bc380e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, Cenovus, Shareholder and their respective
                successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za5cf085a482549f6b76089b18f1ce70e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited
                partnership, limited liability partnership, limited or unlimited liability company or corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal personal representative or Governmental Authority or entity however designated or constituted;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd4725f011247425e9948f00a47e703da" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Plan of Arrangement</font>" has the meaning ascribed thereto in the
                Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8811a41c564645c1b0a1d5e18a86da3b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Arrangement Matter</font>" means a Combination Transaction
                recommended by the Board prior to the Effective Time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z363a54945a2a4b18aecc3cda60da3944" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights Agreement</font>" means the pre-emptive rights
                agreement dated as of the Effective Date between Cenovus and Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "I" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cf0147e8243413a9087eec6686fcc41" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Proportionate Director Number</font>" means the whole number
                determined by:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7a1660d77744206b2dd61067313a287" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">multiplying the Board Size by a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned or, controlled or directed, by the
                Standstill Shareholders and their respective Affiliates at such time (as reported in the System for Electronic Disclosure by Insiders (SEDI) of the Canadian Securities Administrators) and the denominator of which is the total number of
                then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf599f7a176284879bc3c096f93f28006" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">rounding the number determined in clause (i) up or down to the nearest whole number (with a fractional number equal to an exact multiple of 0.5 rounded up);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za942c69316c94e65b84bf3d050af097f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Qualified Individual</font>" means an individual who is: (i)
                reasonably acceptable to the Nominating and Corporate Governance Committee (or its successor committee) of the Board (it being understood that an individual who is not prohibited from acting as director pursuant to the CBCA, Applicable
                Securities Laws and the rules of any recognized stock exchange on which the Common Shares are listed for trading shall be deemed to be reasonably acceptable); (ii) in the event that less than one-quarter of the Continuing Designees are
                Canadian (including any other individual who is a Qualified Individual), a Canadian; and (iii) in the event that the Designated Number equals or exceeds four (4) and none of the Continuing Designees is an independent (as determined under
                Applicable Securities Laws) director, an independent (as determined under Applicable Securities Laws) director;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5525a36ca94e4554b239a51a48aaed44" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" means the registration rights
                agreement dated as of the Effective Date between Cenovus and Shareholder in substantially the form appended to the Arrangement Agreement as Schedule "J" thereto;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec8746fc791e45e8b0004fd2a5d9fe01" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of
                such Person's directors, officers, related parties, employees, consultants, advisers, agents or other Person acting on behalf of the first Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde9f31487ece44188b65b3e3b62ef05d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder</font>&#160;<font style="font-weight: bold;">Pro Rata Excess Shares</font>" means such number of Common Shares as is equal to the product (rounded up or down to the nearest whole number with a fractional number equal to an exact multiple
                of 0.5 rounded up) of (i) the number of Excess Shares; multiplied by (ii) a fraction, the numerator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by Shareholder and its Affiliates at such
                time and the denominator of which is the aggregate number of Common Shares beneficially owned, or controlled or directed, by all Standstill Shareholders and their respective Affiliates;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb5fe88cd17284989860d987e723bfd4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Shareholders</font>" means Shareholder, Other Standstill
                Shareholder and any Affiliate of Shareholder or Other Standstill Shareholder who becomes, and is required to become, a party to this Agreement (in the case of Shareholder) or the Other Standstill Agreement (in the case of Other Standstill
                Shareholder), as applicable,&#160; in either case after the date hereof as a result of a permitted Transfer of Common Shares to such Affiliate pursuant to Section 3.3 (in the case of the Shareholder) or a result of a permitted Transfer of Common
                Shares to such Affiliate pursuant to section 3.3 of the Other Standstill Agreement (in the case of Other Standstill Shareholder), and "<font style="font-weight: bold;">Standstill
                  Shareholder</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3717e51f4c094861b887cf9c52ce66b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Subsidiary</font>" means a Person that is Controlled by another
                Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7613ca087a34be0a3d3ab5b3e24f48c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Successor Designee</font>" means, at any time, with respect to any
                individual who was an Arrangement Designee prior to such time but ceases for any reason to be a Board member, the Qualified Individual nominated and appointed to the Board in accordance with Section 2.1 in replacement of such individual;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za3f66d644cc44134b93fbd9f7496fb94" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer</font>" includes any sale, exchange, disposition,
                assignment, gift, bequest, mortgage, charge, pledge, encumbrance, grant of security interest or other arrangement by which <br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt;"> possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntary and whether or not for value and whether
        directly or indirectly in any manner whatsoever, and includes any agreement to effect any of the foregoing and, in the case of Common Shares includes a transaction (other than a Change of Control Transaction) involving the Transfer of the ownership
        interests in Shareholder or an Affiliate of Shareholder which holds any legal title or beneficial ownership in Common Shares which is designed to otherwise circumvent the restrictions contained in Section 3.2; and the words "Transferred",
        "Transferring" and similar words have corresponding meanings; and</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z79c36c09f0b14e7f8abb91f55403a3a3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Warrants</font>" means the common share purchase warrants of Cenovus
                issued on the date hereof pursuant to the Arrangement, each having an exercise price of $6.54 and a five-year term (subject to adjustment in certain circumstances).</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings for Reference Only</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the
        insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction and Interpretation</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
        question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of
        this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa (including, for certainty, with
        respect to the defined terms Standstill Shareholders and Standstill Shareholder). Words importing gender shall include all genders. If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning.
        Where the word "<font style="font-weight: bold;">including</font>" or "<font style="font-weight: bold;">includes</font>"
        is used in this Agreement it means "including without limitation" or "includes without limitation", respectively. Any reference to any document shall include a reference to any schedule, amendment or supplement thereto or any agreement in
        replacement thereof, all as permitted under such document.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">A reference herein to any statute includes every regulation (and other similar ancillary instrument having the
        force of law) made pursuant thereto, all amendments to the statute or to any such regulation (or other similar ancillary instrument) in force from time to time, and any statute or regulation (or other similar ancillary instrument) which supplements
        or supersedes such statute or regulation (or other similar ancillary instrument); and a reference to any section or provision of a statute includes all amendments to such section or provision, as made from time to time, and all sections or
        provisions which supplement or supersede such section or provision referred to herein.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>",
        "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement
        supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and
        subparagraphs of this Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The term "<font style="font-weight: bold;">then-outstanding
          Common Shares</font>" shall mean:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5d3b08e1d8e14be98cbd3485cabed69a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as set out in (b)-(d) below, the actual number of outstanding Common Shares at any such time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7578f78d04c478992949478dc4d4592" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(a), the actual number of outstanding Common Shares
                as at the record date for voting at the applicable meeting of Cenovus Shareholders;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdb506514fb5a430099b116bb0a80fb37" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">when calculating the number of Excess Shares and Shareholder Pro Rata Excess Shares for the purposes of Section 2.3(b), the actual number of outstanding Common Shares
                as at the third (3rd) Business Day prior to the deadline for deposit or tender; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb405e855f1b441e48875c02ea71163dd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for the purposes of Section 3.2, the actual number of outstanding Common Shares at any such time, provided that, notwithstanding the foregoing, Shareholder shall be
                entitled to rely upon information most recently disclosed publicly by Cenovus in a news release or in accordance with section 5.4 of National Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>, whichever contains the most recent relevant information.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day,
        such action is required to be taken on the next succeeding day which is a Business Day.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise
        noted.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certification of Outstanding Common Shares</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">As requested by Shareholder from time to time, Cenovus shall promptly provide (or cause its transfer agent and/or
        registrar to provide) to Shareholder a certificate setting out the number of outstanding Common Shares as at the nearest practicable date to the date of delivery of such certificate.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
        VOTING OF SHARES</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Composition</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If, at any time after the Effective Time the number of Arrangement Designees is less than the then applicable
        Designated Number, including as a result of any Arrangement Designee ceasing for any reason to be a director of Cenovus:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0142ecedcc044f8396434e999724fc57" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the remaining Arrangement Designees (the "<font style="font-weight: bold;">Continuing Designees</font>")
                may nominate, by written notice to Cenovus signed by each such Continuing Designee, a Qualified Individual for appointment to the Board; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04c51b2ae6644e38ac7106ad67591db3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cenovus may, but shall not be obligated to, cause such Qualified Individual to be appointed to the Board on or before the Appointment Deadline.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If a Qualified Individual duly nominated in accordance with clause (a) above is not appointed to the Board on or
        before the applicable Appointment Deadline, this Agreement shall terminate in accordance with Section 5.5(e).</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting of Common Shares &#8211; Director Elections</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder covenants and agrees that it shall, and shall cause its Affiliates to:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za1c51c5de70b4beaaed728af0cde2db6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in favour of; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z30f707f1aead4d69b0d01d0beaa94148" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in respect of;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">the election, as directors of Cenovus, of all nominees of the Board or Cenovus management at any annual or other
        meeting of Cenovus Shareholders at which members of the Board are proposed to be elected (and, for greater certainty, not withhold any vote in respect of, or vote against, any of the foregoing); and</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15e310ec2b9243f2a813a9f6201e086a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">without limiting the foregoing:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za8fb5962e7a84019a254279ac2feb669" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not knowingly take any action that is adverse to the nomination, appointment or election of any Board-supported nominee or Board-proposed nominee to the Board,
                including by voting for the nomination, appointment or election of another individual as a director of Cenovus instead of such Board-supported nominees or Board-proposed nominees; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze1d1bf53f9544bb2ba99c569ed438461" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Common Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, against any such matter or
                proposal.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which members of
        the Board are proposed to be elected, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9fdc58b134924098a150cee796203c16" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing
                requirements of this Section 2.2, and all such proxy or proxies described above in this Section 2.2 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy
                (with full power of substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7dd4ccf50a974115ba94ce5875c40bed" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates
                has control or direction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting of Common Shares &#8211; Certain Transactions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than in respect of a Pre-Arrangement Matter, Shareholder covenants and agrees that it shall, and shall
        cause its Affiliates to:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3629b32139844a0d804a538cf4c29881" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">vote or cause to be voted all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, in accordance with the
                Board's recommendation in respect of any Combination Transaction (whether for or against) (and, for greater certainty, not abstain from <br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"> voting such Excess Shares in accordance with the Board's recommendation in respect of any Combination Transaction); and</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4315420738cb4e0a80cab422ba321e6a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deposit or tender, or not deposit or tender, all Excess Shares that it beneficially owns, or over which it or any of its Affiliates has control or direction, to or
                under any Combination Transaction, in accordance with the Board's recommendation in respect of the Combination Transaction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No later than five (5) Business Days prior to the date of any meeting of Cenovus Shareholders at which a
        Combination Transaction is proposed to be considered, in respect of all Common Shares that Shareholder beneficially owns, or over which it or any of its Affiliates has control or direction, Shareholder shall either:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76ff40a9f1904e7faa700104960197b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">deliver or cause to be delivered to Cenovus, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in accordance with the foregoing
                requirements of this Section 2.3, and all such proxy or proxies described above in this Section 2.3 shall name as proxyholders those individuals as may be designated by Cenovus in the applicable management proxy circular or form of proxy
                (with full power of substitution) and shall not be revoked without the prior written consent of Cenovus; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19a2cb2a4973434d93bd5a2029ca5f6a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">certify to Cenovus in writing that it shall abstain from voting in respect of all Common Shares that it beneficially owns, or over which it or any of its Affiliates
                has control or direction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Excess Shares beneficially owned by Shareholder or any of its Affiliates, or over which Shareholder or any of
        its Affiliates has control or direction, shall be equal to the Shareholder Pro Rata Excess Shares; provided, however, that Shareholder shall be deemed to have complied with this Section 2.3 so long as the aggregate number of Common Shares voted,
        caused to be voted, deposited, tendered, or not deposited or tendered by the Standstill Shareholders and their respective Affiliates, as applicable, in accordance with this Section 2.3 and section 2.3 of the Other Standstill Agreement is not less
        than the aggregate number of Excess Shares.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">For greater certainty, and notwithstanding anything else in this Agreement, other than as required in clause (x)
        and (y) above or in Section 2.2(a) and (b), Shareholder and its Affiliates shall be entitled to vote, and otherwise deal with, all Common Shares that are not Excess Shares at their discretion on all voting matters (or tendering or not tendering, as
        the case may be).</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
        RESTRICTIONS ON SHAREHOLDER ACTIONS AND SHARE TRANSFERS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prohibited Activities</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Other than as permitted under Section 2.3 or Section 3.2, without the prior written consent of Cenovus (which
        consent may, in the sole discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), neither Shareholder nor any of its Affiliates, nor any of their respective Representatives acting on
        behalf of Shareholder or any of its Affiliates, will, directly or indirectly, do any of the following or cause such to occur from the Effective Time:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z20ccbd83a1c94bb28ddf7781f6184ed1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">acquire, agree to acquire or make any proposal or offer to acquire any:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d55cbf54ce0420bacd2da53c610947d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other than Warrants);</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbac116275eb46a0b68f4a3804dc8cf4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">securities convertible into, or exercisable or exchangeable for, voting or equity securities (including Common Shares) of Cenovus or any of its Subsidiaries (other
                than Warrants); or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc833a894c5a64caaa76931e03b03464c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">assets of Cenovus or any of its Subsidiaries;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except: (A) pursuant to a stock dividend or dividend-in-kind paid by Cenovus to all holders of
        Common Shares, including pursuant to any dividend reinvestment plan of Cenovus, (B) pursuant to an exercise of Warrants or pre-emptive rights in accordance with the Pre-Emptive Rights Agreement, or (C) pursuant to a Transfer permitted under Section
        3.3 or Section 3.4;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd104e48d65b94c459bdf12e51311e36f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">engage in any discussion or negotiations, conclude any understanding or enter into (or propose or offer to enter into), directly or indirectly, any agreement with
                respect to any Combination Transaction;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38479cfdd94e4ba0860b55a2ea5ea3af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">engage in, participate in, or in any way knowingly initiate, directly or indirectly and whether alone or jointly or in concert with another Person, any "solicitation"
                (as such term is defined in the CBCA) of proxies or consents, with respect to the voting of any securities of Cenovus, or knowingly initiate, propose or otherwise "solicit" (as such term is defined in the CBCA) securityholders of Cenovus to
                vote any securities of Cenovus on any matter;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zed829a6038694635b022e6791b70a5a4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">except as required by and in accordance with Section 2.2 and 2.3, grant any power of attorney over any securities of Cenovus, or deposit any securities of Cenovus in
                any voting agreement, voting trust, voting pool or similar arrangement or subject any securities of Cenovus to any arrangement or agreement with respect to the voting of any such securities, or grant any proxy with respect to any securities
                of Cenovus (other than to the named Cenovus management proxies);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd3e310044cf4c06bd0aafe76f73dd08" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">seek, alone or in concert with others, to requisition or call a meeting of shareholders of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8820ce3e67074f77882fdbf684a49484" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">submit any shareholder proposal pursuant to sections 103(5) or 137 of the CBCA;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze23647994707480b84274b2f6f7232c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">seek or cause any Person or Governmental Authority to issue a cease trade order in respect of, or otherwise interfere with the operation of, any shareholder rights
                plan or similar arrangement of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26fbdb717b13484888fe4a51c0f2da93" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">other than as required by Applicable Law or the rules of the Toronto Stock Exchange or New York Stock Exchange, publicly disclose any plan, intention or proposal with
                respect to any of the foregoing; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfac26c1dac4e4a618ea9bcc727c6154f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">enter into any discussions, agreements or understandings with any Person with respect to the foregoing, or knowingly advise, induce, assist (including providing
                financial assistance) or encourage any Person to take any of the actions prohibited by clauses (a)-(h).</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The restrictions in this Section 3.1 shall cease to apply on the earlier of: (i) the execution and delivery by
        Cenovus of a definitive agreement to implement a transaction or series of transactions pursuant to which a Person agrees to acquire beneficial ownership of, or control or direction over, more than 50% of the outstanding voting securities of Cenovus
        (measured on a fully-diluted basis) or a majority of the consolidated assets of Cenovus and its Subsidiaries; (ii) a Person or group of related Persons acting jointly or in concert acquire beneficial ownership of, or control or direction over, at
        least 20% of the outstanding voting securities of Cenovus; and (iii) a Person or group of related Persons acting jointly or in concert </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">publicly commence a formal take-over bid<font style="font-weight: bold;">&#160;</font>for more than 20% of the outstanding voting securities of Cenovus.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement prohibits Shareholder, any Affiliate of Shareholder or any Representative of
        Shareholder or any of its Affiliates from making a private proposal to, or corresponding and engaging in private discussions or negotiations with, Cenovus executive management or Board members, or with Other Standstill Shareholder or its Affiliates
        and their respective Representatives, regarding any of the matters described in this Section 3.1.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions on Transfers of Shares</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except as set out under Section 2.3, without the prior written consent of Cenovus (which consent may, in the sole
        discretion of Cenovus, be withheld or given subject to such conditions as Cenovus may in its sole discretion determine), the Shareholder shall not, and shall cause its Affiliates and their respective Representatives acting on behalf of Shareholder
        or any of its Affiliates, to not, directly or indirectly:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8fb52278de7647d9afe2e91aeff41dd4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">for the period ending at 11:59 p.m. (Calgary time) on the date that is 18 months following the Effective Date, Transfer or cause the Transfer of any Common Shares,
                except: (i) pursuant to a Combination Transaction that has been approved by the Board or recommended by the Board for approval by the shareholders of Cenovus; (ii) as contemplated under Section 3.3; or (iii) as contemplated under Section
                3.4;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z076e3a606b794be582ac837ada859b8b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfer or cause the Transfer, either alone or in the aggregate with its Affiliates, Other Standstill Shareholder and Other Standstill Shareholder's Affiliates, and
                whether in a single transaction or a series of related transactions, any Common Shares or Warrants that would, to the knowledge of Shareholder (after reasonable inquiry), result in such Person, together with any Persons acting jointly or in
                concert with such Person, beneficially owning, or controlling or directing, 20% or more of the then-outstanding Common Shares (including, for certainty, those Common Shares and Warrants proposed to be Transferred) and assuming for this
                purpose the full exercise of all Warrants that would, after the proposed Transfer, be beneficially owned or controlled or directed by such Person and any Person acting jointly or in concert therewith; <u>provided</u>&#160;<u>that</u> the foregoing shall not apply to:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a5bb6e90aff407a8722b73bf24dc65f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected through an underwritten public offering (including an underwritten public offering undertaken pursuant to the Registration Rights Agreement);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc34296dfac464e9092eb7acb88c6335c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers effected as a result of the consummation of a Combination Transaction which has been approved by a resolution of Cenovus Shareholders, or made to an offeror
                in relation to a take-over bid where the offeror pursuant to such take-over bid is proposing to acquire such Common Shares from Shareholder, Other Standstill Shareholder or both in connection with an identical offer made to all holders of
                Common Shares (in terms of price, timing, proportion of securities sought to be acquired and conditions); or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeccb1955ceb44d5a91b197ce13a22c53" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Transfers made to an Affiliate in accordance with Section 3.3.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If Shareholder or any of its Affiliates or any Representative acting on behalf of Shareholder or any of its
        Affiliates, proposes to Transfer or cause the Transfer of any Common Shares or Warrants in circumstances as described in Section 3.2(b) except that the reference therein to "20%" is instead read as a reference to "10%", then Shareholder shall give
        Cenovus advance written notice of the proposed Transfer and, if reasonably practicable, consult with Cenovus with respect to such Transfer, not less than 24 hours prior to the earlier of (i) entering into any agreement or binding obligation in
        respect thereof or (ii) effecting such </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Transfer, and shall, unless otherwise prohibited by confidentiality or similar restrictions (in respect of which
        Shareholder has used its commercially reasonable efforts to seek a waiver or consent thereof), provide Cenovus with the identity of the proposed transferee and the terms on which the Transfer is proposed to be completed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers to Affiliates</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Section 3.2, Shareholder may Transfer all or any portion of the Common Shares or Warrants legally
        or beneficially owned by Shareholder to an Affiliate of Shareholder, provided that such Affiliate agrees to be bound by and become a Party to this Agreement as a "Shareholder" (and Shareholder agrees to cause such Affiliate to become a party
        hereto) and, concurrent with the completion of such Transfer shall validly execute and deliver a joinder or similar document in order to effect the foregoing.&#160; Shareholder, or its Affiliate, shall promptly (and in any event within two (2) Business
        Days) notify Cenovus if it engages in any of the transactions referred to in this Section 3.3.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfers in Change of Control Transaction</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything in Section 3.2 or elsewhere in this Agreement to the contrary, any transaction in which
        a Person or group of Persons acting jointly or in concert acquires, directly or indirectly, including by merger, consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization or other business
        combination transaction, control of at least a majority of the equity of Shareholder (each, a "<font style="font-weight: bold;">Change of Control Transaction</font>") shall be a
        permitted Transfer for all purposes under this Agreement and shall not be deemed to violate this Agreement in any manner whatsoever.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
        REPRESENTATIONS AND WARRANTIES</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Cenovus</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus represents and warrants to Shareholder that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16fdfebe9e0a48dcab2dfd9c8d1fa785" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a3f1652efea4bed8640a1085924c92f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of Cenovus to authorize the execution, delivery and performance of this Agreement, and this Agreement has been
                duly authorized, executed and delivered by Cenovus and constitutes a valid and legally binding obligation of Cenovus, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and
                other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z376d0f89338f4fe3b06435bb4fd6cefb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by Cenovus nor the performance by Cenovus of its obligations hereunder will result in any breach of, or
                be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc6dc0efc346a4c9187fcf78dabefdbf2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any provisions of the articles or by-laws or other constating documents of Cenovus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z997177c21e454a7ebe7794ab9004bb3f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of the Board or the shareholders of Cenovus;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z69e97b222d604dd3b3b23ef48285994e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which Cenovus is a party or by which it is bound; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z161c64f2d5a043e4962b4c27bdef22cd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of Shareholder</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder represents and warrants to Cenovus that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z74a57c7a43e149fdbc60a6837aa84c27" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as of the date hereof, it does not beneficially own, or control or direct, any Common Shares;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bfa00eac1e2416489230151776661dc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z502b0e38d6c44efeb584c86c42900485" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of it to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly
                authorized, executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of
                general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z45a958c3674945bbac14e9ef6d1f0e39" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by it nor the performance by it of its obligations hereunder will result in any breach of, or be in
                conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z816d173f56c94201a91f9529d1f2cfdf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any provisions of its articles, by-laws, partnership or trust agreement or other constating documents, as applicable;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61510eddde2f49bf8aa814be88f206e9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any of the resolutions of its board of directors, general partner, trustee or similar body, or its securityholders, partners or beneficiaries, as applicable;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z999243d819104faa9a05a6966d6ad1f0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any agreement or other instrument to which it is a party or by which it is bound; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z655e6bb585ec4fdb918ca2901c9c33d0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Applicable Laws.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
        GENERAL PROVISIONS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
        or law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
        manner materially adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect
        the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may not be assigned by Shareholder without the prior written consent of Cenovus; provided,
        however, this Agreement may, following prior written notice to Cenovus, be assigned by Shareholder to any Person who is a permitted transferee of Common Shares pursuant to the terms of this Agreement and Shareholder will be fully released from its
        obligations under this Agreement if, following such Transfer, Shareholder no longer beneficially owns, or exercises control or direction over, any Common Shares. Upon any permitted transferee(s) or assignee(s) executing an instrument in writing
        agreeing to be bound by this Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto as " Shareholder". For the avoidance of doubt, nothing in this
        Section 5.2 shall in any way restrict or limit any Transfer otherwise permitted pursuant to Sections 3.2(b), 3.3 or 3.4.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies and Breaches</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z804d809a9cf94004b9c98a20f3239c9a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this
                Agreement were not performed in accordance with its specific terms or was otherwise breached and that such injury may not be adequately compensable in damages. It is accordingly agreed that Shareholder and Cenovus shall, in addition to any
                other remedy to which they may be entitled at law or in equity, each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other Party hereto will not take any action, directly
                or indirectly, in opposition to the Party seeking relief on the grounds that any other remedy or relief is available at law or in equity. The prevailing Party in any such action shall be entitled to recover legal fees and expenses from the
                non-prevailing Party.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1195f7963692414ea83e85621e9df170" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of Shareholder and Cenovus acknowledges that it shall be liable for any breach of this Agreement by any of its Affiliates or any of its or its Affiliates'
                Representatives or other Persons acting on their behalf, and that it shall inform its and its Affiliates' Representatives of the terms of this Agreement and shall cause them to comply with them.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">All Securities Subject to this Agreement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties will be bound by the terms, rights, obligations and restrictions of this Agreement with
        respect to all Common Shares held or beneficially owned, or over which control or direction is exercised (including any Common Shares acquired by Shareholder or its Affiliates after the date hereof as permitted hereby), until this Agreement is
        terminated as set forth below in Section 5.5.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term and Termination</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur after the Effective Date:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9715d27289754304be5589f5850ee8bb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">upon the termination of the Arrangement Agreement, other than as a result of the completion of the Arrangement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf329ac333b3144d4bfdcc7f5753c9f94" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the Effective Date;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde36a95845de410eb356b7fab1427b02" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement or the Other Standstill Agreement is terminated by the written agreement of the Parties;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdf8fca53c8fa45998ee068693b34e7d3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provided that Shareholder has complied with Section 3.2 of this Agreement and Other Standstill Shareholder has complied with section 3.2 of the Other Standstill
                Agreement, the date on which the Standstill Shareholders, together with their respective Affiliates, cease to beneficially own, or control or direct, in aggregate, at least 10% of the then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf835b3c81cc049ec9ee6bbab7c35add1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Qualified Individual duly nominated in accordance with Section 2.1(a) is not appointed to the Board on or before the applicable Appointment Deadline,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that (i) the provisions of this Article 5 shall continue in full force and effect notwithstanding any
        termination of this Agreement, and (ii) termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and obligations,
        including any indemnities and remedies, will continue in full force and effect and survive the termination of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Shareholder further acknowledges and agrees that the Registration Rights Agreement and the Pre-Emptive Rights
        Agreement shall each terminate concurrently with the termination of this Agreement, notwithstanding any provision therein to the contrary.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given
        by personal delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for Shareholder or Cenovus, as applicable, as set forth below. Any such notice or other communication given hereunder
        shall, if personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail transmittal (as
        the case may be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business Day, then on the
        next Business Day following the day of delivery or transmittal. The Parties hereto may give from time to time written notice of change of address in the manner aforesaid.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2bce602077294f6294cd41c67413ab1a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to Shareholder:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L.F. Investments S.&#224; r.l.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">9-11 Grand Rue</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">L-1661 Luxembourg</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Grand Duchy of Luxembourg</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Marvin Yontef, Esq.</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">E-mail:&#160; myontef@outlook.com</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-15-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbcab102a873e476bae326988a221beb5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to Cenovus:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted.</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted.</font>]</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta<br>
        E-mail:&#160; piastaj@bennettjones.com</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Beneficiaries</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the transferees and assignees contemplated in Section 3.3 and Section 5.2, this Agreement
        is not intended to confer any rights, remedies, obligations or liabilities upon any Person other than the Parties to this Agreement and their respective successor or permitted assigns.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
        will be paid by the Party incurring such fee, cost or expense, whether or not the transactions contemplated hereunder are completed.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law and Attornment</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province
        of Alberta and the federal laws of Canada applicable therein.&#160; Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta.&#160; Each Party hereby attorns to and accepts the jurisdiction of
        such courts.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in
        writing and signed by the Party purporting to give the same and, unless otherwise provided, such waiver shall be limited to the specific breach waived.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time of Essence</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Time is of the essence in respect of this Agreement.</div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement, the Pre-Emptive Rights Agreement and the Registration Rights Agreement constitute the entire
        agreement among the Parties with respect to the subject matter hereof and cancel and supersede any </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">prior understanding and agreements among the Parties with respect thereto. There are no representations,
        warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory with respect to the subject matter hereof among the Parties, other than as expressly set forth in this Agreement the Pre-Emptive Rights Agreement
        and the Registration Rights Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enurement</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will be binding upon and enure to the benefit of the Parties to this Agreement and their
        respective successors and permitted assigns from time to time.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facsimile Execution</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Execution and delivery of this Agreement may be effected by any Party by facsimile or other electronic
        transmission of the execution page hereof to the other Parties, and such facsimile or other electronic copy will be legally effective to create a valid and binding agreement between the Parties.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-17-</font></div>
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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Standstill Agreement as of the date first written above.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">L.F. INVESTMENTS S.&#192; R.L.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:</div>
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "I"<br>
      <br style="line-height: 1.25;">
      <br>
      FORM OF PRE-EMPTIVE RIGHTS AGREEMENT</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(attached)</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="line-height: 1.25; margin-bottom: 12pt;">
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[SHAREHOLDER]</div>
      <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br style="line-height: 1.25;">
          <br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRE-EMPTIVE RIGHTS AGREEMENT<br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[&#9679;], [&#9679;]</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRE-EMPTIVE RIGHTS AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">THIS PRE-EMPTIVE
          RIGHTS AGREEMENT</font> (this "<font style="font-weight: bold;">Agreement</font>") is made as of [&#9679;], [&#9679;].</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
      <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] (the "<font style="font-weight: bold;">Shareholder</font>")</div>
      <div style="text-align: justify; line-height: 1.25; margin-top: 24pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font>
        the Corporation and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>") completed on the date hereof an arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving, among others, Husky, the Corporation and the shareholders of Husky ("<font style="font-weight: bold;">Arrangement</font>") pursuant to an arrangement agreement dated October 24, 2020 (the "<font style="font-weight: bold;">Arrangement</font>&#160;<font style="font-weight: bold;">Agreement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        the Arrangement Agreement contemplated, among other things, that the Corporation shall, if requested in writing on or prior to the effective date of the Arrangement (the "<font style="font-weight: bold;">Effective Date</font>") by a beneficial holder holding more than 5% of the outstanding Common Shares (as defined herein) immediately after the consummation of the Arrangement, cause to be executed and delivered a pre-emptive
        rights agreement between the Corporation and such beneficial holder in the form attached to the Arrangement Agreement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND</font>&#160;<font style="font-weight: bold;">WHEREAS</font> the Shareholder has requested that the Corporation enter into this Agreement, and has delivered evidence satisfactory to the Corporation
        that, on the Effective Date, the Shareholder is a beneficial holder of more than 5% of the outstanding Common Shares immediately after the consummation of the Arrangement and, in reliance thereof, the Corporation has agreed to enter into this
        Agreement with the Shareholder;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>,
        in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties (as defined herein)), the Parties
        covenant and agree as follows:</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
        INTERPRETATION</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5645762296fb495796d2dec3d7e726af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
                considered to be an Affiliate of another Person (second Person) if the first Person: (i) Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly,
                the second Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfe2fd66951c944d08333068c86fc050a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means (i) collectively, the
                securities acts or similar statutes of each of the provinces and territories of Canada and the respective rules and regulations under such laws, <br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <div style="margin-left: 36pt; text-align: justify;"> together with applicable published national, multilateral and local policy statements, instruments, notices and blanket orders of the provinces and territories of Canada and all rules, by-laws and
        regulations governing the Toronto Stock Exchange; and (ii) federal and state securities legislation of the United States and all rules, regulations and orders promulgated thereunder, and all rules, by-laws and regulations governing the New York
        Stock Exchange;</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeb9a9139e59a45888bb58f358718c744" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Bought Deal</font>" means a fully underwritten offering on a bought
                deal basis pursuant to which an underwriter has, or underwriters have, committed to purchase Common Shares or Convertible Securities of the Corporation pursuant to a "bought deal" letter prior to the filing of a prospectus under applicable
                Canadian securities laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3a7c76ae28bb4e4f93af8955ebe001b8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open
                for the transaction of commercial business in Calgary, Alberta, but does not in any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze5f23f8cecb14a86a4ddefe13e50096c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of the
                Corporation and includes any shares of the Corporation into which such common shares may be converted, reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a reorganization, amalgamation, merger,
                arrangement or other form of reorganization;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6941bcfa5fcd443e828ef96382b0d6a9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7948003901544ade923067d0f2bd070f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75879aea71bf40b78d21c028e1a14ea4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z728036e8268d45d1ab85508f7f94f2b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.5pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84714b70fd544ce9ab738d6171f7e1d9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Convertible Securities</font>" means any equity securities, rights,
                options, warrants or other convertible securities which in each case represent rights to purchase Common Shares;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf7b41acf3f540699d202ae25cb4e0c4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Exempt Issuances</font>" means any issuance or sale of Subject
                Securities to which the Pre-emptive Right does not apply pursuant to paragraphs (a)-(d) of Section 2.3;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze9d8a81fb4134cccadc736e28ebfe777" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Follow-On Offering</font>" shall have the meaning set out in Section
                2.2(c);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3f7f6d6bc4f4620a0a984d9b16ad319" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" means any stock exchange or any court,
                tribunal or judicial or arbitral body or other governmental department, regulatory agency or body, commission, board, bureau, agency, or instrumentality of Canada or the United States, or of any country, state, province, territory, county,
                municipality, city, town or other political jurisdiction, whether domestic or foreign and whether now or in the future constituted or existing;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1663ccb9aca74d8db5310862759bde33" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Offering</font>" shall have the meaning set out in Section 2.1(a);</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5317fdfd124744d98d3f744ec392dacd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Offering Convertible Securities</font>" means Convertible Securities
                issued or sold pursuant to an Offering so long as the Shareholder was provided an Offer Notice in respect of such Offering or the Corporation has complied with its obligations in respect of a Follow-On Offering as contemplated in Section
                2.2(c);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55b944f486774f8fbfa971bae396a354" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, the Corporation, the Shareholder and their
                respective successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9d41f10619e84099a21d0cf055426d56" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited
                partnership, limited liability partnership, limited or unlimited liability company or corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal personal representative or governmental authority or entity however designated or constituted;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a084625e10342ce95a7c50b2a07a53c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" an agreement with any Person
                that constitutes a "Registration Rights Agreement" as defined in the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7033057dbb364fd6b6088dc6573e4154" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Shareholder Pro Rata Interest</font>" means, as at any date, the
                aggregate interest of the Shareholder and its Affiliates calculated as that fraction, expressed as a percentage:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeec6790d172340adbe5c116b4a40515b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 49.5pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the numerator of which shall be the number of Common Shares which the Shareholder beneficially owns or controls or directs at the relevant date, and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd32cab2a679243e681f2c835c7cd216b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 49.5pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the denominator of which shall be the then-outstanding Common Shares;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze273d9598f5741bb90c190641ce46553" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Agreements</font>" means the standstill agreements entered
                into between the Supporting Husky Shareholders and the Corporation, dated as of October 24, 2020;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze870177ef8ae4f16a65b7611219c6714" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Supporting Husky Shareholders</font>" means Hutchison Whampoa Europe
                Investments S.&#224; r.l. and L.F. Investments S.&#224; r.l.; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z96793bf555f341618fad100bad8e956b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer Restrictions</font>" means any restrictions or conditions on
                the transfer of Common Shares by the Shareholder pursuant to any Applicable Securities Laws, any order or requirement of a Governmental Authority, or any written agreement between the Shareholder and the Corporation;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings for Reference Only</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections, subsections, paragraphs and subparagraphs and the
        insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction and Interpretation</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1300959dcb5a4b39b5a54e0f9a205526" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of
                proof shall arise favouring or disfavouring any Party because of the authorship of any provision of this Agreement.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze3874d17e8f848eba8c43adb3856a8d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some
                manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4f58c7c3d2404e049abb89b71b358b68" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>", "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental hereto. Unless
                something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and subparagraphs of this Agreement.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b6019dab6d34ac3a71fc0a573f1115c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">For the purposes of this Agreement, the term "<font style="font-weight: bold;">then-outstanding Common
                  Shares</font>" shall mean the actual number of outstanding Common Shares at any such time.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day,
        such action is required to be taken on the next succeeding day which is a Business Day.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise
        noted.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
        PRE-EMPTIVE RIGHTS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pre-emptive Right</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb1720d7ea0234f4298b251fd776ef005" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to Section 2.3, if the Corporation proposes to issue or sell (each, an "<font style="font-weight: bold;">Offering</font>") any Common Shares or Convertible Securities (collectively, "<font style="font-weight: bold;">Subject Securities</font>"), then the
                Shareholder shall be entitled and have the right and option (but shall not be required) to concurrently purchase or acquire up to such number of Subject Securities as would allow the Shareholder to maintain its Shareholder Pro Rata Interest
                in the then-outstanding Common Shares at the level of its Shareholder Pro Rata Interest immediately prior to such Offering (the "<font style="font-weight: bold;">Pre-emptive
                  Right</font>") (after giving effect to any Subject Securities acquired by the Shareholder as part of the Offering and, solely for purposes of calculating the Shareholder Pro Rata Interest in this Section 2.1(a), in the event the Subject
                Securities subject to the Pre-emptive Right are Convertible Securities, the number of Common Shares underlying such Convertible Securities issued or to be issued pursuant to such Offering shall be included in the then-outstanding Common
                Shares).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z52c6b2c1cfaa4590b6e32e191b858ddb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The purchase by the Shareholder of any such Subject Securities shall be at the same price per Subject Security and otherwise be on economic terms and conditions that
                are no less favourable, individually or in the aggregate, to the Shareholder than the terms and conditions are to any purchaser in such Offering.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc0f71c644f6f47f5a66b66ca6a1fa0a1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">For greater certainty, no Subject Securities will be issued or sold by the Corporation at any time after the date hereof except in compliance with this Article 2.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pre-emptive Right Notice</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd7feb7fe13048b2843aa6ddbfc0fb69" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to Section 2.2(c), the Corporation shall use commercially reasonable efforts to provide the Shareholder with written notice of any Offering no later than five
                (5) Business Days (or, in the case of a Bought Deal, the Corporation shall have provided such notice to the Shareholder as promptly as practicable in the circumstances having regard to the time periods typical for a transaction of such
                nature, but in no case less than two (2) Business Days) prior to the public announcement of&#160;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"> the Offering (or, if no announcement, in any event no later than ten (10) Business Days prior to the consummation of such Offering) (the "<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Offer Notice</font>").</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21fae5f4323d4a3da7740cf0e43e6977" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Offer Notice shall state that the Corporation is proposing to issue Subject Securities and shall set out the material terms of the proposed Offering, including
                (A) the proposed number and terms of the Subject Securities to be issued or sold, (B) the purchase price thereof, (C) the proposed closing date for the issuance of Subject Securities to the Shareholder, assuming exercise of the Pre-emptive
                Right by the Shareholder, which closing date shall be: (x) in the case of a Bought Deal, the closing date of the Bought Deal financing; (y) in any other case, at least ten (10) Business Days following the date on which the Shareholder
                receives such Offer Notice; or (z) such other date as the Parties may agree, and (D) any other material terms and conditions of such Offering. In the event that the Offer Notice is being delivered in connection with a proposed best-efforts
                or fully underwritten public offering through an agent or underwriter, the Offer Notice may state that the actual price per Subject Security being offered by the Corporation shall be the offering price to be agreed upon by the Corporation
                in the agency agreement, bid letter or underwriting agreement, as the case may be, relating to the Offering.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37f202d9e628435185d6adabae91c1f1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Offer Notice shall specify a deadline by which the Shareholder must deliver to the Corporation a written notice (the "<font style="font-weight: bold;">Notice of Exercise</font>") of its election to purchase all or any portion of the Subject Securities to which it is entitled to pursuant to the Pre-emptive Right.&#160; The Shareholder shall
                be deemed to have declined and to have waived its rights to acquire any Subject Securities under Section 2.1 if it does not deliver a Notice of Exercise by such deadline. Such deadline shall be no earlier than five (5) Business Days&#160; (or,
                in the case of a Bought Deal, no earlier than two (2) Business Days) after the Shareholder receives or is deemed to receive the Offer Notice in accordance with the terms hereof. If the Offer Notice is delivered in connection with a proposed
                best-efforts or fully underwritten public offering through an agent or underwriter, the Shareholder shall specify the maximum price or a range of prices per Subject Security at which the Shareholder will exercise its right to subscribe for
                or purchase Subject Securities pursuant to its Pre-emptive Right (provided that the Notice of Exercise may specify more than one maximum price per Subject Security together with the corresponding maximum number of Subject Securities to be
                subscribed for or purchased at each such maximum price).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze410d78233ea4a06b41f57d83b8a448b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If the Shareholder delivers a Notice of Exercise stating that it wishes to purchase Subject Securities pursuant to the Offering, the Corporation shall, subject to
                Section 2.2(b), be obligated to sell and issue to the Shareholder, and the Shareholder shall be obligated to purchase from the Corporation, that number of Subject Securities specified by the Shareholder in the Notice of Exercise
                concurrently with the completion of the Offering.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4d9de740a45d44238c3d8c5471b406ee" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If the Shareholder does not deliver a Notice of Exercise in accordance with this Agreement, the Corporation shall be entitled within a period of 45 calendar days
                following the deadline to receive a Notice of Exercise to complete the proposed Offering on the terms and conditions contained in the Offer Notice. If no such Offering is completed within such 45 calendar day period, the Corporation will be
                required to again comply with the provisions of this Section 2.2(a).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb5158b5f2f34d5f973d3edb303b2ae9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The election by the Shareholder not to exercise its Pre-emptive Right in any one instance shall not affect its right as to any subsequent proposed Offering.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z82377557547c4d11b87a08cd63eba647" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If, following delivery of an Offer Notice in respect of an Offering pursuant to this Section 2.2, fewer Subject Securities are issued or sold pursuant to such
                Offering than were specified in such Offer Notice:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3eb35cd546284c60889dc10842d79c56" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Corporation will not be required to send an amended Offer Notice to the Shareholder prior to completing such Offering; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z09e4d8da867e458c947b73befc9ce98c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Corporation may, at its option, elect to reduce the allocation of Subject Securities to be issued to the Shareholder on closing of such Offering to such number of
                Subject Securities that would allow the Shareholder to maintain its Shareholder Pro Rata Interest in the then-outstanding Common Shares at the level of its Shareholder Pro Rata Interest immediately prior to such Offering, calculated in
                accordance with Section 2.1.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f5fa086ef88438ba3e33858c0d688e8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If: (i) the Corporation does not deliver an Offer Notice to the Shareholder in advance of an Offering as contemplated in Section 2.2(a); (ii) the Corporation has used
                its commercially reasonable efforts to obtain a waiver or consent in order to provide such Offer Notice but the Corporation is nevertheless not permitted to provide such Offer Notice due to&#160; a confidentiality or similar agreement; or (iii)
                the Corporation has used its commercially reasonable efforts to deliver an Offer Notice but it is impracticable for the Corporation to do so, the Corporation shall: (A) when no longer prohibited, promptly notify the Shareholder of such
                fact; and (B) at the option of the Shareholder, use its commercially reasonable efforts to, as soon as reasonably practicable following such Offering, complete a follow-on issue or sale (a "<font style="font-weight: bold;">Follow-On Offering</font>") of the Subject Securities issued or sold pursuant to such Offering in order for the Shareholder to purchase from the Corporation at the same price per Subject
                Security and otherwise be on economic terms and conditions that are no less favourable, individually or in the aggregate, to the Shareholder than the terms and conditions are to any purchaser in such Offering up to such number of Subject
                Securities as would allow the Shareholder to maintain its Shareholder Pro Rata Interest in the then-outstanding Common Shares at the level of its Shareholder Pro Rata Interest immediately prior to such Offering (after giving effect to any
                Common Shares or Convertible Securities acquired by the Shareholder as part of such Follow-On Offering and, solely for purposes of calculating the Shareholder Pro Rata Interest in this Section 2.2(c), the number of Common Shares underlying
                Convertible Securities issued or to be issued pursuant to such Follow-On Offering shall be included in the then-outstanding Common Shares). Any securities issued pursuant to a Follow-On Offering shall, for the purposes of this Agreement and
                any Registration Rights Agreement be deemed to have been issued pursuant to a Pre-emptive Right.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pre-emptive Right Exclusions</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation shall not be obligated to deliver an Offer Notice or to otherwise comply with its obligations
        under Sections 2.1 or 2.2, and the Pre-emptive Right shall not apply to:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e17c026ed7b4c51908d5f1300145a65" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Subject Securities that are to be issued or sold for purposes of director, officer, employee or consultant incentive plans, employee share ownership programs or
                similar plans or programs, in each case, that have been approved by the board of directors of the Corporation, including the issuance of any Common Shares on the exercise, conversion or settlement of such Subject Securities;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z86a890c9523e47b58c30ae59d938ee3d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Subject Securities that are to be issued in connection with a dividend reinvestment plan of the Corporation in effect from time to time;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb9bcfb3436364c5badb45b93061e3df9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Subject Securities that are to be issued or sold to satisfy existing instruments issued by the Corporation or its Affiliates as of the date of this Agreement
                (including for greater certainty, the Shareholder Rights Plan of the Corporation in effect from time to time);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4c95232d6a494f64a7618846a6adad69" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Subject Securities that are to be issued or sold upon the exercise, exchange or conversion of any Offering Convertible Securities; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a70965968544f7fbdfa15e9ae641294" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any Subject Securities that are to be issued or sold to any third party seller pursuant to any corporate transaction, such as a merger, amalgamation, arrangement or
                take-over bid, or share or asset purchase, or similar transactions, where Subject Securities are used to fund all or a portion of the applicable transaction price.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Applicable Securities Laws</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties acknowledge that the issuance, sale and resale of Subject Securities are subject to Applicable
        Securities Laws which may impose restrictions on the issuance, sale and resale of the securities acquired by the Shareholder hereunder. In particular, the Parties acknowledge that the transactions contemplated pursuant to this Article 2 may be
        subject to Applicable Securities Laws regarding "related party transactions".&#160; Notwithstanding anything else in this Agreement, the Parties agree that, if as a result of complying with such securities laws, the time periods provided herein cannot
        be practicably complied with, such time periods shall be deemed not to apply to the applicable transaction and the Parties shall use commercially reasonable efforts to complete the transactions contemplated and intended to be carried out herein in
        as expeditious a manner as is practicable in order to comply with such Applicable Securities Laws.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Obligation to Subscribe</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder shall have no obligation to subscribe for any Subject Securities, except for the Subject
        Securities specified in any Notice of Exercise delivered by the Shareholder to the Corporation.</div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
        REPRESENTATIONS, WARRANTIES AND COVENANTS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Corporation</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4424994abc8c440eb8f590f93ac7e8ee" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z706ae9a75ce2411eba34c4411b4a7469" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of the Corporation to authorize the execution, delivery and performance of this Agreement, and this Agreement has
                been duly authorized, executed and delivered by the Corporation and constitutes a valid and legally binding obligation of the Corporation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
                reorganization and other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab975ca38a89429ca177a81302c6c728" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by the Corporation nor the performance by the Corporation of its obligations hereunder will result in any
                breach of, or be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under: (i) any provisions of the articles or by-laws or other constating <br>
              </div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"> documents of the Corporation; (ii) any of the resolutions of the board of directors of the Corporation or the shareholders of the Corporation; (iii) any agreement or other instrument to which the
        Corporation is a party or by which it is bound; or (iv) any applicable laws.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and Warranties of the Shareholder</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Shareholder represents and warrants to the Corporation that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdcd7ee974dfd404b8837eb4591fc64e5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">it has the requisite corporate power and capacity to enter into and deliver this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z065991af1f0240a4b408d17e34d128c8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all necessary action has been taken by or on behalf of it to authorize the execution, delivery and performance of this Agreement, and this Agreement has been duly
                authorized, executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of
                general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z270e4c5ce2b14805b9719fcaeb514dab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">neither the entering into nor the delivery of this Agreement by it nor the performance by it of its obligations hereunder will result in any breach of, or be in
                conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under: (i) any provisions of its articles, by-laws, partnership or trust agreement or other
                constating documents, as applicable; (ii) any of the resolutions of its board of directors, general partner, trustee or similar body, or its securityholders, partners or beneficiaries, as applicable; (iii)&#160;any agreement or other instrument
                to which it is a party or by which it is bound; or (iv) any applicable laws; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f4ba6f217bc4f51b17e4821a73539d9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Shareholder is a beneficial holder of more than 5% of the outstanding Common Shares.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Covenants of the Shareholder</font></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zff66fa0cc4764ed7b6b606a8ce80abdc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Shareholder covenants to the Corporation that, upon the reasonable request by the Corporation in writing, it shall promptly provide the Corporation with evidence
                satisfactory to the Corporation, acting reasonably, that the Shareholder beneficially holds more than 5% of the then-outstanding Common Shares.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87bcfe06271b4cf295d5624ab1f6cd82" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If the Shareholder elects to exercise the Pre-emptive Right in connection with an Offering, the Shareholder consents to the Corporation and/or its agents or
                underwriters disclosing any such details in respect of the Shareholder and/or its participation in such Offering that are required to be disclosed under applicable law&#160; (including Applicable Securities Laws) in any materials, disclosure or
                other offering documents prepared by the Corporation and/or its agents or underwriters in connection with the announcement, marketing or distribution of the Subject Securities pursuant to such Offering.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
        GENERAL PROVISIONS</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurances</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or
        delivered, all such further acts, documents and things as the other Party hereto may reasonably require </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all
        such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement, in each case at such Party's own cost and expense (except as otherwise explicitly addressed in this Agreement).</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
        or law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
        manner materially adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect
        the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may not be assigned by either Party without the prior written consent of the other Party, except
        that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9864bda0dbb2431cb3ac0ae79211ddab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">this Agreement may be assigned in whole or in part by the Shareholder (upon notice to the Corporation) to any Affiliate of the Shareholder to whom any Common Shares
                are transferred in compliance with any and all applicable Transfer Restrictions to which the transferring Party is subject. Upon the permitted transferee(s) or assignee(s) executing an instrument in writing agreeing to be bound by this
                Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto and shall be considered the Shareholder for the purposes of this Agreement, provided
                that if any Person who was a permitted transferee ceases to be an Affiliate of the Shareholder, such Person shall cease to have any rights or obligations under this Agreement; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d384e5b07994fa09c330d1dc98012a5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">in the event the Common Shares are converted, reclassified, exchanged or otherwise changed pursuant to a reorganization, amalgamation, merger, arrangement or other
                form of business combination, this Agreement may be assigned in whole by the Corporation (and the Corporation covenants and agrees to use its commercially reasonable efforts to assign this Agreement) to its successor pursuant to, or in
                connection with, any such transaction.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term and Termination</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8c7e88657f449bf8539a39e18910127" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the date of this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2aa4960780a54ec8b2d18de02b342846" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement is terminated by the written agreement of the Parties;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde19fe0652c1486b819e30f35fa3eb7d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first date on which the Shareholder ceases to, directly or indirectly, beneficially own, in aggregate, more than 5% of the then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z685f733ee43e4059a23c78e899427797" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which the Standstill Agreements are terminated.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given
        by personal delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for the Shareholder or the Corporation, as applicable, as set forth below. Any such notice or other communication given
        hereunder shall, if personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail
        transmittal (as the case may be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business
        Day, then on the next Business Day following the day of delivery or transmittal. The Parties hereto may give from time to time written notice of change of address in the manner aforesaid.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84c68a6088fc49d3bbc1df34ec39bfab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Email:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Email:&#160; [&#9679;]</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4123d9507ed04f8e86c318f701e6dd0f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted</font>]</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; (403) 265-7219</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">E-mail:&#160; piastaj@bennettjones.com</div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the assignees contemplated in Section 4.3, this Agreement is not intended to confer any
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province
        of Alberta and the federal laws of Canada applicable therein. Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta. Each Party hereby attorns to and accepts the jurisdiction of
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</font></div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time of Essence</font></div>
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        cancels and supersedes any prior understanding and agreements among the Parties with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory with respect to
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font></div>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facsimile Execution</font></div>
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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      <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Pre-Emptive Rights Agreement as of the date first written
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
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            </td>
            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <td style="width: 35.31%; vertical-align: top;">
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
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            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
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            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
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            <td style="width: 35.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35.31%; vertical-align: top;">
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE "J"<br>
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      <br>
      FORM OF REGISTRATION RIGHTS AGREEMENT</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">(attached)</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[SHAREHOLDER]</div>
      <div style="text-align: center; margin-right: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br style="line-height: 1.25;">
          <br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT<br>
          </font>
        <hr style="height: 1px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[&#9679;], [&#9679;]</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">THIS REGISTRATION RIGHTS AGREEMENT is made as of [&#9679;], [&#9679;]</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">BETWEEN:</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">CENOVUS ENERGY INC.</font>, a corporation existing under the laws of Canada (the "<font style="font-weight: bold;">Corporation</font>")</div>
      <div style="text-align: center; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">- and -</div>
      <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] (the "<font style="font-weight: bold;"> Shareholder</font>")</div>
      <div style="text-align: justify; line-height: 1.25; margin-top: 24pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">WHEREAS</font>
        the Corporation and Husky Energy Inc. ("<font style="font-weight: bold;">Husky</font>") completed on the date hereof an arrangement under section 193 of the <font style="font-style: italic;">Business Corporations Act</font> (Alberta) involving, among others, Husky, the Corporation and the shareholders of Husky ("<font style="font-weight: bold;">Arrangement</font>") pursuant to an arrangement agreement dated October 24, 2020 (the "<font style="font-weight: bold;">Arrangement</font>&#160;<font style="font-weight: bold;">Agreement</font>");</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND WHEREAS</font>
        the Arrangement Agreement contemplated, among other things, that the Corporation shall, if requested in writing on or prior to the effective date of the Arrangement (the "<font style="font-weight: bold;">Effective Date</font>") by a beneficial holder holding more than 5% of the outstanding Common Shares (as defined herein) immediately after the consummation of the Arrangement, cause to be executed and delivered a registration
        rights agreement between the Corporation and such beneficial holder in the form attached to the Arrangement Agreement;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">AND</font>&#160;<font style="font-weight: bold;">WHEREAS</font> the Shareholder has requested that the Corporation enter into this Agreement, and has delivered evidence satisfactory to the Corporation
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        Agreement with the Shareholder;</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW THEREFORE</font>,
        in consideration of the foregoing and the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the Parties (as defined herein)), the Parties
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      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 1<br>
        <u>INTERPRETATION</u></div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z55fcb3d6072147dca508d1bbc1db973f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Affiliate</font>" means as follows: a Person (first Person) is
                considered to be an Affiliate of another Person (second Person) if the first Person: (i) Controls the second Person, or (ii) is Controlled by the second Person, or (iii) is Controlled by another Person that Controls, directly or indirectly,
                the second Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z88b08e510dc944398083c37b8024c6d4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Agreement</font>" means this registration rights agreement, as
                amended, restated or modified from time to time;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcabbb856cb7a4faa937b1f6c5501dbc9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Applicable Securities Laws</font>" means, collectively, (i) the
                securities legislation of each of the provinces and territories of Canada, and all rules, regulations, blanket orders, instruments and policies established thereunder or issued by the Canadian Securities Regulatory Authorities, and
                including the rules and policies of the Toronto Stock Exchange, all as amended from time to time, and (ii) the U.S. Securities Act, the U.S. Exchange Act and all applicable state securities legislation of any state in the United States, in
                each case with all rules, regulations and orders promulgated thereunder, and including the rules of the New York Stock Exchange, all as amended from time to time; and in all cases as are applicable to the relevant Person at the applicable
                time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2d28e0aef5874cb4b9f6baa8710a1147" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Arrangement</font>" has the meaning ascribed thereto in the recitals;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1612a98c20724e2a8ba90047fd30294a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Base Prospectus</font>" shall have the meaning set out in Section
                2.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c74731018984b699e149cb7ec2c8c3d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Blackout Period</font>" means:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6157f13ffc374ddbbe329355cb18b219" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Corporation's regular annual and quarterly blackout periods as provided in the Disclosure Policy, which currently begin on the fourteenth day before the proposed
                release of the year&#8209;end or fiscal quarter financial results or budget information and end two full trading days after financial results or budget information are publicly disclosed; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89d1b2d21eab43489b2a86bd04188d37" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any other bona fide blackout periods designated by the Committee pursuant to and in conformity with the Disclosure Policy,</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">provided that, subject to the right of the Corporation in its sole discretion, at any time and
        from time to time, to modify the allocation of days on a one-for-one basis as between clause (1) and (2) following, by up to an aggregate of five days in respect of each Registration Year, subject always to a maximum of 160 days for all blackout
        periods in each Registration Year, (1) the aggregate number of days subject to blackout periods under subsection 1.1(f)(i) shall not exceed 75 days during any Registration Year, and (2) the aggregate number of days subject to blackout periods under
        subsection 1.1(f)(ii) shall not exceed 75 days during any Registration Year;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61b2293001ac4bd3a59a6a4e0319b10a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Board of Directors</font>" or "<font style="font-weight: bold;">Board</font>" means the board of directors of the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb9daf54a272429b8d6695c43bfc127f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Business Day</font>" means any day on which banks are generally open
                for the transaction of commercial business in Calgary, Alberta, but does not in any event include a Saturday or Sunday or statutory holiday in Alberta;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z028f0b9711214bb1a34d6c4db1f2e665" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian Base Prospectus</font>" shall have the meaning set out in
                Section 2.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42204f91eddf43feb616e27141bb571e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Canadian Securities Regulatory Authorities</font>" means the
                securities regulatory authorities in each of the provinces and territories of Canada;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z51f26accacff43838469995396a93e22" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Committee</font>" means the Corporation's disclosure committee
                established by the Board to oversee the Corporation's disclosure policy practices, as described in the Disclosure Policy;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10eb93cfc3e64af3b0382e79453897af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Common Shares</font>" means the common shares in the capital of the
                Corporation and includes any shares of the Corporation into which such shares may be converted,</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-2-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">reclassified, subdivided, consolidated, exchanged or otherwise changed, whether pursuant to a
        reorganization, amalgamation, merger, arrangement or other form of reorganization;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd9416a2585fe422f9a75a626ace812b6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Control</font>" means as follows: a Person (first Person) is
                considered to Control another Person (second Person) if:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9dca356e131e494286ec73d04af07ac9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first Person beneficially owns, or controls or directs, securities of the second Person carrying votes which, if exercised, would entitle the first Person to
                elect a majority of the directors (or the equivalent) of the second Person unless that first person holds the voting securities only to secure an obligation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9650cbaccdd4437393f8c1d0a9fc1273" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a partnership, other than a limited partnership, and the first Person directly or indirectly holds more than 50% of the interests of the
                partnership; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z54ba0ef62dc942609395181fd896cd7a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the second Person is a limited partnership and the first Person is the general partner of the limited partnership;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zece4e39c2d584c2ebab862b3f0fa3894" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Corporation</font>" means Cenovus Energy Inc. and any corporation
                resulting from the amalgamation, combination or merger of Cenovus Energy Inc. with another corporation or other corporations, any purchaser of all or substantially all of the assets of Cenovus Energy Inc., and any entity into which Cenovus
                Energy Inc. converts;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56954db6c69a4b66b61463bca5eb6d79" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Corresponding RRA</font>" means an agreement in the form of this
                Agreement with any Person that constitutes a "Registration Rights Agreement" as defined in the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72a97571555043eab808b6787c32f082" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Demand Holder</font>" shall have the meaning set out in subsection
                2.2(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7386fc38f618499bbd2d0a927865e7a8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Demand Registrable Securities</font>" shall have the meaning set out
                in subsection 2.2(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z95c34ba63f914429a098e6eee74db864" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Demand Registration</font>" shall have the meaning set out in
                subsection 2.2(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8ec6e614fce4848b0db2ac30f8054f6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Designated Registrable Securities</font>" means Demand Registrable
                Securities or Piggy Back Registrable Securities, as the case may be;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z167d6c6403ef414bbe0a52f6158de810" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Disclosure Policy</font>" means the Corporation's Policy on
                Disclosure, Confidentiality and Employee Trading dated December 1, 2015, as such policy may be amended, supplemented or replaced from time to time;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9140b2412fad4724b321cdf42440aad8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Distribution Period</font>" shall have the meaning set out in
                subsection 3.1(d);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za2eef720387a4c9b828f80cb942cd40e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Existing RRA</font>" means that certain Registration Rights Agreement
                dated as of May 17, 2017 between the Corporation and ConocoPhillips Company, as in effect on the date of the Arrangement Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9c1ca1116354e7293c361823bc90f51" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(w)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Governmental Authority</font>" means any stock exchange or any court,
                tribunal or judicial or arbitral body or other governmental department, regulatory agency or body, commission, board, bureau, agency, or instrumentality of Canada or the United States, or of any country, state, province, territory, county,
                municipality, city, town or other political</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-3-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">jurisdiction, whether domestic or foreign and whether now or in the future constituted or
        existing;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42d1e9a6bf624620ac17a8f0800d5630" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Holder</font>" means: (i) as of the date hereof, the Shareholder; and
                (ii) at any time after the date hereof, the Shareholder and any Affiliate to which the Shareholder (or a permitted transferee thereof) has transferred Registrable Securities in compliance with any and all applicable Transfer Restrictions
                and assigned this Agreement in accordance with Section 5.3;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0a1506119644801b30aa13ccc35b525" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(y)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">misrepresentation</font>" means (i) an untrue statement of material
                fact, or (ii) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ed3acfb7b0a42dfb9f64552c8e95ca0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(z)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Non&#8209;Base Prospectus</font>" means a Canadian Prospectus on Form
                44&#8209;101F1 pursuant to National Instrument 44&#8209;101 &#8209; <font style="font-style: italic;">Short Form Prospectus Distributions</font>, or in the event the Corporation is no longer
                eligible to use Form 44&#8209;101F1, Form 41&#8209;101F1 pursuant to National Instrument 41&#8209;101 &#8209; <font style="font-style: italic;">General Prospectus Requirements</font> and/or a
                Registration Statement under the U.S. Securities Act on Form F&#8209;10 or such successor form or, if the Corporation is no longer eligible to use Form F&#8209;10 or such successor form, such other form as the Corporation shall be eligible to use to
                register the Registrable Securities;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z22539c404ba94591801b558a32e6edb7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(aa)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Parties</font>" means, the Corporation, each Holder and their
                respective successors and permitted assigns hereunder, and "<font style="font-weight: bold;">Party</font>" means any one of them;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1dd1473a0114dbab9471acc6269ed97" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(bb)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Person</font>" means any individual, partnership, limited
                partnership, limited liability partnership, limited or unlimited liability company or corporation, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal personal representative or Governmental Authority or entity, however designated or constituted;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z812a4e4b39e94e11849e6eb58a3ec931" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(cc)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Piggy Back Registrable Securities</font>" shall have the meaning set
                out in subsection 2.2(f);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6a6398d11ef495aaa56d7af6b0fa828" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(dd)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Piggy Back Registration</font>" shall have the meaning set out in
                subsection 2.2(f);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4466897f87d2459e9c301baaeebc7613" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ee)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-emptive Right</font>" has the meaning given to it in the
                Pre-Emptive Rights Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1111c23408a14074b4ce9b7fb56fbe29" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ff)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Pre-Emptive Rights Agreement</font>" means the pre-emptive rights
                agreement to be entered into between the Shareholder and the Corporation on the date hereof;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2aeff87781004bdeb61506548fa71d8f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(gg)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Proposed Prospectus Filing Date</font>" means the date on which the
                Corporation plans, or the Demand Holder requests, as applicable, for such distribution to file a Prospectus Supplement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd001db414b14c2dacfdc416681b08d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(hh)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Prospectus</font>" means, collectively, a Base Prospectus and a
                Prospectus Supplement to such Base Prospectus;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16b604c1499d42fe96d330b62ab40aef" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Prospectus Supplement</font>" means, as applicable, a prospectus
                supplement to the Canadian Base Prospectus, a supplement to the prospectus contained in the Registration Statement and/or an amendment to the Registration Statement containing a prospectus supplement, in each case relating to the
                distribution of Registrable Securities;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-4-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4fd90a320a754d42af8cab4868008be0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(jj)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registrable Securities</font>" means: (i) the [&#9679;] Common Shares
                beneficially owned by the Shareholder on the date hereof, including for certainty all Common Shares issued to the Shareholder pursuant to the Arrangement, and which may be held by other Holders upon a transfer of such Common Shares and
                corresponding assignment of this Agreement to other Holders in accordance with Section 5.3; (ii) any Common Shares that may be acquired by a Holder pursuant to an exercise of Warrants distributed to the Shareholder pursuant to the
                Arrangement; (iii) any Common Shares that may be acquired by a Holder pursuant to a Pre-emptive Right or any Common Shares that may be acquired by a Holder pursuant to an exercise of Convertible Securities (as defined in the Pre-Emptive
                Rights Agreement) acquired by a Holder pursuant to a Pre-emptive Right; (iv) any Common Shares or other securities of the Corporation issued as a dividend, distribution, exchange, share split, recapitalization, or other corporate event in
                respect of such Common Shares or Warrants; and (v) any Warrants, if and only if, such number of Warrants is less than or equal to the number of other Registrable Securities under (i)-(iv) above proposed to be included in the Secondary
                Registration;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z816dbeedf38049c5998f61bbb97fe7df" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(kk)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration</font>" means the qualification or registration, as
                applicable, of securities (or the distributions thereof) under Applicable Securities Laws so as to permit the distribution of such securities to the public in any or all of the provinces and territories of Canada and in the United States,
                in each case subject to the limitations contained herein;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb46325892afe4e52b49f8b319458c043" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ll)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Expenses</font>" means the expenses incurred in
                connection with the distribution of the Registrable Securities pursuant to this Agreement comprised of:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77bc13f10cfb4caeb8be735d255b3a67" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all fees, disbursements and expenses payable to not more than one Canadian and one U.S. counsel to the Holders (on an aggregate basis);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39d2bd3576974c88bbafd1932bc55538" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all fees, disbursements and expenses of counsel and auditors to the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z59f25be2aeb049a785aadbd1ebade465" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all expenses in connection with the preparation, translation, printing and filing of any preliminary prospectus, prospectus, prospectus supplement, registration
                statement, including the Prospectus, the Prospectus Supplement and the Registration Statement, or any other offering document and any amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters
                and dealers;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8bff64c5521e47a3a4e35b13d5b523d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all registration and filing fees of any Canadian Securities Regulatory Authority, of the SEC and of any other Governmental Authority, including FINRA filing fees;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8135f820b1fa4822aa8ec529da65d7b5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all transfer agents', depositaries' and registrars' fees;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb75f6eb5929f44d291582adba2e6cb3b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all expenses relating to the preparation of certificates;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z73afb200a72c439488829766e6be7984" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all fees and expenses of any securities exchange on which the Common Shares are then listed;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze3e712dd917149a6b3026e167676b477" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(viii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all fees and expenses of printing and producing any agreements among underwriters, underwriting agreements, "blue sky" or legal investment memoranda, and any selling
                agreements or other documents in connection with the sale of Registrable Securities;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-5-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41970da7e09e422c9eb558d354ecc4f5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ix)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">all expenses of the Corporation relating to any analyst or investor presentations and any marketing activities and all travel and lodging expenses of the Corporation
                in connection with such presentations and marketing activities; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z32f7812d11bb4bf7a8def4673d778614" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any fees and expenses of the underwriters, other than Selling Expenses, customarily paid by issuers or sellers of securities, but shall not include any Selling
                Expenses;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf81d2b79562445f780d71cc839cc1d10" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(mm)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Statement</font>" shall have the meaning set out in
                Section 2.1;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcdc34194e56b4c399a2c7870f6a1fb74" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(nn)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Registration Year</font>" means each consecutive 365-day period
                during the term of this Agreement, with the first Registration Year commencing on the date hereof;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf5f3099a4af433986e70f89e44f0cdb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(oo)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Representatives</font>" means, with respect to any Person, any of
                such Person's directors, officers, employees, consultants, advisors, agents or other Person acting on behalf of the first Person;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z333f7fce9f91410197e0c06ca07beae2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(pp)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">SEC</font>" means the United States Securities and Exchange
                Commission;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0fa007cd25374e9ab4f1c6f1d94ad654" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(qq)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Secondary Registration</font>" means a Piggy Back Registration or a
                Demand Registration, as the case may be;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4e1d5482ed0e40539304396ff81b0f21" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(rr)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Selling Expenses</font>" means any fees or commissions payable, or
                discounts granted, to an underwriter, investment banker, manager or agent in connection with the distribution of the Registrable Securities or other Common Shares pursuant to this Agreement and any transfer taxes attributable to a sale of
                Registrable Securities or other Common Shares pursuant to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z640785ebd41941d9b81096f9f1216cc5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ss)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Standstill Agreements</font>" means the standstill agreements entered
                into between the Supporting Husky Shareholders and the Corporation, dated as of October 24, 2020;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z07e84fc8a48244ffb3fd4d184c7d003a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(tt)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Supporting Husky Shareholders</font>" means Hutchison Whampoa Europe
                Investments S.&#224; r.l. and L.F. Investments S.&#224; r.l.;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd74ba57fa1d94dc1b4f84e15d8c3c71c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(uu)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Transfer Restrictions</font>" means any restrictions or conditions on
                the transfer of Registrable Securities by a Holder pursuant to any Applicable Securities Laws, any order or requirement of a Governmental Authority, or any agreement between the Holder and the Corporation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z198473d040cd49bfad39ed4160b2c6e6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Exchange Act</font>" means the United States Securities Exchange
                Act of 1934, as amended, and all rules, regulations and orders promulgated thereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc17dbde6c15a4d2fa626d00dee09858d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ww)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">U.S. Securities Act</font>" means the United States Securities Act of
                1933, as amended, and all rules, regulations and orders promulgated thereunder;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbbebbf9670724bb4bcb0facbcc78cbc5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(xx)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">United States</font>" or "<font style="font-weight: bold;">U.S.</font>" means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z353b228d3f3c4688b2ca73085fe42b4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(yy)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Warrants</font>" means the share purchase warrants of the Corporation
                issued on the date hereof pursuant to the Arrangement, each having an exercise price of $6.54 and a five-year term (subject to adjustment in certain circumstances).</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-6-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf9b8a86fe80b4e10afae00d5aa8f021a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings for Reference Only</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-right: 4.95pt; margin-left: 5.95pt; line-height: 1.25; margin-bottom: 12.25pt; font-family: 'Times New Roman', Times, serif;">The division of this Agreement into Articles, Sections,
        subsections, paragraphs and subparagraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za5513cf2da2a4040b1271f2852d9a256" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction and Interpretation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
        question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any Party because of the authorship of any provision of
        this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Words importing the singular number only shall include the plural and vice versa (including, for certainty, with
        respect to the defined terms Holders and Holder). Words importing gender shall include all genders. If a word is defined in this Agreement, a grammatical derivative of that word will have a corresponding meaning. Where the word "<font style="font-weight: bold;">including</font>" or "<font style="font-weight: bold;">includes</font>" is used in this
        Agreement it means "<font style="font-weight: bold;">including without limitation</font>" or "<font style="font-weight: bold;">includes without limitation</font>", respectively. Any reference to any document shall include a reference to any schedule, amendment or supplement thereto or any agreement in replacement thereof, all as permitted under such document.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">A reference herein to any statute includes every regulation (and other similar ancillary instrument having the
        force of law) made pursuant thereto, all amendments to the statute or to any such regulation (or other similar ancillary instrument) in force from time to time, and any statute or regulation (or other similar ancillary instrument) which supplements
        or supersedes such statute or regulation (or other similar ancillary instrument); and a reference to any section or provision of a statute includes all amendments to such section or provision, as made from time to time, and all sections or
        provisions which supplement or supersede such section or provision referred to herein.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Where this Agreement states that a Party "<font style="font-weight: bold;">will</font>", "<font style="font-weight: bold;">must</font>" or "<font style="font-weight: bold;">shall</font>" perform in some manner or otherwise act or omit to act, it means that such Party is legally obligated to do so in accordance with this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The terms "<font style="font-weight: bold;">hereof</font>",
        "<font style="font-weight: bold;">herein</font>", "<font style="font-weight: bold;">hereunder</font>", "<font style="font-weight: bold;">hereto</font>" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement
        supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections, subsections, paragraphs and subparagraphs are to Articles, Sections, subsections, paragraphs and
        subparagraphs of this Agreement.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">For the purposes of this Agreement, the number of "<font style="font-weight: bold;">then&#8209;outstanding Common Shares</font>" shall be equal to the actual number of outstanding Common Shares at such time.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdbf22761dafa4aa5851d353f39aba1d3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date for Any Action</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day,
        such action is required to be taken on the next succeeding day which is a Business Day.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2ab5821493d442cc8c4a7728f5dc8089" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.5</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise
        noted.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-7-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 2<br>
        <u>REGISTRATION RIGHTS</u></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5ed9d068673d41a7ac626a65e6db1ac0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Filing and Maintenance of Base Prospectus</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3d75f864c1342a99ca091ad1f9fd7a2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">During the term of this Agreement, the Corporation shall maintain a short form base shelf prospectus (the "<font style="font-weight: bold;">Canadian Base Prospectus</font>") filed with the Canadian Securities Regulatory Authorities and a registration statement on Form F&#8209;10 or such successor form or, if the Corporation is no longer
                eligible to use Form F&#8209;10 or such successor form, such other form as the Corporation shall be eligible to use to register the Registrable Securities (the "<font style="font-weight: bold;">Registration Statement</font>" and collectively with the Canadian Base Prospectus, the "<font style="font-weight: bold;">Base Prospectus</font>"),
                containing a base shelf prospectus filed with the SEC qualifying the Registrable Securities for distribution under Applicable Securities Laws. The Corporation shall cause the Base Prospectus to contain a plan of distribution consistent with
                the terms of this Agreement and approved in advance by the Holders acting reasonably.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zccedb30aabb243ba897b2bbfda67c24f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In the event that the Base Prospectus is not effective at any time during the term of this Agreement, the rights and obligations contained herein shall apply to a
                Non-Base Prospectus and all references in this Agreement to Prospectus Supplement shall apply <font style="font-style: italic;">mutatis mutandis </font>to a Non-Base
                Prospectus.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze882dbc9fcaa4bb69f0f2a69fad66bf2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Required Registration</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5135f621819c472bbcbf0c25f9782a5a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to the provisions hereof, at any time and from time to time during the term of this Agreement, one or more Holders (each such Holder, a "<font style="font-weight: bold;">Demand Holder</font>") may request the Corporation to file a Prospectus Supplement offering all or part of the Registrable Securities (such offering
                being hereinafter referred to as a "<font style="font-weight: bold;">Demand Registration</font>"). Such a request shall be in writing and shall specify the Proposed Prospectus
                Filing Date, number of Registrable Securities to be sold (the "<font style="font-weight: bold;">Demand Registrable Securities</font>"), the intended method of disposition and
                the jurisdictions in which the Demand Holders, acting reasonably, request that the Demand Registration be effected and contain the undertaking of the Demand Holders making the request to provide all such information regarding such Demand
                Holders as may be required in order to permit the Corporation to comply with all Applicable Securities Laws with respect to such Demand Registration. The Holders may not make more than three requests for Demand Registrations in any
                Registration Year and a request for a Demand Registration by any Demand Holder shall be delivered not more than 21 days and not less than 10 days, prior to the Proposed Prospectus Filing Date for such Demand Registration. The Holders shall
                not request a Demand Registration to be conducted in a manner that would require the filing of a prospectus, registration statement or other disclosure document in a jurisdiction outside Canada or the United States or subject the
                Corporation to continuous disclosure obligations under applicable securities laws in any such other jurisdiction. No offering of Registrable Securities under this subsection 2.2(a) shall relieve the Corporation of its obligations to effect
                Piggy Back Registrations pursuant to subsection 2.2(f).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9853cd81f8464521b06039d3a7669302" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to subsection 2.2(c), each Demand Registration shall be for such number of Demand Registrable Securities as requested by the Demand Holders.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c49aadd9f4f490cbc464d5fb549c9ff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Corporation shall have the right, by providing written notice to the Demand Holder not less than five days prior to the Proposed Prospectus Filing Date (or, no
                more than once per Registration Year, if (x) the Demand Holder expects such offering to be conducted as a</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-8-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">block trade or bought deal and such expectation is indicated in the applicable Demand
        Registration request and (y) the Demand Holder may not sell the Common Shares that it intends to sell under the applicable Demand Registration request in the United States pursuant to Rule 144 under the U.S. Securities Act without being subject to
        the limitations imposed by volume and manner of sale restrictions contained therein on the date of such request, then the Corporation shall have three days after receiving such Demand Registration request to provide notice to the Demand Holder), to
        offer and sell Common Shares as part of any Demand Registration initiated by the Demand Holders under this Agreement. If the managing underwriter or underwriters advise(s) the Corporation that, in such firm's good faith view, the number of Demand
        Registrable Securities and other securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect upon the price, timing or distribution of the
        offering and sale of the Demand Registrable Securities, then the Corporation shall include in such Demand Registration:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81855248a129438999b01a7d2e29bca8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">first, the Demand Registrable Securities to be included in such Demand Registration; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf7d852a3bad40b3bd755af2b1292136" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">second, the other Common Shares sought to be included by the Corporation or any other stockholder that can be sold without having the adverse effect referred to
                above, pro rata on the basis of the relative number of such other Common Shares sought to be included by the Corporation and such other Persons.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z31f9e45dab704dba98200f9db29b254f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary herein, the Corporation shall have no obligation to file a Prospectus Supplement pursuant to any request under subsection 2.2
                (a) during the 90-day period following the date on which the Corporation most recently filed a Prospectus Supplement or Non-Base Prospectus, and any such request shall be invalid and of no force or effect hereunder.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd4fc60fbfc5747f3a2fe9a2df765a576" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Corporation shall be entitled to postpone the filing of a Prospectus Supplement otherwise required to be prepared and filed by it pursuant to this Section 2.2
                (but not the preparation of such Prospectus Supplement) or may request that Holders suspend the use of any Prospectus Supplement that has been filed by it pursuant to this Section 2.2 if a Blackout Period is in effect or occurs after a
                Demand Registration request has been received but before the Demand Registration has been effected. The Corporation will give written notice of its determination, pursuant to this subsection 2.2(d), to postpone the filing of a Prospectus
                Supplement otherwise required to be prepared and filed by it pursuant to this Section 2.2 or to request that Holders suspend the use of any Prospectus Supplement that has been filed by it pursuant to this Section 2.2, including a general
                description of the basis for such determination, promptly after the occurrence thereof. If the Corporation exercises its rights under this subsection 2.2(d), it shall, as promptly as practicable following the expiration of the applicable
                postponement or suspension period, file or update and use its commercially reasonable efforts to cause the effectiveness of the postponed or suspended Prospectus Supplement. If the Corporation, pursuant to this subsection 2.2(d), postpones
                the filing of a Prospectus Supplement with respect to a Demand Registration and if the Holder within 30 days after receipt of notice from the Corporation advises the Corporation in writing that it has determined to withdraw such request for
                a Demand Registration, such request for a Demand Registration will be deemed to be withdrawn and such request will be deemed to have not been given for purposes of determining whether the Demand Holders have exercised their rights to a
                Demand Registration permitted to such Holders pursuant to this Section 2.2.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-9-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f7a65c80f9e464e96e9409ccc65a9dc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">A Demand Holder may, at any time prior to the date on which the Corporation enters into a binding underwriting agreement in connection with a Demand Registration,
                revoke such Demand Holder's Demand Registration in whole or in part. The Demand Holders may revoke a Demand Registration in whole once per Registration Year without being responsible for any Registration Expenses incurred in respect of such
                Demand Registration. The Demand Holders shall be responsible for all Registration Expenses incurred in connection with each other revocation of a Demand Registration during a Registration Year. Each revoked Demand Registration shall
                constitute a Demand Registration for purposes of the limitation on the number of Demand Registrations in any Registration Year contained in subsection 2.2(a), in each case unless (i) the Corporation has previously notified the Demand Holder
                that it intends to register securities in connection with such Demand Registration and in fact completes such registration notwithstanding the revocation by the Demand Holder or (ii) the Corporation and such Demand Holders mutually agree
                not to proceed with such Demand Registration. Notwithstanding anything in this Agreement to the contrary, a request for a Demand Registration shall not be deemed to be effective if, at any time after it has become effective, such Demand
                Registration is interfered with by any stop order, cease trade order, injunction or other order or requirement of the SEC or other Governmental Authority for any reason other than a misrepresentation by a Holder relating to such Demand
                Registration.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1e3fe6a4abc24d04958a2be059fad34b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">If during the term of this Agreement the Corporation proposes to file a Prospectus Supplement in Canada and/or with the SEC in order to permit the issuance of its
                Common Shares pursuant to a public offering (a "<font style="font-weight: bold;">Corporation-Initiated Registration</font>") or the sale of its Common Shares pursuant to a
                demand made under the Existing RRA or any Corresponding RRA (a "<font style="font-weight: bold;">Securityholder-Initiated Registration</font>"), in a form and manner that, with
                appropriate changes, would permit the offering of Registrable Securities under such Prospectus Supplement, the Corporation shall give reasonably prompt written notice of its intention to do so to the Holders and shall use commercially&#160;
                reasonable efforts to include in the proposed distribution such number of Designated Registrable Securities (the "<font style="font-weight: bold;">Piggy Back Registrable
                  Securities</font>") as the Holders shall request (such offering hereinafter referred to as a "<font style="font-weight: bold;">Piggy Back Registration</font>") within five (5)
                days after the giving of such notice (provided that if the Corporation expects such offering to be conducted as a block trade or bought deal and such expectation is indicated in the applicable notice, then the Holders shall have one (1)
                Business Day after the giving of notice by the Corporation to provide such request), upon the same terms (including the method of distribution) as such distribution. If the managing underwriter or underwriters advise(s) the Corporation
                that, in such firm's good faith view, the number of Piggy Back Registrable Securities and other securities requested to be included in such Piggy Back Registration exceeds the number that can be sold in such offering without being likely to
                have an adverse effect upon the price, timing or distribution of the offering and sale of the Piggy Back Registrable Securities and other securities, then the Corporation shall include in such Piggy Back Registration:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2070632301b14bf0989e06e0d2e182b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">first,</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zafba06ed390742daaaf78e57b2187ce8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">in the case of a Corporation-Initiated Registration, the Common Shares to be included by the Corporation in such Piggy Back Registration; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf98d8f34e03e4c05a22a8df3e5c0706f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">in the case of a Securityholder-Initiated Registration, the Common Shares to be included by the Person making the demand under the Existing RRA or any Corresponding
                RRA, as applicable;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-10-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7bd5f3a2214441fb9e966e0c3b120613" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">second, in the case of a Corporation-Initiated Registration only, only if and to the extent required pursuant to the Existing RRA, any Common Shares sought to be
                included pursuant to an exercise of rights under the Existing RRA;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zebcab96f730240359ecd462344ef4139" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">third, the Piggy Back Registrable Securities sought to be included, and any other Common Shares sought to be included pursuant to an exercise of rights by any Person
                under any Corresponding RRA, that can in either case be sold without having the adverse effect referred to above, pro rata on the basis of the relative number of then-outstanding Common Shares beneficially owned by the Holder(s) and such
                other Persons, as the case may be; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfce1a9399135415ebdf6cc34d8dabe55" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">fourth, any other securities sought to be included by any other Person that can be sold without having the adverse effect referred to above, pro rata on the basis of
                the relative number of such other securities owned by such other Persons.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation may at any time, at its sole discretion and without the consent of the
        Holders, withdraw such Prospectus Supplement and abandon the proposed distribution in which the Holders requested to participate. The failure of the Holders to respond within the periods referred to in the immediately preceding sentence shall be
        deemed to be a waiver of the Holders' rights under this subsection 2.2(g) with respect to such Piggy Back Registration. The Holders may also waive their rights under this subsection 2.2(g) by giving written notice to the Corporation. No offering of
        Registrable Securities under this subsection 2.2(g) shall relieve the Corporation of its obligations to effect Demand Registrations pursuant to subsection 2.2(a).</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c9f2563413344acaf66d201d0a74e18" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Selection of Underwriters for Underwritten Demand Registrations</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon requesting a Demand Registration for an underwritten offering of Registrable Securities, the Demand Holders
        shall select the investment banker(s) and manager(s) to effect the distribution in connection with such underwritten Demand Registration, it being acknowledged by the Holders that the participation of a registrant shall be required in Canada and a
        registered broker&#8209;dealer in the United States in connection with each underwritten Secondary Registration hereunder and it being further acknowledged that the investment banker(s) and/or manager(s) selected by the Demand Holders must be of
        nationally recognized standing in the United States and/or Canada (as applicable). Notwithstanding the foregoing, the Holders acknowledge that the Corporation shall have the sole right to select the investment banker(s) and manager(s) to effect the
        distribution in connection with any Piggy Back Registration and shall have no obligation to consult with the Holders with respect to such selection.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zff47900ad368455eaf7f6512b6598473" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration Expenses and Selling Expenses.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze75cea42f7134c9ca3e9b46f3bbbecbf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to subsection 2.2(e), the Corporation shall be responsible for all Registration Expenses.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72a7fbe6e60e40d6b43bad973a9e33ac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of the Corporation and the Holders shall be responsible for the Selling Expenses on any Demand Registration or Piggy Back Registration in proportion to their
                respective amounts of Common Shares sold in any such offering.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-11-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z313d3882f4f34f32af1247b952f69931" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.5</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a44da9399b44c79b9b752c329bdea88" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">During the term of this Agreement, the Corporation will take all actions necessary to maintain the listing of the Registrable Securities on the Toronto Stock Exchange
                and the New York Stock Exchange.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc50f0d39261c4e929f84c1e6dff3276f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">During the term of this Agreement, the Corporation shall provide to the Holders, promptly following the entering into of this Agreement in respect of the current year
                as of the date hereof and subsequently not later than December 15 of any year, the Corporation's timetable for scheduled Blackout Periods for the succeeding year, and will promptly advise the Holders in writing if the timetable for such
                scheduled Blackout Periods changes during the course of the year.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 3<br>
        <u>REGISTRATION PROCEDURES</u></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d0b5a2186fb44deb03f8e8d36cf3b08" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Procedures</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Upon receipt of a request from the Holders pursuant to Section 2.2, the Corporation will, subject to Section 2.2,
        effect the Secondary Registration as requested. In particular, the Corporation will, in each case as applicable:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za22ceb4a96e74693aa85e5ebbed6c5ba" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to prepare and file, as soon as reasonably practicable, in the English language and, if required, French language, a Prospectus
                Supplement under and in compliance with Applicable Securities Laws of each Canadian jurisdiction in which the Secondary Registration is to be effected and such other related documents as may be reasonably necessary to be filed in connection
                with such Prospectus Supplement and take all other steps and proceedings that may be reasonably necessary in order to permit a registered public offering (whether or not underwritten) of the Designated Registrable Securities by the Holders
                in the applicable Canadian jurisdictions;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zadcd2b8f9c8041fb8cf20e0facc28974" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to prepare and file, as soon as reasonably practicable, with the SEC a Prospectus Supplement, covering the distribution of the
                Designated Registrable Securities and such other related documents as may be reasonably necessary to be filed in connection with such Prospectus Supplement and take all other steps and proceedings that may be reasonably necessary in order
                to permit a registered public offering (whether or not underwritten) of the Designated Registrable Securities by the Holders in the United States;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7bbc07339b0d4611b087b0b5c1d5a12e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to prepare and file with the applicable Canadian Securities Regulatory Authorities in the Canadian jurisdictions in which the
                Secondary Registration is to be effected and with the SEC such amendments and supplements to the Prospectus Supplement, as may be reasonably necessary to comply with the provisions of Applicable Securities Laws with respect to the
                Registration of Designated Registrable Securities, and take such steps as are reasonably necessary to maintain the effectiveness of the Prospectus and the Registration Statement during the term of this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81f3ced41b79458693c42f803a18808a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">notify promptly each Holder of Registrable Securities under a Registration Statement or Canadian Base Prospectus and, if requested by such Holder, promptly confirm
                such advice in writing: (i) when a Registration Statement or Canadian Base Prospectus has become effective and when any post&#8209;effective amendment or supplement thereto becomes</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-12-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">effective; (ii) of any request by the SEC, any U.S. state securities authority or any Canadian
        Securities Regulatory Authority for additional information after the Registration Statement or Canadian Base Prospectus has become effective or for any post&#8209;effective amendment or supplement to a Registration Statement or Canadian Base Prospectus;
        (iii) of the issuance by the SEC, any U.S. state securities authority or any Canadian Securities Regulatory Authority of any stop order or cease trade order suspending the effectiveness of a Registration Statement or Canadian Base Prospectus or the
        initiation of any proceedings for that purpose; (iv) if, between the effective date of a Registration Statement or Canadian Base Prospectus and the closing of any sale of Registrable Securities pursuant to this Agreement covered by such
        Registration Statement, the representations and warranties of the Corporation contained in any underwriting agreement or similar agreement, if any, relating to the offering cease to be true and correct in all material respects; (v) of the happening
        of any event or the discovery of any facts during the period a Registration Statement or Canadian Base Prospectus is effective as a result of which such Registration Statement or Canadian Base Prospectus or any document incorporated by reference
        therein contains any misrepresentation; (vi) of the receipt by the Corporation of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of
        any proceeding for such purpose; (vii) if for any other reason it shall be necessary to amend or supplement the Registration Statement, the Prospectus or the Canadian Base Prospectus in order to comply with Applicable Securities Laws; and (viii) of
        the filing of any post&#8209;effective amendment to the Registration Statement or Canadian Base Prospectus that is not automatically effective upon filing;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5658acf94c44b3db2683a39cc03d9d3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by the Holders of the
                Designated Registrable Securities covered by the Prospectus Supplement under such other securities or "blue sky" laws of such jurisdictions as designated by the Holders, acting reasonably, in the request for Demand Registration, (ii)
                prepare and file in those jurisdictions, such amendments (including post&#8209;effective amendments) and supplements to such registrations and qualifications as may be reasonably necessary to maintain their effectiveness until the time at which
                the distribution of the Designated Registrable Securities is completed (the "<font style="font-weight: bold;">Distribution Period</font>"), (iii) take such other actions as may
                be necessary to maintain such registrations and qualifications in effect at all times during the Distribution Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Designated Registrable Securities for
                sale in such jurisdictions; provided, however, that the Corporation shall not be required in connection therewith or as a condition thereto to (A) qualify to do business as a foreign corporation or dealer in any jurisdiction where it would
                not otherwise be required to qualify but for this subsection 3.1(e), (B) subject itself to any taxation in any such jurisdiction, or (C) consent to general service of process in such jurisdiction. The Corporation shall promptly notify the
                Holders of the receipt by the Corporation of any notification with respect to the suspension of the registration or qualification of any of the Designated Registrable Securities for sale under the securities or "blue sky" laws of any
                jurisdiction or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z51c42dd853d0403aaeda9ac0249bfe6a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">unless such documents are publicly available via EDGAR or SEDAR, furnish to the Holders and any underwriter or underwriters of any such distribution, upon their
                request, such number of copies of the Base Prospectus, any Prospectus Supplement and any amendment and supplement thereto (including any documents incorporated therein by</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-13-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">reference) and such other relevant documents as the Holders may reasonably request in order to
        facilitate the distribution of the Designated Registrable Securities;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99a6b893acb64f2eb8b981191c09a34c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">unless such documents are publicly available via EDGAR or SEDAR, furnish to the Holders and any underwriter or underwriters of any such distribution, upon their
                request, at least one conformed copy of each Registration Statement and each Canadian Base Prospectus and any post&#8209;effective amendment to either of them, including financial statements and schedules (including all documents incorporated
                therein by reference and all exhibits thereto);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4409e3fcb59a420b80942d7c7c5b8cd0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(h)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">furnish to counsel for the Holders copies of any comment letters relating to the selling Holders received from the SEC or any Canadian Securities Regulatory
                Authorities or any other request by the SEC or any Canadian Securities Regulatory Authorities for amendments or supplements to the Base Prospectus or any Prospectus Supplement or for additional information relating to the selling Holders,
                provided that the Corporation shall not be required to provide copies of any non&#8209;substantial routine correspondence with the SEC or Canadian Securities Regulatory Authorities that does not specifically relate to the selling Holders or any
                information the disclosure of which would be restricted by applicable privacy laws or other laws governing the treatment of personal information;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39b3be0b6b2b473db2d7ced9500e496c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Base Prospectus or any Prospectus Supplement at the
                earliest possible moment;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze471064cbff14402925a90fadd6490ad" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(j)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">cooperate with the selling Holders to facilitate the timely preparation and delivery of certificates and opinions of counsel necessary to remove any restrictive
                legends associated with the Registrable Securities to enable such securities to be sold by the selling Holders (whether in a registered or unregistered transaction) as the selling Holders may reasonably request;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z52790084f8414e12aa408629f2f6c501" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(k)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">furnish to the Holders and any underwriter or underwriters of any such distribution and such other persons as the Holders may reasonably specify:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ec03ed8af274bcab1cf46bcc435e5fe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">an opinion or opinions of counsel to the Corporation addressed to the Holders and the underwriter or underwriters of such distribution and dated the closing date of
                the distribution, which opinion(s) shall be in form, scope and substance customary for an offering of the type contemplated by the applicable Secondary Registration, having regard to the form of opinions given by the Corporation's counsel
                in prior public offerings by the Corporation, and reasonably satisfactory to the Holders and any underwriters;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f9d4c23b15b43d99ffc1e0a52adc119" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">a customary "comfort letter" addressed to the Holders (subject to the auditors' receipt of required representation letters from the Holders) and the underwriter or
                underwriters dated the date of the Prospectus Supplement and the closing date of the distribution signed by the auditors of the Corporation (and, if necessary, any other auditors of any subsidiary of the Corporation or of any business
                acquired by the Corporation for which financial statements are, or are required to be, included in the Prospectus), in customary form and covering such matters of the type customarily covered by "comfort letters" as the Holder and managing
                underwriter reasonably requests;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-14-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z034a403b39e6443db25b1c0699b34fb9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if a Prospectus Supplement is filed in Quebec, opinions of Quebec counsel to the Corporation and the auditors of the Corporation addressed to the Holders and the
                underwriter or underwriters of such distribution relating to the translation of the Prospectus and compliance with French language laws, such opinions being dated the dates of the preliminary prospectus supplement, the final prospectus
                supplement and closing; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z309f521964e6426b8f3e5a077ccc91af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">such corporate certificates as are reasonably requested in connection with such distribution, and, in each case, covering substantially the same matters as are
                customarily covered in such documents in the relevant jurisdictions and such other matters as the Holders may reasonably request;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze3be4335501945cb8621a650197d40d7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(l)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">make available to the underwriter or underwriters in connection with any Secondary Registration reasonable access to the senior management of the Corporation for
                investor and analyst calls and meetings with respect to such Secondary Registrations;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39fd3bb707164546909f2b413ff4e1cf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(m)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">use commercially reasonable efforts to provide any additional cooperation reasonably requested by the underwriters in the offering, marketing or selling of the
                Registrable Securities;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4044532aa9dd428696aa5fe5107bfe85" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(n)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as promptly as practicable after delivery of a notice under Section 3.1(d)(v), use commercially reasonable efforts to prepare a supplement or amendment to the
                Registration Statement or Prospectus, as applicable, or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities, such Registration
                Statement or Prospectus will not include a misrepresentation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a878b4299834adda871e1d7d0e8bbbc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(o)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">otherwise use its commercially reasonable efforts to comply with all Applicable Securities Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa5969a915b54440aa43c7fddefafa8f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(p)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provide a transfer agent and registrar for such securities no later than the closing date of the offering;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z08df286e5a074d4ab30dccfce6e20573" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(q)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">enter into customary agreements (including an underwriting agreement with the underwriter or underwriters), such agreements to contain such representations and
                warranties by the Corporation and such other terms and conditions as are customary for such offering (including customary indemnity and contribution provisions), having regard to the form of underwriting agreements entered into by the
                Corporation in prior public offerings, and take all such other actions as permitted by law as the Holders or the underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the distribution of the Designated
                Registrable Securities;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd283aab420d5472a8215d8d5fa652237" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(r)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">in the event of the issuance of any order or ruling suspending the distribution of securities under the Prospectus from the Canadian Securities Regulatory Authorities
                or the effectiveness of the Registration Statement from the SEC, or any order suspending or preventing the use of the Prospectus or suspending the Secondary Registration of any of the Designated Registrable Securities or cease trading the
                distribution in any applicable province or territory of Canada or in the United States, the Corporation will, as expeditiously as possible after actual knowledge by the Corporation thereof, notify the Holders of such event and use its
                commercially reasonable efforts promptly to obtain the withdrawal of such order or ruling;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-15-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9ee1ff5d6ae647c6a564e2fb2dda2f9b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(s)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">a reasonable time prior to (and again within two Business Days following) the filing of any Registration Statement, any prospectus (including any Prospectus), any
                Canadian Base Prospectus, any Prospectus Supplement, or any amendment or supplement to any of the foregoing, provide copies of such documents to the Holders and the underwriters (if any), and make such changes in any of the foregoing
                documents prior to the filing thereof, or in the case of changes received from counsel to the Holders by filing an amendment or supplement thereto, as the Holders, underwriters or their respective counsel reasonably requests, and not file
                any such document in a form to which any Holder or underwriter (if any) shall not have previously been advised and furnished a copy of or to which counsel for the Holders or the underwriters (if any) shall reasonably object, and not
                including in any amendment or supplement to such documents any information about the Holders or any change to the plan of distribution of the Registrable Securities that would limit the method of distribution of the Registrable Securities
                unless counsel for the Holders has been advised in advance and approved such information or change, and make available Representatives of the Corporation to the extent reasonably requested to discuss such documents (and any proposed
                revisions thereto);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb9fae3f76af44681b88504c853f30f9f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(t)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">otherwise comply with all Applicable Securities Laws and make available to its security holders, as soon as reasonably practicable, an earnings statement covering at
                least twelve months which shall satisfy the provisions of Section 11(a) of the U.S. Securities Act and Rule 158 thereunder and any other similar Applicable Securities Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb33fced98b5e45b9994ecd37dff18669" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(u)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">cooperate and assist in any filings required to be made with the U.S. Financial Industry Regulatory Authority, as applicable, and in the performance of any due
                diligence investigation by any underwriter and its counsel in connection therewith; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9d03dddb9430444bb430b63cb96ba9e2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">promptly prepare and file French translations of all documents incorporated by reference into the Base Prospectus.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f7acd33f6284ec4b69979731380ca85" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligations of the Holders</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In connection with any Secondary Registration, the Holders shall:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a4bdad1ac7e4deea5d60d791117d191" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provide, in writing, such information with respect to the Holders, including the number of securities of the Corporation held by the Holders, as may be required by
                the Corporation to comply with Applicable Securities Laws in each jurisdiction in which the Secondary Registration is to be effected;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6111f0a6654147caa98cdc1003c0e3c0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if required under Applicable Securities Laws, execute any certificate forming part of a preliminary prospectus, final prospectus, registration statement or similar
                document to be filed with the applicable Canadian Securities Regulatory Authorities or the SEC;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80f4792995d84a539deda0417d0239f9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">as expeditiously as possible following actual knowledge by the Holder thereof, notify the Corporation of the happening of any event during the Distribution Period, as
                a result of which the Prospectus or the Registration Statement, as in effect, would include a misrepresentation with respect to any information provided by such Holder pursuant to subsection 3.2(a);</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z64bc4b8625ab49c89a6248bbc6824de6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">comply with all Applicable Securities Laws with respect to such Secondary Registration;</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-16-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4442b7b7f7ae4d5681ada8d85af14bea" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">provide such information to the Corporation regarding the conduct and process of any Demand Registration that the Corporation may reasonably request; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05e36a8c9c084dd08399e145763f5b09" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">not effect or permit to be effected sales of Designated Registrable Securities held by the applicable Holder pursuant to the Prospectus, or deliver or permit to be
                delivered the Prospectus in respect of such sale, after notification by the Corporation of any order or ruling suspending the effectiveness of the Prospectus or after notification by the Corporation under subsection 3.1(r), until the
                Corporation advises the Holders that such suspension has been lifted or that it has filed an amendment to the Prospectus and has provided copies of such amendment to the Holders. The Holders shall, if so directed by the Corporation, deliver
                to the Corporation (at the Corporation's expense) all copies, other than permanent file copies, then in the Holders' possession of the Prospectus covering the Designated Registrable Securities that was in effect at the time of receipt of
                such notice.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z85cb4033c2fa4dc1a859685f0f5c96ab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.3</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Covenants Relating To Rule 144</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">With a view to making available to the Holders the benefits of Rule 144 promulgated under the U.S. Securities Act
        or any other similar rule or regulation of the SEC that may at any time permit the Holders to sell securities of the Corporation to the public without registration, the Corporation agrees to: (a) make and keep public information available as is
        necessary to permit sales pursuant to Rule 144 under the U.S. Securities Act; (b) file with the SEC in a timely manner all reports and other documents required of the Corporation under the U.S. Securities Act and the U.S. Exchange Act for so long
        as the filing of such reports and other documents is required for the applicable provisions of Rule 144 promulgated under the U.S. Securities Act; (c) furnish to each Holder promptly upon request such other information as may be reasonably
        requested to permit the Holder to sell such securities pursuant to Rule 144 promulgated under the U.S. Securities Act without registration; and (d) upon request of the Holder, cause any restrictive legends associated with any securities to be sold
        pursuant to Rule 144 promulgated under the U.S. Securities Act to be removed, including by obtaining from counsel for the Corporation a legal opinion authorizing the removal of such legends.</div>
      <div style="text-align: center; margin-right: 65.95pt; margin-left: 64.849pt; line-height: 1.25; margin-top: 12pt; margin-bottom: 12.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 4<br>
        <u>DUE DILIGENCE; INDEMNIFICATION</u></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z31ba455b4756472398d0d120364d278e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Preparation; Reasonable Investigation</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">In connection with the preparation and filing of a Prospectus Supplement as herein contemplated, the Corporation
        will give the Holders and the underwriter or underwriters of such distribution and their respective counsel, auditors and other representatives, the opportunity to participate in the preparation of such documents and each amendment thereof or
        supplement thereto, and shall insert therein such material relating to the Holders furnished to the Corporation in writing, which is required under Applicable Securities Laws or in the reasonable judgment of the parties and/or their respective
        counsel should be included, and will, subject to the confirmation of the recipients' obligations as to the confidential treatment of such information, give each of them such reasonable and customary access to the Corporation's books and records and
        such reasonable and customary opportunity to discuss the business of the Corporation with its officers and auditors as shall be necessary in the reasonable opinion of the Holders and the underwriter or underwriters and their respective counsel, and
        to conduct all reasonable and customary due diligence which the Holders and the underwriter or underwriters and their respective counsel may reasonably require in order to conduct a reasonable investigation for purposes of establishing, to the
        extent permitted by law, a due diligence defense as contemplated by Applicable Securities Laws and in order to enable such underwriters to execute any certificate required to be executed by them in Canada or the United States for inclusion in each
        such document.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-17-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z086fa1ddca5f4a8f886887f4b81586b5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnification</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z097f7a55fad045c29e46d123ddf52ec9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Corporation agrees to indemnify and hold harmless, to the extent permitted by law, the Holders and each Person who participates as an underwriter in the offering
                or sale of the Designated Registrable Securities, and each of their respective directors, officers, employees and agents and each Person who controls any such underwriter or Holder (within the meaning of any Applicable Securities Laws)
                against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable fees and expenses of counsel) arising out of or based upon:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd3699ffd3bae42f894db91a014da86c5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any information or statement contained in, or any omission of any information or statement in, the Registration Statement, including all documents incorporated
                therein by reference (other than any information which has been furnished to the Corporation by the Holders in writing expressly for use therein pursuant to subsection 3.2(a) or Section 4.1), which at the time and in light of the
                circumstances under which it was made contains or, in the case of an omission, gives rise to, a misrepresentation, or is alleged to contain or, in the case of an omission, give rise to, a misrepresentation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z60783c9f05794fdf80afa780c8b76994" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any information or statement contained in, or any omission of any information or statement in, the Prospectus, any filing made in connection with the Secondary
                Registration under the securities or other "blue sky" laws or any amendment thereto, including all documents incorporated in any such Prospectus, filing or amendment by reference (other than any information which has been furnished to the
                Corporation by the Holders in writing expressly for use therein pursuant to subsection 3.2(a) or Section 4.1), which at the time and in light of the circumstances in which it was made contains, or, in the case of an omission, gives rise to,
                a misrepresentation or is alleged to contain, or, in the case of an omission, give rise to, a misrepresentation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0994f164d915429ab8ad2c4c83ba944e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any order made or inquiry, investigation or proceedings commenced or threatened by any applicable securities regulatory authority, court or other competent authority
                based upon any misrepresentation, alleged misrepresentation or any omission giving rise to, or alleged to give rise to, any misrepresentation in the Prospectus or any amendment thereto (other than any such misrepresentation contained in any
                information which has been furnished to the Corporation by the Holders in writing expressly for use therein pursuant to subsection 3.2(a) or Section 4.1) or based upon any failure or alleged failure to comply with Applicable Securities Laws
                (other than any failure to comply with Applicable Securities Laws by any Holder or the underwriters, as applicable, which is not as a result of a failure or an alleged failure of the Corporation to comply with Applicable Securities Laws);
                or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb235ca9dec314b8aad44ad12240cb227" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">noncompliance by the Corporation with any Applicable Securities Laws in connection with a Secondary Registration and the distribution effected thereunder, except in
                the case of any of the foregoing insofar as such noncompliance was caused by the Holders' or any underwriter's failure to deliver to a purchaser of Designated Registrable Securities, a copy of the Prospectus or any amendments or supplements
                thereto or to otherwise comply with Applicable Securities Laws in a</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-18-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 108pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">manner which is not a result of a failure or an alleged failure of the Corporation to comply
        with Applicable Securities Laws.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze49f7723bea0459493a3160f1cbcd22b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Holders agree to indemnify and hold harmless, to the extent permitted by law, the Corporation and each Person who participates as an underwriter in the offering
                or sale of the Designated Registrable Securities, and each of their respective directors, officers, employees and agents and each Person who controls such underwriters (within the meaning of any Applicable Securities Laws) against all
                losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable fees and expenses of counsel) arising out of or based upon:</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc65b200d6c564d88b128dd83156d7e86" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any information or statement contained in, or any omission of any information or statement in, the Registration Statement, including all documents incorporated
                therein by reference, which has been furnished to the Corporation by the Holders in writing expressly for use therein pursuant to subsection 3.2(a) or Section 4.1, which at the time and in light of the circumstances under which it was made
                contains or, in the case of an omission, gives rise to, a misrepresentation, or is alleged to contain or, in the case of an omission, give rise to, a misrepresentation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7e235020c0ef4032bb55702b35296c59" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any information or statement contained in, or any omission of any information or statement in, the Prospectus, any filing made in connection with the Registration
                under the securities or other "blue sky" laws or any amendment thereto, including all documents incorporated in any such Prospectus, filing or amendment by reference, which has been furnished to the Corporation by the Holders in writing
                expressly for use therein pursuant to subsection 3.2(a) or Section 4.1 which at the time and in light of the circumstances in which it was made contains, or, in the case of an omission, gives rise to, a misrepresentation or is alleged to
                contain, or, in the case of an omission, give rise to, a misrepresentation;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3669c4c4c8e4ec289e5ff524a309221" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">any order made or inquiry, investigation or proceedings commenced or threatened by any applicable securities regulatory authority, court or other competent authority
                based upon (A) any misrepresentation, alleged misrepresentation or any omission giving rise to, or alleged to give rise to, any misrepresentation in the Prospectus or any amendment thereto based upon any information or statement which has
                been furnished to the Corporation by the Holders in writing expressly for use therein pursuant to subsection 3.2(a) or Section 4.1, or (B) any failure or an alleged failure to comply with Applicable Securities Laws by the Holders which is
                not as a result of a failure or alleged failure of the Corporation to comply with Applicable Securities Laws;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05176010564745ec9dd4a62944bd03e0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">noncompliance by a Holder with any Applicable Securities Laws in connection with a distribution of Registrable Securities; or</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb98ec73e19b145aeb89b8d522badc74a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the Holders' failure to deliver to a purchaser of Designated Registrable Securities, a copy of the Prospectus or any amendments or supplements thereto or to otherwise
                comply with Applicable Securities Laws in a manner which is not a result of a failure or an alleged failure of the Corporation to comply with Applicable Securities Laws, except in the case of any of the foregoing insofar as such
                noncompliance was caused by the Corporation or any underwriter's failure to deliver to a purchaser of Designated Registrable Securities a copy of the</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-19-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 108pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Prospectus or any amendments or supplements thereto or to otherwise comply with Applicable
        Securities Laws.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1bcfb509743a41bea61e6c969248f4b8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks
                indemnification (provided that any failure to give notice pursuant to this subsection 4.2(c) shall not relieve the indemnifying party of its obligations under this Section 4.2 unless such failure to give notice results in material prejudice
                against such indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party
                to assume the defense of such claim with counsel satisfactory to the indemnified party, acting reasonably. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified
                party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnified party shall have the right to employ separate counsel in any such suit and participate in the defence thereof but the
                fees and expenses of such counsel shall be at the expense of the indemnified party unless: (i) the indemnifying party fails to assume the defence of such suit on behalf of the indemnified party within a reasonable period of time; (ii) the
                employment of such counsel has been authorized in writing by the indemnifying party; (iii) the named parties include both the indemnifying party and the indemnified Party and representation of both parties by the same counsel would be
                inappropriate due to actual or potential differing interests between them; or (iv) the named parties to any such suit or proceeding include both the indemnified party and the indemnifying party and the indemnified party has reasonably
                concluded that there may be one or more legal defences available to the indemnified party which are different from or in addition to those available to the indemnifying party, in which case, if such indemnified party notifies the
                indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defence of such suit or proceeding on behalf of the indemnified
                party and shall be liable to pay the reasonable fees and expenses of counsel for the indemnified party, it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but
                substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate law firm (in addition to any local
                counsel) for all such indemnified parties. No indemnifying party may settle any claims without the express written consent of an indemnified party (such consent not to be unreasonably withheld, conditioned or delayed where such consent does
                not contain any admission of liability, includes an unconditional release of such indemnified party from any liabilities arising out of such claim and has as its only obligation on the indemnified party the payment of funds for which the
                indemnifying party has unconditionally agreed to provide indemnity under this Section 4.2).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze489a255a9f14192b436d6df7b2cc037" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The indemnification provided for under this Agreement will survive the expiry of this Agreement and will remain in full force and effect regardless of any
                investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive any transfer of securities pursuant thereto. In the event the indemnification is
                unavailable in whole or in part for any reason under this Section 4.2, the Corporation and the Holders shall contribute to the aggregate of all losses, claims, actions, damages, liabilities and expenses in such proportion as is appropriate
                to reflect the relative fault of the Corporation and the Holders in connection with the event giving rise to liability. No Person that has been determined by a court of competent jurisdiction in a</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-20-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">final judgment to have engaged in fraud, willful misconduct, fraudulent misrepresentation or
        negligence shall be entitled to claim indemnification or contribution pursuant to subsection 4.2(b) or this subsection 4.2(d), as applicable, from any Person who has not also been so determined to have engaged in such fraud, willful misconduct,
        fraudulent misrepresentation or negligence.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5db85c8860f542a5bba4002a037fb7f7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Corporation hereby acknowledges and agrees that, with respect to this Section 4.2, each Holder is contracting on its own behalf and as agent for the other
                indemnified persons referred to in subsection 4.2(a). In this regard, each Holder will act as trustee for such indemnified persons of the covenants of the Corporation under this Section 4.2 with respect to such indemnified persons and
                accepts these trusts and will hold and enforce those covenants on behalf of such indemnified persons.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfed34271982b412399c2537d3832dcf5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(f)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Holders hereby acknowledge and agree that, with respect to this Section 4.2, the Corporation is contracting on its own behalf and as agent for the other
                indemnified persons referred to in subsection 4.2(b). In this regard, the Corporation will act as trustee for such indemnified persons of the covenants of the Holders under this Section 4.2 with respect to such indemnified persons and
                accepts these trusts and will hold and enforce those covenants on behalf of such indemnified persons.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z353a393f64294ecf876c449bf15cd6fe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(g)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any
                indemnified person may have pursuant to applicable law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified person.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 5<br>
        <u>LOCK&#8209;UP AGREEMENT; THIRD PARTY RIGHTS</u></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zadc1b84457f14697902be7ebb945ff7a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Secondary Registration Lock&#8209;Up</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z004fa8eb84c440ad9d048d80f93f3ea0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">In respect of any offering of securities by Secondary Registration, upon request by the underwriters or dealers (as the case may be) in connection therewith, the
                Holders and the Corporation each agree to execute customary lock&#8209;up agreements, in each case for a period ending no later than 90 days or such shorter term as the underwriters may reasonably request (the "<font style="font-weight: bold;">Lock&#8209;Up Period</font>"), after the closing of such Secondary Registration, on terms required by the underwriters and consistent with those in public offering underwriting
                agreements customarily entered into by the Corporation.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1233655580a741cd87869249b3c3c9c1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Corporation shall be entitled to postpone the filing of a Prospectus Supplement otherwise required to be prepared and filed by it pursuant hereto (but not the
                preparation of such Prospectus Supplement) or may request Holders suspend the use of any Prospectus Supplement that has been filed by it pursuant hereto if a Demand Registration request is received prior to the expiration of any Lock&#8209;Up
                Period as defined in subsection 5.1(a).</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9bfeec7737ab430f88b1ba5a63f8ae2d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Rights</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The Corporation represents and warrants to the Shareholder that, other than the Existing RRA and any
        Corresponding RRAs, it has not granted any registration rights to third parties that would conflict with or adversely affect the rights of the Holders as set forth in this Agreement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-21-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE 6<br>
        <u>GENERAL PROVISIONS</u></div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02ef9657ca0c417a8d047e4f90b2c78a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurances</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Each of the Parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or
        delivered, all such further acts, documents and things as the other Party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use commercially reasonable efforts and take all such steps as may
        be reasonably within its power to implement to their full extent the provisions of this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab5bb64bdcc64266827d66676fc02b5b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.2</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
        or law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
        manner materially adverse to any Party. Upon any determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement will negotiate in good faith to modify this Agreement so as to effect
        the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the fullest extent possible.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21c86b9568a64722a9bbef405777bcb4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.3</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement and the rights and obligations of the Parties hereto shall bind and enure to the benefit of each
        of the Parties hereto, the other Parties indemnified under Section 4.2 and their respective successors and permitted assigns.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Neither Party shall have the right to transfer or assign any of its rights or obligations under this Agreement
        except that:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8e7335034f1a400b825303a0bc4de162" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">this Agreement may be assigned in whole or in part by the Shareholder (upon notice to the Corporation) to any Affiliate of the Shareholder to whom any Registrable
                Securities are transferred in compliance with any and all applicable Transfer Restrictions to which the transferring Party is subject. Upon the permitted transferee(s) or assignee(s) executing and delivering to the Corporation an instrument
                in writing agreeing to be bound by this Agreement, the transferee(s) or assignee(s) will be entitled to its benefit and be bound by all of its terms as if it were an original signatory hereto and shall be considered a Holder for the
                purposes of this Agreement, provided that if any Person who was a permitted transferee ceases to be an Affiliate of the Shareholder, such Person shall cease to have any rights or obligations under this Agreement; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fbb383d45e24be883713b541e64c9d6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">in the event the Common Shares are converted, reclassified, exchanged or otherwise changed pursuant to a reorganization, amalgamation, merger, arrangement or other
                form of business combination, this Agreement may be assigned in whole by the Corporation (and the Corporation covenants and agrees to use its commercially reasonable efforts to assign this Agreement to) to its successor pursuant to, or in
                connection with, any such transaction.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-22-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z614aee182bb84f21bf4fd773ec9e307a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.4</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies and Breaches</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b43352d417142cab04a27abdbbd5d4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each of the Holders, on the one hand (and for the purposes of this Section 6.4 collectively considered to be a "<font style="font-weight: bold;">Party</font>"), and the Corporation, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto may occur in the event any of the provisions of this Agreement are
                not performed in accordance with its specific terms or is otherwise breached and that such injury may not be adequately compensable in damages. It is accordingly agreed that each of the Holders, on the one hand, and the Corporation, on the
                other hand, shall, in addition to any other remedy to which they may be entitled at law or in equity, each be entitled to seek specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and the other Party
                hereto will not take any action, directly or indirectly, in opposition to the Party seeking relief on the grounds that any other remedy or relief is available at law or in equity. The prevailing Party in any such action shall be entitled to
                recover legal fees and expenses from the non&#8209; prevailing Party.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z973c2310df9a49e0b7b79da4b4c9a80e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each Holder on the one hand, and the Corporation on the other hand, acknowledges that it shall be liable for any breach of this Agreement by any of its Affiliates or
                any of its or its Affiliates' Representatives or other Persons acting on their behalf, and that it shall inform its and its Affiliates' Representatives of the terms of this Agreement and shall cause them to comply with them.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6332bcb0668842a6ab056f352cf6a551" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.5</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term and Termination</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement will continue in force until the earliest of the following to occur:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f21332e02f343639ee9bf267dc5f32d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">11:59 p.m. (Calgary time) on the date that is 60 months following the date of this Agreement;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7bc465192a24892beeea288047e8ed5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which this Agreement is terminated by the written agreement of the Parties;</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87198a5a39164ca183881451035cc93c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the first date on which the Shareholder ceases to, directly or indirectly, beneficially own, in aggregate, more than 5% of the then-outstanding Common Shares; and</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15b576e9d860499ab9ddf30b8a8cbc47" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">the date on which the Standstill Agreements are terminated.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">except that (i) the provisions of Section 4.2 and this Article 6 shall continue in full force and effect
        notwithstanding any termination of this Agreement, and (ii) termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and
        obligations, including any indemnities and remedies, will continue in full force and effect and survive the termination of this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z65d7d94fe9f04fda8aea90d0a32302e0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.6</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">All notices required or permitted pursuant to the terms of this Agreement shall be in writing and shall be given
        by personal delivery or facsimile or electronic mail transmittal during normal business hours on any Business Day to the address for the Holders or the Corporation, as applicable, as set forth below. Any such notice or other communication given
        hereunder shall, if personally delivered or sent by facsimile or electronic mail transmittal (with confirmation received), be conclusively deemed to have been given or made and received on the day of delivery or facsimile or electronic mail
        transmittal (as the case may be) if such delivery or facsimile or electronic mail transmittal occurs during normal business hours of the recipient on a Business Day and if not so delivered or transmitted during normal business hours on a Business
        Day,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-23-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">then on the next Business Day following the day of delivery or transmittal. The Parties hereto may give from time
        to time written notice of change of address in the manner aforesaid.</div>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Notices shall be provided:</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z34088e8642004e6b8fe83b8ecff53402" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Shareholder:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Email:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">[&#9679;]</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; [&#9679;]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Email:&#160; [&#9679;]</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3006c9d0c43b49eaae98b8f6ee720044" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif;">if to the Corporation:</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Cenovus Energy Inc.<br>
        4100, 225 &#8211; 6 Ave SW<br>
        Calgary, Alberta T2P 0M5</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; [<font style="font-weight: bold; font-style: italic;">Notice Information Redacted</font>]<br>
        E-mail:&#160; [<font style="font-weight: bold; font-style: italic;">Email Address Redacted</font>]</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">with a copy to (which shall not constitute notice):</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Bennett Jones LLP<br>
        4500 Bankers Hall East<br>
        855 &#8211; 2nd Street S.W.<br>
        Calgary, Alberta T2P 4K7</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Attention:&#160; John Piasta</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Facsimile:&#160; (403) 265-7219</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">E-mail:&#160; piastaj@bennettjones.com</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f263e4336cb4d9795745a23ccb11226" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.7</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Beneficiaries</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Except in relation to the transferees and assignees contemplated in Section 6.3 and indemnitees in Section 4.2,
        this Agreement is not intended to confer any rights, remedies, obligations or liabilities upon any Person other than the Parties to this Agreement and their respective successor or permitted assigns.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-24-</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze944ab753dbf41f093736aedaa875d46" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.8</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law and Attornment</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">The provisions of this Agreement shall be governed by and construed in accordance with the laws of the Province
        of Alberta and the federal laws of Canada applicable therein. Any legal actions or proceedings with respect to this Agreement shall be brought in the courts of the Province of Alberta. Each Party hereby attorns to and accepts the jurisdiction of
        such courts.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z387b63b5f7e443bea56887282ffa6da1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.9</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waivers</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">No waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in
        writing and signed by the Party purporting to give the same and, unless otherwise provided, such waiver shall be limited to the specific breach waived.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z952fc56ce4c041b28674f4a25cea7534" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.10</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time of Essence</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Time is of the essence in respect of this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z419a14efb632410da6386cb9df908044" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.11</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement</div>
            </td>
          </tr>

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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and
        cancels and supersedes any prior understanding and agreements among the Parties with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory with respect to
        the subject matter hereof among the Parties, other than as expressly set forth in this Agreement.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfef938c0f2574020a6cf041d0590a512" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.12</td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</div>
            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and
        all of which taken together will be deemed to constitute one and the same instrument.</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd72964beea34c148c47950f66f9412c" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.13</td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facsimile Execution</div>
            </td>
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      <div style="text-align: justify; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Execution and delivery of this Agreement may be effected by any Party by facsimile or other electronic
        transmission of the execution page hereof to the other Parties, and such facsimile or other electronic copy will be legally effective to create a valid and binding agreement between the Parties.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;"><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[remainder of page intentionally left blank &#8211; signature page follows]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">-25-</font></div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF the undersigned parties have executed this Registration Rights Agreement as of the date first written above.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z735bc04713dd46cea979272d1c2d63ec" border="0" cellpadding="0" cellspacing="0">

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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CENOVUS ENERGY INC.</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:<br>
                Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Name:<br>
                Title:</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[SHAREHOLDER]</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
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                Title:</div>
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      <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic;">Signature Page &#8211; Registration Rights Agreement
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