| For the fiscal year ended December 31, 2016 | Commission File Number: 001-12138 |
|---------------------------------------------|-----------------------------------|
| CANADIAN NATURAL RESOURCES LIMITED(Exact name of Registrant as specified in its charter)                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                           |
| ALBERTA, CANADA(Province or other jurisdiction of incorporation or organization)                                                                                                                          |
| 1311(Primary Standard Industrial Classification Code Numbers)                                                                                                                                                  |
|                                                                                                                                                                                                           |
| Not Applicable(I.R.S. Employer Identification Number (if applicable))                                                                                                                                          |
|                                                                                                                                                                                                           |
| 2100, 855-2nd Street S.W., Calgary, Alberta, Canada, T2P 4J8Telephone: (403) 517-7345(Address and telephone number of Registrant’s principal executive offices)                                          |
|  CT Corporation System, 111-Eighth Avenue, New York, New York 10011(212) 894-8940(Name, address (including zip code) and telephone number (including area code)of agent for service in the United States) |

| **Title of Each Class:**   | **Name of each exchange on which registered:** |
|--------------------------------------|------------------------------------------------|
| Common Shares, no par value     | New York Stock Exchange                        |

| [    ] Annual information form | [ X ] Audited annual financial statements |
|-----------------------------------------------|-------------------------------------------|

| Yes [X] | No [  ] |
|---------|--------------|

| Yes ___ | No ___ |
|---------|--------|

|  | A. | Audited Annual Financial Statements |
|--|----|-------------------------------------|

 Canadian Natural’s audited consolidated financial statements for the years ended December 31, 2016 and 2015, including the auditor’s report with respect thereto. 

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| • | the Company’s consolidated financial statements as at and for the year ended December 31, 2016; and |
|---------|----------------------------------------------------------------------------------------------------------------|

| • | the effectiveness of the Company’s internal control over financial reporting as at December 31, 2016. |
|---------|------------------------------------------------------------------------------------------------------------------|

| (signed) “Steve W. Laut” |   | (signed) “Corey B. Bieber”                     |   | (signed) “Murray G. Harris”                     |
|--------------------------------------|--------|------------------------------------------------------------|--------|-------------------------------------------------------------|
| Steve W. Laut                        |   | Corey B. Bieber, CA                                        |   | Murray G. Harris, CA                                        |
| President                       |   | Chief Financial Officer and Senior Vice-President, Finance |   | Vice-President, Financial Controller and Horizon Accounting |

| Canadian Natural Resources Limited | 1 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| (signed) “Steve W. Laut” |   | (signed) “Corey B. Bieber”                     |   |   |
|--------------------------------------|--------|------------------------------------------------------------|--------|--------|
| Steve W. Laut                        |   | Corey B. Bieber, CA                                        |   |   |
| President                       |   | Chief Financial Officer and Senior Vice-President, Finance |   |   |

| Canadian Natural Resources Limited | 2 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| Canadian Natural Resources Limited | 3 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| /s/ PricewaterhouseCoopers LLP |   |   |
|--------------------------------|--------|--------|
|                           |   |   |

| Canadian Natural Resources Limited | 4 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| As at December 31                              |   |        |   |   |   |   |   |        |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (millions of Canadian dollars)                 |   | Note   |   |   | 2016   |   |   | 2015   |   |
| ASSETS                                         |   |   |   |   |   |   |   |   |   |
| Current assets                                 |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                      |   |   |   |   | $      | 17     |   |   | $      | 69 |   |
| Accounts receivable                            |   |   |   |   |   | 1,434  |   |   |   | 1,277 |   |
| Current income taxes                           |   |   |   |   |   | 851    |   |   |   | 677 |   |
| Inventory                                      |   |   | 5      |   |   |   | 689    |   |   |   | 525 |   |
| Prepaids and other                             |   |   |   |   |   |   | 149    |   |   |   | 162 |   |
| Investments                                    |   |   | 8      |   |   |   | 913    |   |   |   | 974 |   |
| Current portion of other long-term assets      |   |   | 9      |   |   |   | 283    |   |   |   | 375 |   |
|                                           |   |   |   |   |   |   | 4,336  |   |   |   | 4,059 |   |
| Exploration and evaluation assets              |   |   | 6      |   |   |   | 2,382  |   |   |   | 2,586 |   |
| Property, plant and equipment                  |   |   | 7      |   |   |   | 50,910 |   |   |   | 51,475 |   |
| Other long-term assets                         |   |   | 9      |   |   |   | 1,020  |   |   |   | 1,155 |   |
|                                           |   |   |   |   |   | $      | 58,648 |   |   | $ | 59,275 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                               |   |   |   |   |   | $      | 595    |   |   | $ | 571 |   |
| Accrued liabilities                            |   |   |   |   |   |   | 2,222  |   |   |   | 2,089 |   |
| Current portion of long-term debt              |   |   | 10     |   |   |   | 1,812  |   |   |   | 1,729 |   |
| Current portion of other long-term liabilities |   |   | 11     |   |   |   | 463    |   |   |   | 206 |   |
|                                           |   |   |   |   |   |   | 5,092  |   |   |   | 4,595 |   |
| Long-term debt                                 |   |   | 10     |   |   |   | 14,993 |   |   |   | 15,065 |   |
| Other long-term liabilities                    |   |   | 11     |   |   |   | 3,223  |   |   |   | 2,890 |   |
| Deferred income taxes                          |   |   | 12     |   |   |   | 9,073  |   |   |   | 9,344 |   |
|                                           |   |   |   |   |   |   | 32,381 |   |   |   | 31,894 |   |
| SHAREHOLDERS’ EQUITY                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Share capital                                  |   |   | 13     |   |   |   | 4,671  |   |   |   | 4,541 |   |
| Retained earnings                              |   |   |   |   |   |   | 21,526 |   |   |   | 22,765 |   |
| Accumulated other comprehensive income         |   |   | 14     |   |   |   | 70     |   |   |   | 75 |   |
|                                           |   |   |   |   |   |   | 26,267 |   |   |   | 27,381 |   |
|                                           |   |   |   |   |   | $      | 58,648 |   |   | $ | 59,275 |   |
| /s/ Catherine M. Best        |   | /s/ N. Murray Edwards           |   |
|------------------------------|--------|---------------------------------|--------|
| Catherine M. Best            |   | N. Murray Edwards               |   |
| Chair of the Audit Committee |   | Executive Chairman of the Board |   |
| and Director                 |   | of Directors and Director       |   |

| Canadian Natural Resources Limited | 5 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| For the years ended December 31                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (millions of Canadian dollars, except per common share amounts)                            |   | Note   |   |   | 2016   |   |   | 2015   |   |   | 2014   |   |
| Product sales                                                                              |   |   |   |   | $      | 11,098 |   |   | $      | 13,167 |   |   | $ | 21,301 |   |
| Less: royalties                                                                            |   |   |   |   |   | (575   | )      |   |   | (804   | )      |   |   | (2,438 | ) |
| Revenue                                                                                    |   |   |   |   |   | 10,523 |   |   |   | 12,363 |   |   |   | 18,863 |   |
| Expenses                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Production                                                                                 |   |   |   |   |   | 4,099  |   |   |   | 4,726  |   |   |   | 5,265 |   |
| Transportation and blending                                                                |   |   |   |   |   | 2,003  |   |   |   | 2,379  |   |   |   | 3,232 |   |
| Depletion, depreciation and amortization                                                   |   |   | 6, 7   |   |   |   | 4,858  |   |   |   | 5,483  |   |   |   | 4,880 |   |
| Administration                                                                             |   |   |   |   |   |   | 345    |   |   |   | 390    |   |   |   | 367 |   |
| Share-based compensation                                                                   |   |   | 11     |   |   |   | 355    |   |   |   | (46    | )      |   |   | 66 |   |
| Asset retirement obligation accretion                                                      |   |   | 11     |   |   |   | 142    |   |   |   | 173    |   |   |   | 193 |   |
| Interest and other financing expense                                                       |   |   | 17     |   |   |   | 383    |   |   |   | 322    |   |   |   | 323 |   |
| Risk management activities                                                                 |   |   | 18     |   |   |   | 33     |   |   |   | (469   | )      |   |   | (800 | ) |
| Foreign exchange (gain) loss                                                               |   |   |   |   |   |   | (55    | )      |   |   | 761    |   |   |   | 303 |   |
| Gain on disposition of properties and corporate    acquisitions and dispositions |   |   | 6, 7   |   |   |   | (250   | )      |   |   | (739   | )      |   |   | (137 | ) |
| (Gain) loss from investments                                                               |   |   | 8, 9   |   |   |   | (327   | )      |   |   | 50     |   |   |   | 8 |   |
|                                                                                       |   |   |   |   |   |   | 11,586 |   |   |   | 13,030 |   |   |   | 13,700 |   |
| Earnings (loss) before taxes                                                               |   |   |   |   |   |   | (1,063 | )      |   |   | (667   | )      |   |   | 5,163 |   |
| Current income tax (recovery) expense                                                      |   |   | 12     |   |   |   | (618   | )      |   |   | (261   | )      |   |   | 427 |   |
| Deferred income tax (recovery) expense                                                     |   |   | 12     |   |   |   | (241   | )      |   |   | 231    |   |   |   | 807 |   |
| Net earnings (loss)                                                                        |   |   |   |   |   | $      | (204   | )      |   | $      | (637   | )      |   | $ | 3,929 |   |
| Net earnings (loss) per common share                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                      |   |   | 16     |   |   | $      | (0.19  | )      |   | $      | (0.58  | )      |   | $ | 3.60 |   |
| Diluted                                                                                    |   |   | 16     |   |   | $      | (0.19  | )      |   | $      | (0.58  | )      |   | $ | 3.58 |   |
| For the years ended December 31                                                                                                      |   |   |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (millions of Canadian dollars)                                                                                                       |   | 2016   |   |   | 2015   |   |   | 2014   |   |
| Net earnings (loss)                                                                                                                  |   | $      | (204   | )      |   | $      | (637   | )      |   | $ | 3,929 |   |
| Items that may be reclassified subsequently to net earnings (loss)                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in derivative financial instruments designated as cash flow hedges                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized (loss) income, net of taxes of $3 million      (2015 – $2 million, 2014 – $nil) |   |   | (18    | )      |   |   | (23    | )      |   |   | 5 |   |
| Reclassification to net earnings (loss), net of taxes of $2 million    (2015 – $2 million, 2014 – $1 million)  |   |   | (13    | )      |   |   | (13    | )      |   |   | 8 |   |
|                                                                                                                                 |   |   | (31    | )      |   |   | (36    | )      |   |   | 13 |   |
| Foreign currency translation adjustment                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Translation of net investment                                                                                                        |   |   | 26     |   |   |   | 60     |   |   |   | (4 | ) |
| Other comprehensive income (loss), net of taxes                                                                                      |   |   | (5     | )      |   |   | 24     |   |   |   | 9 |   |
| Comprehensive income (loss)                                                                                                          |   | $      | (209   | )      |   | $      | (613   | )      |   | $ | 3,938 |   |

| Canadian Natural Resources Limited | 6 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| For the years ended December 31                                                           |   |   |   |   |   |   |    |   |   |   |    |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| (millions of Canadian dollars)                                                            |   | Note   |   |   | 2016   |   |    | 2015   |   |   | 2014    |   |
| Share capital                                                                             |   |   | 13     |   |   |   |    |   |   |   |    |   |   |
| Balance – beginning of year                                                         |   |   |   |   |   | $      | 4,541   |   |   | $      | 4,432   |   |   | $ | 3,854 |   |
| Issued upon exercise of stock options                                                     |   |   |   |   |   |   | 559     |   |   |   | 91      |   |   |   | 488 |   |
| Previously recognized liability on stock options    exercised for common shares |   |   |   |   |   |   | 117     |   |   |   | 18      |   |   |   | 129 |   |
| Purchase of common shares under Normal Course   Issuer Bid                 |   |   |   |   |   |   | — |   |   |   | — |   |   |   | (39 | ) |
| Return of capital on PrairieSky Royalty Ltd. share    distribution              |   |   | 8      |   |   |   | (546    | )      |   |   | — |   |   |   | — |   |
| Balance – end of year                                                               |   |   |   |   |   |   | 4,671   |   |   |   | 4,541   |   |   |   | 4,432 |   |
| Retained earnings                                                                         |   |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Balance – beginning of year                                                         |   |   |   |   |   |   | 22,765  |   |   |   | 24,408  |   |   |   | 21,876 |   |
| Net earnings (loss)                                                                       |   |   |   |   |   |   | (204    | )      |   |   | (637    | )      |   |   | 3,929 |   |
| Purchase of common shares under Normal Course   Issuer Bid                 |   |   | 13     |   |   |   | — |   |   |   | — |   |   |   | (414 | ) |
| Dividends on common shares                                                                |   |   | 13     |   |   |   | (1,035  | )      |   |   | (1,006  | )      |   |   | (983 | ) |
| Balance – end of year                                                               |   |   |   |   |   |   | 21,526  |   |   |   | 22,765  |   |   |   | 24,408 |   |
| Accumulated other comprehensive income                                                    |   |   | 14     |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Balance – beginning of year                                                         |   |   |   |   |   |   | 75      |   |   |   | 51      |   |   |   | 42 |   |
| Other comprehensive (loss) income, net of taxes                                           |   |   |   |   |   |   | (5      | )      |   |   | 24      |   |   |   | 9 |   |
| Balance – end of year                                                               |   |   |   |   |   |   | 70      |   |   |   | 75      |   |   |   | 51 |   |
| Shareholders’ equity                                                                |   |   |   |   |   | $      | 26,267  |   |   | $      | 27,381  |   |   | $ | 28,891 |   |

| Canadian Natural Resources Limited | 7 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| For the years ended December 31                                                                             |   |   |   |   |   |    |    |   |   |    |    |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|---------|--------|--------|---------|---------|--------|
| (millions of Canadian dollars)                                                                              |   | Note   |   |   | 2016   |    |    | 2015   |   |    | 2014    |   |
| Operating activities                                                                                        |   |   |   |   |   |    |    |   |   |    |    |   |
| Net earnings (loss)                                                                                         |   |   |   |   | $      | (204    | )       |   | $      | (637    | )       |   | $ | 3,929 |   |
| Non-cash items                                                                                              |   |   |   |   |   |    |    |   |   |    |    |   |   |   |   |
| Depletion, depreciation and amortization                                                                    |   |   |   |   |   | 4,858   |    |   |   | 5,483   |    |   |   | 4,880 |   |
| Share-based compensation                                                                                    |   |   |   |   |   | 355     |    |   |   | (46     | )       |   |   | 66 |   |
| Asset retirement obligation accretion                                                                       |   |   |   |   |   | 142     |    |   |   | 173     |    |   |   | 193 |   |
| Unrealized risk management loss (gain)                                                                      |   |   |   |   |   | 25      |    |   |   | 374     |    |   |   | (451 | ) |
| Unrealized foreign exchange (gain) loss                                                                     |   |   |   |   |   | (93     | )       |   |   | 858     |    |   |   | 256 |   |
| Realized foreign exchange loss on repayment of     US dollar debt securities       |   |   |   |   |   | — |    |   |   | — |    |   |   | 36 |   |
| (Gain) loss from investments                                                                                |   |   | 8, 9   |   |   |    | (299    | )      |   |    | 55      |   |   |   | 8 |   |
| Deferred income tax (recovery) expense                                                                      |   |   |   |   |   |    | (241    | )      |   |    | 231     |   |   |   | 807 |   |
| Gain on disposition of properties and corporate      acquisitions and dispositions |   |   |   |   |   |    | (250    | )      |   |    | (739    | )      |   |   | (137 | ) |
| Current income tax on disposition of properties                                                             |   |   |   |   |   |    | — |   |   |    | 33      |   |   |   | — |   |
| Other                                                                                                       |   |   |   |   |   |    | (32     | )      |   |    | (22     | )      |   |   | (38 | ) |
| Abandonment expenditures                                                                                    |   |   |   |   |   |    | (267    | )      |   |    | (370    | )      |   |   | (346 | ) |
| Net change in non-cash working capital                                                                      |   |   | 20     |   |   |    | (542    | )      |   |    | 239     |   |   |   | (744 | ) |
|                                                                                                        |   |   |   |   |   |    | 3,452   |   |   |    | 5,632   |   |   |   | 8,459 |   |
| Financing activities                                                                                        |   |   |   |   |   |    |    |   |   |    |    |   |   |   |   |   |
| Issue of bank credit facilities and commercial paper, net                                                   |   |   |   |   |   |    | 342     |   |   |    | 970     |   |   |   | 1,195 |   |
| Issue of medium-term notes, net                                                                             |   |   | 10     |   |   |    | 998     |   |   |    | 107     |   |   |   | 992 |   |
| (Repayment) issue of US dollar debt securities, net                                                         |   |   | 10     |   |   |    | (834    | )      |   |    | — |   |   |   | 1,482 |   |
| Issue of common shares on exercise of stock options                                                         |   |   |   |   |   |    | 559     |   |   |    | 91      |   |   |   | 488 |   |
| Purchase of common shares under Normal Course Issuer Bid                                                    |   |   |   |   |   |    | — |   |   |    | — |   |   |   | (453 | ) |
| Dividends on common shares                                                                                  |   |   |   |   |   |    | (758    | )      |   |    | (1,251  | )      |   |   | (955 | ) |
| Net change in non-cash working capital                                                                      |   |   | 20     |   |   |    | — |   |   |    | (40     | )      |   |   | (22 | ) |
|                                                                                                        |   |   |   |   |   |    | 307     |   |   |    | (123    | )      |   |   | 2,727 |   |
| Investing activities                                                                                        |   |   |   |   |   |    |    |   |   |    |    |   |   |   |   |   |
| Net proceeds (expenditures) on exploration    and evaluation assets (1)                 |   |   | 20     |   |   |    | 6       |   |   |    | 236     |   |   |   | (1,190 | ) |
| Net expenditures on property, plant and equipment (1) (2)                                                   |   |   | 20     |   |   |    | (3,803  | )      |   |    | (4,704  | )      |   |   | (10,208 | ) |
| Current income tax on disposition of properties                                                             |   |   |   |   |   |    | — |   |   |    | (33     | )      |   |   | — |   |
| Investment in other long-term assets                                                                        |   |   |   |   |   |    | (99     | )      |   |    | (112    | )      |   |   | (113 | ) |
| Net change in non-cash working capital                                                                      |   |   | 20     |   |   |    | 85      |   |   |    | (852    | )      |   |   | 334 |   |
|                                                                                                        |   |   |   |   |   |    | (3,811  | )      |   |    | (5,465  | )      |   |   | (11,177 | ) |
| (Decrease) increase in cash and cash equivalents                                                            |   |   |   |   |   |    | (52     | )      |   |    | 44      |   |   |   | 9 |   |
| Cash and cash equivalents – beginning of year                                                         |   |   |   |   |   |    | 69      |   |   |    | 25      |   |   |   | 16 |   |
| Cash and cash equivalents – end of year                                                               |   |   |   |   |   | $       | 17      |   |   | $       | 69      |   |   | $ | 25 |   |
| Interest paid, net                                                                                          |   |   |   |   |   | $       | 617     |   |   | $       | 541     |   |   | $ | 521 |   |
| Income taxes (received) paid                                                                                |   |   |   |   |   | $       | (444    | )      |   | $       | 42      |   |   | $ | 792 |   |

| (1) | Net proceeds on exploration and evaluation assets and net expenditures on property, plant and equipment in 2015 exclude non-cash share consideration of $985 million received from PrairieSky Royalty Ltd. ("PrairieSky") on the disposition of royalty income assets. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net expenditures on property, plant and equipment in 2016 exclude non-cash share consideration of $190 million received from Inter Pipeline Ltd. ("Inter Pipeline") on the disposition of the Company's interest in the Cold Lake Pipeline. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 8 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| Canadian Natural Resources Limited | 9 | Year Ended December 31, 2016 |
|------------------------------------|---|------------------------------|

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| Canadian Natural Resources Limited | 10 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 11 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 12 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 13 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 14 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 15 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 16 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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| Canadian Natural Resources Limited | 17 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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|                   |   | 2016   |   |   | 2015   |   |
|------------------------|--------|--------|--------|--------|--------|--------|
| Product inventory      |   | $      | 263    |   |   | $      | 186 |   |
| Materials and supplies |   |   | 426    |   |   |   | 339 |   |
|                   |   | $      | 689    |   |   | $      | 525 |   |

| Canadian Natural Resources Limited | 18 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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|                                                   |   | Exploration and Production |    |   | Oil SandsMining and Upgrading |   |    | Total           |   |
|--------------------------------------------------------|--------|----------------------------|---------|--------|-------------------------------|--------|---------|-----------------|--------|
|                                                   |   | North America              |    |   | North Sea                     |   |    | Offshore Africa |   |   |   |   |   |   |   |
| Cost                                                   |   |                       |    |   |                          |   |    |            |   |   |   |   |   |   |   |
| At December 31, 2014                                   |   | $                          | 3,426   |   |                          | $      | — |            |   | $ | 131 |   |   | $ | — |   |   | $ | 3,557 |   |
| Additions                                              |   |                       | 132     |   |                          |   | — |            |   |   | 35 |   |   |   | — |   |   |   | 167 |   |
| Transfers to property, plant and   equipment |   |                       | (567    | )      |                          |   | — |            |   |   | — |   |   |   | — |   |   |   | (567 | ) |
| Disposals/derecognitions (1)                           |   |                       | (491    | )      |                          |   | — |            |   |   | (96 | ) |   |   | — |   |   |   | (587 | ) |
| Foreign exchange adjustments                           |   |                       | — |   |                          |   | — |            |   |   | 16 |   |   |   | — |   |   |   | 16 |   |
| At December 31, 2015                                   |   |                       | 2,500   |   |                          |   | — |            |   |   | 86 |   |   |   | — |   |   |   | 2,586 |   |
| Additions                                              |   |                       | 20      |   |                          |   | — |            |   |   | 9 |   |   |   | — |   |   |   | 29 |   |
| Transfers to property, plant and equipment             |   |                       | (211    | )      |                          |   | — |            |   |   | — |   |   |   | — |   |   |   | (211 | ) |
| Disposals/derecognitions                               |   |                       | (3      | )      |                          |   | — |            |   |   | (18 | ) |   |   | — |   |   |   | (21 | ) |
| Foreign exchange adjustments                           |   |                       | — |   |                          |   | — |            |   |   | (1 | ) |   |   | — |   |   |   | (1 | ) |
| At December 31, 2016                                   |   | $                          | 2,306   |   |                          | $      | — |            |   | $ | 76 |   |   | $ | — |   |   | $ | 2,382 |   |

| (1) | Refer to note 7 regarding the disposition of exploration and evaluation assets in the North America segment in 2015. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 19 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                   |   | Exploration and Production |    |   | Oil SandsMining and Upgrading |   |    | Midstream      |   |   | HeadOffice |   |   | Total  |    |
|----------------------------------------|--------|----------------------------|---------|--------|-------------------------------|--------|---------|----------------|--------|--------|------------|--------|--------|--------|---------|
|                                   |   | NorthAmerica               |    |   | North Sea                     |   |    | OffshoreAfrica |   |   |       |   |   |   |    |   |   |   |   |   |   |
| Cost                                   |   |                       |    |   |                          |   |    |           |   |   |       |   |   |   |    |   |   |   |   |   |   |
| At December 31, 2014                   |   | $                          | 60,606  |   |                          | $      | 6,182   |           |   | $      | 3,858      |   |   | $      | 21,948  |   |   | $ | 570 |   |   | $ | 352 |   |   | $ | 93,516 |   |
| Additions                              |   |                       | 691     |   |                          |   | 13      |           |   |   | 524        |   |   |   | 2,523   |   |   |   | 7 |   |   |   | 26 |   |   |   | 3,784 |   |
| Transfers from E&E assets          |   |                       | 567     |   |                          |   | — |           |   |   | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 567 |   |
| Disposals/derecognitions               |   |                       | (1,324  | )      |                          |   | — |           |   |   | —    |   |   |   | (128    | ) |   |   | — |   |   |   | — |   |   |   | (1,452 | ) |
| Foreign exchange adjustments and other |   |                       | — |   |                          |   | 1,219   |           |   |   | 791        |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,010 |   |
| At December 31, 2015                   |   |                       | 60,540  |   |                          |   | 7,414   |           |   |   | 5,173      |   |   |   | 24,343  |   |   |   | 577 |   |   |   | 378 |   |   |   | 98,425 |   |
| Additions                              |   |                       | 1,462   |   |                          |   | 186     |           |   |   | 116        |   |   |   | 2,822   |   |   |   | 6 |   |   |   | 17 |   |   |   | 4,609 |   |
| Transfers from E&E assets          |   |                       | 211     |   |                          |   | — |           |   |   | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 211 |   |
| Disposals/derecognitions               |   |                       | (566    | )      |                          |   | — |           |   |   | —    |   |   |   | (127    | ) |   |   | (349 | ) |   |   | — |   |   |   | (1,042 | ) |
| Foreign exchange adjustments and other |   |                       | — |   |                          |   | (220    | )              |   |   | (157       | )      |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (377 | ) |
| At December 31, 2016                   |   | $                          | 61,647  |   |                          | $      | 7,380   |           |   | $      | 5,132      |   |   | $      | 27,038  |   |   | $ | 234 |   |   | $ | 395 |   |   | $ | 101,826 |   |
| Accumulated depletion and depreciation |   |                       |    |   |                          |   |    |           |   |   |       |   |   |   |    |   |   |   |   |   |   |
| At December 31, 2014                   |   | $                          | 31,886  |   |                          | $      | 4,049   |           |   | $      | 2,890      |   |   | $      | 1,864   |   |   | $ | 120 |   |   | $ | 227 |   |   | $ | 41,036 |   |
| Expense                                |   |                       | 4,226   |   |                          |   | 383     |           |   |   | 177        |   |   |   | 562     |   |   |   | 12 |   |   |   | 27 |   |   |   | 5,387 |   |
| Disposals/derecognitions               |   |                       | (758    | )      |                          |   | — |           |   |   | —    |   |   |   | (128    | ) |   |   | — |   |   |   | — |   |   |   | (886 | ) |
| Foreign exchange adjustments and other |   |                       | (7      | )      |                          |   | 832     |           |   |   | 592        |   |   |   | (4      | ) |   |   | — |   |   |   | — |   |   |   | 1,413 |   |
| At December 31, 2015                   |   |                       | 35,347  |   |                          |   | 5,264   |           |   |   | 3,659      |   |   |   | 2,294   |   |   |   | 132 |   |   |   | 254 |   |   |   | 46,950 |   |
| Expense                                |   |                       | 3,440   |   |                          |   | 457     |           |   |   | 243        |   |   |   | 662     |   |   |   | 11 |   |   |   | 27 |   |   |   | 4,840 |   |
| Disposals/derecognitions               |   |                       | (486    | )      |                          |   | — |           |   |   | —    |   |   |   | (127    | ) |   |   | (28 | ) |   |   | — |   |   |   | (641 | ) |
| Foreign exchange adjustments and other |   |                       | 10      |   |                          |   | (137    | )              |   |   | (105       | )      |   |   | (1      | ) |   |   | — |   |   |   | — |   |   |   | (233 | ) |
| At December 31, 2016                   |   | $                          | 38,311  |   |                          | $      | 5,584   |           |   | $      | 3,797      |   |   | $      | 2,828   |   |   | $ | 115 |   |   | $ | 281 |   |   | $ | 50,916 |   |
| Net book value                         |   |                       |    |   |                          |   |    |           |   |   |       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  - at December 31, 2016           |   | $                          | 23,336  |   |                          | $      | 1,796   |           |   | $      | 1,335      |   |   | $      | 24,210  |   |   | $ | 119 |   |   | $ | 114 |   |   | $ | 50,910 |   |
|  - at December 31, 2015           |   | $                          | 25,193  |   |                          | $      | 2,150   |           |   | $      | 1,514      |   |   | $      | 22,049  |   |   | $ | 445 |   |   | $ | 124 |   |   | $ | 51,475 |   |
| Project costs not subject to depletion and depreciation |   | 2016 |    |   | 2015   |   |
|---------------------------------------------------------|--------|------|---------|--------|--------|--------|
| Horizon                                                 |   | $    | — |   |   | $      | 6,017 |   |
| Kirby Thermal Oil Sands – North                   |   | $    | 846     |   |   | $      | 816 |   |

| Canadian Natural Resources Limited | 20 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                  |   | 2016   |   |   | 2015   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|
| Investment in PrairieSky Royalty Ltd. |   | $      | 723    |   |   | $      | 974 |   |
| Investment in Inter Pipeline Ltd.     |   |   | 190    |   |   |   | — |   |
|                                  |   | $      | 913    |   |   | $      | 974 |   |

| Canadian Natural Resources Limited | 21 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                   |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Fair value (gain) loss from PrairieSky |   | $      | (292   | )      |   | $      | 11     |   |   | $ | — |   |
| Dividend income from PrairieSky        |   |   | (27    | )      |   |   | (5     | )      |   |   | — |   |
|                                   |   | $      | (319   | )      |   | $      | 6      |   |   | $ | — |   |
|                                |   | 2016   |    |   | 2015   |   |    | 2014   |   |
|-------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Fair value gain from Inter Pipeline |   | $      | — |   |   | $      | — |   |   | $ | — |   |
| Dividend income from Inter Pipeline |   |   | (1      | )      |   |   | — |   |   |   | — |   |
|                                |   | $      | (1      | )      |   | $      | — |   |   | $ | — |   |
|                                                  |   | 2016   |   |   | 2015   |   |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Investment in North West Redwater Partnership         |   | $      | 261    |   |   | $      | 254 |   |
| North West Redwater Partnership subordinated debt (1) |   |   | 385    |   |   |   | 254 |   |
| Risk Management (note 18)                             |   |   | 489    |   |   |   | 854 |   |
| Other                                                 |   |   | 168    |   |   |   | 168 |   |
|                                                  |   |   | 1,303  |   |   |   | 1,530 |   |
| Less: current portion                                 |   |   | 283    |   |   |   | 375 |   |
|                                                  |   | $      | 1,020  |   |   | $      | 1,155 |   |

| (1) | Includes accrued interest. |
|-----|----------------------------|

| Canadian Natural Resources Limited | 22 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                    |   | 2016                              |   |   | 2015                |   |
|-------------------------|--------|-----------------------------------|--------|--------|---------------------|--------|
|                    |   | Redwater Partnership100% interest |   |   | Company50% interest |   |   | Redwater Partnership100% interest |   |   | Company50% interest |   |
| Current assets          |   | $                                 | 96     |   |                | $      | 48 |   |   | $ | 138 |   |   | $ | 69 |   |
| Non-current assets      |   | $                                 | 8,258  |   |                | $      | 4,129 |   |   | $ | 5,834 |   |   | $ | 2,917 |   |
| Current liabilities     |   | $                                 | 572    |   |                | $      | 286 |   |   | $ | 678 |   |   | $ | 339 |   |
| Non-current liabilities |   | $                                 | 7,260  |   |                | $      | 3,630 |   |   | $ | 4,786 |   |   | $ | 2,393 |   |
| Partners’ equity  |   | $                                 | 522    |   |                | $      | 261 |   |   | $ | 508 |   |   | $ | 254 |   |
| Equity (income) loss    |   | $                                 | (14    | )      |                | $      | (7 | ) |   | $ | 88 |   |   | $ | 44 |   |

| Canadian Natural Resources Limited | 23 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                                                                                             |   | 2016   |    |   | 2015   |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Canadian dollar denominated debt, unsecured                                                                      |   |   |    |   |   |   |
| Bank credit facilities                                                                                           |   | $      | 2,758   |   |   | $      | 2,385 |   |
| Medium-term notes                                                                                                |   |   |    |   |   |   |   |   |
| 3.05% debentures due June 19, 2019                                                                               |   |   | 500     |   |   |   | 500 |   |
| 2.60% debentures due December 3, 2019                                                                            |   |   | 500     |   |   |   | 500 |   |
| 2.89% debentures due August 14, 2020                                                                             |   |   | 1,000   |   |   |   | 1,000 |   |
| 3.31% debentures due February 11, 2022                                                                           |   |   | 1,000   |   |   |   | — |   |
| 3.55% debentures due June 3, 2024                                                                                |   |   | 500     |   |   |   | 500 |   |
|                                                                                                             |   |   | 6,258   |   |   |   | 4,885 |   |
| US dollar denominated debt, unsecured                                                                            |   |   |    |   |   |   |   |   |
| Bank credit facilities (December 31, 2016 - US$905 million;   December 31, 2015 - US$657 million) |   |   | 1,213   |   |   |   | 909 |   |
| Commercial paper (December 31, 2016 - US$250 million;   December 31, 2015 - US$500 million)            |   |   | 336     |   |   |   | 692 |   |
| US dollar debt securities                                                                                        |   |   |    |   |   |   |   |   |
| Three-month LIBOR plus 0.375% due March 30, 2016  (2016 - US$nil; 2015 - US$500 million)                    |   |   | — |   |   |   | 692 |   |
| 6.00% due August 15, 2016 (2016 - US$nil; 2015 - US$250 million)                                                 |   |   | — |   |   |   | 346 |   |
| 5.70% due May 15, 2017 (US$1,100 million)                                                                        |   |   | 1,477   |   |   |   | 1,523 |   |
| 1.75% due January 15, 2018 (US$600 million)                                                                      |   |   | 806     |   |   |   | 830 |   |
| 5.90% due February 1, 2018 (US$400 million)                                                                      |   |   | 537     |   |   |   | 554 |   |
| 3.45% due November 15, 2021 (US$500 million)                                                                     |   |   | 671     |   |   |   | 692 |   |
| 3.80% due April 15, 2024 (US$500 million)                                                                        |   |   | 671     |   |   |   | 692 |   |
| 3.90% due February 1, 2025 (US$600 million)                                                                      |   |   | 806     |   |   |   | 830 |   |
| 7.20% due January 15, 2032 (US$400 million)                                                                      |   |   | 537     |   |   |   | 554 |   |
| 6.45% due June 30, 2033 (US$350 million)                                                                         |   |   | 470     |   |   |   | 484 |   |
| 5.85% due February 1, 2035 (US$350 million)                                                                      |   |   | 470     |   |   |   | 484 |   |
| 6.50% due February 15, 2037 (US$450 million)                                                                     |   |   | 604     |   |   |   | 622 |   |
| 6.25% due March 15, 2038 (US$1,100 million)                                                                      |   |   | 1,477   |   |   |   | 1,523 |   |
| 6.75% due February 1, 2039 (US$400 million)                                                                      |   |   | 537     |   |   |   | 554 |   |
|                                                                                                             |   |   | 10,612  |   |   |   | 11,981 |   |
| Long-term debt before transaction costs and original issue discounts, net                                        |   |   | 16,870  |   |   |   | 16,866 |   |
| Less:  original issue discounts, net (1)                                                                    |   |   | (10     | )      |   |   | (10 | ) |
| transaction costs (1) (2)                                                                                        |   |   | (55     | )      |   |   | (62 | ) |
|                                                                                                             |   |   | 16,805  |   |   |   | 16,794 |   |
| Less:  current portion of commercial paper                                                                  |   |   | 336     |   |   |   | 692 |   |
| current portion of other long-term debt (1) (2)                                                                  |   |   | 1,476   |   |   |   | 1,037 |   |
|                                                                                                             |   | $      | 14,993  |   |   | $      | 15,065 |   |

| (1) | The Company has included unamortized original issue discounts and premiums, and directly attributable transaction costs in the carrying amount of the outstanding debt. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Transaction costs primarily represent underwriting commissions charged as a percentage of the related debt offerings, as well as legal, rating agency and other professional fees. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 24 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| • | a $100 million demand credit facility; |
|---------|----------------------------------------|

| • | a $1,500 million non-revolving term credit facility maturing April 2018; |
|---------|--------------------------------------------------------------------------|

| • | a $750 million non-revolving term credit facility maturing February 2019; |
|---------|---------------------------------------------------------------------------|

| • | a $125 million non-revolving term credit facility maturing February 2019; |
|---------|---------------------------------------------------------------------------|

| • | a $2,425 million revolving syndicated credit facility maturing June 2019; |
|---------|---------------------------------------------------------------------------|

| • | a $2,425 million revolving syndicated credit facility maturing June 2020; and |
|---------|-------------------------------------------------------------------------------|

| • | a £15 million demand credit facility related to the Company’s North Sea operations. |
|---------|------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 25 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| Year       |   | Repayment |   |
|------------|--------|-----------|--------|
| 2017       |   | $         | 1,813  |   |
| 2018       |   | $         | 2,841  |   |
| 2019       |   | $         | 2,705  |   |
| 2020       |   | $         | 1,768  |   |
| 2021       |   | $         | 671    |   |
| Thereafter |   | $         | 7,072  |   |
|                         |   | 2016   |   |   | 2015   |   |
|------------------------------|--------|--------|--------|--------|--------|--------|
| Asset retirement obligations |   | $      | 3,243  |   |   | $      | 2,950 |   |
| Share-based compensation     |   |   | 426    |   |   |   | 128 |   |
| Other                        |   |   | 17     |   |   |   | 18 |   |
|                         |   |   | 3,686  |   |   |   | 3,096 |   |
| Less: current portion        |   |   | 463    |   |   |   | 206 |   |
|                         |   | $      | 3,223  |   |   | $      | 2,890 |   |
|                                                   |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|--------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance – beginning of year                      |   | $      | 2,950  |   |   | $      | 4,221  |   |   | $ | 4,162 |   |
| Liabilities incurred                                   |   |   | 3      |   |   |   | 7      |   |   |   | 41 |   |
| Liabilities acquired, net                              |   |   | 30     |   |   |   | 129    |   |   |   | 404 |   |
| Liabilities settled                                    |   |   | (267   | )      |   |   | (370   | )      |   |   | (346 | ) |
| Asset retirement obligation accretion                  |   |   | 142    |   |   |   | 173    |   |   |   | 193 |   |
| Revision of cost, inflation rates and timing estimates |   |   | (68    | )      |   |   | (313   | )      |   |   | (907 | ) |
| Change in discount rate                                |   |   | 493    |   |   |   | (1,150 | )      |   |   | 558 |   |
| Foreign exchange adjustments                           |   |   | (40    | )      |   |   | 253    |   |   |   | 116 |   |
| Balance – end of year                            |   |   | 3,243  |   |   |   | 2,950  |   |   |   | 4,221 |   |
| Less: current portion                                  |   |   | 95     |   |   |   | 101    |   |   |   | 121 |   |
|                                                   |   | $      | 3,148  |   |   | $      | 2,849  |   |   | $ | 4,100 |   |

| Canadian Natural Resources Limited | 26 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                           |   | 2016   |   |   | 2015   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|
| Exploration and Production     |   |   |   |   |   |   |
| North America                  |   | $      | 1,444  |   |   | $      | 1,114 |   |
| North Sea                      |   |   | 837    |   |   |   | 975 |   |
| Offshore Africa                |   |   | 244    |   |   |   | 266 |   |
| Oil Sands Mining and Upgrading |   |   | 717    |   |   |   | 594 |   |
| Midstream                      |   |   | 1      |   |   |   | 1 |   |
|                           |   | $      | 3,243  |   |   | $      | 2,950 |   |
|                                                           |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance – beginning of year                              |   | $      | 128    |   |   | $      | 203    |   |   | $ | 260 |   |
| Share-based compensation expense (recovery)                    |   |   | 355    |   |   |   | (46    | )      |   |   | 66 |   |
| Cash payment for stock options surrendered                     |   |   | (7     | )      |   |   | (1     | )      |   |   | (8 | ) |
| Transferred to common shares                                   |   |   | (117   | )      |   |   | (18    | )      |   |   | (129 | ) |
| Capitalized to (recovered from) Oil Sands Mining and Upgrading |   |   | 67     |   |   |   | (10    | )      |   |   | 14 |   |
| Balance – end of year                                    |   |   | 426    |   |   |   | 128    |   |   |   | 203 |   |
| Less: current portion                                          |   |   | 368    |   |   |   | 105    |   |   |   | 158 |   |
|                                                           |   | $      | 58     |   |   | $      | 23     |   |   | $ | 45 |   |
|                           |   | 2016      |   |   | 2015      |   |   | 2014      |   |
|--------------------------------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Fair value                     |   | $         | 11.41  |   |      | $      | 3.06   |      |   | $ | 5.51 |   |
| Share price                    |   | $         | 42.79  |   |      | $      | 30.22  |      |   | $ | 35.92 |   |
| Expected volatility            |   |      | 30.7%  |   |      |   | 28.6%  |      |   |   | 25.1% |   |
| Expected dividend yield        |   |      | 2.3%   |   |      |   | 3.0%   |      |   |   | 2.5% |   |
| Risk free interest rate        |   |      | 0.9%   |   |      |   | 0.6%   |      |   |   | 1.2% |   |
| Expected forfeiture rate       |   |      | 5.0%   |   |      |   | 4.8%   |      |   |   | 4.7% |   |
| Expected stock option life (1) |   | 4.6 years |   |   | 4.5 years |   |   | 4.5 years |   |

| (1) | At original time of grant. |
|-----|----------------------------|

| Canadian Natural Resources Limited | 27 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                                                  |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Current corporate income tax (recovery) expense – North America |   | $      | (377   | )      |   | $      | 86     |   |   | $ | 702 |   |
| Current corporate income tax recovery – North Sea               |   |   | (74    | )      |   |   | (117   | )      |   |   | (68 | ) |
| Current corporate income tax expense – Offshore Africa          |   |   | 22     |   |   |   | 17     |   |   |   | 43 |   |
| Current PRT (1) recovery – North Sea                            |   |   | (198   | )      |   |   | (258   | )      |   |   | (273 | ) |
| Other taxes                                                           |   |   | 9      |   |   |   | 11     |   |   |   | 23 |   |
| Current income tax (recovery) expense                                 |   |   | (618   | )      |   |   | (261   | )      |   |   | 427 |   |
| Deferred corporate income tax (recovery) expense                      |   |   | (106   | )      |   |   | 216    |   |   |   | 681 |   |
| Deferred PRT (1) (recovery) expense – North Sea                 |   |   | (135   | )      |   |   | 15     |   |   |   | 126 |   |
| Deferred income tax (recovery) expense                                |   |   | (241   | )      |   |   | 231    |   |   |   | 807 |   |
| Income tax (recovery) expense                                         |   | $      | (859   | )      |   | $      | (30    | )      |   | $ | 1,234 |   |
|                                                                                                    |   | 2016   |    |   | 2015   |   |    | 2014   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Canadian statutory income tax rate                                                                      |   |   | 27.0%   |   |   |   | 26.0%   |   |   |   | 25.1% |   |
| Income tax provision at statutory rate                                                                  |   | $      | (287    | )      |   | $      | (173    | )      |   | $ | 1,296 |   |
| Effect on income taxes of:                                                                              |   |   |    |   |   |   |    |   |   |   |   |   |
| UK PRT and other taxes                                                                                  |   |   | (324    | )      |   |   | (232    | )      |   |   | (124 | ) |
|   Impact of deductible UK PRT and other taxes on     corporate income tax |   |   | 131     |   |   |   | 119     |   |   |   | 85 |   |
| Foreign and domestic tax rate differentials                                                             |   |   | (54     | )      |   |   | (157    | )      |   |   | (61 | ) |
| Non-taxable portion of capital gains/losses                                                             |   |   | (80     | )      |   |   | 36      |   |   |   | 36 |   |
| Stock options exercised for common shares                                                               |   |   | 94      |   |   |   | (12     | )      |   |   | 14 |   |
| Income tax rate and other legislative changes                                                           |   |   | (107    | )      |   |   | 362     |   |   |   | — |   |
| Non-taxable gain on corporate acquisitions                                                              |   |   | — |   |   |   | — |   |   |   | (34 | ) |
| Revisions arising from prior year tax filings                                                           |   |   | (120    | )      |   |   | 32      |   |   |   | 5 |   |
| Change in unrecognized capital loss carryforward asset                                                  |   |   | (80     | )      |   |   | 36      |   |   |   | 36 |   |
| Other                                                                                                   |   |   | (32     | )      |   |   | (41     | )      |   |   | (19 | ) |
| Income tax (recovery) expense                                                                           |   | $      | (859    | )      |   | $      | (30     | )      |   | $ | 1,234 |   |

| Canadian Natural Resources Limited | 28 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                                                |   | 2016   |    |   | 2015   |   |
|---------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Deferred income tax liabilities                                     |   |   |    |   |   |   |
| Property, plant and equipment and exploration and evaluation assets |   | $      | 10,259  |   |   | $      | 10,257 |   |
| Timing of partnership items                                         |   |   | — |   |   |   | 261 |   |
| Unrealized risk management activities                               |   |   | 62      |   |   |   | 111 |   |
| Deferred PRT                                                        |   |   | — |   |   |   | 65 |   |
| PRT deduction for corporate income tax                              |   |   | 29      |   |   |   | — |   |
| Investments                                                         |   |   | 98      |   |   |   | 60 |   |
| Investment in North West Redwater                                   |   |   | 222     |   |   |   | 141 |   |
|                                                                |   |   | 10,670  |   |   |   | 10,895 |   |
| Deferred income tax assets                                          |   |   |    |   |   |   |   |   |
| Asset retirement obligations                                        |   |   | (983    | )      |   |   | (976 | ) |
| Loss carryforwards                                                  |   |   | (390    | )      |   |   | (170 | ) |
| Unrealized foreign exchange loss on long-term debt                  |   |   | (149    | )      |   |   | (212 | ) |
| Deferred PRT                                                        |   |   | (73     | )      |   |   | — |   |
| PRT deduction for corporate income tax                              |   |   | — |   |   |   | (33 | ) |
| Other                                                               |   |   | (2      | )      |   |   | (160 | ) |
|                                                                |   |   | (1,597  | )      |   |   | (1,551 | ) |
| Net deferred income tax liability                                   |   | $      | 9,073   |   |   | $      | 9,344 |   |
|                                                                            |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|---------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Property, plant and equipment and exploration and evaluation   assets |   | $      | 37     |   |   | $      | (7     | )      |   | $ | 647 |   |
| Timing of partnership items                                                     |   |   | (261   | )      |   |   | (176   | )      |   |   | (195 | ) |
| Unrealized foreign exchange loss on long-term debt                              |   |   | 63     |   |   |   | (222   | )      |   |   | (77 | ) |
| Unrealized risk management activities                                           |   |   | (44    | )      |   |   | (5     | )      |   |   | 142 |   |
| Asset retirement obligations                                                    |   |   | (20    | )      |   |   | 522    |   |   |   | 119 |   |
| Loss carryforwards                                                              |   |   | (221   | )      |   |   | (53    | )      |   |   | 109 |   |
| Investments                                                                     |   |   | 38     |   |   |   | 60     |   |   |   | — |   |
| Investment in North West Redwater                                               |   |   | 81     |   |   |   | 106    |   |   |   | 35 |   |
| Deferred PRT                                                                    |   |   | (135   | )      |   |   | 15     |   |   |   | 126 |   |
| PRT deduction for corporate income tax                                          |   |   | 61     |   |   |   | (5     | )      |   |   | (77 | ) |
| Other                                                                           |   |   | 160    |   |   |   | (4     | )      |   |   | (22 | ) |
|                                                                            |   | $      | (241   | )      |   | $      | 231    |   |   | $ | 807 |   |
|                                                                                      |   | 2016   |    |   | 2015   |   |    | 2014   |   |
|-------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Balance – beginning of year                                                         |   | $      | 9,344   |   |   | $      | 8,970   |   |   | $ | 8,183 |   |
| Deferred income tax (recovery) expense                                                    |   |   | (241    | )      |   |   | 231     |   |   |   | 807 |   |
| Deferred income tax (recovery) expense included in other   comprehensive income |   |   | (5      | )      |   |   | (4      | )      |   |   | 1 |   |
| Foreign exchange adjustments                                                              |   |   | (25     | )      |   |   | 147     |   |   |   | 70 |   |
| Business combinations                                                                     |   |   | — |   |   |   | — |   |   |   | (91 | ) |
| Balance – end of year                                                               |   | $      | 9,073   |   |   | $      | 9,344   |   |   | $ | 8,970 |   |

| Canadian Natural Resources Limited | 29 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| Canadian Natural Resources Limited | 30 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| Issued                                                                                     |   | 2016                        |      |   | 2015   |   |
|--------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|--------|--------|--------|
| Common shares                                                                              |   | Number of shares(thousands) |      |   | Amount |   |   | Number of shares(thousands) |   |   | Amount |   |
| Balance – beginning of year                                                          |   |                        | 1,094,668 |   |   | $      | 4,541 |   |   |   | 1,091,837 |   |   | $ | 4,432 |   |
| Issued upon exercise of stock options                                                      |   |                        | 16,284    |   |   |   | 559 |   |   |   | 2,831 |   |   |   | 91 |   |
| Previously recognized liability on stock options exercised    for common shares  |   |                        | —   |   |   |   | 117 |   |   |   | — |   |   |   | 18 |   |
| Return of capital on PrairieSky Royalty Ltd. share    distribution (note 8) |   |                        | —   |   |   |   | (546 | ) |   |   | — |   |   |   | — |   |
| Balance – end of year                                                                |   |                        | 1,110,952 |   |   | $      | 4,671 |   |   |   | 1,094,668 |   |   | $ | 4,541 |   |

| Canadian Natural Resources Limited | 31 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                  |   | 2016                     |    |   | 2015                          |   |
|---------------------------------------|--------|--------------------------|---------|--------|-------------------------------|--------|
|                                  |   | Stock options(thousands) |    |   | Weightedaverageexercise price |   |   | Stock options (thousands) |   |   | Weightedaverageexercise price |   |
| Outstanding – beginning of year |   |                     | 74,615  |   |                          | $      | 34.88 |   |   |   | 71,708 |   |   | $ | 35.60 |   |
| Granted                               |   |                     | 11,002  |   |                          | $      | 34.97 |   |   |   | 13,310 |   |   | $ | 30.56 |   |
| Surrendered for cash settlement       |   |                     | (817    | )      |                          | $      | 34.47 |   |   |   | (185 | ) |   | $ | 33.30 |   |
| Exercised for common shares           |   |                     | (16,284 | )      |                          | $      | 34.31 |   |   |   | (2,831 | ) |   | $ | 32.31 |   |
| Forfeited                             |   |                     | (10,217 | )      |                          | $      | 39.66 |   |   |   | (7,387 | ) |   | $ | 35.12 |   |
| Outstanding – end of year       |   |                     | 58,299  |   |                          | $      | 34.22 |   |   |   | 74,615 |   |   | $ | 34.88 |   |
| Exercisable – end of year       |   |                     | 20,747  |   |                          | $      | 33.75 |   |   |   | 30,567 |   |   | $ | 36.19 |   |
|                     |   |                               |   |   |                                 |   | Stock options outstanding |                         |   | Stock options exercisable |                               |
|--------------------------|--------|------------------------------------|--------|--------|--------------------------------------|--------|---------------------------|------------------------------|--------|---------------------------|------------------------------------|
| Range of exercise prices |   | Stockoptionsoutstanding(thousands) |   |   | Weightedaverageremainingterm (years) |   |                      | Weightedaverageexerciseprice |   |                      | Stockoptionsexercisable(thousands) |   |   | Weightedaverageexerciseprice |   |
| $                        | 22.90  |                               | -      |   | $                                    | 24.99  |                      |                         |   | 4,188                     |                               |   |   | 4.03 |   |   | $ | 22.90 |   |   |   | 666 |   |   | $ | 22.90 |   |
| $                        | 25.00  |                               | -      |   | $                                    | 29.99  |                      |                         |   | 14,101                    |                               |   |   | 2.69 |   |   | $ | 28.58 |   |   |   | 5,574 |   |   | $ | 28.41 |   |
| $                        | 30.00  |                               | -      |   | $                                    | 34.99  |                      |                         |   | 14,599                    |                               |   |   | 2.46 |   |   | $ | 33.20 |   |   |   | 5,744 |   |   | $ | 33.45 |   |
| $                        | 35.00  |                               | -      |   | $                                    | 39.99  |                      |                         |   | 13,342                    |                               |   |   | 2.29 |   |   | $ | 36.17 |   |   |   | 6,680 |   |   | $ | 36.36 |   |
| $                        | 40.00  |                               | -      |   | $                                    | 44.99  |                      |                         |   | 10,656                    |                               |   |   | 4.29 |   |   | $ | 43.66 |   |   |   | 1,257 |   |   | $ | 43.25 |   |
| $                        | 45.00  |                               | -      |   | $                                    | 45.09  |                      |                         |   | 1,413                     |                               |   |   | 2.10 |   |   | $ | 45.07 |   |   |   | 826 |   |   | $ | 45.06 |   |
|                     |   |                               |   |   |                                 |   |                      |                         |   | 58,299                    |                               |   |   | 2.92 |   |   | $ | 34.22 |   |   |   | 20,747 |   |   | $ | 33.75 |   |
|                                                            |   | 2016   |   |   | 2015   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Derivative financial instruments designated as cash flow hedges |   | $      | 27     |   |   | $      | 58 |   |
| Foreign currency translation adjustment                         |   |   | 43     |   |   |   | 17 |   |
|                                                            |   | $      | 70     |   |   | $      | 75 |   |

| Canadian Natural Resources Limited | 32 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                             |   | 2016   |   |   | 2015   |   |
|----------------------------------|--------|--------|--------|--------|--------|--------|
| Long-term debt (1)               |   | $      | 16,805 |   |   | $      | 16,794 |   |
| Total shareholders’ equity |   | $      | 26,267 |   |   | $      | 27,381 |   |
| Debt to book capitalization      |   |   | 39%    |   |   |   | 38% |   |

| (1) | Includes the current portion of long-term debt. |
|-----|-------------------------------------------------|

|                                                                            |            |   | 2016      |   |   | 2015   |      |   | 2014   |   |
|---------------------------------------------------------------------------------|-----------------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|
| Weighted average common shares outstanding– basic (thousands of shares)   |            |   | 1,100,471 |   |   |   | 1,093,862 |   |   |   | 1,091,754 |   |
| Effect of dilutive stock options (thousands of shares)                          |            |   | —   |   |   |   | —   |   |   |   | 5,068 |   |
| Weighted average common shares outstanding– diluted (thousands of shares) |            |   | 1,100,471 |   |   |   | 1,093,862 |   |   |   | 1,096,822 |   |
| Net earnings (loss)                                                             |            | $      | (204      | )      |   | $      | (637      | )      |   | $      | 3,929 |   |
| Net earnings (loss) per common share                                            | – basic   |   | $         | (0.19  | )      |   | $         | (0.58  | )      |   | $ | 3.60 |   |
|                                                                            | – diluted |   | $         | (0.19  | )      |   | $         | (0.58  | )      |   | $ | 3.58 |   |

|                                           |   | 2016   |    |   | 2015   |   |   | 2014   |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Interest and other financing expense:          |   |   |    |   |   |   |   |   |   |
| Long-term debt                                 |   | $      | 664     |   |   | $      | 618    |   |   | $ | 542 |   |
| Other (1)                                      |   |   | — |   |   |   | 1      |   |   |   | (7 | ) |
|                                           |   |   | 664     |   |   |   | 619    |   |   |   | 535 |   |
| Less: amounts capitalized on qualifying assets |   |   | 233     |   |   |   | 244    |   |   |   | 204 |   |
| Total interest and other financing expense     |   |   | 431     |   |   |   | 375    |   |   |   | 331 |   |
| Total interest income                          |   |   | (48     | )      |   |   | (53    | )      |   |   | (8 | ) |
| Net interest and other financing expense       |   | $      | 383     |   |   | $      | 322    |   |   | $ | 323 |   |

| (1) | Includes the fair value impact of interest rate swaps on US dollar debt securities. |
|-----|-------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 33 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                   |   | 2016                            |    |
|------------------------|--------|---------------------------------|---------|
| Asset (liability)      |   | Financialassetsat amortizedcost |    |   | Fair valuethroughprofit or loss |   |   | Derivativesused forhedging |   |   | Financialliabilities atamortizedcost |   |   | Total |   |
| Accounts receivable    |   | $                               | 1,434   |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 1,434 |   |
| Investments            |   |                            | — |   |   |   | 913 |   |   |   | — |   |   |   | — |   |   |   | 913 |   |
| Other long-term assets |   |                            | 385     |   |   |   | 4 |   |   |   | 485 |   |   |   | — |   |   |   | 874 |   |
| Accounts payable       |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (595 | ) |   |   | (595 | ) |
| Accrued liabilities    |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (2,222 | ) |   |   | (2,222 | ) |
| Long-term debt (1)     |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (16,805 | ) |   |   | (16,805 | ) |
|                   |   | $                               | 1,819   |   |   | $ | 917 |   |   | $ | 485 |   |   | $ | (19,622 | ) |   | $ | (16,401 | ) |
|                   |   | 2015                            |    |
|------------------------|--------|---------------------------------|---------|
| Asset (liability)      |   | Financialassetsat amortizedcost |    |   | Fair valuethroughprofit or loss |   |   | Derivativesused forhedging |   |   | Financialliabilities atamortizedcost |   |   | Total |   |
| Accounts receivable    |   | $                               | 1,277   |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 1,277 |   |
| Investments            |   |                            | — |   |   |   | 974 |   |   |   | — |   |   |   | — |   |   |   | 974 |   |
| Other long-term assets |   |                            | 254     |   |   |   | 36 |   |   |   | 818 |   |   |   | — |   |   |   | 1,108 |   |
| Accounts payable       |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (571 | ) |   |   | (571 | ) |
| Accrued liabilities    |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (2,089 | ) |   |   | (2,089 | ) |
| Long-term debt (1)     |   |                            | — |   |   |   | — |   |   |   | — |   |   |   | (16,794 | ) |   |   | (16,794 | ) |
|                   |   | $                               | 1,531   |   |   | $ | 1,010 |   |   | $ | 818 |   |   | $ | (19,454 | ) |   | $ | (16,095 | ) |

| (1) | Includes the current portion of long-term debt. |
|-----|-------------------------------------------------|

|                              | 2016            |   |
|-----------------------------------|-----------------|--------|
|                              | Carrying amount |   | Fair value |   |
| Asset (liability) (1) (2)    |            |   | Level 1 |   | Level 2 |   | Level 3 |   |
| Investments (3)                   |            | $      | 913 |   |   | $ | 913 |   |   | $ | — |   |   | $ | — |   |
| Other long-term assets (4)        |            | $      | 874 |   |   | $ | — |   |   | $ | 489 |   |   | $ | 385 |   |
| Fixed rate long-term debt (5) (6) |            | $      | (12,498 | ) |   | $ | (13,217 | ) |   | $ | — |   |   | $ | — |   |
|                              | 2015            |   |
|-----------------------------------|-----------------|--------|
|                              | Carrying amount |   | Fair value |   |
| Asset (liability) (1) (2)         |            |   | Level 1 |   | Level 2 |   | Level 3 |   |
| Investments (3)                   |            | $      | 974 |   |   | $ | 974 |   |   | $ | — |   |   | $ | — |   |
| Other long-term assets (4)        |            | $      | 1,108 |   |   | $ | — |   |   | $ | 854 |   |   | $ | 254 |   |
| Fixed rate long-term debt (5) (6) |            | $      | (12,808 | ) |   | $ | (12,431 | ) |   | $ | — |   |   | $ | — |   |

| Canadian Natural Resources Limited | 34 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| (1) | Excludes financial assets and liabilities where the carrying amount approximates fair value due to the liquid nature of the asset or liability (cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | There were no transfers between Level 1, 2 and 3 financial instruments. |
|-----|-------------------------------------------------------------------------|

| (3) | The fair value of the investments are based on quoted market prices. |
|-----|----------------------------------------------------------------------|

| (4) | The fair value of Redwater Partnership subordinated debt is based on the present value of future cash receipts. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (5) | The fair value of fixed rate long-term debt has been determined based on quoted market prices. |
|-----|------------------------------------------------------------------------------------------------|

| (6) | Includes the current portion of fixed rate long-term debt. |
|-----|------------------------------------------------------------|

| Asset (liability)                         |   | 2016   |   |   | 2015   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
| Derivatives held for trading              |   |   |   |   |   |   |
| Foreign currency forward contracts        |   | $      | 10     |   |   | $      | 36 |   |
| Natural gas AECO swaps                    |   |   | (6     | )      |   |   | — |   |
| Cash flow hedges                          |   |   |   |   |   |   |   |   |
| Foreign currency forward contracts        |   |   | 16     |   |   |   | 30 |   |
| Cross currency swaps                      |   |   | 469    |   |   |   | 788 |   |
|                                      |   | $      | 489    |   |   | $      | 854 |   |
|                                      |   |   |   |   |   |   |   |   |
| Included within:                          |   |   |   |   |   |   |   |   |
| Current portion of other long-term assets |   | $      | 222    |   |   | $      | 305 |   |
| Other long-term assets                    |   |   | 267    |   |   |   | 549 |   |
|                                      |   | $      | 489    |   |   | $      | 854 |   |

| Canadian Natural Resources Limited | 35 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| Asset (liability)                                                                      |   | 2016   |   |   | 2015   |   |
|----------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Balance – beginning of year                                                      |   | $      | 854    |   |   | $      | 599 |   |
| Net change in fair value of outstanding derivative financial instrumentsrecognized in: |   |   |   |   |   |   |   |   |
| Risk management activities                                                             |   |   | (25    | )      |   |   | (374 | ) |
| Foreign exchange                                                                       |   |   | (304   | )      |   |   | 669 |   |
| Other comprehensive income (loss)                                                      |   |   | (36    | )      |   |   | (40 | ) |
| Balance – end of year                                                            |   |   | 489    |   |   |   | 854 |   |
| Less: current portion                                                                  |   |   | 222    |   |   |   | 305 |   |
|                                                                                   |   | $      | 267    |   |   | $      | 549 |   |
|                                       |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Net realized risk management loss (gain)   |   | $      | 8      |   |   | $      | (843   | )      |   | $ | (349 | ) |
| Net unrealized risk management loss (gain) |   |   | 25     |   |   |   | 374    |   |   |   | (451 | ) |
|                                       |   | $      | 33     |   |   | $      | (469   | )      |   | $ | (800 | ) |

| a) | Market risk |
|----|-------------|

|        | Remaining term | Volume  | Weighted average price | Index       |
|-------------|----------------|---------|------------------------|-------------|
| Natural Gas |           |    |                   |        |   |   |   |   |
| AECO swaps  | Jan 2017       |  - | Oct 2017               | 50,000 GJ/d |   |   | $2.80 | AECO |

| (1) | Subsequent to December 31, 2016, the Company entered into 50,000 bbl/d of US$50.00 - US$60.10 WTI collars for the period February to December 2017, and 17,500 bbl/d of US$50.00 - US$60.03 WTI collars for the period March to December 2017. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 36 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|           | Remaining term | Amount  | Exchange rate(US$/C$) | Interest rate(US$) | Interest rate(C$) |
|----------------|----------------|---------|-----------------------|--------------------|-------------------|
| Cross currency |           |    |                  |               |              |   |   |
| Swaps          | Jan 2017       | — | May 2017              | US$1,100           | 1.170             |   | 5.70 | % | 5.10 | % |
|           | Jan 2017       | — | Nov 2021              | US$500             | 1.022             |   | 3.45 | % | 3.96 | % |
|           | Jan 2017       | — | Mar 2038              | US$550             | 1.170             |   | 6.25 | % | 5.76 | % |

| Canadian Natural Resources Limited | 37 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                |   | (Increase) decrease to net loss |   |   | (Increase) decrease to other comprehensive loss |   |
|-------------------------------------|--------|---------------------------------|--------|--------|-------------------------------------------------|--------|
| Commodity price risk                |   |                            |   |   |                                            |   |
| Increase AECO $0.10/Mcf             |   | $                               | (1     | )      |                                            | $      | — |   |
| Decrease AECO $0.10/Mcf             |   | $                               | 1      |   |                                            | $      | — |   |
| Interest rate risk                  |   |                            |   |   |                                            |   |   |   |
| Increase interest rate 1%           |   | $                               | (19    | )      |                                            | $      | (27 | ) |
| Decrease interest rate 1%           |   | $                               | 19     |   |                                            | $      | 31 |   |
| Foreign currency exchange rate risk |   |                            |   |   |                                            |   |   |   |
| Increase exchange rate by US$0.01   |   | $                               | (73    | )      |                                            | $      | — |   |
| Decrease exchange rate by US$0.01   |   | $                               | 71     |   |                                            | $      | — |   |
|                |   | Less than1 year |   |   | 1 to less than2 years |   |    | 2 to less than5 years |   |   | Thereafter |   |
|---------------------|--------|-----------------|--------|--------|-----------------------|--------|---------|-----------------------|--------|--------|------------|--------|
| Accounts payable    |   | $               | 595    |   |                  | $      | — |                  |   | $      | —    |   |   | $ | — |   |
| Accrued liabilities |   | $               | 2,222  |   |                  | $      | — |                  |   | $      | —    |   |   | $ | — |   |
| Long-term debt (1)  |   | $               | 1,813  |   |                  | $      | 2,841   |                  |   | $      | 5,144      |   |   | $ | 7,072 |   |

| (1) | Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 38 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                                                              |   | 2017 |   |   | 2018   |   |   | 2019   |   |   | 2020 |   |   | 2021 |   |   | Thereafter |   |
|-----------------------------------------------------------------------------------|--------|------|--------|--------|--------|--------|--------|--------|--------|--------|------|--------|--------|------|--------|--------|------------|--------|
| Product transportation and pipeline                                               |   | $    | 441    |   |   | $      | 404    |   |   | $      | 306  |   |   | $    | 300    |   |       | $      | 258 |   |   | $ | 2,337 |   |
| Offshore equipment operating leases     and offshore drilling |   | $    | 166    |   |   | $      | 105    |   |   | $      | 59   |   |   | $    | 34     |   |       | $      | 33 |   |   | $ | 9 |   |
| Office leases                                                                     |   | $    | 44     |   |   | $      | 43     |   |   | $      | 43   |   |   | $    | 43     |   |       | $      | 40 |   |   | $ | 154 |   |
| Other                                                                             |   | $    | 53     |   |   | $      | 2      |   |   | $      | 2    |   |   | $    | 2      |   |       | $      | 2 |   |   | $ | 35 |   |
|                                    |   | 2016   |    |   | 2015   |   |   | 2014   |   |
|-----------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Changes in non-cash working capital     |   |   |    |   |   |   |   |   |   |
| Accounts receivable                     |   | $      | (142    | )      |   | $      | 615    |   |   | $ | (456 | ) |
| Current income tax assets               |   |   | (165    | )      |   |   | (447   | )      |   |   | (586 | ) |
| Inventory                               |   |   | (79     | )      |   |   | 142    |   |   |   | (31 | ) |
| Prepaids and other                      |   |   | 14      |   |   |   | 11     |   |   |   | (30 | ) |
| Accounts payable                        |   |   | 31      |   |   |   | 7      |   |   |   | (70 | ) |
| Accrued liabilities                     |   |   | (116    | )      |   |   | (981   | )      |   |   | 741 |   |
| Net changes in non-cash working capital |   | $      | (457    | )      |   | $      | (653   | )      |   | $ | (432 | ) |
| Relating to:                            |   |   |    |   |   |   |   |   |   |   |   |   |
| Operating activities                    |   | $      | (542    | )      |   | $      | 239    |   |   | $ | (744 | ) |
| Financing activities                    |   |   | — |   |   |   | (40    | )      |   |   | (22 | ) |
| Investing activities                    |   |   | 85      |   |   |   | (852   | )      |   |   | 334 |   |
|                                    |   | $      | (457    | )      |   | $      | (653   | )      |   | $ | (432 | ) |
|                                                             |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Expenditures on exploration and evaluation assets                |   | $      | 29     |   |   | $      | 180    |   |   | $ | 1,190 |   |
| Net proceeds on sale of exploration and evaluation assets (1)    |   |   | (35    | )      |   |   | (416   | )      |   |   | — |   |
| Net (proceeds) expenditures on exploration and evaluation assets |   | $      | (6     | )      |   | $      | (236   | )      |   | $ | 1,190 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenditures on property, plant and equipment                    |   | $      | 4,152  |   |   | $      | 5,118  |   |   | $ | 10,252 |   |
| Net proceeds on sale of property, plant and equipment (1) (2)    |   |   | (349   | )      |   |   | (414   | )      |   |   | (44 | ) |
| Net expenditures on property, plant and equipment                |   | $      | 3,803  |   |   | $      | 4,704  |   |   | $ | 10,208 |   |

| (1) | Net proceeds on exploration and evaluation assets and net expenditures on property, plant and equipment in 2015 exclude non-cash share consideration of $985 million received from PrairieSky on the disposition of royalty income assets. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net expenditures on property, plant and equipment in 2016 exclude non-cash share consideration of $190 million received from Inter Pipeline on the disposition of the Company's interest in the Cold Lake Pipeline. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 39 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                                                          |   | North America |   |   | North Sea |   |   | Offshore Africa |   |
|-------------------------------------------------------------------------------|--------|---------------|--------|--------|-----------|--------|--------|-----------------|--------|
|                                                                          |   | 2016          |   |   | 2015      |   |   | 2014            |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |
| Segmented product sales                                                       |   | $             | 7,209  |   |      | $      | 9,222  |            |   | $ | 15,963 |   |   | $ | 570 |   |   | $ | 638 |   |   | $ | 701 |   |   | $ | 603 |   |   | $ | 482 |   |   | $ | 503 |   |
| Less: royalties                                                               |   |          | (524   | )      |      |   | (732   | )               |   |   | (2,159 | ) |   |   | (1 | ) |   |   | (1 | ) |   |   | (2 | ) |   |   | (26 | ) |   |   | (22 | ) |   |   | (43 | ) |
| Segmented revenue                                                             |   |          | 6,685  |   |      |   | 8,490  |            |   |   | 13,804 |   |   |   | 569 |   |   |   | 637 |   |   |   | 699 |   |   |   | 577 |   |   |   | 460 |   |   |   | 460 |   |
| Segmented expenses                                                            |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Production                                                                    |   |          | 2,186  |   |      |   | 2,603  |            |   |   | 2,924 |   |   |   | 403 |   |   |   | 544 |   |   |   | 496 |   |   |   | 200 |   |   |   | 223 |   |   |   | 212 |   |
| Transportation and blending                                                   |   |          | 1,941  |   |      |   | 2,309  |            |   |   | 3,228 |   |   |   | 48 |   |   |   | 61 |   |   |   | 5 |   |   |   | 2 |   |   |   | 2 |   |   |   | 1 |   |
| Depletion, depreciation andamortization                                       |   |          | 3,465  |   |      |   | 4,248  |            |   |   | 3,901 |   |   |   | 458 |   |   |   | 388 |   |   |   | 269 |   |   |   | 262 |   |   |   | 273 |   |   |   | 105 |   |
| Asset retirement obligation accretion                                         |   |          | 66     |   |      |   | 93     |            |   |   | 98 |   |   |   | 35 |   |   |   | 39 |   |   |   | 38 |   |   |   | 12 |   |   |   | 10 |   |   |   | 10 |   |
| Realized risk management activities                                           |   |          | 8      |   |      |   | (843   | )               |   |   | (349 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Gain on disposition of properties and corporate acquisitions and dispositions |   |          | (32    | )      |      |   | (739   | )               |   |   | (137 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| (Gain) loss from investments                                                  |   |          | (320   | )      |      |   | 6      |            |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Total segmented expenses                                                      |   |          | 7,314  |   |      |   | 7,677  |            |   |   | 9,665 |   |   |   | 944 |   |   |   | 1,032 |   |   |   | 808 |   |   |   | 476 |   |   |   | 508 |   |   |   | 328 |   |
| Segmented earnings (loss) before the following                                |   | $             | (629   | )      |      | $      | 813    |            |   | $ | 4,139 |   |   | $ | (375 | ) |   | $ | (395 | ) |   | $ | (109 | ) |   | $ | 101 |   |   | $ | (48 | ) |   | $ | 132 |   |
| Non–segmented expenses                                                  |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Administration                                                                |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share-based compensation                                                      |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest and other financingexpense                                           |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized risk managementactivities                                          |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign exchange (gain) loss                                                  |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non–segmented expenses                                            |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) before taxes                                                  |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current income tax (recovery) expense                                         |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred income tax (recovery) expense                                        |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                                           |   |          |   |   |      |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Canadian Natural Resources Limited | 40 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

| Oil Sands Mining and Upgrading |    |   | Midstream |   |    | Inter–segmentelimination and other |   |   | Total   |   |
|--------------------------------|---------|--------|-----------|--------|---------|------------------------------------------|--------|--------|---------|--------|
| 2016                           |    |   | 2015      |   |    | 2014                                     |   |   | 2016    |   |   | 2015 |   |   | 2014 |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |
| $                              | 2,657   |   |      | $      | 2,764   |                                     |   | $      | 4,095   |   |   | $ | 114 |   |   | $ | 136 |   |   | $ | 120 |   |   | $ | (55 | ) |   | $ | (75 | ) |   | $ | (81 | ) |   | $ | 11,098 |   |   | $ | 13,167 |   |   | $ | 21,301 |   |
|                           | (24     | )      |      |   | (49     | )                                        |   |   | (234    | )      |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (575 | ) |   |   | (804 | ) |   |   | (2,438 | ) |
|                           | 2,633   |   |      |   | 2,715   |                                     |   |   | 3,861   |   |   |   | 114 |   |   |   | 136 |   |   |   | 120 |   |   |   | (55 | ) |   |   | (75 | ) |   |   | (81 | ) |   |   | 10,523 |   |   |   | 12,363 |   |   |   | 18,863 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           | 1,292   |   |      |   | 1,332   |                                     |   |   | 1,609   |   |   |   | 25 |   |   |   | 32 |   |   |   | 34 |   |   |   | (7 | ) |   |   | (8 | ) |   |   | (10 | ) |   |   | 4,099 |   |   |   | 4,726 |   |   |   | 5,265 |   |
|                           | 80      |   |      |   | 82      |                                     |   |   | 75      |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (68 | ) |   |   | (75 | ) |   |   | (77 | ) |   |   | 2,003 |   |   |   | 2,379 |   |   |   | 3,232 |   |
|                           | 662     |   |      |   | 562     |                                     |   |   | 596     |   |   |   | 11 |   |   |   | 12 |   |   |   | 9 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,858 |   |   |   | 5,483 |   |   |   | 4,880 |   |
|                           | 29      |   |      |   | 31      |                                     |   |   | 47      |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 142 |   |   |   | 173 |   |   |   | 193 |   |
|                           | — |   |      |   | — |                                     |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 8 |   |   |   | (843 | ) |   |   | (349 | ) |
|                           | — |   |      |   | — |                                     |   |   | — |   |   |   | (218 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (250 | ) |   |   | (739 | ) |   |   | (137 | ) |
|                           | — |   |      |   | — |                                     |   |   | — |   |   |   | (7 | ) |   |   | 44 |   |   |   | 8 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (327 | ) |   |   | 50 |   |   |   | 8 |   |
|                           | 2,063   |   |      |   | 2,007   |                                     |   |   | 2,327   |   |   |   | (189 | ) |   |   | 88 |   |   |   | 51 |   |   |   | (75 | ) |   |   | (83 | ) |   |   | (87 | ) |   |   | 10,533 |   |   |   | 11,229 |   |   |   | 13,092 |   |
| $                              | 570     |   |      | $      | 708     |                                     |   | $      | 1,534   |   |   | $ | 303 |   |   | $ | 48 |   |   | $ | 69 |   |   | $ | 20 |   |   | $ | 8 |   |   | $ | 6 |   |   |   | (10 | ) |   |   | 1,134 |   |   |   | 5,771 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 345 |   |   |   | 390 |   |   |   | 367 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 355 |   |   |   | (46 | ) |   |   | 66 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 383 |   |   |   | 322 |   |   |   | 323 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 25 |   |   |   | 374 |   |   |   | (451 | ) |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (55 | ) |   |   | 761 |   |   |   | 303 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,053 |   |   |   | 1,801 |   |   |   | 608 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,063 | ) |   |   | (667 | ) |   |   | 5,163 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (618 | ) |   |   | (261 | ) |   |   | 427 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (241 | ) |   |   | 231 |   |   |   | 807 |   |
|                           |    |   |      |   |    |                                     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (204 | ) |   | $ | (637 | ) |   | $ | 3,929 |   |

| Canadian Natural Resources Limited | 41 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|                                           |   | 2016                       |    |   | 2015                               |   |
|------------------------------------------------|--------|----------------------------|---------|--------|------------------------------------|--------|
|                                           |   | Netexpenditures (proceeds) |    |   | Non-cashand fair value changes (2) |   |   | Capitalizedcosts |   |   | Netexpenditures (proceeds) (3) |   |   | Non-cashand fair value changes (2) |   |   | Capitalizedcosts |   |
|                                           |   |                       |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration andevaluation assets               |   |                       |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration and   Production         |   |                            |    |   |                                    |   |   |  |   |   |  |   |   |  |   |   |  |   |
| North America (4) (5)                          |   | $                          | 17      |   |                               | $      | (211 | ) |   | $ | (194 | ) |   | $ | (260 | ) |   | $ | (666 | ) |   | $ | (926 | ) |
| North Sea                                      |   |                       | — |   |                               |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Offshore Africa                                |   |                       | 9       |   |                               |   | (18 | ) |   |   | (9 | ) |   |   | 35 |   |   |   | (96 | ) |   |   | (61 | ) |
|                                           |   | $                          | 26      |   |                               | $      | (229 | ) |   | $ | (203 | ) |   | $ | (225 | ) |   | $ | (762 | ) |   | $ | (987 | ) |
|                                           |   |                       |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and   equipment      |   |                       |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration and   Production         |   |                       |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| North America (5)                              |   | $                          | 1,143   |   |                               | $      | (36 | ) |   | $ | 1,107 |   |   | $ | 1,171 |   |   | $ | (1,237 | ) |   | $ | (66 | ) |
| North Sea                                      |   |                       | 126     |   |                               |   | 60 |   |   |   | 186 |   |   |   | 230 |   |   |   | (217 | ) |   |   | 13 |   |
| Offshore Africa                                |   |                       | 142     |   |                               |   | (26 | ) |   |   | 116 |   |   |   | 573 |   |   |   | (49 | ) |   |   | 524 |   |
|                                           |   |                       | 1,411   |   |                               |   | (2 | ) |   |   | 1,409 |   |   |   | 1,974 |   |   |   | (1,503 | ) |   |   | 471 |   |
| Oil Sands Mining and   Upgrading (6) |   |                       | 2,718   |   |                               |   | (23 | ) |   |   | 2,695 |   |   |   | 2,730 |   |   |   | (335 | ) |   |   | 2,395 |   |
| Midstream (7)                                  |   |                       | (315    | )      |                               |   | (28 | ) |   |   | (343 | ) |   |   | 8 |   |   |   | (1 | ) |   |   | 7 |   |
| Head office                                    |   |                       | 17      |   |                               |   | — |   |   |   | 17 |   |   |   | 26 |   |   |   | — |   |   |   | 26 |   |
|                                           |   | $                          | 3,831   |   |                               | $      | (53 | ) |   | $ | 3,778 |   |   | $ | 4,738 |   |   | $ | (1,839 | ) |   | $ | 2,899 |   |

| (1) | This table provides a reconciliation of capitalized costs including derecognitions and does not include the impact of foreign exchange adjustments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Asset retirement obligations, deferred income tax adjustments related to differences between carrying amounts and tax values, transfers of exploration and evaluation assets, transfers of property, plant and equipment to inventory due to change in use, and other fair value adjustments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net expenditures (proceeds) in 2015 do not include non-cash share consideration of $985 million received from PrairieSky on the disposition of royalty income assets. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The above noted figures for 2016 do not include the impact of a pre-tax cash gain of $32 million on the disposition of exploration and evaluation assets. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The above noted figures for 2015 do not include the impact of other pre-tax gains on the sale of other properties totaling $49 million recognized in 2015. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Net expenditures for Oil Sands Mining and Upgrading also include capitalized interest and share-based compensation. |
|-----|---------------------------------------------------------------------------------------------------------------------|

| (7) | The above noted figures for 2016 do not include a pre-tax cash and non-cash gain of $218 million on the disposition of certain Midstream assets to Inter Pipeline. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | 2016   |   |   | 2015   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|
| Exploration and Production     |   |   |   |   |   |   |
| North America                  |   | $      | 28,892 |   |   | $      | 30,937 |   |
| North Sea                      |   |   | 2,269  |   |   |   | 2,734 |   |
| Offshore Africa                |   |   | 1,580  |   |   |   | 1,755 |   |
| Other                          |   |   | 29     |   |   |   | 73 |   |
| Oil Sands Mining and Upgrading |   |   | 24,852 |   |   |   | 22,598 |   |
| Midstream                      |   |   | 912    |   |   |   | 1,054 |   |
| Head office                    |   |   | 114    |   |   |   | 124 |   |
|                           |   | $      | 58,648 |   |   | $      | 59,275 |   |

| Canadian Natural Resources Limited | 42 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

----

|        |   | 2016 |   |   | 2015   |   |   | 2014   |   |
|-------------|--------|------|--------|--------|--------|--------|--------|--------|--------|
| Fees earned |   | $    | 2      |   |   | $      | 2      |   |   | $ | 3 |   |
|                             |   | 2016   |   |   | 2015   |   |   | 2014   |   |
|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Salary                           |   | $      | 3      |   |   | $      | 3      |   |   | $ | 3 |   |
| Common stock option based awards |   |   | 9      |   |   |   | 7      |   |   |   | 8 |   |
| Annual incentive plans           |   |   | 5      |   |   |   | 2      |   |   |   | 4 |   |
| Long-term incentive plans        |   |   | 15     |   |   |   | 6      |   |   |   | 17 |   |
|                             |   | $      | 32     |   |   | $      | 18     |   |   | $ | 32 |   |

| (1) | Senior management identified above are consistent with the disclosure on Named Executive Officers provided in the Company’s Information Circular to shareholders for the respective years. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Canadian Natural Resources Limited | 43 | Year Ended December 31, 2016 |
|------------------------------------|----|------------------------------|

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|   | CANADIAN NATURAL RESOURCES LIMITED |                |
|--------|------------------------------------|---------------------|
|   |                               |                |   |
|   | By:                                | /s/ Steve W. Laut   |   |
|   |                               | Name: Steve W. Laut |   |
|   |                               | Title: President    |   |
|   |                               |                |   |

----

| Exhibit No. | Description                                                                                                                             |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                               |
| 23.1        | Consent of PricewaterhouseCoopers LLP, Chartered Professional Accountants.                                                              |
|        |                                                                                                                                    |
| 23.2*       | Consent of Sproule Associates Limited, Independent Petroleum Engineering Consultants.                                         |
|        |                                                                                                                                    |
| 23.3*       | Consent of Sproule International Limited, Independent Petroleum Engineering Consultants.                                 |
|        |                                                                                                                                    |
| 23.4*       | Consent of GLJ Petroleum Consultants Ltd., Independent Petroleum Engineering Consultants.                                |
|        |                                                                                                                                    |
| 31.1   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.                |
|        |                                                                                                                                    |
| 31.2   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.                |
|        |                                                                                                                                    |
| 32.1   | Certification of Chief Executive Officer pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). |
|        |                                                                                                                                    |
| 32.2   | Certification of Chief Financial Officer pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). |
|        |                                                                                                                                    |
| 99.1*       | Supplementary Oil & Gas Information for the fiscal year ended December 31, 2016.                                          |

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