# EDGAR Filing Document

**Accession Number:** 0001017413
**File Stem:** 0001104659-25-085643
**Filing Date:** 2025-8
**Character Count:** 148894
**Document Hash:** b797bb063f6d0080d97c6a62effc5d82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085643.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085643

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN NATURAL RESOURCES LTD
- **CENTRAL INDEX KEY:** 0001017413
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-12138
- **FILM NUMBER:** 251280760

**BUSINESS ADDRESS:**
- **STREET 1:** 2100, 855-2 STREET SW
- **CITY:** CALGARY ALBERTA CANADA
- **STATE:** A0
- **ZIP:** T2P 4J8
- **BUSINESS PHONE:** 403-517-6700

**MAIL ADDRESS:**
- **STREET 1:** 2100, 855-2 STREET SW
- **CITY:** CALGARY ALBERTA CANADA
- **STATE:** A0
- **ZIP:** T2P 4J8

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**Pursuant to Rule 13a-16 or 15d-16 of the**

**Securities Exchange Act of 1934**

Dated: August 29, 2025

Commission File Number: 333-12138

**CANADIAN NATURAL RESOURCES LIMITED**

(Exact name of registrant as specified in its charter)

Suite 2100, 855 – 2nd Street S. W., Calgary, Alberta T2P 4J8

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

<u>Exhibit <br> Number</u> <u>Description</u> <br>[99.1](tm2521658d5_ex99-1.htm) [Dealer agreement by and among Canadian Natural Resources Limited and the Dealers named therein](tm2521658d5_ex99-1.htm)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Canadian Natural Resources Limited** | **Canadian Natural Resources Limited** |
|  | (Registrant) | (Registrant) |
| Date: August 29, 2025 | By: | /s/ Stephanie A. Graham |
|  |  | Stephanie A. Graham |
|  |  | Corporate Secretary & Associate General Counsel (Canada) |

---

## Exhibit 99.1

**Exhibit 99.1**

August 28, 2025

Canadian Natural Resources Limited

2100, 855 – 2<sup>nd</sup> Street S.W.

Calgary, AB T2P 4J8

---

| | |
|:---|:---|
| **Attention:** | **Victor C. Darel** |
|  | **Chief Financial Officer** |

---

Dear Sir:

We understand that Canadian Natural Resources Limited ("**Canadian Natural**") proposes to issue and sell from time to time in all of the provinces of Canada (the "**Selling Provinces**") and in such other jurisdictions as Canadian Natural may determine from time to time, including in the United States as contemplated by Schedule E (collectively with the Selling Provinces, the "**Jurisdictions**"), unsecured medium term notes (the "**Medium Term Notes**"), as described in the English and French language versions of Canadian Natural's short form base shelf prospectus dated August 28, 2025, as amended or supplemented from time to time.

Subject to the terms and conditions contained herein, including the attached schedules, Canadian Natural hereby appoints, severally, ATB Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., MUFG Securities (Canada), Ltd., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., SMBC Nikko Securities Canada, Ltd., and TD Securities Inc. and such other investment dealer or dealers as Canadian Natural may from time to time appoint as hereinafter provided (collectively, the "**Dealers**" and individually, a "**Dealer**") as its exclusive agents (subject to Canadian Natural's rights to sell Medium Term Notes and to appoint additional agents as provided hereunder) to solicit, from time to time, offers to purchase Medium Term Notes, such solicitations to be made directly or through other investment dealers approved in writing by Canadian Natural (together with the Dealers, referred to herein as the "**Selling Firms**") and in the Jurisdictions only, and the Dealers hereby severally accept the appointment. Canadian Natural may appoint additional agents hereunder by delivering to the then existing Dealers a copy of this Agreement or an addendum hereto signed by each such additional agent, whereupon each such additional agent shall become one of the Dealers hereunder unless one or more of the existing Dealers is reasonably of the view that the new agent would not be able to fulfill its responsibilities under this Agreement and so notifies Canadian Natural within ten days of receipt of the foregoing copy of this Agreement. The agency sales will be subject to acceptance by Canadian Natural of all offers to purchase Medium Term Notes and to the requirements of any applicable Securities Laws (as defined below) or any other applicable laws.

A Dealer, either alone or severally, and not jointly, with one or more of the other Dealers, may from time to time purchase, as principal for resale to the public at prices to be negotiated with each purchaser, in the Jurisdictions only, Medium Term Notes from Canadian Natural at prices and commissions, if any, as may from time to time be agreed upon between Canadian Natural and the Dealer or Dealers.

Canadian Natural and the Dealers shall follow the Operating Procedures (as defined below) with respect to the sale of the Medium Term Notes.

Canadian Natural may also, from time to time, offer the Medium Term Notes directly to the public at prices and upon terms agreed to by Canadian Natural and the purchaser of the Medium Term Notes (or any agent or investment dealer acting on behalf of the purchaser), provided that Canadian Natural may not so offer the Medium Term Notes: (a) on a date Canadian Natural requests the Dealers to solicit offers to purchase Medium Term Notes; or (b) during any period commencing on the date on which a Dealer, either alone or together with one or more of the other Dealers, has agreed to purchase Medium Term Notes as principal for resale, and ending, unless otherwise agreed with the Dealer or Dealers, on the date on which all agreements relating to sales of such Medium Term Notes by or through the Dealers are binding on the public purchasers of Medium Term Notes. No commission shall be payable to the Dealers for sales made directly by Canadian Natural.

For each Medium Term Note sold under this Agreement by one or more of the Dealers acting as agent or agents of Canadian Natural, Canadian Natural shall pay, to the Dealer or Dealers making such sale, a commission as determined in accordance with Part I of Schedule A hereto, unless otherwise agreed by such Dealer or Dealers and Canadian Natural. For each Medium Term Note sold to one or more of the Dealers as principal, Canadian Natural shall pay, to the Dealer or Dealers purchasing such Medium Term Note, a commission as determined in accordance with Part II of Schedule A hereto, unless otherwise agreed by such Dealer or Dealers and Canadian Natural. The commission in respect of any particular Medium Term Note shall be payable in the same currency as the principal of the Medium Term Note.

**1.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement** "
 means this agreement as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Annual Information Form**" means, at any time, the annual information form of Canadian Natural
 incorporated or deemed to be incorporated by reference in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Anti-Money Laundering Laws**" has the meaning given to such term in Section 7(b)(xxviii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Canadian Natural**" has the meaning given to such term in the first paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Canadian Natural's Counsel**" means Bennett Jones LLP or such other legal counsel acceptable
 to Canadian Natural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Canadian Natural Upgrading Limited**" means Canadian Natural Upgrading Limited, a corporation
 existing pursuant to the laws of the province of Alberta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**CFPOA** "
 has the meaning given to such term in Section 7(b)(xxvi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Consolidated Net Tangible Assets**" means the total amount of assets of any person on a consolidated
 basis (less applicable reserves and other properly deductible items) after deducting therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 current liabilities (excluding any indebtedness classified as a current liability and any
 current liabilities, in each case which are by their terms extendible or renewable at the
 option of the obligor thereon, in each case to a time more than 12 months after the time
 as of which the amount thereof is being computed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 goodwill, trade names, trademarks, patents and other like intangibles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) non-controlling
 interests in subsidiaries as defined under GAAP;

in each case, as shown on the most recent annual audited or quarterly unaudited consolidated balance sheet of such person computed in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**DBRS** "
 means Morningstar DBRS, a division of DBRS Limited, and any successors thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Dealers** "
 has the meaning given to such term in the second paragraph of this Agreement, and "**Dealer** "
 means any one of the Dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Dealers' Counsel**" means Norton Rose Fulbright Canada LLP or such other legal counsel acceptable
 to the Dealers and Canadian Natural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Distribution** "
 and "**Distribution to the Public**" have the meanings attributed thereto
 under applicable Securities Laws, and "**Distribute**" means to effect a Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Engineering Reports**" means, collectively, the independent petroleum engineering evaluations
 of Canadian Natural's oil and natural gas interests with an effective date of December 31,
 2024, by each of Sproule and GLJ (as the same may be updated or superseded from time to time)
 and includes any other engineering evaluations or reports prepared by any other Independent
 Engineering Consultant and referred to in the Prospectus or the documents or information
 incorporated or deemed to be incorporated by reference in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Exchange** "
 means the Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**FCPA** "
 has the meaning given to such term in Section 7(b)(xxvi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Financial Statements**" means, collectively, at any time, the audited annual comparative consolidated
 financial statements of Canadian Natural, together with the notes thereto and the auditors'
 report thereon, and the unaudited interim comparative consolidated financial statements of
 Canadian Natural together with the notes thereto incorporated or deemed to be incorporated
 by reference in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Fitch**" means Fitch Ratings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**GAAP** "
 means generally accepted accounting principles which are in effect from time to time in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Governmental Authority**" means any government, regulatory authority, governmental department,
 agency, commission, bureau, official, minister, Crown corporation, court, body, board, tribunal
 or dispute settlement panel or other law-making organization or entity: (i) having or
 purporting to have jurisdiction on behalf of any nation, province, territory or state or
 any other geographic or political subdivision of any of them; or (ii) exercising, or
 entitled or purporting to exercise, any administrative, executive, judicial, legislative,
 policy, regulatory or taxing authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**GLJ** "
 means GLJ Ltd., independent petroleum consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Independent Engineering Consultant**" means any petroleum engineering consultant which produces
 delivers a Report on Reserves Data to Canadian Natural pursuant to NI 51-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Jurisdictions** "
 has the meaning given to such term in the first paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**limited-use version**" has the meaning ascribed thereto under NI 41-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Marketing Documents**" means collectively all: (i) Standard Term Sheets; and (ii) Marketing
 Materials in either or both the English and French languages (including any Template Version,
 revised Template Version or limited-use version thereof), and in either case provided to
 a potential investor in connection with a Distribution of Medium Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Marketing Materials**" has the meaning ascribed to the term "marketing materials"
 set forth in NI 41-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**material** "
 or "**materially** ", when used in relation to Canadian Natural, means material
 in relation to Canadian Natural and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**material change** ", "**material fact**" and "**misrepresentation** "
 have the meanings attributed thereto under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Material Subsidiaries**" means a Subsidiary whereby the total assets of such Subsidiary (excluding
 inter-corporate amounts) exceed 10% of Consolidated Net Tangible Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Medium Term Notes**" has the meaning given to such term in the first paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Moody's** "
 means Moody's Investors Service, Inc., and any successor thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements* adopted by the Securities Commissions, as amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**NI 44-102**" mean National Instrument 44-102 – *Shelf Distributions* adopted
 by the Securities Commissions, as amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**NI 51-101**" means National Instrument 51-101 – *Standards of Disclosure for Oil and Gas Activities*, as amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**No Trade Period**" has the meaning attributed thereto in Section 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**OFAC** "
 has the meaning given to such term in Section 7(b)(xxvii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Operating Procedures**" means the procedures for the sale of Medium Term Notes on an agency
 basis as described in Schedule B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Person** "
 includes any individual, partnership, limited partnership, limited liability company, joint
 venture, syndicate, sole proprietorship, company or corporation with or without share capital,
 unincorporated association, trust, trustee, executor, administrator or other legal representative,
 or Governmental Authority, however designated or constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Policy** "
 means, collectively, NI 44-102, Companion Policy 44-102CP of the Canadian Securities Administrators
 as it may be amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Pricing Supplement**" means a pricing supplement in either or both the English and French
 languages incorporated by reference into the Prospectus for purposes of a Distribution of
 the Medium Term Notes, as contemplated by the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Principal Indenture**" means the trust indenture dated as of August 1, 2003, as the same
 has been and may be amended or supplemented from time to time, including as amended by a
 supplemental indenture dated October 28, 2011 between Canadian Natural and Computershare
 Trust Company of Canada, as trustee, providing for the issue of Debt Securities (as defined
 in the Principal Indenture) of Canadian Natural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Prospectus** "
 means the short form base shelf prospectus of Canadian Natural dated August 28, 2025
 relating to the Distribution of the Medium Term Notes, in both the English and French languages,
 including the documents or information incorporated or deemed to be incorporated therein
 by reference, as supplemented or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Prospectus Amendment**" means an amendment to the Prospectus, in both the English and French
 languages unless the context indicates otherwise and includes an amendment by way of a material
 change report as contemplated by the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Prospectus Supplement**" means a shelf prospectus supplement, in either or both the English
 and French languages, incorporated or deemed to be incorporated by reference in the Prospectus
 for purposes of a Distribution of the Medium Term Notes, as contemplated by the Policy, which
 term shall, as applicable, include a Pricing Supplement and which shall include any Marketing
 Materials included or incorporated or deemed to have been incorporated by reference into
 such Prospectus Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Provide** "
 in the context of sending or making available Marketing Materials to a potential investor
 of Medium Term Notes has the meaning ascribed to the term "provide" under Securities
 Laws, whether in the context of a "road show" (as defined in NI 41-101) or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Public Record**" means all information filed by Canadian Natural with any Securities Commission
 on or after January 1, 2024, including, without limitation, the Prospectus and any other
 information filed with any Securities Commission in compliance with, or intended compliance
 with, any applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Rating Agency**" means each of DBRS, Moody's and Fitch and, if a rating is solicited by
 Canadian Natural in respect of the Medium Term Notes from an additional "designated
 rating organization" (as defined in NI 44-101) other than DBRS, Moody's and Fitch, also
 such additional designated rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Securities Commissions**" means the securities commission or the securities regulatory authority
 in each of the Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Securities Laws**" means the securities acts or similar statutes of each of the Jurisdictions
 and all published instruments, rules, regulations, policy statements, notices, blanket orders
 and rulings of the Securities Commissions thereunder, and exemptive orders applicable to
 Canadian Natural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**SEDAR+** "
 means the System for Electronic Data Analysis and Retrieval +;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Selling Firms**" has the meaning given to such term in the second paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Selling Provinces**" has the meaning given to such term in the first paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Shelf Procedures**" means the rules and procedures established pursuant to (i) the
 Policy and (ii) and Alberta Securities Commission Blanket Order 44-501 – *Exemptions for Well-Known Seasoned Issuers*, as varied or amended from time to time, and equivalent
 blanket orders issued by the other Securities Commissions, as the same may be varied or amended
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Sproule** "
 means Sproule International Limited, independent petroleum engineering consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Standard Term Sheet**" has the meaning ascribed to the term "standard term sheet"
 under NI 41-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Subsidiary** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 person of which another person alone or in conjunction with its other Subsidiaries owns an
 aggregate number of Voting Shares sufficient to enable the election of a majority of the
 directors (or other persons performing similar functions) regardless of the manner in which
 other Voting Shares are voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 person of which another person alone or in conjunction with its other Subsidiaries has, through
 the operation of any agreement or otherwise, the ability to elect or cause the election of
 a majority of the directors (or other persons performing similar functions) or otherwise
 exercise control over the management and policies of such person;

and shall include any person in like relation to a Subsidiary and, in relation to Canadian Natural, includes, for greater certainty, each Material Subsidiary and, references herein to Subsidiary, unless otherwise specifically indicated herein, shall be references to a Subsidiary of Canadian Natural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Supplemental Indenture**" means a supplemental trust indenture to the Principal Indenture providing
 for the issue of series of Medium Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Template Version**" has the meaning ascribed to the term "template version" under
 NI 41-101 and includes any revised template version of Marketing Materials as contemplated
 by NI 41-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**to the knowledge of Canadian Natural**" means information to the actual knowledge of
 Victor Darel, Chief Financial Officer of Canadian Natural and Brenda Balog, Vice-President,
 Legal and General Counsel of Canadian Natural, after due and reasonable inquiry where required,
 and does not include the knowledge or awareness of any other individual or any other constructive,
 implied or imputed knowledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Underwriting Addendum**" means an addendum to this Agreement substantially in the form of Schedule
 C hereto, evidencing the agreement between Canadian Natural and a Dealer or Dealers relating
 to a particular purchase of Medium Term Notes by such Dealer or Dealers as principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**United States**" or "**U.S.**" means the United States of America, its territories
 and possessions, any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Securities Laws**" means all of the applicable federal securities laws and regulations
 of the United States, including, without limitation, the United States *Securities Act of 1933*, as amended and United States *Securities Exchange Act of 1934*, as amended;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Voting Shares**" means shares of capital stock of any class of a corporation and other interests
 of any other persons having under all circumstances the right to vote for the election of
 the directors of such corporation or other person or in the case of any person which is not
 a corporation, persons having similar powers or (if there are no such persons) income or
 capital interests (however called), provided that, for the purpose of this definition, shares
 which only carry the right to vote conditionally on the happening of an event shall not be
 considered Voting Shares whether or not such event shall have happened.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SCHEDULES** |  |
| &nbsp;&nbsp;Schedule A | &nbsp;&nbsp;Commission Rates |
| &nbsp;&nbsp;Schedule B | &nbsp;&nbsp;Operating Procedures |
| &nbsp;&nbsp;Schedule C | &nbsp;&nbsp;Underwriting Addendum |
| &nbsp;&nbsp;Schedule D | &nbsp;&nbsp;Due Diligence Review Process for the Medium Term Note Program |
| &nbsp;&nbsp;Schedule E | &nbsp;&nbsp;U.S. Selling Restrictions |

---

Capitalized terms in each Schedule not otherwise defined have the meaning of such term in the Agreement.

**2.** **TERMS OF MEDIUM TERM NOTES** 

The Medium Term Notes will be issued pursuant to the Principal Indenture and shall, in all material respects, have the attributes and characteristics described in the Prospectus. All terms and conditions of each Medium Term Note issued by Canadian Natural from time to time will be determined by Canadian Natural in its sole discretion. These terms and conditions shall include, without limiting the generality of the foregoing, the maturities of the Medium Term Notes, the interest rate and interest payment dates for the Medium Term Notes and the issue price of the Medium Term Notes (at par, at a premium or at a discount).

**3.** **FILING OF PROSPECTUS DOCUMENTS AND MARKETING MATERIALS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Canadian
 Natural will as soon as possible fulfill and will continue to fulfill during the term of
 this Agreement, all legal requirements to be fulfilled by Canadian Natural (including, without
 limitation, from time to time, any filings, proceedings and legal requirements set forth
 in the Shelf Procedures) to enable the Medium Term Notes to be continuously offered for sale
 and sold to the public in each of the Selling Provinces under the Shelf Procedures in compliance
 with applicable Securities Laws by or through investment dealers and brokers who comply with
 applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of subsection 3(a), Canadian Natural shall prepare and approve
 in writing any Marketing Materials proposed to be Provided by the Dealers to any potential
 investor of Medium Term Notes, such Marketing Materials to comply with applicable Securities
 Laws and to be acceptable in form and substance to the Dealers and Dealers' Counsel,
 acting reasonably, and approved in writing on behalf of the Dealers as contemplated by applicable
 Securities Laws, and, if required under applicable Securities Laws, Canadian Natural shall
 file a Template Version and any revised Template Version of such Marketing Materials, as
 applicable, on SEDAR+ on or before the day that the Marketing Materials are first Provided
 to any potential investor. Any comparables (as defined in NI 41-101) shall be removed from
 the Template Version or any revised Template Version in accordance with NI 44-102 prior to
 filing such on SEDAR+. Canadian Natural covenants and agrees with the Dealers not to provide
 any Marketing Materials directly to any potential investor of Medium Term Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent that in so fulfilling such legal requirements as referred to in subsection 3(a) and
 3(b), the filings or proceedings referred to in subsection 3(a) and 3(b) result
 in the Dealers assuming additional liability, Canadian Natural shall consult with the Dealers
 as to such filings and proceedings it proposes to effect, provided that there shall be no
 obligation of Canadian Natural to consult with the Dealers in respect of documents filed
 as part of its continuous disclosure obligations.

**4.** **DISTRIBUTION OF THE MEDIUM TERM NOTES** 

The Dealers shall, on such dates as Canadian Natural has notified the Dealers in accordance with the Operating Procedures that it requires funds, use their best efforts to solicit offers to purchase the Medium Term Notes from, and sell the Medium Term Notes to, members of the public in the Selling Provinces, directly and through other Selling Firms, only as permitted by and in compliance with applicable Securities Laws, upon the terms and conditions set forth in the Prospectus and in this Agreement. If one or more of the Dealers agrees to purchase the Medium Term Notes in accordance with the Operating Procedures, they may sell Medium Term Notes to members of the public in the Selling Provinces, directly and through other Selling Firms. The Dealers may solicit offers to purchase or sell Medium Term Notes in the United States subject to the provisions of subsection 7(c) and Schedule E. Subject to obtaining the prior agreement of Canadian Natural, the Dealers may solicit offers to purchase or sell Medium Term Notes outside of the Selling Provinces and the United States in accordance with applicable law (including, if applicable, U.S. Securities Laws and state securities laws) but will not solicit offers to purchase or sell Medium Term Notes so as to require registration of Medium Term Notes (or the offering thereof) or the filing of a prospectus with respect to the distribution of Medium Term Notes under the laws of such jurisdictions, and will require each Selling Firm to agree with the Dealers not to so solicit or sell. For purposes of this Section 4, the Dealers shall be entitled to assume that the Medium Term Notes are qualified for Distribution in all of the Selling Provinces, and in the United States subject to the provisions of subsection 7(c) and Schedule E. Canadian Natural has delivered or shall deliver, to the Dealers copies of all receipts received from the Securities Commissions, if any, received from time to time for the Prospectus or any Prospectus Supplement or Prospectus Amendment as soon as they are available. The Dealers shall, as soon as practicable after the Dealers have distributed Medium Term Notes, and in any event within five days of a reasonable request from Canadian Natural, provide Canadian Natural with a comprehensive breakdown of the Medium Term Notes distributed by the Dealers collectively, both through agency sales and principal sales (separately enumerated), in each of the Jurisdictions where a breakdown is required for the purpose of calculating fees payable by Canadian Natural to the Securities Commissions.

**5.** **NO TRADE PERIOD** 

During the period of a Distribution or Distribution to the public of the Medium Term Notes under the Prospectus, Canadian Natural shall not, during the time period (the "**No Trade Period**") in which Canadian Natural believes, in its reasonable judgment, that any change or fact described below (which has not been announced or is the subject of the filing of a confidential material change report) is sufficiently imminent and probable that a reasonably prudent reporting issuer would not Distribute its own securities, continue the Distribution or Distribution to the public of the Medium Term Notes until such No Trade Period ends either through a change in circumstances or a public announcement of such change or fact being made or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 change (actual, anticipated, contemplated or threatened), to the knowledge of Canadian Natural,
 in the business, affairs, operations, assets, liabilities (contingent or otherwise), capital
 or ownership of Canadian Natural and its Subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 change in any matter covered by a statement contained or incorporated by reference in the
 Prospectus or any Marketing Documents as amended or supplemented immediately prior to such
 change; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 fact which has arisen or which has been discovered which would have been required to have
 been stated in the Prospectus or any Marketing Documents had the fact arisen or been discovered
 on or prior to the date of a Prospectus Supplement or Pricing Supplement or any Marketing
 Documents,

which change or fact in any case is, or may be, of such a nature as (i) to render the Prospectus or any Marketing Documents, immediately prior to such change or fact, misleading or untrue in any material respect, or (ii) would result in the Prospectus or any Marketing Documents, immediately prior to such change or fact, containing a misrepresentation, or (iii) would result in the Prospectus or any Marketing Documents, immediately prior to such change or fact, not complying with the laws of any Jurisdiction, or (iv) would reasonably be expected to have a significant effect on the market price or value of the Medium Term Notes. Canadian Natural shall promptly comply with all applicable filing and other requirements under Securities Laws in the Selling Provinces arising as a result of such change or fact. In addition, if during the period of the Distribution or Distribution to the public of the Medium Term Notes under the Prospectus, there is any change in any applicable Securities Laws which results in a requirement to file a Prospectus Amendment, Canadian Natural shall make such filing as soon as possible. Canadian Natural shall notify the Dealers in writing, with the full particulars, of such a change and shall also discuss with the Dealers any change or fact in respect of which there may be doubt respecting the applicability of this Section 5.

**6.** **DELIVERY OF DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Canadian
 Natural shall cause to be delivered to the Dealers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 the date of this Agreement, the Prospectus in the English and French languages as filed with
 the Securities Commissions signed as required by applicable Securities Laws and acceptable
 in form and substance to the Dealers and the Dealers' Counsel, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 the date of this Agreement, all documents, in the English and French languages, incorporated
 or containing information incorporated by reference into the Prospectus and not previously
 delivered to the Dealers, provided that if such continuous disclosure documents are, or information
 is, available to the public on the SEDAR+ website, such documents or information shall be
 deemed to have been delivered in satisfaction of this requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on
 the date of any Pricing Supplement, ratings confirmations (verbally or in writing) from each
 Rating Agency that has issued ratings on the Medium Term Notes (excluding any unsolicited
 ratings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as
 soon as they are available, copies of such continuous disclosure documents or information
 as may have been or as may be incorporated or deemed to be incorporated by reference, at
 the appropriate time or times, under the heading "Documents Incorporated by Reference"
 in the Prospectus and not previously delivered to the Dealers, provided that if such continuous
 disclosure documents are, or information is, available to the public on the SEDAR+ website,
 such documents or information shall be deemed to have been delivered in satisfaction of this
 requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as
 soon as they are available, copies of any Prospectus Amendment, any Prospectus Supplement
 and any Pricing Supplement as contemplated by the Policy, signed as required by applicable
 Securities Laws and acceptable in form and substance to the Dealers and the Dealers'
 Counsel, including copies of any documents or information incorporated or deemed to be incorporated
 by reference therein and not previously delivered hereunder and, where applicable, receipts
 from the applicable Securities Commissions in respect of the filing thereof and further provided
 that each Pricing Supplement need be delivered only to the Dealer or Dealers involved in
 the particular Distribution of Notes to which the Pricing Supplement relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at
 the time the French language version of the Prospectus, or any Prospectus Amendment or any
 Prospectus Supplement (other than a Pricing Supplement) is delivered (or as soon as practicable
 thereafter) to the Dealers pursuant to this Section 6 or at the time the French language
 version of a form of Pricing Supplement or any Marketing Documents are first delivered (or
 as soon as practicable thereafter) to the Dealers pursuant to this Section 6, an opinion
 of Canadian Natural's Québec counsel or a translation services firm, acceptable
 to the Dealers and Dealers' Counsel, acting reasonably, dated the date of such Prospectus,
 Prospectus Amendment, Prospectus Supplement or Pricing Supplement or any Marketing Documents,
 as the case may be, to the effect that, except for selected financial information, management's
 discussion and analysis of financial condition and results of operations, financial statements,
 operating statements and supplementary data, notes to financial statements and auditors'
 reports, or any such information contained in a business acquisition report (collectively,
 the "**Financial Information**") and the auditors' consents contained
 in or incorporated by reference therein, each of such Prospectus, Prospectus Amendment, Prospectus
 Supplement or Pricing Supplement or any Marketing Documents, as the case may be, in the French
 language, together with any document or information in the French language incorporated by
 reference therein is in all material respects a complete and adequate translation thereof
 in the English language, and that the two versions are not susceptible to any materially
 different interpretations with respect to any material matter and an opinion of Canadian
 Natural's auditors at the same time or times and substantially to the same effect,
 in respect of the Financial Information and the auditors' consents, provided that with
 respect to the Pricing Supplement, such opinion may be limited to the Pricing Supplement
 and any other information included or incorporated by reference in the Prospectus and in
 respect of which such an opinion has not previously been delivered to the Dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) at
 the time of the delivery to the Dealers, pursuant to this Section 6, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Prospectus, any Prospectus Amendment or any Prospectus Supplement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 Marketing Materials in the event the Template Version or any revised Template Version of
 such is first filed on SEDAR+ after the filing of the related Pricing Supplement, and in
 either case containing or incorporating by reference updated earnings coverage ratios, or
 at the time Canadian Natural files updated earnings coverage ratios or other material financial
 information that will be incorporated by reference into the Prospectus, any Prospectus Amendment,
 any Pricing Supplement, any Template Version or any revised Template Version of such Marketing
 Materials and the Dealers so request;

a comfort letter from Canadian Natural's auditors, dated the date of the Prospectus, the Prospectus Amendment or the Prospectus Supplement, the Template Version and, if applicable the revised Template Version of, such Marketing Materials as the case may be, and acceptable in form and substance to the Dealers, acting reasonably, with respect to certain financial and accounting information relating to Canadian Natural contained in such Prospectus, Prospectus Amendment, Prospectus Supplement, the Template Version and, if applicable the revised Template Version of such Marketing Materials, as the case may be, or financial statements. The comfort letter shall be based on a review by the auditors having a cut-off date not more than two business days prior to the date of the comfort letter or, with respect only to updated earnings coverage information, the date of Canadian Natural's last quarter end and shall be in addition to any comfort letters which must be filed with Securities Commissions pursuant to applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) as
 soon as they are available, copies of all Marketing Documents in the English and French languages
 as required by applicable Securities Laws, together with, in the case of any Marketing Materials
 proposed to be Provided to potential investors of Medium Term Notes, that number of commercial
 copies of the Prospectus, any Prospectus Amendment and any applicable Prospectus Supplement
 that has been filed on SEDAR+, including copies of any documents or information incorporated
 by reference therein, as the Dealers may reasonably require, without charge, in those cities
 in the Jurisdictions that the Dealers may reasonably request, provided that Canadian Natural
 or its commercial printer is provided with written instructions as to quantities and location
 of such deliveries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) upon
 receipt of written instructions to Canadian Natural or its commercial printer as to quantities
 and location of delivery, as soon as they are available and in any event within two business
 days from the date of the document in the case of the Prospectus, a Prospectus Amendment
 or a Prospectus Supplement (other than a Pricing Supplement) and, in the case of a Pricing
 Supplement, one business day from the date thereof, that number of commercial copies of the
 Prospectus, any Prospectus Amendment, any Prospectus Supplement and any Pricing Supplement,
 including copies of any documents or information incorporated by reference therein, as the
 Dealers may reasonably require, without charge, in those cities in the Jurisdictions that
 the Dealers may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Canadian
 Natural's delivery to the Dealers of the documents referred to in subsection 6(a)(i),
 (ii), (iv), (v), (viii) and (ix) hereof shall constitute a representation and warranty
 by Canadian Natural to the Dealers that: (i) each such document at the time of its filing
 fully complied with the provisions of applicable Securities Laws; and (ii) all information
 and statements contained therein (except any information relating solely to the Dealers and
 provided by them in writing expressly for inclusion therein) are, at the respective dates
 of delivery thereof, true and correct, and, together with the Prospectus, contain no misrepresentation
 and constitute full, true and plain disclosure of all material facts relating to Canadian
 Natural and its Subsidiaries, taken as a whole, and the Medium Term Notes. Such delivery
 (in the absence of notification to cease Distribution of the Medium Term Notes by Canadian
 Natural as contemplated by Section 5) shall constitute Canadian Natural's consent
 to the use by the Selling Firms of such documents in connection with the Distribution of
 the Medium Term Notes in compliance with the provisions of this Agreement.

**7.** **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Canadian
 Natural's delivery to a Dealer of a Pricing Supplement or Marketing Materials shall
 constitute a representation and warranty by Canadian Natural to such Dealer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 Medium Term Note to which the Pricing Supplement or Marketing Materials relates will at its
 date of issue be duly and validly issued pursuant to the Principal Indenture or a Supplemental
 Indenture, as the case may be, and will constitute a legal, valid and binding obligation
 of Canadian Natural enforceable in accordance with its terms, subject to applicable qualifications
 as to enforceability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Prospectus, each Prospectus Amendment, each Prospectus Supplement, the Pricing Supplement
 and each Marketing Document comply with the provisions of applicable Securities Laws (except
 for any information contained therein relating solely to the Dealers and provided by them
 in writing expressly for inclusion therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Principal Indenture is a legal, valid and binding obligation of Canadian Natural, enforceable
 in accordance with its terms and complies with all applicable legal requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Prospectus (except any information contained therein in writing provided by and relating
 solely to the Dealers) constitutes full, true and plain disclosure of all material facts
 relating to Canadian Natural and its Subsidiaries, taken as a whole, and the Medium Term
 Notes, and any Marketing Materials Provided to any potential investors in connection with
 a Distribution of Medium Term Notes do not contain any misrepresentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 issuance of each Medium Term Note to which the Pricing Supplement relates will not result
 in a breach of, a default under or the creation of any lien on Canadian Natural's properties
 under, any agreement or instrument to which it is a party or by which its property and assets
 are bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Canadian
 Natural represents and warrants to the Dealers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Canadian
 Natural is eligible to make use of the Shelf Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Medium Term Note to which the Pricing Supplement or Marketing Materials relates will at its
 date of issue be duly and validly issued pursuant to the Principal Indenture and will constitute
 a legal, valid and binding obligation of Canadian Natural enforceable in accordance with
 its terms, subject to applicable bankruptcy, insolvency and arrangement laws affecting creditors'
 rights generally and the discretion of the courts in granting equitable relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Canadian
 Natural has fulfilled or will fulfill all requirements to be fulfilled by it, including the
 filing of the Prospectus and all continuous disclosure materials required to be filed pursuant
 to applicable Securities Laws (including the filing of the Prospectus Supplement, any Pricing
 Supplement, any Template Version or revised Template Version of Marketing Materials and any
 other documents required to be filed with the Prospectus Supplement, which Canadian Natural
 will file within the time limits prescribed in the Shelf Procedures), to enable the Medium
 Term Notes to be offered for sale and sold to the public in the Selling Provinces through
 registrants who have complied with the relevant provisions of applicable Securities Laws
 and the terms and conditions of their registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Prospectus was prepared and will be filed in each of the Selling Provinces in compliance
 with applicable Securities Laws, including the Shelf Procedures, and receipts for the Prospectus
 will be issued by or on behalf of the Securities Commissions prior to the filing of a Prospectus
 Supplement or a Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Prospectus (excluding information and statements relating solely to the Dealers), does not
 contain a misrepresentation and constitutes full, true and plain disclosure of all material
 facts relating to the offering of the Medium Term Notes, and complies with the provisions
 of applicable Securities Laws (except for any information contained therein relating solely
 to the Dealers and provided by them in writing expressly for inclusion therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Prospectus Supplement, Pricing Supplement and each Marketing Document (excluding information
 and statements relating solely to the Dealers), as the case may be, as of their dates, will
 not contain a misrepresentation and will constitute full, true and plain disclosure of all
 material facts relating to the offering of the Medium Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Canadian
 Natural has been duly incorporated and organized and is valid and subsisting or validly existing,
 as applicable, under the laws of its jurisdiction of incorporation and has all requisite
 corporate authority and power to carry on its business, as now conducted as presently proposed
 to be conducted by it, and to own its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Canadian
 Natural has no Material Subsidiaries, except for Canadian Natural Upgrading Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Canadian
 Natural and each of its Material Subsidiaries is qualified to carry on business under the
 laws of each jurisdiction in which it carries on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Canadian
 Natural has full corporate power and authority to issue the Medium Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Canadian
 Natural is not in default or breach of, and the execution and delivery of, and the performance
 of and compliance with the terms of this Agreement by Canadian Natural or any of the transactions
 contemplated hereby and thereby does not and will not result in any breach of, or constitute
 a default under, and does not and will not create a state of facts which, after notice or
 lapse of time or both, would result in a breach of or constitute a default under, any term
 or provision of the articles, by-laws or resolutions of Canadian Natural, or any indenture
 (including the Principal Indenture), mortgage, note, contract, agreement (written or oral),
 instrument, lease or other document to which Canadian Natural is a party or by which it is
 bound, or any judgment, decree, order, statute, rule or regulation applicable to Canadian
 Natural, which default or breach might reasonably be expected to materially adversely affect
 the business, operations, capital or condition (financial or otherwise) of Canadian Natural
 and its Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Canadian
 Natural has full corporate power and authority to enter into this Agreement and to perform
 its obligations set out herein and this Agreement has been and will be, duly authorized,
 executed and delivered by Canadian Natural and is a legal, valid and binding obligation of
 Canadian Natural enforceable against Canadian Natural in accordance with the Agreement's
 terms, subject to the general qualifications that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) enforceability
 may be limited by bankruptcy, insolvency or other laws affecting creditors' rights
 generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) equitable
 remedies, including the remedies of specific performance and injunctive relief, are available
 only in the discretion of the applicable court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except
 as disclosed in the Prospectus there has not been any material adverse change in the capital,
 assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of Canadian
 Natural and its Subsidiaries (taken as a whole), from the position set forth in the Financial
 Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the
 description of the assets and liabilities of Canadian Natural and its Subsidiaries (taken
 as a whole) set forth in the Financial Statements fairly presents, in accordance with GAAP,
 the financial position and condition of Canadian Natural and its Subsidiaries (taken as a
 whole) as at the dates thereof and reflects all material liabilities (absolute, accrued,
 contingent or otherwise) of Canadian Natural and its Subsidiaries, as at the dates thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) except
 as disclosed in the Financial Statements, there are no actions, suits, proceedings or inquiries
 pending or, to the knowledge of Canadian Natural, threatened against or affecting Canadian
 Natural at law or in equity or before or by any federal, provincial, municipal or other governmental
 department, commission, board, bureau, agency or instrumentality which in any way materially
 adversely affect, or may in any way materially adversely affect, the business, operations
 or condition (financial or otherwise) or assets of Canadian Natural and its Subsidiaries
 (taken as a whole) or which affect or may affect the Distribution of the Medium Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) except
 as disclosed in the Prospectus, since December 31, 2024, Canadian Natural has not incurred,
 assumed or suffered any liability (absolute, accrued, contingent or otherwise) or entered
 into any transaction which is or may be material to Canadian Natural and its Subsidiaries
 (taken as a whole) and is not in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the
 information and statements set forth in the Public Record were, taken as a whole, true, correct,
 and complete and did not contain any material misrepresentation, as of the date of such information
 or statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the
 authorized capital of Canadian Natural consists of an unlimited number of common shares,
 of which as at August 5, 2025, approximately 2,088.7 million common shares are issued
 and outstanding as fully paid and non-assessable, and Preferred Shares, issuable in series,
 with the Board of Directors authorized to fix the number of shares in each series and to
 determine the designation, rights, privileges, restrictions and conditions attaching to the
 shares of each series at the time the shares are issued, of which as of the date hereof,
 none are issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) no
 person holds any securities convertible or exchangeable into common shares of Canadian Natural
 or has any agreement, warrant, option, right or privilege being or capable of becoming an
 agreement, warrant, option or right for the purchase of any unissued securities of Canadian
 Natural, except that as of August 5, 2025, approximately 57.2 million common shares
 of Canadian Natural are reserved for issuance upon the exercise of stock options currently
 issued to employees or other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the
 issued and outstanding common shares of Canadian Natural are listed and posted for trading
 on the Exchange and the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Canadian
 Natural is a "reporting issuer" or has equivalent status in the provinces of
 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia,
 Prince Edward Island and Newfoundland and Labrador within the meaning of the applicable Securities
 Laws in such provinces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) neither
 any Securities Commission, the Exchange nor any similar regulatory authority has any order
 which is currently outstanding preventing or suspending trading in any securities of Canadian
 Natural and Canadian Natural is not in default of any material requirement of applicable
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Computershare
 Trust Company of Canada at its principal office in the City of Calgary has been duly appointed
 trustee under the Principal Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Canadian
 Natural has made available to Sproule and GLJ prior to the issuance of the Engineering Reports,
 for the purpose of preparing the Engineering Reports, all information requested by Sproule
 or GLJ, as applicable, which information does not contain any material misrepresentation.
 Canadian Natural has no knowledge of a material adverse change in any reserves information
 provided to Sproule or GLJ, as applicable, since the date that such information was so provided.
 Canadian Natural believes that the Engineering Reports reasonably present the quantity of
 oil and gas reserves and for Sproule reasonably present the pre-tax discounted value of estimated
 future net revenue values of oil and gas reserves of Canadian Natural as at the effective
 dates thereof in respect of the reserves information therein based upon information available
 in respect of such reserves at the time such report was prepared and the pricing assumptions
 contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) neither
 Canadian Natural nor, to the knowledge of Canadian Natural, any director, officer, agent,
 employee or affiliate of Canadian Natural, is aware of or has taken any action, directly
 or indirectly, that would reasonably be expected to result in a material violation by such
 persons of the U.S. *Foreign Corrupt Practices Act of 1977*, as amended, and the rules and
 regulations thereunder (the "**FCPA**") or the *Corruption of Foreign Public Officials Act* (Canada) (the "**CFPOA** "), including, without limitation,
 making use of the mails or any means or instrumentality of interstate commerce corruptly
 in furtherance of an offer, payment, promise to pay or authorization of the payment of any
 money, or other property, gift, promise to give, or authorization of the giving of anything
 of value to any "foreign official" (as such term is defined in the FCPA) or any
 foreign political party or official thereof or any candidate for foreign political office,
 in contravention of the FCPA; Canadian Natural and, to the knowledge of Canadian Natural,
 its affiliates have conducted their businesses in material compliance with the FCPA and the
 CFPOA and have instituted and maintain policies and procedures designed to ensure, and which
 are reasonably expected to continue to ensure, continued compliance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) neither
 Canadian Natural nor, to the knowledge of Canadian Natural, any director, officer, agent,
 employee or affiliate of Canadian Natural, is currently subject to any sanctions administered
 by the Office of Foreign Assets Control of the U.S. Treasury Department ()"**OFAC** ");
 and Canadian Natural will not directly or indirectly use the proceeds of the Offering, or
 lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture
 partner or other person or entity, for the purpose of financing the activities of any person
 currently subject to any U.S. sanctions administered by OFAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) the
 operations of Canadian Natural and its Subsidiaries are and have been conducted at all times
 in material compliance with applicable financial recordkeeping and reporting requirements
 and the money laundering statutes and the rules and regulations thereunder and any related
 or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
 agency (collectively, the "**Anti-Money Laundering Laws**") and no action,
 suit or proceeding by or before any court or governmental agency, authority or body or any
 arbitrator involving Canadian Natural with respect to the Anti-Money Laundering Laws is pending
 or, to the knowledge of Canadian Natural, threatened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) in
 connection with offers and sales by the Dealers in the United States pursuant to subsection 7(c) and
 Schedule E, Canadian Natural makes the representations, warranties and covenants applicable
 to it in Schedule E hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 connection with offers and sales in the United States, the Dealers represent and warrant
 to Canadian Natural that they make the representations, warranties and covenants applicable
 to them in Schedule E hereto and agree, on behalf of themselves and their United States affiliates,
 as applicable, for the benefit of Canadian Natural, to comply with the U.S. selling restrictions
 imposed by the laws of the United States and set forth in Schedule E hereto. They also
 agree to obtain such an agreement from each other Selling Firm. Notwithstanding the foregoing
 provisions of this subsection, a Dealer will not be liable to Canadian Natural under this
 subsection or Schedule E with respect to a violation by another Dealer or by another
 Selling Firm of the provisions of this subsection 7(c) or Schedule E.

**8.** **CLOSING** 

Canadian Natural will deliver, or cause to be delivered, to the Dealers, on a date to be mutually agreed upon (the "**Closing Date**"), the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 certificate dated the Closing Date signed on Canadian Natural's behalf by two senior
 officers of Canadian Natural acceptable to the Dealers certifying on behalf of Canadian Natural
 and not in their personal capacity, to the best of their knowledge after due inquiry, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except
 as disclosed in or contemplated by the Prospectus or any Prospectus Amendment, there has
 been no material change, financial or otherwise, to the Closing Date in the assets, liabilities
 (contingent or otherwise), capital, business or operations of Canadian Natural on a consolidated
 basis since December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except
 as disclosed in or contemplated by the Prospectus or any Prospectus Amendment, no transaction
 of a nature material to Canadian Natural on a consolidated basis has been entered into by
 Canadian Natural or any of its Subsidiaries since December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except
 as disclosed in or contemplated by the Prospectus or any Prospectus Amendment, Canadian Natural
 on a consolidated basis has no material contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except
 as disclosed in or contemplated by the Prospectus or any Prospectus Amendment, there are
 no actions, suits, proceedings or inquiries pending or, to their knowledge, threatened against
 or affecting Canadian Natural or any of its Subsidiaries at law or in equity or before or
 by any federal, provincial, municipal or other governmental department, commission, board,
 bureau, agency or instrumentality, domestic or foreign, which may in any way materially and
 adversely affect Canadian Natural on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no
 order prohibiting the sale of the Medium Term Notes has been issued and remains in effect
 by any competent authority having jurisdiction and no proceedings for such purpose are pending
 or, to the knowledge of the persons signing the certificate, contemplated or threatened;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 representations and warranties of Canadian Natural which are to be made hereunder and at
 the time of delivery of a Pricing Supplement to a Dealer are true and correct as at the Closing
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 opinion of Canadian Natural's Counsel, in form acceptable to the Dealers, acting reasonably;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) letters
 of each Rating Agency that has issued ratings confirming their respective ratings on the
 Medium Term Notes (excluding any unsolicited ratings), dated on or within two business days
 prior to such date as any Medium Term Notes are issued.

**9.** **INDEMNITY AND CONTRIBUTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Canadian
 Natural shall indemnify and save the Dealers, and the Dealers' controlling shareholders,
 directors, officers, employees, and agents (each an "**Indemnified Person** "),
 harmless against and from all liabilities, claims, demands, losses (other than losses of
 profit in connection with the Distribution of the Medium Term Notes) costs, damages and expenses
 (collectively, a "**Claim**") to which the Indemnified Person may be subject
 or which the Indemnified Person may suffer or incur, whether under the provisions of any
 statute or otherwise, in any way caused by, or arising directly or indirectly from or in
 consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 information or statement contained in the Prospectus or any Marketing Document (other than
 any information or statement relating to the Dealers and furnished in writing to Canadian
 Natural by the Dealers or the Dealers' Counsel expressly for inclusion in the Prospectus)
 which is or is alleged to be untrue or any omission or alleged omission to provide any information
 or state any fact the omission of which makes or is alleged to make any such information
 or statement untrue or misleading in light of the circumstances in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 misrepresentation or alleged misrepresentation (except a misrepresentation which is based
 upon information relating solely to the Dealers and furnished to Canadian Natural by the
 Dealers or the Dealers' Counsel in writing expressly for inclusion in the Prospectus)
 contained in the Prospectus or any Marketing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 prohibition or restriction of trading in the securities of Canadian Natural or any prohibition
 or restriction affecting the Distribution of the Medium Term Notes imposed by any competent
 authority if such prohibition or restriction is based on any misrepresentation or alleged
 misrepresentation of a kind referred to in subsection 9(a)(i) or (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 order made or any inquiry, investigation (whether formal or informal) or other proceeding
 commenced or threatened by any one or more competent authorities (not based upon the activities
 or the alleged activities of the Dealers, a Selling Firm or their banking or selling group
 members, if any) relating to or materially affecting the trading or Distribution of the Medium
 Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 breach of, default under or non-compliance by Canadian Natural with any representation, warranty,
 term or condition of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Canadian
 Natural not complying with any requirement of applicable Securities Laws in connection with
 the transactions contemplated herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 direct sale by Canadian Natural of any Medium Term Notes unless such liability, claim, demand,
 loss, cost, damage or expense is caused by the actions of the Indemnified Person,

provided that Canadian Natural shall not be liable in such case to the extent that any such Claims are determined by a court of competent jurisdiction in a final judgement as arising out of or based upon the failure of the Indemnified Person to comply with its obligations under the applicable Securities Laws at or within the time specified by the Securities Laws; and in such event, such Dealer shall promptly reimburse Canadian Natural for the respective amounts received from Canadian Natural pursuant to this indemnity in respect of such liabilities, claims, demands and losses. The Dealers shall be entitled, as trustee, to enforce the obligations contained herein on behalf of any other party entitled to indemnity or contribution hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any Claim contemplated by subsection 9(a) shall be asserted against any Indemnified
 Person, such Indemnified Person shall notify Canadian Natural as soon as possible and in
 any event within 10 days of becoming aware of the nature of such Claim (provided that any
 failure to so notify promptly shall relieve Canadian Natural of liability under this Section 9
 only to the extent that such failure prejudices Canadian Natural's ability to defend
 such Claim or results in any material increase in the liability which Canadian Natural may
 have under this Section 9, however in the event of such a material increase in the liability
 of Canadian Natural, shall relieve Canadian Natural of such liability only to the extent
 of such material increase), and Canadian Natural shall be entitled (but not required) to
 assume the defence of any suit brought to enforce such claim, provided however, that the
 defence shall be through legal counsel selected by Canadian Natural and acceptable to the
 Indemnified Person acting reasonably and that no settlement may be made by Canadian Natural
 or the Indemnified Person without the prior written consent of the other, such consent not
 to be unreasonably withheld. The Indemnified Person shall have the right to retain its own
 counsel in any proceeding relating to a claim contemplated by subsection 9(a) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Indemnified Person has been advised by counsel in writing that there may be a reasonable
 legal defence available to the Indemnified Person which is different from or additional to
 a defence available to Canadian Natural (in which case Canadian Natural shall not have the
 right to assume the defence of such proceedings on the Indemnified Person's behalf);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Canadian
 Natural shall not have taken the defence of such proceedings and employed counsel within
 ten (10) days after notice of commencement of such proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 employment of such counsel has been authorized by Canadian Natural in connection with the
 defence of such proceeding;

and, in any such event, the reasonable fees and expenses of such Indemnified Person's counsel (on a solicitor and his client basis) shall be paid by Canadian Natural, provided that Canadian Natural shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate law firm (in addition to any local counsel) for all such Indemnified Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 order to provide for just and equitable contribution in circumstances in which the indemnification
 provided for in this Agreement is due in accordance with its terms but is, for any reason,
 held by a court to be unavailable from Canadian Natural on ground of policy or otherwise,
 each of Canadian Natural and the party or parties seeking indemnification shall contribute
 to the aggregate liabilities, claims, demands, losses (other than losses of profit in connection
 with the Distribution of the Medium Term Notes), costs, damages and expenses (including legal
 or other expenses reasonably incurred in connection with investigation or defence of the
 same) to which they may be subject or which they may suffer or incur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 such proportion as is appropriate to reflect the relative benefit received by Canadian Natural
 on the one hand, and by the party or parties seeking indemnity on the other hand, from the
 offering of the Medium Term Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the allocation provided by subsection 9(c)(i) above is not permitted by applicable
 law, in such proportion as is appropriate to reflect not only the relative benefits referred
 to in subsection 9(c)(i) above but also to reflect the relative fault of the party
 or parties seeking indemnity, on the one hand, and the parties from whom indemnity is sought,
 on the other hand, in connection with the statements, commissions, or omissions or other
 matters which resulted in such liabilities, claims, demands, losses, costs, damages or expenses
 as well as any other relevant equitable considerations;

provided that the Dealers shall not be liable in any event to contribute in the aggregate, any amount in excess of the fees or any portion thereof actually received by them in connection with the Distribution of the Medium Term Notes. The relative benefits received by Canadian Natural, on the one hand, and the Dealers, on the other hand, shall be deemed to be in the same proportion that the aggregate principal amount of the Medium Term Notes sold by the Dealers under the Prospectus (net of fees but before deducting expenses) bear to the fees received by the Dealers. In the case of liability arising out of the Prospectus, the relative fault of Canadian Natural, on the one hand, and of the Dealers, on the other hand, shall be determined by reference, among other things, to whether the misrepresentation or alleged misrepresentation, order, inquiry, investigation or other matter or thing referred to in this Section 9 relates to information supplied or which ought to have been supplied by, or steps or actions taken or done on behalf of or which ought to have been taken or done on behalf of, Canadian Natural or the Dealers, and the parties, relative intent, knowledge, access to information and opportunity to correct or prevent such misrepresentation or alleged misrepresentation, order, inquiry, investigation or other matter or thing referred to in this Section 9.

Canadian Natural agrees that it would not be just and equitable if contributions pursuant to this Agreement were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraphs. The rights to contribution provided in this subsection 9(c) shall be in addition to, and without prejudice to, any other right to contribution which the Dealers may have.

Canadian Natural waives all right of contribution by statute or common law which it may have against the Dealers in respect of losses, demands, claims, costs, damages, expenses or liabilities which it may sustain as a direct or indirect consequence of the Prospectus or any other document containing or being alleged to contain a misrepresentation, provided that such right against any one of the Dealers is not waived in respect of losses, claims, demands, costs, damages, expenses or liabilities sustained as a direct or indirect consequence of there being a misrepresentation or omission in any information in respect of the Dealers furnished to Canadian Natural by any one or more of the Dealers in writing specifically for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 and to the extent that a court of competent jurisdiction in a final judgment from which no
 appeal can be made or any federal, provincial, municipal or other governmental department,
 commission, board, bureau, agency or instrumentality, domestic or foreign in a final ruling
 from which no appeal can be made shall determine that the liabilities, claims, actions, suits,
 proceedings, losses, costs, damages or expenses resulted from the gross negligence, fraud,
 wilful default or wilful misconduct of an Indemnified Person claiming indemnity, the rights
 of indemnity and rights of contribution provided for in this Section 9 shall cease to
 apply to such Indemnified Person. For greater certainty, Canadian Natural and the Dealers
 agree that they do not intend that any failure by the Dealers to conduct such reasonable
 investigation as necessary to provide the Dealers with reasonable grounds for believing the
 Prospectus and any Prospectus Amendment contained no misrepresentation shall constitute "gross
 negligence" or "wilful misconduct" for purposes of this Section 9
 or otherwise disentitle the Dealers from indemnification or contribution hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without
 limiting the generality of subsection 9(d), the rights of indemnity provided under subsection
 9(a) and rights of contribution provided under subsection 9(c) shall not apply
 if Canadian Natural has complied with subsection 6(a)(i), (ii), (iv), (v), (ix) and
 (x), as applicable, and the person asserting any claim contemplated by this Section 9
 was not provided with a copy of the Prospectus, any Prospectus Amendment, any Prospectus
 Supplement or any Pricing Supplement that corrects any misrepresentation or alleged misrepresentation
 that is the basis for such claim and that is required, under applicable Securities Laws,
 to be delivered to such person by the Dealers.

**10.** **PURCHASERS' REMEDIES** 

Should any purchaser of the Medium Term Notes from any of the Dealers or from any of the Selling Firms effectively rescind the purchaser's contract for the purchase of the Medium Term Notes pursuant to statutory rights of rescission referenced under the heading "Statutory Rights of Withdrawal and Rescission" in the Prospectus, or should the purchaser effectively enforce a statutory right of action for damages referenced under the same heading, Canadian Natural shall upon the request of the Dealer or Selling Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify
 the Dealer and the Selling Firm, or any shareholder, director, officer or employee thereof,
 and save the Dealer and the Selling Firm, or any director or officer thereof, harmless from
 any losses or damages suffered directly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 or satisfy all reasonable legal and other expenses incurred by the Dealer and the Selling
 Firm in connection with the defence of any action to enforce the rescission right or right
 of action commenced by the purchaser;

provided that these obligations shall not apply if such rescission or right of action for damages arises out of, or is based upon, an untrue statement furnished in writing to Canadian Natural by any of the Dealers specifically for use in the Prospectus or if a purchaser exercises a right of withdrawal within the time limits set forth in Securities Laws.

**11.** **TERMINATION BY DEALERS OF PURCHASE AS PRINCIPAL** 

In addition to any other remedies which may be available to the Dealers, a Dealer shall be entitled, at its option, to terminate and cancel its obligations to purchase Medium Term Notes as principal, without any liability on its part, immediately upon written notice to Canadian Natural at any time prior to the completion of such purchase, if after such Dealer has agreed to purchase Medium Term Notes as principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 order to cease or suspend trading in any securities of Canadian Natural, or prohibiting or
 restricting the Distribution of the Medium Term Notes, is made, or proceedings are announced,
 commenced or threatened for the making of any such order, by any Securities Commissions or
 similar regulatory authority, the Exchange or by any other competent authority, and has not
 been rescinded, revoked or withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 inquiry, investigation (whether formal or informal) or other proceeding in relation to Canadian
 Natural or any of its directors or senior officers (relating to their activities as directors
 or senior officers of Canadian Natural or their ability to continue to serve as directors
 or senior officers of Canadian Natural) is announced, commenced or threatened by any Securities
 Commission, the Exchange or by any other competent authority if, in the reasonable opinion
 of any Dealer, the announcement, commencement or threatening thereof materially adversely
 affects or may materially adversely affect the trading or Distribution of the Medium Term
 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 shall have occurred or been discovered by any Dealer any material adverse change, as determined
 by any Dealer in its sole discretion, acting reasonably, in the business, operations, capital
 or condition (financial or otherwise) of Canadian Natural and its Subsidiaries taken as a
 whole or their properties, assets, liabilities or obligations (absolute, accrued, contingent
 or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 should develop, occur or come into effect or existence any event, action, state, condition
 or financial occurrence, or any catastrophe of national or international consequence, any
 law or regulation, or any other occurrence of any nature whatsoever, which, in the sole opinion
 of any Dealer, acting reasonably, seriously adversely affect or involve, or will seriously
 adversely affect or involve, the financial markets or the business, operations or affairs
 of Canadian Natural, such that it would not be practical (in the sole opinion of any Dealer)
 to market the Medium Term Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 rating assigned by any Rating Agency (excluding any unsolicited ratings) to the unsecured
 debt securities of Canadian Natural (which includes the Medium Term Notes) as of the Trade
 Date (as defined in Schedule B) shall have been lowered since that date or if any such
 rating agency shall have publicly announced that is has under surveillance or review, with
 possible negative implications, its rating of any debt securities of Canadian Natural (excluding
 any unsolicited ratings).

In the event of a termination by any Dealer pursuant to this Section 11, there shall be no further liability on the part of such Dealer or of Canadian Natural to such Dealer except in respect of the obligations of Canadian Natural under Sections 9 and 16.

**12.** **SEVERAL OBLIGATIONS** 

If, with respect to any particular sale of Medium Term Notes, two or more of the Dealers agree to purchase the Medium Term Notes as principals, the obligations of such Dealers to purchase the Medium Term Notes shall be several and not joint in that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Dealer shall be obligated to purchase and pay for only the percentage of the Medium Term
 Notes set opposite its name in the applicable Underwriting Addendum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 one or more of the Dealers shall fail or refuse to purchase its applicable percentage of
 the Medium Term Notes, each of the other relevant Dealers shall be relieved, without liability,
 of its obligation to purchase its respective percentage of the Medium Term Notes on submission
 to Canadian Natural of reasonable evidence of its ability and willingness to fulfill its
 obligation;

provided that those of the remaining Dealers who shall be willing and able to purchase their respective percentage of the Medium Term Notes shall have the right, but not the obligation, to purchase the Medium Term Notes not taken up, on a pro rata basis or as they may otherwise agree. Nothing in this Section 12 shall oblige Canadian Natural to sell to any or all of the Dealers who have entered into an Underwriting Addendum with Canadian Natural less than all of the Medium Term Notes which Canadian Natural has agreed to sell under such Underwriting Addendum or shall relieve from liability to Canadian Natural any of the Dealers who shall default in its obligation to purchase its respective percentage of the Medium Term Notes under such Underwriting Addendum.

**13.** **DUE DILIGENCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Canadian
 Natural shall allow the Dealers and the Dealers' Counsel to carry out the due diligence
 which the Dealers may reasonably require in order to fulfil the Dealers obligations as registrants
 and to enable the Dealers to responsibly execute the certificate in the Preliminary Prospectus,
 the Prospectus, a Prospectus Supplement or a Pricing Supplement required to be executed by
 the Dealers and as contemplated by Schedule D hereto. Canadian Natural shall promptly
 give the Dealers reasonable notice of the meetings contemplated by Schedule D; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any Dealer is not satisfied with the content of a Prospectus Amendment, including, as applicable,
 the documents and information incorporated therein by reference required to be filed by Canadian
 Natural in connection with the Distribution of the Medium Term Notes or if any Dealer gives
 notice to Canadian Natural that, in that Dealer's judgment, acting reasonably, a Prospectus
 Amendment is required under Securities Laws to be filed by Canadian Natural and Canadian
 Natural is not prepared to file such Prospectus Amendment or if Canadian Natural determines
 in its sole discretion that it does not wish to continue the agency arrangement specified
 herein (in respect of one or more of the Dealers), Canadian Natural or that Dealer, as applicable,
 shall be entitled to terminate its rights and obligations under this Agreement upon delivery
 of notice to that effect, in which event there shall be no liability on the part of that
 Dealer to Canadian Natural or of Canadian Natural to that Dealer or Dealers, except in respect
 of liability, if any, which may arise on the part of Canadian Natural under the provisions
 of Sections 9 and 16 hereof. Upon such termination Canadian Natural and the remaining Dealers
 shall promptly file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 appropriate, a Prospectus Amendment indicating that the applicable Dealer or Dealers have
 ceased to be a Dealer or Dealers under the Prospectus and containing a new prospectus certificate
 page signed by the remaining Dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 other documents as may be required under Securities Laws.

**14.** **NO JOINT OBLIGATIONS** 

Canadian Natural agrees that the obligations of the Dealers hereunder are several and not joint or joint and several.

**15.** **NOTICES** 

Any notice or other communication to be given hereunder shall, in the case of notice to Canadian Natural, be addressed to Victor C. Darel, Chief Financial Officer at Canadian Natural's address on page 1 hereof (E-Mail: [REDACTED]) and, in the case of notice to the Dealers, be addressed as follows:

ATB Securities Inc.

66 Wellington Street West, Suite 3530

Toronto, ON M5K 1A1

Attention: Andrew Becker

E-Mail: [REDACTED]

BMO Nesbitt Burns Inc.

100 King Street West

7<sup>th</sup> Floor

Toronto, ON M5X 1H3

Attention: Nicholas Mann

E-Mail: [REDACTED]

CIBC World Markets Inc.

BCE Place

161 Bay Street

Toronto, Ontario M5J 2S8

Attention: Christiane (Tia) Plona

E-Mail: [REDACTED]

Desjardins Securities Inc.

25 York Street, Suite 1000

Toronto, Ontario M5J 2V5

Attention: Michael Giansante

E-Mail: [REDACTED]

Merrill Lynch Canada Inc.

Brookfield Place

181 Bay Street, Suite 400

Toronto, Ontario M5J 2V8

Attention: Jamie Hancock

E-Mail: [REDACTED]

Mizuho Securities Canada Inc.

c/o Mizuho Securities USA LLC

1271 Avenue of the Americas

New York, NY 10020

Attention: Debt Capital Markets Desk

With a copy to: Office of the General Counsel

E-Mail: [REDACTED]

MUFG Securities (Canada), Ltd.

Royal Bank Plaza, South Tower

200 Bay Street, Suite 3400

Toronto, ON, M5J 2J1

Attention: Steve Uszkay

E-Mail: [REDACTED]

National Bank Financial Inc.

130 King Street West

4FL Podium

Toronto, Ontario M5X 1J9

Attention: Tushar Kittur

E-Mail: [REDACTED]

RBC Dominion Securities Inc.

P.O. Box 50, 200 Bay Street

2<sup>nd</sup> Floor, North Tower Royal Bank Plaza

Toronto, Ontario M5J 2W7

Attention: Jamie Wetmore

E-Mail: [REDACTED]

Scotia Capital Inc.

40 Temperance Street

4<sup>th</sup> Floor

Toronto, Ontario M5H 0B4

Attention: Patrick Breithaupt

E-Mail: [REDACTED]

SMBC Nikko Securities Canada, Ltd.

c/o SMBC Nikko Securities America, Inc.

277 Park Avenue

New York, NY, 10172

Attention: Debt Capital Markets

E-Mail: [REDACTED]

TD Securities Inc.

7<sup>th</sup> Floor, 222 Bay Street

Toronto, Ontario M5K 1A2

Attention: Mark Laing

E-Mail: [REDACTED]

Any notice or other communication shall be in writing and, unless delivered personally to a responsible officer of the addressee, shall be given by electronic mail to the addressee, and shall be deemed to be given at the time electronically mailed or delivered, if electronically mailed or delivered to the recipient on a business day (in Calgary) and before 5:00 p.m. (Calgary time) on such business day, and otherwise shall be deemed to be given at 9:00 a.m. (Calgary time) on the next following business day (in Calgary). Any party may change its address for notice by notice to the other parties hereto given in the manner herein provided.

**16.** **FEES AND EXPENSES** 

The costs and expenses of or incidental to the offering and issue of the Medium Term Notes including, without limitation, the fees and expenses of Dealers' Counsel and Canadian Natural's auditors, the costs of printing and delivering the definitive Medium Term Notes, the cost of printing the Prospectus, any Prospectus Amendments, any Prospectus Supplement or any Pricing Supplement and any Marketing Document, the expenses of qualifying the issue and distributing the Medium Term Notes under applicable Securities Laws, all out of pocket expenses of the Dealers and all marketing, advertising and promotional expenses, including the costs of any roadshows, confidential marketing memoranda, presentation materials and the Dealer's transportation costs related to the offering of Medium Term Notes shall be paid by Canadian Natural, whether or not the offering and issue contemplated herein is completed, or as may be agreed to between Canadian Natural and the Dealers.

**17.** **UNITED STATES SELLING RESTRICTIONS** 

The attached Schedule E is incorporated into and forms part of this Agreement.

**18.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 term of the Dealers' obligations under this Agreement shall expire on the earlier of:
 (i) the date that is 25 months from the date of the receipt for the Prospectus; or (ii) the
 date on which Canadian Natural files a new Prospectus to replace or supersede the Prospectus
 for the purposes of Canadian Natural's continuing Medium Term Note program unless terminated
 earlier pursuant to the provisions of subsection 13(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 representations, warranties, indemnities and agreements herein contained shall survive the
 sale by the Dealers of the Medium Term Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 shall be a condition of the issue and sale of Medium Term Notes hereunder that the terms
 and conditions of Canadian Natural's Principal Indenture shall be complied with at
 the time of each issue and sale of Medium Term Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Agreement shall be governed by and construed in accordance with the laws of the Province
 of Alberta and the courts of that province shall have exclusive jurisdiction over any dispute
 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 waiver, modification or amendment of any term of this Agreement shall be effective unless
 effected in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This
 Agreement may be executed in several counterparts, each of which when so executed shall be
 deemed to be an original and all counterparts together shall constitute one and the same
 instrument. A signed counterpart by way of electronic transmission shall be as binding upon
 the parties as an originally signed counterpart. Each of the parties to this Agreement will
 be entitled to rely on delivery of an electronic copy of this Agreement and acceptance by
 each party of any such electronic copy will be legally effective to create a valid and binding
 agreement between the parties to this Agreement in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 any provision of this Agreement is deemed to be void, voidable or unenforceable, in whole
 or in part, it shall be deemed not to affect or impair the validity of any other provision
 of this Agreement and such void, voidable or unenforceable provision shall be severable from
 this Agreement.

If the foregoing is in accordance with your understanding of the terms of the transaction we are to enter into and if such terms are agreed to by you, please confirm your acceptance by signing this letter in the place indicated below, in which event this letter shall constitute a binding Agreement between Canadian Natural and the Dealers.

---

| | |
|:---|:---|
| **ATB SECURITIES INC.** | **ATB SECURITIES INC.** |
| Per: | (signed) "*Andrew Becker*" |
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| Per: | (signed) "*Shannon Jones*" |
| **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** |
| Per: | (signed) "*Christiane Plona*" |
| **DESJARDINS SECURITIES INC.** | **DESJARDINS SECURITIES INC.** |
| Per: | (signed) "*Ryan Godfrey*" |
| **MERRILL LYNCH CANADA INC.** | **MERRILL LYNCH CANADA INC.** |
| Per: | (signed) "*Jamie Hancock*" |
| **MIZUHO SECURITIES CANADA INC.** | **MIZUHO SECURITIES CANADA INC.** |
| Per: | (signed) "*Stephen E. Leamer*" |
| **MUFG SECURITIES (CANADA), LTD.** | **MUFG SECURITIES (CANADA), LTD.** |
| Per: | (signed) "*Steve Uszkay*" |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| Per: | (signed) "*Tushar Kittur*" |
| **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| Per: | (signed) "*James Wetmore*" |

---

---

| | |
|:---|:---|
| **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** |
| Per: | (signed) "*Patrick Breithaupt"* |
| **SMBC NIKKO SECURITIES CANADA, LTD.** | **SMBC NIKKO SECURITIES CANADA, LTD.** |
| Per: | (signed) "*Dong Sohn*" |
| **TD SECURITIES INC.** | **TD SECURITIES INC.** |
| Per: | (signed) "*Mark Laing*" |

---

The foregoing accurately reflects the terms of the transaction we are to enter into and such terms are hereby agreed to by Canadian Natural as evidenced by the signatures of its duly authorized officers on its behalf.

DATED this 28<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **CANADIAN NATURAL RESOURCES LIMITED** | **CANADIAN NATURAL RESOURCES LIMITED** |
| Per: | (signed) "*Victor C. Darel*" |
|  | Victor C. Darel |
|  | Chief Financial Officer |
| Per: | (signed) "*Brenda G. Balog*" |
|  | Brenda G. Balog |
|  | Vice-President, Legal and General Counsel |

---

**SCHEDULE A**

**<u>Commission Rates</u>**

**Part I – Agency Sales**

The following are the commission rates that shall apply to any sale of Medium Term Notes by a Dealer, acting as agent, unless Canadian Natural and the Dealer otherwise agree:

---

| | |
|:---|:---|
| Term and Medium Term Notes | Commission Rate |
| ≥ 1 year and < 2 years | 0.10% |
| ≥ 2 years and <3 years | 0.20% |
| ≥ 3 years and <4 years | 0.25% |
| ≥ 4 years and <5 years | 0.30% |
| ≥ 5 years and <7 years | 0.35% |
| ≥ 7 years and <8 years | 0.37% |
| ≥ 8 years and < 11 years | 0.40% |
| ≥ 11 years and < 16 years | 0.45% |
| ≥ 16 years and <30 years | 0.50% |
| ≥ 30 years | To be negotiated |

---

**Part II – Principal Sales**

The following are the commission rates that shall apply to any purchase of Medium Term Notes by any one or more Dealers, acting as principals, unless Canadian Natural and the relevant Dealers otherwise agree:

---

| | |
|:---|:---|
| Term and Medium Term Notes | Commission Rate |
| ≥ 1 year and < 2 years | 0.125% |
| ≥ 2 years and < 3 years | 0.250% |
| ≥ 3 years and < 4 years | 0.375% |
| ≥ 4 years and < 5 years | 0.500% |
| ≥ 5 years and < 6 years | 0.625% |
| ≥ 6 years and < 8 years | 0.650% |
| ≥ 8 years and < 10 years | 0.700% |
| ≥ 10 years and < 16 years | 0.750% |
| ≥ 16 years and < 30 years | 0.900% |
| ≥ 30 years | To be negotiated |

---

**SCHEDULE B**

**<u>Operating Procedures</u>**

The following outlines the procedures that will apply to the sale of Medium Term Notes by a Dealer or Dealers acting as agents of Canadian Natural.

**A.** **General** 

1. Canadian
 Natural may establish, in consultation with the Dealers, or any of them, for the current
 Business Day: (i) an appropriate rate structure for Medium Term Notes to be sold by
 the Dealers pursuant to the Agreement and (ii) Canadian Natural's requirements
 for funds to be raised by the sale of such Medium Term Notes. The rate structure requirements
 for funds so established shall be based upon market conditions and Canadian Natural's
 current and prospective funding requirements.

2. Whenever
 a Dealer obtains a firm offer to purchase a Medium Term Note at the prevailing rate structure
 for the current Business Day, the Dealer shall telephone or otherwise contact Canadian Natural
 to determine whether Canadian Natural still requires funds and, if it does, Canadian Natural
 shall confirm by telephone or otherwise that the Dealer may accept such offer on behalf of
 Canadian Natural or may acquire such interest as principal on terms then mutually agreed
 upon by the Dealer and Canadian Natural for resale by the Dealer pursuant to such offer.
 If Canadian Natural and the Dealer so agree to the acquisition of such Medium Term Note by
 the Dealer as principal, the provisions of this Agreement applicable to a Dealer acquiring
 a Medium Term Note as principal for resale shall apply.

3. All
 orders accepted by Canadian Natural on a particular day, such day of acceptance hereinafter
 referred to as the "Trade Date", shall be settled on the second Business Day
 following the Trade Date or such other date as may be agreed to by the Relevant Dealers (as
 defined below) and Canadian Natural (the "**Closing Date** ").

4. As
 used herein, the term "Relevant Dealers" refers to the Dealer or Dealers through
 whom any particular sale of Medium Term Notes is affected. For any particular sale of Medium
 Term Notes where the Medium Term Notes are sold through more than one Dealer, Canadian Natural
 may appoint a coordinating Dealer, in which case all steps which must or may be taken by
 the Relevant Dealers as contemplated by the following procedures may be taken by the coordinating
 Dealer on the Relevant Dealers behalf, and each of the Relevant Dealers authorizes Canadian
 Natural to deal solely with, accept notification of any such steps from and effect payment
 of the commissions payable to the Relevant Dealers to, the coordinating Dealer on behalf
 of all the Relevant Dealers.

5. All
 references to time in this Schedule B are to Calgary local time. In this Schedule B
 a "Business Day" shall mean a day which is not a Saturday, Sunday, holiday or
 a day on which businesses in either Calgary or Toronto are generally not open for business.

6. These
 Operating Procedures shall be in effect until such time as Canadian Natural and the Dealers
 shall agree that revisions to these Operating Procedures are desirable.

The provisions of Part B of these Operating Procedures shall apply to the issuance of Global Notes and the provisions of Part C of these Operating Procedures shall apply to the issuance of Certificated Notes.

**B.** **Global Notes** 

1. Each
 Global Note shall be registered in the name of CDS & Co, as nominee for CDS Clearing
 and Depository Services Inc. ()"**CDS** "), on the register maintained under
 the Principal Indenture. The beneficial owner of an interest in a Global Note (each, a "**Book-Entry Interest**") shall designate one or more participants in CDS to act as agent or agents
 for such owner in connection with the book-entry system maintained by CDS, and CDS shall
 record in book-entry form, in accordance with instructions provided by such participants,
 a credit balance with respect to such Book-Entry Interest in the account of such participants.
 The Book-Entry Interests shall be recorded through the records of such participants or through
 the records of such participants and one or more indirect participants in CDS.

2. The
 Relevant Dealers shall verbally advise Canadian Natural of as much of the following information
 as is available immediately following the acceptance of any offer by the Relevant Dealers
 acting as agents on behalf of Canadian Natural:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchaser
 of each Book-Entry Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principal
 amount and currency of each Book-Entry Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of a fixed rate Global Note, the interest rate, or, in the case of a floating rate
 Global Note, all relevant information relating to the manner of calculation of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) interest
 payment dates, including the initial interest payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Closing
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) maturity
 date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) net
 proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) spread
 vs. comparable benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Trade
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Relevant
 Dealers commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) jurisdiction
 of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) redemption
 provisions.

That portion of the information referred to above that is necessary in order to prepare a Pricing Supplement, that is, the information referred to in sub-paragraphs B.2(b), (c), (d), (e), (f), (g), (h), (j) and (m) above, shall be confirmed by electronic mail by the Relevant Dealers to Canadian Natural by 1:00 p.m. on the Trade Date.

3. By
 2:00 p.m. on the Trade Date, Canadian Natural shall forward to the Relevant Dealers
 a Pricing Supplement, which shall include identification of the CUSIP ISIN number. As soon
 as practicable thereafter, Canadian Natural shall request eligibility of the ISIN. By the
 end of the Business Day prior to the Closing Date, the Relevant Dealers shall deliver the
 Prospectus and any amendments (including the Pricing Supplement) to the purchaser of each
 Book-Entry Interest as of the Closing Date, provided that Canadian Natural has previously
 delivered the applicable Pricing Supplement to the Relevant Dealers.

4. As
 soon as practicable after ISINs have been made eligible and in any event prior to the Closing
 Date, Canadian Natural shall prepare and forward a copy of the requisite BEO Acknowledgment
 Form to the office of CDS in electronic form, with a copy to the Calgary office of CDS
 by fax or e-mail.

5. By
 5:00 p.m. on the Business Day prior to the Closing Date, the Relevant Dealers shall
 advise the Calgary office of CDS of the names and FINS numbers of the participants in whose
 name the Book Entry Interests shall be recorded.

6. At
 8:00 a.m. on the Closing Date (the "**Closing Time** "), Canadian Natural
 shall deliver to Computershare Trust Company of Canada (the "**Trustee** ")
 a "Written Order of the Corporation" requesting the certification and delivery
 of a Global Note in the form prescribed by the Principal Indenture; such "Written Order
 of the Corporation" shall specify CDS & Co as the registered owner and the
 Calgary office of CDS as the place of delivery, and shall also specify the date of issue,
 principal amount, currency, maturity date, interest rate (if any), manner of calculation
 of interest (if any) and redemption provisions (if any). The Trustee shall authenticate the
 Global Note and deliver it to the Calgary office of CDS immediately after the Closing Time
 and before 9:00 a.m. on the Closing Date.

7. At
 the Closing Time, the Relevant Dealers shall deliver to Canadian Natural the purchase price
 of the Medium Term Notes net of the commission to the Relevant Dealers.

Payment of the purchase price for the Medium Term Notes shall be made (a) in the case of payment in cash, by wire transfer to a bank account previously designated by Canadian Natural and such transfer shall be evidenced by an email from the Relevant Dealers to Canadian Natural quoting the reference number, as provided by the initiating bank, of the particular electronic funds transfer, and/or (b) in the case of payment in outstanding securities or other non-cash assets, in a manner agreed as between Canadian Natural and the Relevant Dealers. If the Relevant Dealers do not provide the foregoing reference number for a wire transfer by 9:00 a.m. on the Closing Date, then in Canadian Natural's sole discretion the transaction shall not close until the next Business Day and Canadian Natural shall be compensated by the Relevant Dealers for its cost of funds incurred as a result of the delay in closing, as such amount is determined by Canadian Natural, acting reasonably, for the period from but not including the scheduled Closing Date to and including the date that the transaction closes.

8. The
 Relevant Dealers shall confirm the purchase of each Book-Entry Interest to the purchaser
 thereof by mailing a written confirmation to such purchaser.

9. If
 the Closing Date is rescheduled or cancelled, Canadian Natural shall deliver to the Trustee
 and CDS a cancellation message to such effect as soon as possible and by no later than 9:00
 a.m. on the Closing Date.

10. If
 a Global Note is cancelled after closing, Canadian Natural shall instruct the Trustee to
 mark such Global Note "void and cancelled", and instruct the Trustee to make
 appropriate entries in its records. The CUSIP number assigned to such Global Note shall,
 in accordance with CUSIP service bureau procedures, be cancelled and not reassigned.

11. As
 soon as reasonably practical and in any event within such time as will enable Canadian Natural
 to comply with applicable Securities Laws and this Schedule, the Relevant Dealers shall advise
 Canadian Natural of the amount of Medium Term Notes sold in each Jurisdiction in order to
 enable Canadian Natural to deliver the Pricing Supplement and associated fees to the securities
 regulatory authorities of such Jurisdictions in compliance with applicable Securities Laws.

**C.** **Certificated Notes** 

1. The
 Relevant Dealers shall verbally advise Canadian Natural of so much of the following information
 as is available immediately following the acceptance of any offer by the Relevant Dealers
 acting as agents on behalf of Canadian Natural:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exact
 names of the persons (the "**Registered Owners**") in favour of whom the Certificated
 Notes are to be registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exact
 address of each Registered Owner and address for payment of principal and interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) splits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) delivery
 locations, being all or some of the principal offices of the Trustee in Montreal, Toronto,
 Winnipeg, Calgary and Vancouver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) taxpayer
 identification number of each Registered Owner; and

The information specified in sub-paragraphs B(2)(b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (1) and (m) above (with any reference therein "Book-Entry Interest" or "Global Note" replaced by "**Certificated Note**").

2. That
 portion of the information referred to in paragraph C(1) above that is necessary in
 order to prepare a Pricing Supplement, that is, the information referred to in subparagraphs
 B(2)(b), (c), (d), (e), (f), (g), (h), (j) and (m) (with any reference therein
 to "Book-Entry Interest" or "Global Note" replaced by "**Certificated Note** "), shall be confirmed by electronic mail by the Relevant Dealers to Canadian
 Natural by 5:00 p.m. on the Trade Date. The remainder, if any, of the information referred
 to in paragraph C(l) above shall be supplied by the Relevant Dealers to Canadian Natural
 by electronic mail no later than 11:00 a.m. on the second Business Day prior to the
 Closing Date.

3. As
 soon as practicable after ISINs have been made eligible and in any event prior to the Closing
 Date, Canadian Natural shall prepare and forward a copy of the requisite BEO Acknowledgment
 Form to the office of CDS in electronic form, with a copy to the Calgary office of CDS
 by fax or email.

4. By
 2:00 p.m. on the Business Day prior to the Closing Date, Canadian Natural shall forward
 to the Relevant Dealers a Pricing Supplement, which shall include identification of the CUSIP
 number. By the end of the Business Day prior to the Closing Date, the Relevant Dealers shall
 deliver the Prospectus and any amendments (including the Pricing Supplement) to the purchasers
 of the Certificated Notes as of the Closing Date, provided that Canadian Natural has previously
 delivered the applicable Pricing Supplement to the Relevant Dealers.

5. By
 5:00 p.m. on the Business Day prior to the Closing Date, Canadian Natural shall deliver
 to the Trustee a "Written Order of the Corporation" requesting the certification
 and delivery of Certificated Notes in the form prescribed by the Principal Indenture; such
 "Written Order of the Corporation" shall specify the Registered Owners as owners,
 the delivery locations of the Certificated Notes as specified in sub-paragraph C(1)(d) above
 and shall also specify the date of issue, principal amount, currency, maturity date, interest
 rate (if any), manner of calculation of interest (if any) and redemption provisions (if any).

6. The
 Trustee shall authenticate the Certificated Notes and deliver them to the foregoing delivery
 locations prior to the Closing Time.

7. At
 8:00 a.m. on the Closing Date (the "**Closing Time** "), the Relevant
 Dealers shall deliver to Canadian Natural the purchase price of the Medium Term Notes net
 of the commission to the Relevant Dealers.

Payment of the purchase price for the Medium Term Notes shall be made by (a) in the case of payment in cash, wire transfer to a bank account previously designated by Canadian Natural and such transfer shall be evidenced by an email from the Relevant Dealers to Canadian Natural quoting the reference number, as provided by the initiating bank, of the particular electronic funds transfer, and/or (b) in the case of payment in outstanding securities or other non-cash assets, in a manner agreed as between Canadian Natural and the Relevant Dealers. If the Relevant Dealers do not provide the foregoing reference number for a wire transfer by 9:00 a.m. on the Closing Date, then in Canadian Natural's sole discretion the transaction shall not close until the next Business Day and Canadian Natural shall be compensated by the Relevant Dealers for its cost of funds incurred as a result of the delay in closing, as such amount is determined by Canadian Natural, acting reasonably, for the period from but not including the scheduled Closing Date to and including the date that the transaction closes.

8. Upon
 receipt of payment as provided in paragraph C(7), Canadian Natural shall instruct the Trustee
 to make the Certificated Notes available to the Registered Owners or their representatives
 at the locations specified in sub-paragraph C(1)(d) above.

9. The
 Relevant Dealers shall confirm the purchase of the Certificated Notes to the purchasers thereof
 by mailing a written confirmation to each such purchaser.

10. If
 the Closing Date is rescheduled or cancelled, Canadian Natural shall deliver to the Trustee
 a cancellation message to such effect as soon as possible and by no later than 9:00 a.m. on
 the Closing Date.

11. As
 soon as reasonably practical and in any event within such time as will enable Canadian Natural
 to comply with applicable Securities Laws and this Schedule, the Relevant Dealers shall advise
 Canadian Natural of the amount of Medium Term Notes sold in each Jurisdiction in order to
 enable Canadian Natural to deliver the Pricing Supplement and associated fees to the securities
 regulatory authorities of such Jurisdictions in compliance with applicable Securities Laws.

**SCHEDULE C**

**<u>Underwriting Addendum</u>**

[Date]

Canadian Natural Resources Limited

Suite 2100, Bankers Hall East

855 – 2nd Street S.W.

Calgary, AB T2P 4J8

Dear Sirs:

We refer to the dealer agreement dated August 28, 2025 (the "**Dealer Agreement**") among Canadian Natural Resources Limited, ("**Canadian Natural**") and the undersigned (the "**Underwriters**") **[and name any other parties to the Dealer Agreement that are not Underwriters]**. Terms which are defined in the Dealer Agreement and its applicable schedules have the same meaning herein.

The Underwriters understand that Canadian Natural proposes to issue $● principal amount of Medium Term Notes (the "**Offered Notes**") having the following attributes:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue Date: | ● |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity Date: | ● |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate: | ●% per annum |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates: | ● and ● |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Interest Payment Date: | ● |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Provisions: | ● |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other: | As described in the Prospectus. |

---

Subject to the terms and conditions of the Dealer Agreement, as supplemented or modified by the terms and conditions hereof, the Underwriters hereby offer to purchase from Canadian Natural, and by its acceptance hereof Canadian Natural agrees to sell to the Underwriters, at **[specify date and time]** (the "**Closing Time**"), all but not less than all of the Offered Notes at a purchase price (the "**Purchase Price**") equal to ●% of the principal amount thereof **[, plus accrued interest, if any, from**●**,** ● **to the date of delivery of the Offered Notes]**.

The percentage of the principal amount of the Offered Notes which each of the Underwriters shall be severally obligated to purchase is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATB Securities Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Nesbitt Burns Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC World Markets Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desjardins Securities Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Canada Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Securities Canada Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MUFG Securities (Canada), Ltd. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital Inc. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Nikko Securities Canada, Ltd. | ●% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD Securities Inc. | ●% |

---

In consideration of the agreement of the Underwriters to purchase the Offered Notes and the services rendered and to be rendered by the Underwriters in connection herewith, Canadian Natural agrees to pay the Underwriters at the Closing Time an aggregate fee (the "**Underwriting Fee**") of ●% of the principal amount of the Offered Notes. For greater certainty, the services rendered by the Underwriters shall not be subject to any Goods and Services Tax provided for in the *Excise Tax Act* (Canada) because any taxable supplies provided shall be incidental to the exempt financial services provided.

For greater certainty, Canadian Natural and the Underwriters shall follow the Operating Procedures described in Schedule B to the Dealer Agreement applicable to **[Global Notes] [Certificated Notes]**.

In the event of any inconsistency between this Underwriting Addendum and the Dealer Agreement, this Underwriting Addendum shall govern.

This offer and the agreement resulting from the acceptance by Canadian Natural of this offer may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same agreement.

If the foregoing is acceptable to Canadian Natural, please signify such acceptance on the duplicates of this letter and return such duplicates to **[insert name of Dealer]**, which accepted offer, with the Dealer Agreement, shall constitute the contract for the purchase by the Underwriters and the sale by Canadian Natural of the Offered Notes.

Yours truly,

● Accepted this ● day of●,●.

● ● C-2

**SCHEDULE D**

**<u>Due Diligence Review Process for the Medium Term Note Program</u>**

**Quarterly Review with Senior Management**

After receiving and reviewing each of the quarterly unaudited financial statements for Canadian Natural, representatives of each of the Dealers and Dealers' Counsel may, at the option of the Dealers, meet with one or more members of the senior management of Canadian Natural and its counsel to conduct an updated due diligence session with respect to the affairs of Canadian Natural. This meeting may take the form of a conference call. Prior to the foregoing quarterly due diligence session, Dealers' Counsel shall review the minutes of the directors, shareholders, executive and audit committee meetings for each such quarter. These documents shall be provided to Dealers' Counsel by in-house legal counsel for Canadian Natural and such counsel shall be available to answer questions regarding these documents.

**Annual Review for Canadian Natural's Annual Information Form and Annual Report**

The Dealers may request a draft of Canadian Natural's annual information form, annual management discussion & analysis and consolidated annual financial statements, and, upon such request, Canadian Natural shall supply same. Representatives of each of the Dealers and Dealers' Counsel may, at their option, meet with members of the senior management of Canadian Natural and its counsel to conduct an annual due diligence review in conjunction with the filing of Canadian Natural's annual information form, annual management discussion & analysis and annual audited financial statements. The Dealers and Dealers' Counsel may, at their option, also meet with the auditors of Canadian Natural to conduct a due diligence review with respect to Canadian Natural's annual financial information.

**Review of Material Change Reports**

As soon as possible upon the earlier of the issuance of a press release relating to a material change report or the filing of a material change report, Canadian Natural shall, if requested by the Dealers, meet with representatives of the Dealers and Dealers' Counsel (which may be by means of a conference call) to discuss the subject matter of the material change report so that the Dealers can be satisfied that the material change report which will be or has been incorporated by reference into the Prospectus adequately discloses all material facts relating to the material change.

**Review of Material Contracts**

Dealers' Counsel shall be allowed to review all contracts entered into by Canadian Natural prior to or during the term of the Note program which are of such magnitude or importance as to render their disclosure or discussion in Canadian Natural's next annual information form necessary, desirable or likely, subject to complying with applicable confidentiality provisions. In-house legal counsel to Canadian Natural shall be available to answer questions regarding these contracts.

**Credit Ratings**

Canadian Natural shall promptly notify the Dealers if Canadian Natural becomes aware of a change or proposed change in a credit rating assigned by a Rating Agency of the Medium Term Notes or of any other debt security of Canadian Natural (excluding any unsolicited ratings).

**SCHEDULE E**

**<u>U.S. Selling Restrictions</u>**

**A.** **Definitions.** 

As used herein, unless the context otherwise requires:

1. "**Directed Selling Efforts**" means "directed selling efforts" as that term is defined
 in Rule 902(c) of Regulation S. Without limiting the foregoing, but for greater
 clarity in this Agreement, it means, subject to the exclusions from the definition of "directed
 selling efforts" contained in Regulation S, any activity undertaken for the purpose
 of, or that could be reasonably expected to have the effect of, conditioning the market in
 the United States for any of the Medium Term Notes, and includes the placement of any advertisement
 in a publication "with a general circulation in the United States" that refers
 to the offering of such securities;

2. "**Distribution Compliance Period**" means a 40-day period that begins on the completion of the distribution
 of Medium Term Notes with respect to a particular Trade Date (as defined in Schedule B),
 as determined and certified by the managing underwriter or person performing similar functions,
 except that all offers and sales by a Dealer, a member of the Selling Dealer Group, or any
 other person that participates in the distribution of an unsold allotment of the Medium Term
 Notes shall be deemed to be made during the Distribution Compliance Period;

3. "**Foreign Issuer**" means a "foreign issuer" as that term is defined in Rule 902(e) of
 Regulation S;

4. "**General Solicitation**" and "**General Advertising**" mean "general
 solicitation and "general advertising", respectively, as used in Rule 502(c) under
 the U.S. Securities Act, including advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or broadcast over radio or television
 or the Internet, or any seminar or meeting whose attendees had been invited by general solicitation
 or general advertising;

5. "**Qualified Institutional Buyer**" has the meaning attributed thereto in Rule 144A;

6. "**Regulation D**" means Regulation D promulgated under the U.S. Securities Act;

7. "**Regulation S**" means Regulation S promulgated under the U.S. Securities Act;

8. "**Rule 144A** "
 means Rule 144A promulgated under the U.S. Securities Act;

9. "**SEC** "
 means the United States Securities and Exchange Commission;

10. "**Selling Dealer Group**" means the dealers and brokers other than the Dealers who participate
 in the offer and sale of the Medium Term Notes pursuant to the Agreement;

11. "**United States**" means the United States of America, its territories and possessions, any
 state of the United States and the District of Columbia;

12. "**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*, as
 amended;

13. "**U.S. Person**" means a U.S. person as that term is defined in Rule 902(k) of
 Regulation S; and

14. "**U.S. Securities Act**" means the United States *Securities Act of 1933*, as amended.

**B.** **U.S. Securities Act.** 

The parties hereto acknowledge and agree that the Medium Term Notes have not been and shall not be registered under the U.S. Securities Act and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person, except in certain transactions exempt from the registration requirements of the U.S. Securities Act pursuant to the exemption from registration provided by Rule 144A. The Dealers shall obtain the agreement of Canadian Natural prior to the offer and sale of any Medium Term Notes hereunder in the United States or to or for the account or benefit of a U.S. Person, each of such offers and sales being effected pursuant to the exemption from registration provided by Rule 144A.

**C.** **Representations, Warranties and Covenants of Canadian Natural** 

Canadian Natural represents, warrants, covenants and agrees to and with the Dealers that:

1. Canadian
 Natural is a Foreign Issuer;

2. Except
 with respect to securities offered and sold to the Dealers for resale to Qualified Institutional
 Buyers pursuant to Rule 144A, neither Canadian Natural nor any of its affiliates, nor
 any person acting on its or their behalf, has made or shall make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 offer to sell, any solicitation to buy, or any sale of the Medium Term Notes in the United
 States or to or for the account or benefit of a U.S. Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other sale of the Medium Term Notes, unless, at the time the buy order was or shall have
 been originated, (A) the purchaser is or was outside the United States or (B) Canadian
 Natural, its affiliates and any person acting on its or their behalf reasonably believe that
 the purchaser is or was outside the United States;

3. None
 of Canadian Natural, its affiliates or any person acting on its or their behalf has engaged
 or shall engage in any Directed Selling Efforts in the United States, has offered or shall
 offer to sell the Medium Term Notes by means of any form of General Solicitation or General
 Advertising or in any manner involving a public offering within the meaning of Section 4(a)(2) of
 the U.S. Securities Act, or has taken or shall take any action that would cause the exclusions
 or exemptions from registration afforded by Regulation S and Rule 144A to be unavailable
 for offers and sale of the Medium Term Notes offered pursuant to this Agreement;

4. All
 offering materials and documents (other than press releases) used in connection with offers
 and sales of the Medium Term Notes prior to the expiration of the Distribution Compliance
 Period include, or will include, statements to the effect that the Medium Term Notes have
 not been registered under the U.S. Securities Act and may not be offered or sold in the United
 States or to or for the account or benefit of U.S. Persons unless the Medium Term Notes are
 registered under the U.S. Securities Act or an exemption from the registration requirements
 of the U.S. Securities Act is available. Such statements have appeared, or will appear, (i) on
 the cover or inside cover page of any prospectus or offering circular; (ii) in
 the underwriting section of any prospectus or offering circular; and (iii) in any advertisement
 made or issued by Canadian Natural, any of its affiliates or any person acting on its or
 their behalf (other than the Dealers, their respective affiliates, or any person acting on
 any of their behalf, in respect of which no representation is made);

5. Canadian
 Natural is not required to register as an "investment company" under the United
 States *Investment Company Act of 1940*, as amended;

6. The
 Medium Term Notes shall satisfy the requirements set forth in Rule 144A(d)(3) promulgated
 under the U.S. Securities Act;

7. If
 the Dealers obtain the agreement of Canadian Natural to offer and sell any Medium Term Notes
 hereunder in the United States or to or for the account or benefit of a U.S. Person, in connection
 therewith, Canadian Natural shall prepare and furnish to the Dealers a U.S. private placement
 memorandum (the "**U.S. Placement Memorandum**") pursuant to which each purchaser
 shall be deemed to have represented and warranted for the benefit of Canadian Natural and
 the Dealers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is authorized to purchase the Medium Term Notes and it is a Qualified Institutional Buyer
 and acknowledges that the sale of Medium Term Notes to it is being made in reliance on Rule 144A,
 and it is acquiring such Medium Term Notes for its own account or for the account of one
 or more Qualified Institutional Buyers with respect to which it exercises sole investment
 discretion and not with a view to any resale, distribution or other disposition of the Medium
 Term Notes in violation of United States federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 understands and acknowledges that the Medium Term Notes will not be and have not been registered
 under the U.S. Securities Act or the securities laws of any state of the United States, and
 are therefore "restricted securities" within the meaning of Rule 144, and
 that if in the future it shall decide to resell, pledge or otherwise transfer such Medium
 Term Notes, the same may be resold, pledged or otherwise transferred only (A) to Canadian
 Natural, (B) in the United States, in accordance with Rule 144A to a person it
 reasonably believes is a Qualified Institutional Buyer that purchases for its own account
 or for the account of a Qualified Institutional Buyer and to whom notice is given that the
 offer, sale or transfer is being made in reliance on Rule 144A, (C) outside the
 United States, in accordance with Rule 904 of Regulation S and in compliance with applicable
 local laws and regulations, (D) in a transaction exempt from registration under the
 U.S. Securities Act pursuant to Rule 144 and in compliance with any applicable state
 securities laws of the United States, or (E) in a transaction that does not require
 registration under the U.S. Securities Act or any applicable United States state securities
 laws, and, in each case, it has furnished to Canadian Natural an opinion of counsel of recognized
 standing or other evidence reasonably satisfactory to Canadian Natural to that effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 understands that all Medium Term Notes sold in the United States as part of this offering
 will bear a legend to the following effect for so long as required by applicable law:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "**U.S. SECURITIES ACT**") OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF CANADIAN NATURAL RESOURCES LIMITED THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO CANADIAN NATURAL RESOURCES LIMITED, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, OR (E) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER, IN EACH CASE, PROVIDING A LEGAL OPINION OR OTHER EVIDENCE SATISFACTORY TO CANADIAN NATURAL RESOURCES LIMITED.

A NEW CERTIFICATE BEARING NO LEGEND MAY BE OBTAINED FROM COMPUTERSHARE TRUST COMPANY OF CANADA UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO COMPUTERSHARE TRUST COMPANY OF CANADA AND CANADIAN NATURAL RESOURCES LIMITED, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.

provided that if the Medium Term Notes are being sold in compliance with the requirements of Rule 904 of Regulation S, the legend may be removed by providing a declaration to Computershare Trust Company of Canada to the following effect (or as Canadian Natural may prescribe from time to time):

"The undersigned (A) acknowledges that the sale of the securities to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended, (the "U.S. Securities Act") and (B) certifies that (1) it is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of Canadian Natural Resources Limited; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States or (b) the transaction was executed on or through the facilities of The Toronto Stock Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any person acting on its behalf engaged in any directed selling efforts in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the securities are "restricted securities" (as that term is defined in Rule 144(a)(3) promulgated under the U.S. Securities Act); (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S";

provided, further, that if the Medium Term Notes are being sold under Rule 144 of the U.S. Securities Act, the legend may be removed by delivery to Computershare Trust Company of Canada of an opinion of counsel of recognized standing and reasonably satisfactory to Canadian Natural, to the effect that such legend is no longer required under the U.S. Securities Act or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 acknowledges that it has not purchased the Medium Term Notes as a result of any General Solicitation
 or General Advertising, including advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media, or broadcast over radio or television,
 or any seminar or meeting whose attendees have been invited by General Solicitation or General
 Advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 consents to Canadian Natural making a notation on its records or giving instructions to any
 transfer agent or trustee for the Medium Term Notes in order to implement the restrictions
 on transfer set out herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it
 understands and acknowledges that it is making the representations and warranties and agreements
 contained herein with the intent that they may be relied upon by Canadian Natural and the
 Dealers in determining its eligibility or (if applicable) the eligibility of others on whose
 behalf it is contracting hereunder to purchase the Medium Term Notes; and

8. So
 long as any Medium Term Notes which have been sold in the United States in reliance upon
 Rule 144A are outstanding and are "restricted securities" within the meaning
 of Rule 144(a)(3) under the U.S. Securities Act, Canadian Natural shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) avail
 itself of the exemption provided by Rule 12g3-2(b) under the U.S. Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file
 reports and other information with the SEC under Section 13 or 15(d) of the U.S.
 Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish
 to any holder of the Medium Term Notes and any prospective purchaser of the Medium Term Notes
 designated by such holder, upon request of such holder, the information required to be delivered
 pursuant to Rule 144A(d)(4) under the U.S. Securities Act (so long as such requirement
 is necessary in order to permit holders of the Medium Term Notes to effect resales under
 Rule 144A).

**D.** **Representations, Warranties and Covenants of the Dealers** 

Each Dealer severally but not jointly represents, warrants, covenants and agrees to and with Canadian Natural that:

1. The
 Dealer has not offered or sold, and shall not offer to sell, any of the Medium Term Notes
 except (i) in an offshore transaction in accordance with Rule 903 of Regulation
 S or (ii) within the United States in accordance with Rule 144A as provided below.
 Accordingly, none of the Dealer, its affiliates nor any persons acting on its or their behalf
 (except to the extent that resales to Qualified Institutional Buyers in the United States
 are permitted) has made or shall make (i) any offer to sell or any solicitation of an
 offer to buy any Medium Term Notes in the United States, or to or for the account or benefit
 of a U.S. Person, (ii) any sale of such securities to any purchaser unless, at the time
 the buy order was or shall have been originated, the purchaser was outside the United States,
 or such Dealer, affiliate or person acting on its or their behalf reasonably believe that
 such purchaser was outside the United States, or (iii) any Directed Selling Efforts
 in the United States with respect to the Medium Term Notes;

2. The
 Dealer has not entered and shall not enter into any contractual arrangement with respect
 to the distribution of the Medium Term Notes in the United States, except with its affiliates,
 any Selling Firm or with the prior written consent of Canadian Natural;

3. The
 Dealer shall require its affiliates and each member of the Selling Dealer Group to agree,
 for the benefit of Canadian Natural, to comply with, and shall use its best efforts to ensure
 that each member of the Selling Dealer Group complies with, the provisions of this Schedule
 E as if such provisions applied to such affiliate or member of the Selling Dealer Group;

4. The
 Dealer will not offer or sell any Medium Term Notes prior to the expiration of the Distribution
 Compliance Period (whether or not part of its unsold allotment), except in accordance with
 the provisions of Rule 903 or Rule 904 of Regulation S, as applicable, pursuant
 to registration of the Medium Term Notes under the U.S. Securities Act or pursuant to an
 available exemption from the registration requirements of the U.S. Securities Act;

5. The
 Dealer shall send to each affiliate, Selling Firm or other person receiving a selling concession,
 fee or other remuneration to which it sells Medium Term Notes during the Distribution Compliance
 Period a confirmation or other notice setting forth the restrictions on offers and sales
 of such securities in the United States or to or for the account or benefit of a U.S. Person
 in compliance with Rule 903(b)(2) of Regulation S;

6. The
 Dealer has reasonable grounds to believe and does believe that each offeree and each purchaser
 of Medium Term Notes in the United States is, or is acting for the account or benefit of,
 a U.S. Person that is a Qualified Institutional Buyer;

7. Neither
 the Dealer nor any of its affiliates or persons acting on its and their behalf has offered
 or sold or shall offer to sell, any of the Medium Term Notes except in accordance with all
 applicable United States state securities laws and all applicable U.S. broker-dealer requirements;

8. The
 Dealer shall not, either directly or through any of its affiliates, solicit offers for, or
 offer to sell, the Medium Term Notes in the United States by means of any form of General
 Solicitation or General Advertising or in any manner involving a public offering within the
 meaning of Section 4(a)(2) of the U.S. Securities Act;

9. The
 Dealer and members of the Selling Dealer Group shall solicit (and shall cause its affiliates
 to solicit) offers for the Medium Term Notes in the United States only from, and shall offer
 the Medium Term Notes only to, persons who they reasonably believe to be Qualified Institutional
 Buyers in transactions meeting the requirements of Rule 144A and in compliance with
 any applicable state securities laws of the United States, provided that prior to any such
 sale the Dealer shall provide to each such purchaser a copy of the U.S. Placement Memorandum;

10. The
 Dealer shall inform (and cause its affiliates offering or selling Medium Term Notes to inform)
 all purchasers of the Medium Term Notes in the United States that the Medium Term Notes have
 not been and shall not be registered under the U.S. Securities Act and are being sold to
 them without registration under the U.S. Securities Act in reliance on Rule 144A thereunder;

11. The
 private placement memorandum for the offering of the Medium Term Notes in the United States
 shall contain disclosure in form and substance satisfactory both to Canadian Natural and
 the Dealers;

12. Each
 Dealer shall deliver, through its United States affiliate, a copy of a private placement
 memorandum for the U.S. offering and the prospectus to each person in the United States purchasing
 Medium Term Notes from it;

13. At
 the closing of the sale of any particular Medium Term Note, the Dealer, together with its
 United States affiliate, if it has offered or sold Medium Term Notes in the United States,
 shall deliver a certificate, in customary form and substance reasonably satisfactory to Canadian
 Natural, relating to the manner of the offer and sale in the United States of the Medium
 Term Notes;

14. Any
 Medium Term Notes sold in the United States or to or for the account or benefit of a U.S.
 Person shall first be purchased by the Dealer (or its United States affiliate) as principal
 and resold in the United States in accordance with the provisions of this Schedule E. The
 Dealer (or its United States affiliate) shall purchase, pursuant to this Schedule E, only
 those Medium Term Notes in respect of which it has received buy orders in the United States
 by Qualified Institutional Buyers and payment for the purchased Medium Term Notes, it being
 the intention of the parties that the Dealer (or its United States affiliate) or any member
 of the Selling Dealer Group purchase and sell such Medium Term Notes in a "riskless
 principal transaction" as that term is defined in paragraph (a)(5) of Rule 144A;
 and

15. Each
 United States affiliate of a Dealer that has or shall have offered or offer, sold or sell
 Medium Term Notes in the United States is a duly registered broker-dealer with the SEC, and
 is a member of, and in good standing with, the Financial Industry Regulatory Authority, Inc.
 on the date such representation is made.