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<SEC-DOCUMENT>0001104659-07-018741.txt : 20070313
<SEC-HEADER>0001104659-07-018741.hdr.sgml : 20070313
<ACCEPTANCE-DATETIME>20070313172506
ACCESSION NUMBER:		0001104659-07-018741
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20070312
FILED AS OF DATE:		20070313
DATE AS OF CHANGE:		20070313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATURAL RESOURCES LTD
		CENTRAL INDEX KEY:			0001017413
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				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:		07691487

	BUSINESS ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
		BUSINESS PHONE:		403-517-6700

	MAIL ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a07-7927_16k.htm
<DESCRIPTION>6-K
<TEXT>
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<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font>Washington, D.C. 20549</b></p>

<h4 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
6-K</font></b></h4>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER<br>
Pursuant to Section 13a-16 or 15d-16 of the<br>
Securities Exchange Act of 1934</font></b></p>

<h6 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the Month of March, 2007</font></b></h6>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission
File Number: 1-8795</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">CANADIAN&#160;
NATURAL&#160; RESOURCES&#160; LIMITED</font><u><br>
</u></b>(Exact name of registrant as specified in its charter)</p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2500, 855 &#151; 2nd Street S.W., Calgary, Alberta,
Canada&#160; T2P 4J8</font></b><u><br>
</u>(Address of principal executive offices)</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
20-F&nbsp;&nbsp;</font><font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form 40-F&nbsp;&nbsp;<font face="Wingdings">x</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1).&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: Regulation
S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: Regulation
S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if
submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant&#146;s &#147;home country&#148;), or under the rules of the home country exchange
on which the registrant&#146;s securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant&#146;s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes&nbsp;&nbsp;</font><font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No&nbsp;&nbsp;<font face="Wingdings">x</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If &#147;Yes&#148;
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):&#160; 82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information and exhibits filed on this Form 6-K
are expressly incorporated by reference into this report and are hereby
incorporated by reference as exhibits to the Registrant&#146;s Shelf Registration
Statement on Form F-9 (File No. 333-138873).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit Number</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting Agreement dated March 12, 2007 between
  Canadian Natural Resources Limited and the underwriters listed therein.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP dated March
  12, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.3</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Parlee McLaws LLP dated March 12, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.4</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sproule Associates Limited dated March
  12, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.5</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Ryder Scott Company - Canada dated March
  12, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.6</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:83.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Gilbert Laustsen Jung Associates Ltd.
  dated March 12, 2007.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:-216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:-216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE<a name="Signature_101247"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CANADIAN NATURAL RESOURCES LIMITED</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March 13, 2007</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ B. E. McGRATH</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B. E. McGRATH</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Secretary</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a07-7927_1ex99d1.htm
<DESCRIPTION>UNDERWRITING AGREEMENT DATED MARCH 12, 2007 BETWEEN CNRL AND THE UNDERWRITERS LISTED THEREIN
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian Natural
Resources Limited</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.70% Notes Due 2017</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.25% Notes Due 2038</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting Agreement</font></p>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calgary, Alberta<br>
March 12, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Representatives <br> &#160;&#160;&#160; named in Schedule I hereto<br> &#160;&#160;&#160; of the Underwriters<br> &#160;&#160;&#160; named in Schedule II hereto</font></p>

<p style="margin:12.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian Natural Resources Limited, a corporation
organized under the laws of the Province of Alberta, Canada (the &#147;Company&#148;),
proposes to sell to the several underwriters named in Schedule II hereto (the &#147;Underwriters&#148;),
for whom you (the &#147;Representatives&#148;) are acting as representatives, the
principal amount of its securities identified in Schedule&nbsp;I hereto (the &#147;Securities&#148;),
to be issued under an indenture (the &#147;Indenture&#148;) dated as of July 24, 2001,
between the Company and The Bank of Nova Scotia Trust Company of New York, as
trustee (the &#147;Trustee&#148;) (the &#147;Offering&#148;).&#160;
To the extent there are no additional Underwriters listed on
Schedule&nbsp;II other than you, the term Representatives as used herein shall
mean you, as Underwriters, and the terms Representatives and Underwriters shall
mean either the singular or plural as the context requires.&#160; Any reference herein to the Registration
Statement, the Basic Prospectus, any Preliminary Final Prospectus, the Canadian
Final Prospectus or the U.S. Final Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein pursuant to Item&nbsp;3
of Form&nbsp;F-9 which were filed under the Exchange Act or Alberta Securities
Law on or before the Effective Date of the Registration Statement or the issue
date of the Basic Prospectus, any Preliminary Final Prospectus, the Canadian
Final Prospectus or the U.S. Final Prospectus, as the case may be; and any
reference herein to the terms &#147;amend&#148;, &#147;amendment&#148; or &#147;supplement&#148; with respect
to the Registration Statement, the Basic Prospectus, any Preliminary Final
Prospectus, the Canadian Final Prospectus or the U.S. Final Prospectus shall be
deemed to refer to and include the filing of any document under the Exchange
Act or Alberta Securities Law after the Effective Date of the Registration
Statement or the issue date of the Basic Prospectus, any Preliminary Final
Prospectus, the Canadian Final Prospectus or the U.S. Final Prospectus, as the
case may be, deemed to be incorporated therein by reference.&#160; Certain terms used herein are defined in
Section&nbsp;19 hereof.</font></p>

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. <u>Representations and
Warranties</u></font><u>.</u>&#160; The
Company represents and warrants to, and agrees with, each Underwriter as set
forth below in this Section 1 that:</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company meets the requirements under Alberta
Securities Law, as interpreted and applied by the Reviewing Authority, and the
Shelf Procedures for the use of a short form shelf prospectus with respect to
the Securities; a final short form shelf prospectus has been filed with the
Reviewing Authority and the Company has informed the Reviewing Authority that
it has been selected as the principal jurisdiction regulating the offering of
the Securities; a receipt has been obtained from the Reviewing Authority in
respect of such short form shelf prospectus and any amendment thereto; no order
suspending the distribution of the Securities has been issued by the Reviewing
Authority and no proceeding for that purpose has been initiated or to the
Company&#146;s knowledge threatened by the Reviewing Authority;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company meets the general eligibility requirements for
use of Form F-9 under the Act, has filed a registration statement on Form
F-9 (File No. 333-138873) in respect of the Securities and an appointment of
agent for service of process on Form F-X (the &#147;Form F-X&#148;) in conjunction with
the filing of such registration statement with the Commission and has caused
the Trustee to prepare and file with the Commission a Statement of Eligibility
and Qualification on Form T-1 (the &#147;Form T-1&#148;); such registration statement and
any post-effective amendment thereto, in each case including the Canadian Final
Prospectus (with such deletions therefrom and additions thereto as are
permitted or required by Form F-9 and the applicable rules and regulations of
the Commission), each in the form heretofore delivered or to be delivered to
the Representatives for delivery by them to each of the other Underwriters and,
excluding exhibits to such registration statement, but including all documents
incorporated by reference in the prospectus contained therein, have been
declared effective by the Commission in such form; no other document with
respect to such registration statement or document incorporated by reference
therein has heretofore been filed or transmitted for filing with the Commission
and no other document incorporated by reference in the prospectus contained
therein has heretofore been filed with the Reviewing Authority, except for any
documents filed with the Commission or the Reviewing Authority subsequent to the
date of such effectiveness in the form heretofore delivered to the
Representatives for delivery by them to each of the other Underwriters; no stop
order suspending the effectiveness of such registration statement has been
issued and no proceeding for that purpose has been initiated or, to the Company&#146;s
knowledge, threatened by the Commission; any reference herein to any
Preliminary Final Prospectus, Canadian Final Prospectus or U.S. Final
Prospectus shall be deemed to refer to and include the documents incorporated
by reference therein as of the date of such Preliminary Final Prospectus,
Canadian Final Prospectus or U.S. Final Prospectus, as the case may be; any
reference to any amendment or supplement to any Preliminary Final Prospectus,
Canadian Final Prospectus or U.S. Final Prospectus shall be deemed to refer to
and include any documents filed after the date of such Preliminary Final
Prospectus, Canadian Final Prospectus or U.S. Final Prospectus, as the case may
be, under Alberta Securities Law or the Exchange Act, as the case may be, and
incorporated by reference in such Preliminary Final Prospectus, Canadian Final
Prospectus or U.S. Final Prospectus, as the case may be; and any reference to
the U.S. Final Prospectus shall be deemed to refer to the U.S. Final Prospectus
as amended or supplemented in relation to the applicable Securities in the form
in which it is filed with the Commission pursuant to General Instruction II.K.
of Form F-9 in accordance with Section 5(a) hereof, including any documents incorporated
by reference therein as of the date of such filing);</font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Canadian Documents, when they were filed with the
Reviewing Authority, conformed in all material respects to the requirements of
Alberta Securities Law, the documents incorporated by reference in the
Registration Statement and the U.S. Final Prospectus, when they became
effective or were filed with the Commission, as the case may be, conformed in
all material respects to the requirements of the Exchange Act, as applicable,
and the rules and regulations of the Commission thereunder and any further
documents so filed and incorporated by reference in the Canadian Final
Prospectus and the U.S. Final Prospectus or any amendment or supplement
thereto, when such documents are filed with the Reviewing Authority or the
Commission, will conform in all material respects to the requirements of
Alberta Securities Law or Exchange Act, as applicable;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; on the Effective Date the Registration Statement did, and
on the date each is first filed and on the Closing Date the Canadian Final
Prospectus and the U.S. Final Prospectus will, conform in all material
respects, with respect to the Canadian Final Prospectus, with the applicable
requirements of Alberta Securities Law and the rules and regulations of the
Reviewing Authority under the Alberta Securities Law, and with respect to the
U.S. Final Prospectus, with the Act and the Trust Indenture Act and the rules
and regulations of the Commission under both the Act and the Trust Indenture
Act; the Registration Statement, as of the Effective Date and at the Applicable
Time, did not and will not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; and the Canadian Final Prospectus
and the U.S. Final Prospectus, did not as of the Effective Date, did not as of
their respective filing dates and will not as of the Closing Date, contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>,
that this representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of any Underwriter through the
Representatives specifically for inclusion in the Registration Statement, the
Canadian Final Prospectus and the U.S. Final Prospectus, or to the Form T-1 of
the Trustee;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as of the Applicable Time and as of the Closing Date, the
Disclosure Package does not and will not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.&#160; The preceding
sentence does not apply to statements in or omissions from the Disclosure
Package made in reliance upon and in conformity with information furnished in
writing to the Company or on behalf of any Underwriter through the
Representative specifically for inclusion therein;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; at
the earliest time after the filing of the Registration Statement that the
Company or another offering participant made a bona fide offer (within the
meaning of Rule 164(h)(2)) of the Securities, the Company was not and is not an
Ineligible Issuer (as defined in Rule 405), without taking account of any
determination by the Commission pursuant to Rule 405 that it is not necessary
that the Company be considered an Ineligible Issuer.&#160; The Representative has notified the Company
of the earliest time that an offering participant made a bona fide offer of the
Securities;</font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
Issuer Free Writing Prospectus does not include any information that conflicts
with the information contained in the Registration Statement, including any
document incorporated therein and any prospectus supplement deemed to be a part
thereof that has not been superseded or modified.&#160; If there occurs an event or development as a
result of which the Disclosure Package would include an untrue statement of a
material fact or would omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances then prevailing, not
misleading, the Company will notify promptly the Representative so that any use
of the Disclosure Package may cease until it is amended or supplemented.&#160; The foregoing two sentences do not apply to
statements in or omissions from the Disclosure Package made in reliance upon
and in conformity with information furnished in writing to the Company by or on
behalf of any Underwriter through the Representative specifically for use
therein;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company has been duly amalgamated and is valid and
subsisting as a corporation under the laws of the Province of Alberta with full
corporate power and authority to own or lease, as the case may be, and to
operate its properties and conduct its business as described in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), and is duly registered to do business as an
extra-provincial corporation and is in good standing under the laws of each
such jurisdiction which requires such registration;</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each of Canadian Natural Resources, a general partnership
(&#147;Canadian Natural Resources&#148;), Canadian Natural Resources Northern Alberta
Partnership, a general partnership (&#147;Canadian Natural Resources Northern&#148;) and
CNR 2006 Partnership, a general partnership (&#147;CNR 2006&#148;), has been duly formed
and is registered as a general partnership in good standing</font><b>  </b>under the laws of the Province of Alberta, with full power
and authority to own or lease, as the case may be, and to operate its
properties and conduct its business as described in the Canadian Final
Prospectus (exclusive of any additional supplement thereto), the Disclosure
Package and the U.S. Final Prospectus (exclusive of any additional supplement
thereto), and is duly registered to do business as an extra-provincial
partnership and is in good standing under the laws of each jurisdiction which
requires such registration;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CNR International (U.K.) Limited has been duly
incorporated and is validly existing as a corporation in good standing under
the laws of the jurisdiction in which it is chartered or organized, with full
corporate power and authority to own or lease, as the case may be, and to
operate its properties and conduct its business as described in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), and is duly qualified or registered to do business as an
extra-jurisdictional corporation and is in good standing under the laws of each
jurisdiction which requires such qualification or registration;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each of the Company&#146;s material subsidiaries (excluding the
Significant Subsidiaries) has been duly incorporated and, to the best of the
Company&#146;s knowledge, is validly existing as a corporation in good standing
under the laws of the jurisdiction in which it is chartered or organized, with
full corporate power and authority to own or lease, as the case may be, and to
operate its properties and conduct its business as described in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), and is duly qualified or registered to do business as an
extra-jurisdictional corporation and, to the best of the Company&#146;s knowledge,
is in good standing under the laws of each jurisdiction which requires such
qualification or registration;</font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each of the Company&#146;s material partnerships (excluding
Canadian Natural Resources, Canadian Natural Resources Northern and CNR 2006)
has been duly formed and, to the best of the Company&#146;s knowledge, is registered
as a partnership in good standing under the laws of the jurisdiction in which
it is organized, with full power and authority to own or lease, as the case may
be, and to operate its properties and conduct its business as described in the
Canadian Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), and is duly registered to do business as an
extra-jurisdictional partnership and, to the best of the Company&#146;s knowledge,
is in good standing under the laws of each jurisdiction which requires such
registration;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company has an authorized capitalization as set forth
in the Canadian Final Prospectus (exclusive of any additional supplement
thereto), the Disclosure Package and the U.S. Final Prospectus (exclusive of
any additional supplement thereto) and all of the issued shares of capital
stock of the Company have been duly and validly authorized and issued and are
fully paid and non-assessable; and all the outstanding shares of capital stock,
or other ownership interests, of each subsidiary of the Company (the term &#147;subsidiary&#148;
as used hereinafter includes partnerships and other equity interests unless
otherwise indicated) have been duly and validly authorized and issued and are
fully paid and nonassessable, as applicable, and, except as otherwise set forth
in the Canadian Final Prospectus (exclusive of any additional supplement
thereto), the Disclosure Package and the U.S. Final Prospectus (exclusive of
any additional supplement thereto) and other than the entities identified in
Annex B hereto, all outstanding shares of capital stock, or other ownership
interests, of the subsidiaries are owned by the Company either directly or
under a trust relationship where shares of a subsidiary are held in trust on
behalf of the Company or through wholly owned subsidiaries free and clear of
any perfected security interest or any other security interests, claims, liens
or encumbrances;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there is no contract or other document of a character
required to be described in the Registration Statement, the Disclosure Package,
the Canadian Final Prospectus or the U.S. Final Prospectus, or to be filed as
an exhibit thereto, which is not described or filed as required; and the
statements in the Canadian Final Prospectus, the Disclosure Package or the U.S.
Final Prospectus under the headings &#147;Certain Income Tax Information&#148;, &#147;Description
of Debt Securities&#148; and &#147;Description of the Notes&#148; insofar as such statements
summarize legal matters, agreements, documents or proceedings discussed
therein, are in all material respects accurate and fair summaries of such legal
matters, agreements, documents or proceedings;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Agreement has been duly authorized, executed and
delivered by the Company and constitutes a valid and binding obligation of the
Company enforceable in accordance with its terms, except as the enforceability
of the Securities may be subject to bankruptcy, insolvency, reorganization,
fraudulent conveyances or transfer, moratorium or similar laws affecting creditors&#146;
rights generally and subject to general principles of equity (regardless of
whether enforceability is considered in a proceeding in equity or at law)
subject to public policy considerations with respect to Section 8 hereunder;</font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company is not and, after giving effect to the
offering and sale of the Securities and the application of the proceeds thereof
as described in the Canadian Final Prospectus, the Disclosure Package and the
U.S. Final Prospectus, will not be required to be registered as an &#147;investment
company&#148; (as defined in the Investment Company Act of 1940, as amended) under
the Investment Company Act of 1940, as amended;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no Governmental Authorization is required in connection
with the transactions contemplated herein, except such as have been obtained
under the Act, Alberta Securities Law and the Trust Indenture Act and such as
may be required under the blue sky laws of any jurisdiction in connection with
the purchase and distribution of the Securities by the Underwriters in the manner
contemplated herein and in the Canadian Final Prospectus, the Disclosure
Package and the U.S. Final Prospectus;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the issue and sale of the Securities nor the
consummation of any other of the transactions herein contemplated nor the
fulfillment of the terms hereof will conflict with, result in a breach or
violation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company or any of its subsidiaries pursuant to, (i) the charter
or by-laws of the Company or any of its subsidiaries, (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument to
which the Company or any of its subsidiaries is a party or by which it is bound
or to which its or their property is subject, or (iii) any statute, law, rule,
regulation, judgment, order or decree applicable to the Company or any of its
subsidiaries of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or any
of its subsidiaries or any of its or their properties which conflict, breach,
violation or imposition would, either individually or in the aggregate with all
other conflicts, breaches, violations and impositions referred to in this
paragraph (if any), have a material adverse effect on the condition (financial
or otherwise), prospects, earnings, business or properties of the Company and
its subsidiaries, taken as a whole, whether or not arising from transactions in
the ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no holders of securities of the Company have rights to the
registration of such securities under the Registration Statement;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the consolidated historical financial statements of the
Company and its consolidated subsidiaries included or incorporated by reference
in the Canadian Final Prospectus, the Disclosure Package, the U.S. Final
Prospectus and the Registration Statement present fairly in all material
respects the financial condition, results of operations and cash flows of the
entities indicated as of the dates and for the periods indicated, comply as to
form with the applicable accounting requirements of the Act and Alberta
Securities Law and have been prepared in conformity with Canadian generally
accepted accounting principles and have been reconciled to U.S. generally
accepted accounting principles in accordance with the provisions of Form 20-F
under the Exchange Act, in each case applied on a consistent basis throughout the
periods involved (except as otherwise noted therein).&#160; The selected financial data set forth under
the caption &#147;Selected Consolidated Financial and Operating Information&#148; in the
Canadian Final Prospectus, the Disclosure Package, the U.S. Final Prospectus and
the Registration Statement fairly present, on the basis stated in the Canadian
Final Prospectus, the Disclosure Package, the U.S. Final Prospectus and the
Registration Statement, the information included therein;</font></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), no action, suit or proceeding by or before any court or
Governmental Authority involving the Company or any of its subsidiaries or its
or their property is pending or, to the best knowledge of the Company,
threatened that (i) could reasonably be expected to have a material adverse
effect on the performance of this Agreement or the consummation of any of the
transactions contemplated hereby or (ii) could reasonably be expected to have a
material adverse effect on the condition (financial or otherwise), prospects,
earnings, business or properties of the Company and its subsidiaries, taken as
a whole, whether or not arising from transactions in the ordinary course of
business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in the Canadian Final Prospectus
(exclusive of any additional supplement thereto), the Disclosure Package and
the U.S. Final Prospectus (exclusive of any additional supplement thereto),
each of the Company and its subsidiaries owns or leases or is entitled to own
or lease all such properties as are necessary to the conduct of its operations
as presently conducted, except where the failure to own or lease could not
reasonably be expected to have a material adverse effect on the condition
(financial or otherwise), prospects, earnings, business or properties of the
Company and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business;</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package </font>and
the U.S. Final Prospectus (exclusive of any additional supplement
thereto), neither the Company
nor any subsidiary is in violation or default of (i) any provision of its
charter or bylaws or other constating documents, (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument to
which it is a party or by which it is bound or to which its property is
subject, or (iii) any statute, law, rule, regulation, judgment, order or decree
of any court, regulatory body, administrative agency, governmental body,
arbitrator or other authority having jurisdiction over the Company or such
subsidiary or any of its properties, as applicable, which violation or default
would, in the case of clauses&nbsp;(ii) and (iii) above, either individually or
in the aggregate with all other violations and defaults referred to in this
paragraph&nbsp;(if any), have a material adverse effect on the condition
(financial or otherwise), prospects, earnings, business or properties of the Company
and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PricewaterhouseCoopers LLP, who have certified certain
financial statements of the Company and its consolidated subsidiaries and
delivered their report with respect to the audited consolidated financial
statements included or incorporated by reference in the Canadian Final
Prospectus, the Disclosure Package and the U.S. Final Prospectus, are
independent public accountants with respect to the Company within the meaning
of Alberta Securities Law and the Act and the applicable published rules and
regulations thereunder;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), the Company and each of its subsidiaries has filed all
foreign, federal, state and local tax returns that are required to be filed or </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has requested extensions thereof (except in
any case in which the failure so to file would not have a material adverse
effect on the condition (financial or otherwise), prospects, earnings, business
or properties of the Company and its subsidiaries, taken as a whole, whether or
not arising from transactions in the ordinary course of business, except as set
forth in or contemplated in the Canadian Final Prospectus (exclusive of any
additional supplement thereto), the Disclosure Package and the U.S. Final
Prospectus (exclusive of any additional supplement thereto) and has paid all
taxes required to be paid by it and any other assessment, fine or penalty
levied against it, to the extent that any of the foregoing is due and payable,
except for any such assessment, fine or penalty that is currently being
contested in good faith or as would not have a material adverse effect on the
condition (financial or otherwise), prospects, earnings, business or properties
of the Company and its subsidiaries, taken as a whole, whether or not arising
from transactions in the ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), no labor problem or dispute with the employees of the
Company or any of its subsidiaries exists or is threatened or imminent, and
without making any special inquiry, the Company is not aware of any existing or
imminent labor disturbance by the employees of any of its or its subsidiaries&#146;
principal suppliers, contractors or customers, that could have a material
adverse effect on the condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries, taken as a whole,
whether or not arising from transactions in the ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian Final
Prospectus (exclusive of any additional supplement thereto), the Disclosure
Package and the U.S. Final Prospectus (exclusive of any additional supplement
thereto), the Company and each of its subsidiaries are insured or reinsured by
insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which
they are engaged; all policies of insurance and fidelity or surety bonds
insuring the Company or any of its subsidiaries or their respective businesses,
assets, employees, officers and directors are in full force and effect; the
Company and its subsidiaries are in compliance with the terms of such policies
and instruments in all material respects; and there are no claims by the
Company or any of its subsidiaries under any such policy or instrument as to
which any insurance company is denying liability or defending under a
reservation of rights clause; neither the Company nor any such subsidiary has
been refused any insurance coverage sought or applied for; and neither the
Company nor any such subsidiary has any reason to believe that it will not be
able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a material adverse effect
on the condition (financial or otherwise), prospects, earnings, business or
properties of the Company and its subsidiaries, taken as a whole, whether or
not arising from transactions in the ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated by the Canadian Final
Prospectus (exclusive of any additional supplement thereto), the Disclosure
Package and the U.S. Final Prospectus (exclusive of any additional supplement
thereto), no subsidiary of the Company is currently prohibited, directly or
indirectly, from paying any dividends to the Company, from making any other
distribution on such subsidiary&#146;s capital stock or other ownership interest,
from </font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">repaying to the Company any loans or advances
to such subsidiary from the Company or from transferring any of such subsidiary&#146;s
property or assets to the Company or any other subsidiary of the Company that
could have a material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business or have an adverse affect on the ability of
the&#160; Company to make all payments when
due with respect to the Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian Final
Prospectus (exclusive of any additional supplement thereto), the Disclosure
Package and the U.S. Final Prospectus (exclusive of any additional supplement
thereto), or where the failure to possess licenses, certificates, permits or
other authorizations would not singly or in the aggregate have a material
adverse effect on the condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries, taken as a whole,
whether or not arising from transactions in the ordinary course of business,
the Company and its subsidiaries possess all licenses, certificates, permits
and other authorizations issued by the appropriate foreign, federal, provincial,
state, municipal or local regulatory authorities necessary to conduct their
respective businesses, and neither the Company nor any such subsidiary has
received any notice of proceedings relating to the revocation or modification
of any such certificate, authorization or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would
have a material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company and each of its Significant Subsidiaries
maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with
management&#146;s general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with
Canadian generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company has not taken, directly or indirectly, any
action designed to or that would constitute or that might reasonably be
expected to cause or result in, under Alberta Securities Law or the Exchange
Act or otherwise, stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as set forth in or contemplated in the Canadian
Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto), the Company and its subsidiaries are (i) in compliance
with Environmental Laws, (ii) have received and are in compliance with all
permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses and (iii) have not
received notice of any actual or potential liability for the investigation or
remediation of any disposal or release of hazardous or toxic substances or
wastes, pollutants or contaminants, except where such non-compliance with
Environmental Laws, failure to receive required permits, licenses or other
approvals, or liability </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">would not, individually or in the aggregate,
have a material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business.&#160; Except as
set forth in or contemplated in the Canadian Final Prospectus (exclusive of any
additional supplement thereto), the Disclosure Package and the U.S. Final
Prospectus (exclusive of any additional supplement thereto), neither the
Company nor any of the subsidiaries has been named as a &#147;potentially
responsible party&#148; under the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, or under any similar
Canadian legislation, except where the realization of any potential liability
as such a &#147;potentially responsible party&#148; would not, individually or in the
aggregate, have a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the ordinary course of its business, the Company
periodically reviews the effect of Environmental Laws on the business,
operations and properties of the Company and its subsidiaries, in the course of
which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for
clean-up, closure of properties or compliance with Environmental Laws, or any
permit, license or approval, any related constraints on operating activities
and any potential liabilities to third parties).&#160; On the basis of such review, except as set
forth in or contemplated in the Canadian Final Prospectus (exclusive of any
additional supplement thereto), the Disclosure Package and the U.S. Final
Prospectus (exclusive of any additional supplement thereto), the Company has
reasonably concluded that such associated costs and liabilities would not,
singly or in the aggregate, have a material adverse effect on the condition
(financial or otherwise), prospects, earnings, business or properties of the
Company and its subsidiaries, taken as a whole, whether or not arising from transactions
in the ordinary course of business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the Company nor any subsidiary is by itself, nor is
it by virtue of its being under &#147;common control&#148; with any other Person within
the meaning of the Section 414(b) or (c) of the Internal Revenue Code of 1986
(the &#147;Code&#148;), an &#147;employer&#148; within the meaning of the Section 3 (5) of the
Employee Retirement Income Security Act of 1974 of the United States of
America, as amended from time to time (&#147;ERISA&#148;), in respect of any employee
pension benefit plan covered by Title IV of ERISA or subject to the minimum
funding standards under the Code;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the subsidiaries listed on Annex A attached hereto are the
only Significant Subsidiaries of the Company and there are no other
subsidiaries material to the condition (financial or otherwise), prospects,
earnings, business or properties of the Company and its subsidiaries, taken as
a whole;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the Company, its subsidiaries and the businesses
now run by the Company and its subsidiaries, nor any of their respective
officers, directors, supervisors, managers, agents, or employees have, directly
or indirectly, (A) made or authorized any contribution, payment or gift of
funds or property to any official, employee or agent of any governmental
agency, authority or instrumentality of any jurisdiction or (B) made any
contribution to any candidate for public office, in either case, where either
the payment or the </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">purpose of such contribution, payment or gift
was, is, or would be prohibited under the U.S. Foreign Corrupt Practices Act of
1977, as amended, or the Canada Corruption of Foreign Public Officials Act, or
the rules and regulations promulgated thereunder;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(kk)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the sale of the Securities by the Company under this
Agreement nor the use of proceeds thereof will cause any U.S. person
participating in the Offering, either as underwriter and/or purchasers of the
Securities, to violate the regulations of the United States Treasury Department
set forth under 31 CFR, Subtitle B, Chapter V, as amended, or any enabling
legislation or executive order relating thereto (the &#147;Sanctions Regulations&#148;)
provided, however, that the Company makes no representation under this
paragraph that would violate Canadian law;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Securities have been duly authorized, and, when the
Securities are issued and delivered pursuant to this Agreement, such Securities
will have been duly executed, authenticated, issued and delivered and, upon
payment for the Securities by the Representatives to the Company, will
constitute valid and legally binding obligations of the Company entitled to the
benefits provided by the Indenture; the Indenture, which is substantially in
the form filed as an exhibit to the Registration Statement, has been duly
authorized and duly qualified under the Trust Indenture Act and constitutes a
valid and legally binding instrument, and enforceable against the Company in
accordance with its terms, except as the enforceability of the Securities may
be subject to bankruptcy, insolvency, reorganization, fraudulent conveyances or
transfer, moratorium or similar laws affecting creditors&#146; rights generally and
subject to general principles of equity (regardless of whether enforceability
is considered in a proceeding in equity or at law) and to the provisions of the
Currency Act (Canada) or to the usury provisions of the Criminal Code (Canada);
no registration, filing or recording of the Indenture under the laws of Canada
or any province thereof is necessary in order to preserve or protect the
validity or enforceability of the Indenture or the Securities issued
thereunder; and the Indenture conforms, and the Securities will conform in all
material respects to the descriptions thereof contained in the Canadian Final
Prospectus, the Disclosure Package and the U.S. Final Prospectus with respect
to such Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(mm)&#160;&#160;&#160;&#160;&#160;&#160; the Company is not aware of any defects in title to its core
oil and gas properties or its material assets and facilities which are used in
the production and marketing of oil and gas that, in the aggregate, would have
a material adverse effect on the condition (financial or otherwise), prospects,
earnings, business or properties of the Company and its subsidiaries, taken as
a whole, whether or not arising from transactions in the ordinary course of
business;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(nn)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the information set forth or incorporated by reference in
the Canadian Final Prospectus, the Disclosure Package and the U.S. Final
Prospectus relating to the estimates by the Company of the (i) proved reserves
at December 31, 2005 have been approved by the Company and such reserve
information has been prepared in accordance with the definitions and the
standards of the Commission, (ii) proved plus probable conventional reserves as
at the dates specified and appearing in the Company&#146;s Annual Information Form
dated March 29, 2006, have been reviewed and approved </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the Company and the reserve information
has been prepared in accordance with National Instrument 51-101 of the Canadian
Securities Administrators; and (iii) proved and probable oil sands mining reserves
as at the date specified and appearing in the Company&#146;s Annual Information Form
dated March 29, 2006, have been reviewed and approved by the Company and the
reserves were evaluated adhering to the requirements of SEC Industry Guide 7;
and</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all interest and other distributions on the Securities will
not be subject to withholding or other taxes under the laws and regulations of
Canada and are otherwise free and clear of any other tax, withholding or
deduction in Canada without the necessity of obtaining any Governmental
Authorization in Canada; and</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(pp)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any certificate signed by any officer of the Company and
delivered to the Representatives or counsel for the Underwriters in connection
with the offering of the Securities shall be deemed a representation and
warranty by the Company, as to matters covered thereby, to each Underwriter.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. <u>Purchase and Sale.</u>&#160; Subject to the terms and conditions and in
reliance upon the representations and warranties herein set forth, the Company
agrees to sell to each Underwriter, and each Underwriter agrees, severally and
not jointly, to purchase from the Company, at the purchase price set forth in
Schedule I hereto the principal amount of the Securities set forth opposite
such Underwriter&#146;s name in Schedule II hereto.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. <u>Delivery and Payment.</u>&#160; Delivery of and payment for the Securities
shall be made on the date and at the time specified in Schedule&nbsp;I hereto
or at such time on such later date not more than three Business Days after the
foregoing date as the Representatives shall designate, which date and time may
be postponed by agreement between the Representatives and the Company or as
provided in Section&nbsp;9&nbsp;hereof (such date and time of delivery and
payment for the Securities being herein called the &#147;Closing Date&#148;).&#160; Delivery of the Securities shall be made to
the Representatives for the respective accounts of the several Underwriters
against payment by the several Underwriters through the Representatives of the
purchase price thereof to or upon the order of the Company by wire transfer
payable in same-day funds to an account specified by the Company.&#160; Delivery of the Securities shall be made
through the facilities of The Depository Trust Company unless the
Representatives shall otherwise instruct.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. <u>Offering by Underwriters.</u>&#160; It is understood that the several
Underwriters propose to offer the Securities for sale to the public as set
forth in the Canadian Final Prospectus, the Disclosure Package and the U.S.
Final Prospectus.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. <u>Agreements.</u>&#160; The Company agrees with the several
Underwriters that:</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the termination of the offering of the
Securities, the Company will not file any amendment of the Registration
Statement or supplement (including the U.S. Final Prospectus or any Preliminary
Final Prospectus) to the Basic Prospectus unless the Company has furnished you
a copy for your review prior to filing and will not file any such proposed
amendment or supplement to which you reasonably object.&#160; Subject to the foregoing sentence, the
Company will prepare the Canadian Final Prospectus and the U.S. Final
Prospectus in relation to the applicable Securities in a form approved by the
Representatives and shall file (i) such Canadian Final Prospectus with the
Reviewing Authority in accordance with the Shelf Procedures and (ii) such U.S.
Final Prospectus with the Commission pursuant to General Instruction II.K. of
Form F-9 not later than the Commission&#146;s close of business on the business </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">day following the date of the filing thereof
with the Reviewing Authority.&#160; The
Company will prepare a final term sheet, containing solely a description of the
Securities, in a form approved by the Representatives and will file such term
sheet pursuant to Rule 433(d) within the time required by such Rule and will
promptly file all material required to be filed by the Company with the
Commission pursuant to Rule 433(d) under the Act. The Company will promptly
file all reports required to be filed by it with the Reviewing Authority
pursuant to Alberta Securities Law and the Commission pursuant to Section
13(a), 13(c) or 15(d) of the Exchange Act for so long as the delivery of a
prospectus (or in lieu thereof, the notice referred to in Rule 173(a)) is
required under the Act in connection with the offering or sale of the
Securities, and during such same period will advise the Representatives,
promptly after it receives notice thereof, of the time when any amendment to
the Canadian Final Prospectus has been filed or receipted, when any amendment
to the Registration Statement has been filed or becomes effective or any
supplement to the Basic Prospectus or any amended Canadian Final Prospectus or
U.S. Final Prospectus has been filed with the Reviewing Authority or the
Commission, of the issuance by the Reviewing Authority or the Commission of any
stop order or of any order preventing or suspending the use of any prospectus
relating to the Securities, of the suspension of the qualification of such
Securities for offering or sale in any jurisdiction, of the initiation or
threatening of any proceeding for any such purpose, or of any request by the
Reviewing Authority or the Commission for the amending or supplementing of the
Registration Statement, the Canadian Final Prospectus or the U.S. Final
Prospectus or for additional information relating to the Securities; and, the
Company will use its commercially reasonable best efforts to prevent the
issuance of any such stop order or any such order preventing or suspending the
use of any prospectus relating to the Securities or the suspension of any such
qualification and, in the event of the issuance of any such stop order or of
any such order preventing or suspending the use of any prospectus relating to
the Securities or suspending any such qualification, to promptly use its
commercially reasonable best efforts to obtain the withdrawal of such order;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, at any time when a prospectus relating to the
Securities (or in lieu thereof, the notice referred to in Rule 173(a)) is
required to be delivered under the Act, any event occurs as a result of which
the Canadian Final Prospectus or the U.S. Final Prospectus, each as then
supplemented, would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light
of the circumstances under which they were made not misleading, or if it shall
be necessary to amend the Registration Statement or supplement the Canadian
Final Prospectus or the U.S. Final Prospectus to comply with Alberta Securities
Law, the Act or the Exchange Act, or the respective rules thereunder, the
Company promptly will (1)&nbsp;notify the Representatives of such event, (2)
prepare and file with the Reviewing Authority and the Commission, subject to
the first sentence of paragraph (a)&nbsp;of this Section&nbsp;5, an amendment
or supplement which will correct such statement or omission or effect such
compliance and (3)&nbsp;supply any supplemented Canadian Final Prospectus and
U.S. Final Prospectus to you in such quantities as you may reasonably request;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As soon as practicable, the Company will make generally
available to its security holders and to the Representatives an earnings
statement or statements of the Company and its subsidiaries which will satisfy
the provisions of Section&nbsp;11(a) of the Act and Rule&nbsp;158 under the
Act;</font></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will furnish to the Representatives and
counsel for the Underwriters, without charge, signed copies of the Registration
Statement (including exhibits thereto) and a copy of the Registration Statement
(without exhibits thereto) for delivery by the Representatives to each other
Underwriter and, so long as delivery of a prospectus by an Underwriter or
dealer may be required by the Act, as many copies of each Preliminary Final
Prospectus, Issuer Free Writing Prospectus and U.S. Final Prospectus and any
supplement thereto as the Representatives may reasonably request.&#160; The Company will pay the expenses of printing
or other production of all documents relating to the offering;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will arrange, if necessary, for the
qualification of the Securities for sale under the laws of such jurisdictions
as the Representatives may designate, will maintain such qualifications in
effect so long as required for the distribution of the Securities and will pay
any fee of the National Association of Securities Dealers, Inc., in connection
with its review of the offering; provided that in no event shall the Company be
obligated to qualify to do business in any jurisdiction where it is not now so
qualified or to take any action that would subject it to service of process in
suits, other than those arising out of the offering or sale of the Securities,
in any jurisdiction where it is not now so subject;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company agrees that, other than the final term sheet
prepared and filed pursuant to Section 5(a) hereof, unless it obtains the prior
written consent of the Representative, and each Underwriter, severally and not
jointly, agrees with the Company that, unless it has obtained the prior written
consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute an Issuer Free Writing Prospectus or that
would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule
405); provided that the prior written consent of the parties hereto shall be
deemed to have been given in respect of the information contained in or
consistent with the Free Writing Prospectuses included in Annex C hereto
(including the final term sheet prepared and filed pursuant to Section 5(a)
hereof). Any such free writing prospectus consented to by the Representative or
the Company is hereinafter referred to as a &#147;Permitted Free Writing Prospectus.&#148;&#160; The Company agrees that (x) it has treated
and will treat, as the case may be, each Permitted Free Writing Prospectus as
an Issuer Free Writing Prospectus and (y) it has complied and will comply, as
the case may be, with the requirements of Rules 164 and 433 applicable to any
Permitted Free Writing Prospectus, including in respect of timely filing with
the Commission, legending and record keeping.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will not, without the prior written consent of
the Representatives, offer, sell, contract to sell, pledge, or otherwise
dispose of, (or enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition (whether by actual
disposition or effective economic disposition due to cash settlement or
otherwise) by the Company or any affiliate of the Company or any person in
privity with the Company or any affiliate of the Company) directly or indirectly,
including the filing (or participation in the filing) of a registration
statement with the Commission in respect of any debt securities issued or
guaranteed by the Company in the United States (other than the Securities), or
establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act in
respect of such securities, or publicly announce an intention to effect any
such transaction, until the time of Closing; provided that the Company may
offer and sell debt securities denominated in Canadian dollars under an </font></h2>

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;MTN program&#148; under National Instrument
44-102 of the Canadian Securities Administrators where none of such debt
securities is offered or sold in the United States.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will furnish to the Trustee of the Securities
reports and other information in accordance with the requirements specified in
Section 9.3 of the Indenture;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will use the net proceeds received by the
Company from the sale of the Securities pursuant to this Agreement in the
manner specified under the caption &#147;Use of Proceeds&#148; in the Canadian Final
Prospectus, the Disclosure Package and U.S. Final Prospectus in relation to the
Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company agrees to pay the costs and expenses relating
to the following matters:&#160; (i) the
preparation, printing or reproduction and filing with the Commission of the
Registration Statement (including financial statements and exhibits thereto)
and with the Review Authority of the Final Canadian Prospectus, each
Preliminary Final Prospectus, each Issuer Free Writing Prospectus, the Canadian
Final Prospectus and U.S. Final Prospectus, and each amendment or supplement to
any of them; (ii) the printing (or reproduction) and delivery (including
postage, air freight charges and charges for counting and packaging) of such
copies of the Registration Statement, each Preliminary Final Prospectus, each
Issuer Free Writing Prospectus, the Canadian Final Prospectus and U.S. Final
Prospectus, and all amendments or supplements to any of them, as may, in each
case, be reasonably requested for use in connection with the offering and sale
of the Securities; (iii) the preparation, printing, authentication, issuance
and delivery of certificates for the Securities, including any stamp or
transfer taxes in connection with the original issuance and sale of the
Securities; (iv) the printing (or reproduction) and delivery of this Agreement,
the Indenture, any blue sky memorandum and all other agreements or documents
printed (or reproduced) and delivered in connection with the offering of the
Securities; (v) any registration or qualification of the Securities for offer
and sale under the securities or blue sky laws of the several states (including
filing fees and the reasonable fees and expenses of counsel for the
Underwriters relating to such registration and qualification); (vi) any filings
required to be made with the National Association of Securities Dealers, Inc.
(including filing fees and the reasonable fees and expenses of counsel for the
Underwriters relating to such filings); (vii) the transportation and other
expenses incurred by or on behalf of Company representatives in connection with
presentations to prospective purchasers of the Securities; (viii)&nbsp;the fees
and expenses of the Company&#146;s accountants and the fees and expenses of counsel
(including local and special counsel) for the Company; (ix) the fees and
expenses of the Trustee and any agent of the Trustee and the fees and
disbursements of counsel for the Trustee in connection with the Indenture and
the Securities; (x) any fees charged by securities rating services for rating
the Securities; and (xi) all other costs and expenses of the Company and its
representatives incident to the performance by the Company of its obligations
hereunder.&#160; Except as indicated above in
this paragraph, it is understood that the Underwriters will pay all of their
own costs and expenses, including the fees and expenses of their counsel and
certain advertising expenses in connection with any offer the Underwriters make
with respect to the Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither the Company nor any of its subsidiaries will take,
directly or indirectly, any action that will result in a violation by any U.S.
person participating in the Offering of the Sanctions Regulations with respect
to the sale of the Securities under this Agreement and the use of proceeds
thereof.&#160; Without limiting the foregoing,
the Company will </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not enter into a legal, valid and binding
obligation, or use the proceeds of the sale of the Securities to fund any
activities or business, with any entity or individual with respect to which
U.S. persons are prohibited from doing business under the Sanctions
Regulations, provided, however, that the Company makes no covenant under this
paragraph that would violate any Canadian law; and</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will not take, directly or indirectly, any
action designed to or that would constitute or that might reasonably be
expected to cause or result in, under the Exchange Act, Alberta Securities Law
or otherwise, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Securities.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6. <u>Conditions to the
Obligations of the Underwriters.</u>&#160; The
obligations of the Underwriters to purchase the Securities shall be subject to
the accuracy of the representations and warranties on the part of the Company
contained herein as of the Applicable Time and the Closing Date, to the
accuracy of the statements of the Company made in any certificates pursuant to
the provisions hereof, to the performance by the Company of its obligations
hereunder and to the following additional conditions:</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160; The Canadian
Final Prospectus shall have been filed with the Reviewing Authority under the
Shelf Procedures and (ii) the U.S. Final Prospectus shall have been filed with
the Commission pursuant to General Instruction II.K. of Form F-9 under the Act,
in each case, within the applicable time period prescribed for such filing and
in accordance with Section 5(a) hereof; the final term sheet contemplated by
Section 5(a) hereof, and any other material required to be filed by the Company
pursuant to Rule 433(d) under the Act shall have been filed with the Commission
within the applicable time prescribed for such filing by Rule 433; no stop
order suspending the effectiveness of the Registration Statement or any part
thereof shall have been issued and no order preventing or suspending the use of
any prospectus relating to the Securities shall have been issued and no proceeding
for any such purpose shall have been initiated or threatened by the Commission
or the Reviewing Authority;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall have requested and caused Paul, Weiss,
Rifkind, Wharton &amp; Garrison LLP, United States special counsel for the
Company, to have furnished to the Representatives their opinion, dated the
Closing Date and addressed to the Representatives, to the effect that:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements in the Disclosure Package and the U.S. Final Prospectus under the
caption &#147;Certain Income Tax Information &#151; Certain U.S. Federal Income Tax
Considerations,&#148; to the extent that they constitute summaries of United States
federal statutes, rules and regulations or portions thereof, are accurate in
all material respects;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Indenture (to the extent execution and delivery are governed by the laws of New
York) has been duly executed and delivered by the Company.&#160; The Indenture is a valid and legally binding
obligation of the Company, enforceable against the Company in accordance with
its terms, except that enforceability may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws
affecting enforcement of creditors&#146; rights generally and subject to general </font></h3>

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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">principles of equity (regardless of whether enforceability is
considered in a proceeding in equity or at law);</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Indenture has been duly qualified under the Trust Indenture Act and conforms,
in all material respects, to the description thereof in each of the Disclosure
Package and the U.S. Final Prospectus under the caption &#147;Description of Debt
Securities&#148; and under the caption &#147;Description of the Notes&#148;;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Securities, when issued and delivered, will be in the form contemplated by the
Indenture and will conform, in all material respects, to the description of the
Securities in each of the Disclosure Package and the U.S. Final Prospectus
under the caption &#147;Description of Debt Securities&#148; and under the caption &#147;Description
of the Notes&#148;.&#160; The Securities (to the
extent execution, issuance and delivery are governed by the laws of New York)
when duly executed and delivered by the Company, and when issued by the Company
against payment as provided in the Agreement, will have been duly issued and
will constitute valid and legally binding obligations of the Company entitled
to the benefits of the Indenture and enforceable against the Company in
accordance with their terms, except as the enforceability of the Securities may
be subject to bankruptcy, insolvency, reorganization, fraudulent conveyances or
transfer, moratorium or similar laws affecting creditors&#146; rights generally and
subject to general principles of equity (regardless of whether enforceability
is considered in a proceeding in equity or at law);</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
of the Registration Statement and the U.S. Final Prospectus (except for the
financial statements, financial statement schedules and other financial data
either included or incorporated therein or omitted therefrom and except for the
Form T-1, as to all of which such counsel expresses no opinion), as of its
respective effective or issue date, appears on its face to be appropriately
responsive in all material respects to the requirements of the Act; the Form
F-X, as of its date, appears on its face to be appropriately responsive in all
material respects to the requirements of the Act;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this
Agreement (to the extent execution and delivery are governed by the laws of New
York) has been duly executed and delivered by the Company;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company is not and, after giving effect to the offering and sale of the
Securities and the application of the proceeds from that sale as described in
the Disclosure Package and the U.S. Final Prospectus, will not be required to
be registered as an &#147;investment company&#148; (as such term is defined in the Investment
Company Act of 1940, as amended) under the Investment Company Act of 1940, as
amended;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
Governmental Authorization of or with any court or governmental authority of
the State of New York or the United States of America is required under any
Applicable Law (other than as required by any state securities laws, as to
which such counsel need express no opinion) and, to such counsel&#146;s knowledge,
no Governmental Authorization of or with any other U.S. court or government
authority is required for the issue and sale of the Securities or the
performance by the Company of its obligations under this Agreement or the
Indenture, except any Governmental Authorizations as have </font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been obtained, taken or made under the Act, the Trust Indenture Act and
any other Applicable Law and that may be required under securities or blue sky
laws of certain jurisdictions in connection with the purchase and distribution
of the Securities by the Underwriters.&#160;
For purposes of this opinion, the term &#147;Applicable Law&#148; means those
laws, rules and regulations of the United States of America and the State of
New York, in each case which in our experience are normally applicable to the
transactions of the type contemplated by this Agreement.&#160; For purposes of the opinion, the term &#147;Governmental
Authorization&#148; means any consent, approval, authorization, order, permit,
license, filing, registration, clearance or qualification of, or with, any
statute, order, rule or regulation of any court or governmental agency or body
having jurisdiction over the Company or any of its properties;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
issue and sale of the Securities and the compliance by the Company with all of
the provisions of the Securities, the Indenture and this Agreement and the
performance by the Company of its obligations thereunder will not conflict with
or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, (A) any Applicable Law, (B) the agreements
identified in a schedule to such counsel&#146;s opinion, or (C) any judgment, order
or decree known to such counsel of any United States federal or New York state
government, governmental, regulatory or administrative agency, authority,
commission or instrumentality or court having jurisdiction over the Company or
any of its subsidiaries or any of their properties or assets.&#160; For the purposes of clause (A) of this
paragraph (ix), the term &#147;Applicable Law&#148; shall not include the anti-fraud
provisions or disclosure requirements of federal and state securities laws; and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; under
the laws of the State of New York relating to submission to jurisdiction, the
Company has, pursuant to Section 14 of this Agreement, and pursuant to Section
1.18 of the Indenture, validly and irrevocably submitted to the personal
jurisdiction of any state or federal court located in the State of New York, in
any action arising out of or relating to this Agreement or the transactions
contemplated thereby, or the Indenture, as the case may be, and has validly and
irrevocably appointed the Authorized Agent as its authorized agent for the
purpose described in this Agreement and for so long as any Securities are
outstanding, has validly and irrevocably appointed the Authorized Agent as its
authorized agent for the purpose described in the Indenture; and service of process
effected on such agent in the manner set forth therein will be effective to
confer valid personal jurisdiction over the Company. This opinion (x) is
subject to the qualification that such counsel need express no opinion as to
the enforceability of forum selection clauses in the federal courts.</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the State of New York or the Federal laws
of the United States, to the extent they deem proper and specified in such
opinion, upon the opinion of other counsel of good standing whom they believe
to be reliable and who are reasonably satisfactory to counsel for the
Underwriters and (B) as to matters of fact, to the extent they deem proper, on
certificates of responsible officers of the Company and public officials. Such
counsel will state in a separate letter that the Registration Statement is
effective under the Act; the Form F-X of the Company and the </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form T-1 of the Trustee
were filed with the Commission prior to the effectiveness of the Registration
Statement; the filing of the U.S. Final Prospectus pursuant to General
Instruction II.K. of Form F-9 has been made in the manner and within the time
period required by said General Instruction II.K.; such counsel has been
advised orally by the staff of the Commission that no stop order suspending the
effectiveness of the Registration Statement has been issued and to its
knowledge no proceedings for that purpose have been initiated or are pending or
threatened by the Commission; and such counsel will also state that it has
participated in the preparation of the Registration Statement, the Disclosure
Package and the U.S. Final Prospectus and in conferences and telephone
conversations with officers and other representatives of the Company,
representatives of the independent chartered accountants for the Company, and
the representatives of the Underwriters, during which conferences and
conversations the contents of the Registration Statement, the Disclosure
Package, the U.S. Final Prospectus and related matters were discussed and,
although the limitations inherent in the independent verification of factual
matters and the role of outside counsel are such that such counsel has not
undertaken to investigate or independently verify, and does not assume any
responsibility for the accuracy, completeness or fairness of the statements
contained in the Registration Statement or the U.S. Final Prospectus, except
for those referred to in paragraphs (i), (iii) and (iv) above, on the basis of
the foregoing, such counsel&#146;s work in connection with this matter did not
disclose any information that gave such counsel a reason to believe that (A) at
its Effective Date and as of the Applicable Time, the Registration Statement
(other than the financial statements, financial statement schedules and other
financial data either contained therein or omitted therefrom, the Form T-1 and
the information derived from the reports of Sproule Associates Limited, Ryder
Scott Company and GLJ Petroleum Consultants Ltd. included or incorporated by
reference in the Registration Statement as to which it expresses no such
belief) contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, (B) at the time the U.S. Final Prospectus was issued,
at the time any amended or supplemented prospectus was issued or at the Closing
Date, the U.S. Final Prospectus or any other amendment or supplement thereto
(other than the financial statements, financial statement schedules and other
financial data either contained therein or omitted therefrom and the
information derived from the reports of Sproule Associates Limited, Ryder Scott
Company and GLJ Petroleum Consultants Ltd. included or incorporated by
reference in the U.S. Final Prospectus, as to which it expresses no such
belief) contained an untrue statement of a material fact or omitted to state a
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or that (C) as of the
Applicable Time, the Disclosure Package (other than the financial statements,
financial statement schedules and other financial data either contained therein
or omitted therefrom and the information derived from the reports of Sproule
Associates Limited, Ryder Scott Company and GLJ Petroleum Consultants Ltd.
included or incorporated by reference in the Disclosure Package, as to which it
expresses no such belief) contained an untrue statement of a material fact or
omitted to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; and
such counsel does not know of any </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contract or other
document which is required to be filed as an exhibit to the Registration
Statement, which is not filed as required.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Parlee McLaws LLP, Canadian counsel for the Company, shall
have furnished to the Representatives their opinion, dated the Closing Date and
addressed to the Representatives, with respect to the laws of the Province of
Alberta and the federal laws of Canada applicable therein, to the effect that:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company has been duly amalgamated and is valid and subsisting as a corporation
under the laws of the Province of Alberta, with full corporate power and
authority to own or lease, as the case may be, and to operate its properties
and conduct its business as described in each of the Canadian Final Prospectus,
the Disclosure Package and the U.S. Final Prospectus, and is duly registered to
do business as an extra-provincial corporation and is in good standing under
the laws of each jurisdiction which requires such registration;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
of Canadian Natural Resources, Canadian Natural Resources Northern and CNR 2006
(together, the &#147;Canadian Subsidiaries&#148;) has been duly formed and is registered
as a general partnership in good standing under the laws of Alberta, and each
of the Canadian Subsidiaries has full power and authority to own or lease, as
the case may be, and to operate its properties and conduct its business as
described in the Disclosure Package, the Canadian Final Prospectus and the U.S.
Final Prospectus, and is duly registered to do business as an extra-provincial
partnership, and is in good standing under the laws of each jurisdiction which
requires such registration.&#160; The
outstanding partnership units have been duly and validly authorized and are
fully paid and non-assessable and, except as otherwise set forth in the
Disclosure Package, the Canadian Final Prospectus and the U.S. Final
Prospectus, all outstanding partnership units of each of the Canadian
Subsidiaries are owned by the Company either directly or through wholly owned
subsidiaries, free and clear of any perfected security interest and, to the
knowledge of such counsel, after due inquiry, any other security interest,
claim, lien or encumbrances;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company&#146;s authorized equity capitalization is as set forth in the Disclosure
Package, the Canadian Final Prospectus and the U.S. Final Prospectus, and the
Securities conform in all material respects to the description thereof
contained in the Disclosure Package, the Canadian Final Prospectus and the U.S.
Final Prospectus and, except as set forth in the Disclosure Package, the
Canadian Final Prospectus and the U.S. Final Prospectus, no other options,
warrants or other rights to purchase, agreements or other obligations to issue,
or rights to convert any obligations into or exchange any securities for,
shares of capital stock of or ownership interests in the Company are
outstanding other than options issued pursuant to the Company&#146;s existing stock
option plans;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
of this Agreement, the Indenture and the Securities have been duly authorized,
executed and delivered by the Company;</font></h3>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement, the Securities and the Indenture;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
issuance of the Securities under the Indenture complies with the provisions of
the Business Corporations Act (Alberta) (the &#147;Business Corporations Act&#148;); an
exemption has been obtained to exempt the Indenture from the application of
Part 7 of the Business Corporations Act; and no registration, filing or
recording of the Indenture under the laws of the Province of Alberta or the
federal laws of Canada applicable therein is necessary in order to preserve or
protect the validity or enforceability of the Indenture or the Securities
issued thereunder which are unsecured obligations of the Company;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
forms of definitive global security representing the Securities has been duly
approved and adopted by the Company and complies with the provisions of the
Business Corporations Act;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither
the execution and delivery of the Indenture, the issue and sale of the
Securities, nor the consummation of any other of the transactions herein
contemplated nor the fulfillment of the terms hereof will conflict with, result
in a breach or violation of or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or its Canadian Subsidiaries
pursuant to, (i) the charter or by-laws or other constating documents of the
Company or its Canadian Subsidiaries, (ii) the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or
other agreement, obligation, condition, covenant or instrument known to such
counsel to which the Company or any of its Significant Subsidiaries is a party
or is bound or to which its or their property is subject, or (iii) any statute,
law, rule, regulation, judgment, order or decree in Alberta or of Canada
applicable to the Company or its subsidiaries or any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority in
Alberta or of Canada having jurisdiction over the Company or its subsidiaries
or any of their properties;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
receipt for the Basic Prospectus has been obtained from the Alberta Securities
Commission (the &#147;Reviewing Authority&#148;) and to the best of such counsel&#146;s
knowledge the Reviewing Authority has not revoked such receipt, the Prospectus
Supplement has been filed with the Reviewing Authority and no other consent,
approval, authorization, permit, license or filing with or order of any court
or government agency or body or any arbitrator of Canada, or the Province of
Alberta is required in connection with the transactions contemplated herein;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
the knowledge of such counsel, there is no pending or threatened action, suit
or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any of its Canadian Subsidiaries or
its or their property, of a character required to be disclosed in the
Registration Statement which is not adequately disclosed in the Canadian Final
Prospectus and the U.S. Final Prospectus; to the knowledge of such counsel,
with no special inquiry, there is no pending or threatened action, suit or
proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company&#146;s subsidiaries, other </font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">than the Canadian Subsidiaries, or their property, of a character
required to be disclosed in the Registration Statement which is not adequately
disclosed in the Canadian Final Prospectus and the U.S. Final Prospectus; and
to the knowledge of such counsel there is no franchise, contract or other
document of a character required to be described in the Registration Statement,
the Canadian Final Prospectus or the U.S. Final Prospectus, or to be filed as
an exhibit thereto, which is not described or filed as required;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements included or incorporated by reference in the Disclosure Package, the
Canadian Final Prospectus and the U.S. Final Prospectus under the headings &#147;Certain
Income Tax Information - Certain Canadian Federal Income Tax Considerations&#148;
and &#147;Statutory Rights of Withdrawal and Recission&#148; and in the Registration
Statement under the heading &#147;Indemnification&#148; excluding the fourth paragraph
therein relating to the Act insofar as such statements summarize legal matters,
agreements, documents or proceedings discussed therein, are accurate and fair
summaries of such legal matters, agreements, documents or proceedings;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Canadian Final Prospectus (other than the financial statements and other
financial information included or incorporated by reference therein, as to
which such counsel need express no opinion) as of its issue date, appears on
its face to be appropriately responsive in all material respects with the
applicable requirements of the Alberta Securities Law, including the Shelf
Procedures, as interpreted and applied by the Reviewing Authority;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company and its Canadian Subsidiaries (i) are in compliance with any and all
applicable federal, provincial, local or municipal laws and regulations in
Canada relating to the protection of human health and safety, the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (&#147;Canadian
Environmental Laws&#148;), (ii) have received all permits, licenses or other
approvals required of them under applicable Canadian Environmental Laws to
conduct their respective businesses and (iii) are in compliance with all terms
and conditions of any such permits, license or approval, except where such
noncompliance with Canadian Environmental Laws, failure to receive required
permits, licenses or other approvals or failure to comply with the terms and
conditions of such permits, licenses or approvals would not, singly or in the
aggregate, have a material adverse effect on the Company and its subsidiaries,
taken as a whole;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there
are no reports or other information that in accordance with the requirements of
the Reviewing Authority must be made publicly available in connection with the
offering of the Securities that have not been made publicly available as
required, and there are no documents required to be filed with the Reviewing
Authority in connection with the Canadian Final Prospectus that have not been
filed as required;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company is eligible to file a short form prospectus with the Reviewing
Authority and use the Shelf Procedures in respect of the Securities;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Canadian Final Prospectus has been filed with the Reviewing Authority in the
manner and within the time period required by the Shelf Procedures;</font></h3>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
order having the effect of ceasing or suspending the distribution of the
Securities has been issued by the Reviewing Authority and no proceedings for
that purpose have been instituted or are pending or to the knowledge of such
counsel are contemplated;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Registration Statement and the filing of the Registration Statement with the
Commission and the filing of the Canadian Final Prospectus with the Reviewing
Authority, in each case, have been duly authorized by and on behalf of the
Company; and the Registration Statement has been duly executed pursuant to such
authorization by and on behalf of the Company;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
court of competent jurisdiction in the Province of Alberta (an &#147;Alberta Court&#148;)
would give effect to the choice of the law of the State of New York (&#147;New York
Law&#148;) as the proper law governing this Agreement, the Securities and the
Indenture, provided that such choice of law is bona fide (in the sense that it
was not made with a view to avoiding the consequences of the laws of any other
jurisdiction) and provided that such choice of New York Law is not contrary to
public policy, as that term is applied by an Alberta Court;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there
are no reasons under the laws of the Province of Alberta or the federal laws of
Canada applicable therein for avoiding the choice of New York Law to govern
this Agreement, the Securities and the Indenture;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in
an action on a final, conclusive and subsisting judgment <i>in personam</i> of any federal or state court
sitting in The City of New York (a &#147;New York Court&#148;) that is not impeachable as
void or voidable under New York Law, an Alberta Court would give effect to the
appointment by the Company of CT Corporation System as its agent to receive
service of process in the United States&#160;
under the Registration Statement, Indenture and this Agreement and to
the provisions in the Indenture and this Agreement whereby the Company has
submitted to the non-exclusive jurisdiction of a New York Court;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
this Agreement, the Securities or the Indenture are sought to be enforced in
the Province of Alberta in accordance with the laws applicable thereto as
chosen by the parties, namely New York Law, and an Alberta Court recognized the
choice of New York Law, an Alberta Court would upon appropriate evidence as to
such law being adduced, apply such law in the enforcement of such documents,
provided that none of the provisions of this Agreement, the Securities or the
Indenture, or of applicable New York Law, is contrary to public policy as that
term is applied by an Alberta Court; provided, however, that, in matters of
procedure, the laws of the Province of Alberta will be applied, and an Alberta
Court will retain discretion to decline to hear such action if it is contrary
to public policy, as that term is applied by an Alberta Court, for it to do so;
or if it is not the proper forum to hear such an action, or if concurrent
proceedings are being brought elsewhere;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there
are no reasons under the laws of the Province of Alberta or the federal laws of
Canada applicable therein and no reasons, with respect to the application </font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h3>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of New York Law by an Alberta Court, for declining to enforce the
Indenture or the Securities based on public policy;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
laws of the Province of Alberta and the federal laws of Canada applicable
therein permit an action to be brought before an Alberta Court on a final and
conclusive judgment <i>in personam</i>
of a New York Court respecting the enforcement of this Agreement, the
Securities or the Indenture that is not impeachable as void or voidable or
otherwise ineffective under the internal laws of New York Law and for a sum
certain if: (a) the New York Court rendering such judgment had jurisdiction
over the Company, as recognized by an Alberta Court; (b) such judgment was not
obtained by fraud or in a manner contrary to natural justice or other rule of
law, whether equitable, legal or statutory, and the enforcement thereof would
not be inconsistent with public policy as such term is understood under the
laws of the Province of Alberta or contrary to any order made by the Attorney
General of Canada under the Foreign Extraterritorial Measures Act (Canada) or
by the Competition Tribunal under the Competition Act (Canada); (c) the
enforcement of such judgment does not constitute, directly or indirectly, the
enforcement of foreign revenue, expropriatory or penal laws; (d) no new
admissible evidence relevant to the action is discovered prior to the rendering
of judgment by an Alberta Court; (e) performance of this Agreement, the
Securities or the Indenture are not illegal under the laws of the place of
performance; (f) the action to enforce such judgment is commenced within the
applicable limitation period; and (g) in the case of a judgment obtained by
default there has been no manifest error in the granting of such judgment; and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
stamp duty, registration or documentary taxes, duties or similar charges are
payable under the laws of the Province of Alberta or the federal laws of Canada
applicable therein in connection with the creation, issuance and delivery to
the Underwriters of the Securities or the authorization, execution and delivery
of the Indenture and this Agreement.</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the Province of Alberta or the Federal laws
of Canada, to the extent they deem proper and specified in such opinion, upon
the opinion of other counsel of good standing whom they believe to be reliable and
who are reasonably satisfactory to counsel for the Underwriters and (B) as to
matters of fact, to the extent they deem proper, on certificates of responsible
officers of the Company and public officials. Such counsel will also state that
it has participated in the preparation of the Registration Statement, the
Disclosure Package, the Canadian Final Prospectus and the U.S. Final Prospectus
and in conferences and telephone conversations with officers and other
representatives of the Company, representatives of the independent chartered
accountants for the Company, and the representatives of the Underwriters,
during which conferences and conversations the contents of the Registration
Statement, the Disclosure Package, the Canadian Final Prospectus, the U.S. Final
Prospectus and related matters were discussed and, although the limitations
inherent in the independent verification of factual matters and the role of
outside counsel are such that such counsel has not undertaken to investigate or
independently verify, is not passing upon and does not assume any
responsibility for the accuracy, completeness or fairness of the statements </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contained in the
Registration Statement, the Disclosure Package, the Canadian Final Prospectus
or the U.S. Final Prospectus, except for those referred to in paragraph (xi)
above, on the basis of the foregoing, such counsel&#146;s work in connection with
this matter did not disclose any information that gave such counsel a reason to
believe that (A) at its Effective Date and as of the Applicable Time, the
Registration Statement (other than the financial statements, financial
statement schedules and other financial data contained therein or omitted
therefrom, the Form T-1 and the information derived from the reports of Sproule
Associates Limited, Ryder Scott Company and GLJ Petroleum Consultants Ltd. upon
the authority of &#147;experts&#148; within the meaning of the Securities Act (Alberta),
including as described under the caption &#147;Experts&#148; in the Canadian Final
Prospectus and the U.S. Final Prospectus, included or incorporated by reference
in the Registration Statement as to which it expresses no such belief)
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading, (B) at the time the U.S. Final Prospectus and Canadian Final
Prospectus were issued, at the time any amended or supplemented prospectus was
issued or at the Closing Date, the Canadian Final Prospectus and the U.S. Final
Prospectus or any other amendment or supplement thereto (other than the
financial statements, financial statement schedules and other financial data,
contained therein or omitted therefrom and the information derived from the
reports of Sproule Associates Limited, Ryder Scott Company and GLJ Petroleum
Consultants Ltd. upon the authority of &#147;experts&#148; within the meaning of the
Securities Act (Alberta), including as described under the caption &#147;Experts&#148; in
the Canadian Final Prospectus and the U.S. Final Prospectus, included or
incorporated by reference in the Canadian Final Prospectus and the U.S. Final
Prospectus, as to which it expresses no such belief) contained an untrue
statement of a material fact or omitted to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading, or that (C) as of the Applicable Time, the
Disclosure Package (other than the financial statements, financial statement
schedules and other financial data contained therein or omitted therefrom, the
Form T-1 and the information derived from the reports of Sproule Associates
Limited, Ryder Scott Company and GLJ Petroleum Consultants Ltd. upon the
authority of &#147;experts&#148; within the meaning of the Securities Act (Alberta),
including as described under the caption &#147;Experts&#148; in the Canadian Final
Prospectus and the U.S. Final Prospectus, included or incorporated by reference
in the Registration Statement as to which it expresses no such belief)
contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">In rendering such opinion, such
counsel may rely (A)&nbsp;as to matters involving the application of laws of
any jurisdiction other than the Province of Alberta or the Federal laws of
Canada, to the extent they deem proper and specified in such opinion, upon the
opinion of other counsel of good standing whom they believe to be reliable and
who are satisfactory to counsel for the Underwriters and (B)&nbsp;as to matters
of fact, to the extent they deem proper, on certificates of responsible
officers of the Company and public officials.&#160;
References to the Canadian Final Prospectus, the Disclosure Package or
the U.S. Final Prospectus in this paragraph&nbsp;(c) include any supplements
thereto at the Closing Date.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
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<div>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall have requested and caused Vinson &amp;
Elkins RLLP, English law counsel for the Company, to have furnished to the
Representatives their opinion, dated the Closing Date and addressed to the
Representatives, to the effect that:</font></h2>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CNR International (U.K.) Limited (the
&#147;UK Subsidiary&#148;) is duly incorporated and is validly existing as a company in
good standing in the United Kingdom and registered in England and Wales;</h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
UK Subsidiary has full corporate power and authority under its Memorandum and
Articles of Association to own or lease, as the case may be, and to operate its
properties and conduct its business as described in the Canadian Final
Prospectus, the Disclosure Package and the U.S. Final Prospectus;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
the issued shares of capital stock of the UK Subsidiary have been duly and
validly authorized and those which have been allotted are fully paid;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except
as otherwise set forth in the Canadian Final Prospectus and the U.S. Final
Prospectus, all issued shares of capital stock of the UK Subsidiary (the &#147;Shares
of the UK Subsidiary&#148;) are owned by the Company either directly or through
wholly owned subsidiaries;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
the knowledge of such counsel, after due inquiry, the Shares of the UK
Subsidiary are free and clear of any perfected security interest, mortgage,
pledge, claim, lien, encumbrance or any other security interest over the Shares
of the UK Subsidiary other than the lien referred to in Article 4 of its
Articles of Association and Regulation II of Table A in the Companies Act,
1948;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
consent, approval, authorization, permit or license or filing with or order of
any court or governmental agency or public body or any arbitrator of the United
Kingdom is required in connection with the transactions contemplated herein;
and</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither
the execution and delivery of the Indenture, the issue and sale of the
Securities, nor the consummation of any other of the transactions herein
contemplated nor the fulfillment of the terms hereof will conflict with, result
in a breach or violation by the UK Subsidiary of, or imposition of any lien,
charge or encumbrance upon any property or assets of the UK Subsidiary pursuant
to, (i)&nbsp;the Memorandum and Articles of Association of the UK Subsidiary,
(ii)</font><b>  </b>the agreements
identified in a schedule to such counsel&#146;s opinion, or (iii) any United Kingdom
statute, law, rule, regulation, judgment, order or decree applicable to the UK
Subsidiary of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the UK Subsidiary
or any of their properties.</h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the laws of England and Wales, to the
extent they deem proper and specified in such opinion, upon the opinion of
other counsel of good standing whom they believe to be reliable and who are
satisfactory to counsel for the Underwriters and (B) as to matters of fact, to
the extent they deem proper, on certificates of responsible officers of the
Company or of the UK Subsidiary and public </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">officials.&#160; References to the Canadian Final Prospectus,
the Disclosure Package or the U.S. Final Prospectus in this paragraph&nbsp;(d)
include any supplements thereto at the Closing Date.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company shall have requested and caused Lef&#232;vre Pelletier &amp; associ&#233;s, C&#244;te
d&#146;Ivoire counsel for the Company, to have furnished to the Representatives
their opinion, dated the Closing Date and addressed to the Representatives, to
the effect that:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CNR
International (C&#244;te d&#146;Ivoire) SARL is a private limited liability company of
C&#244;te d&#146;Ivoire (societ&#233; &#224; responsabilit&#233; limit&#233;e), with a share capital of
1,000,000 CFA francs, having its registered office at Immeuble Kharrat, angle
Boulevard Botreau Roussel &#151; Avenue Nogu&#232;s Abidja Plateau, 01 B.P. 8707 ABIDJAN
01, duly registered to the companies registry of Abidjan under number 218 388
and validly existing as a corporation in good standing under the laws of C&#244;te d&#146;Ivoire,
with full corporate power and authority to own or lease, as the case may be,
and to operate its properties and conduct its business as described in the
Canadian Final Prospectus, the Disclosure Package and the U.S. Final
Prospectus;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
the issued shares of capital stock of CNR International (C&#244;te d&#146;Ivoire) SARL
are duly and validly authorized and allotted and are fully paid and, except as
otherwise set forth in the Canadian Final Prospectus, the Disclosure Package
and the U.S. Final Prospectus, the issued share capital is divided in 100
shares. 98 issued shares of the share capital of CNR International (C&#244;te d&#146;Ivoire)
SARL are directly owned by the Company; 1 issued share of the share capital of
CNR International (C&#244;te d&#146;Ivoire) SARL is held in trust on behalf of the Company
by Mr. Simon P. Dugdale; and 1 issued share of the share capital of CNR
International (C&#244;te d&#146;Ivoire) SARL is held in trust on behalf of the Company by
Mr. Koffi Kouakou Laussin Emmanuel. All the shares of the share capital of CNR
International (C&#244;te d&#146;Ivoire) SARL are free and clear of any perfected security
interest and, to the knowledge of such counsel, after due inquiry, any other
security interest, claim, lien or encumbrance;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
consent, approval, authorization, permit or license or filing with or order of
any court or governmental agency or body or any arbitrator of C&#244;te d&#146;Ivoire is
required in connection with the transactions contemplated herein; and</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither
the execution and delivery of the Indenture, the issue and sale of the Securities,
nor the consummation of any other of the transactions herein contemplated nor
the fulfillment of the terms hereof will conflict with, result in a breach or
violation of or imposition of any lien, charge or encumbrance upon any property
or assets of CNR International (C&#244;te d&#146;Ivoire) SARL pursuant to, (i)&nbsp;the
charter or by-laws or other constating documents of CNR International (C&#244;te d&#146;Ivoire)
SARL, (ii)</font><b>  </b>the agreements
identified in such counsel&#146;s opinion, or (iii) any C&#244;te d&#146;Ivoire statute, law,
rule, regulation, judgment, order or decree applicable to CNR International
(C&#244;te d&#146;Ivoire) SARL of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over CNR
International (C&#244;te d&#146;Ivoire) SARL or any of its properties.</h3>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the laws of C&#244;te d&#146;Ivoire, to the extent
they deem proper and specified in such opinion, upon the opinion of other
counsel of good standing whom they believe to be reliable and who are
satisfactory to counsel for the Underwriters and (B) as to matters of fact, to
the extent they deem proper, on certificates of responsible officers of the
Company or of CNR International (C&#244;te d&#146;Ivoire) SARL and public officials.&#160; References to the Canadian Final Prospectus,
the Disclosure Package or the U.S. Final Prospectus in this paragraph&nbsp;(d)
include any supplements thereto at the Closing Date.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Representatives shall have received from Shearman
&amp; Sterling LLP, United States counsel for the Underwriters, such opinion or
opinions, dated the Closing Date and addressed to the Representatives, with
respect to the issuance and sale of the Securities, the Indenture, the
Registration Statement, the Disclosure Package, the U.S. Final Prospectus
(together with any additional supplement thereto) and other related matters as
the Representatives may reasonably require, and the Company shall have
furnished to such counsel such documents as they request for the purpose of
enabling them to pass upon such matters.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall have furnished to the Representatives a
certificate of the Company, signed by the Chairman of the Board or the
President and the Senior Vice President, Finance of the Company (on behalf of
the Company and not in a personal capacity), dated the Closing Date, to the
effect that:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
signers of such certificate have carefully examined the Registration Statement,
the Canadian Final Prospectus, the Disclosure Package and the U.S. Final
Prospectus, any supplements to the Canadian Final Prospectus, the Disclosure
Package and the U.S. Final Prospectus and this Agreement;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
representations and warranties of the Company in this Agreement are true and
correct on and as of the Closing Date with the same effect as if made on the
Closing Date and the Company has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied at or prior to the
Closing Date;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
stop order suspending the effectiveness of the Registration Statement or stop
order preventing or suspending the use of any prospectus (including any Issuer
Free Writing Prospectus) relating to the Securities has been issued and no
proceedings for that purpose have been instituted or, to the Company&#146;s
knowledge, threatened by the Reviewing Authority or the Commission; and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; since
the date of the most recent financial statements included or incorporated by
reference in the Canadian Final Prospectus (exclusive of any additional
supplement thereto), the Disclosure Package and the U.S. Final Prospectus
(exclusive of any additional supplement thereto), there has been no material
adverse effect on the condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries, taken as a whole,
whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Canadian </font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Final Prospectus (exclusive of any additional supplement thereto), the
Disclosure Package and the U.S. Final Prospectus (exclusive of any additional
supplement thereto).</font></h3>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PricewaterhouseCoopers LLP, the independent chartered
accountants of the Company, shall have furnished to the Representatives, at the
Applicable Time and at the Closing Date, letters, (which may refer to letters
previously delivered to one or more of the Representatives), dated respectively
as of the Applicable Time and as of the Closing Date, in form and substance satisfactory
to the Representatives, together with signed or reproduced copies of such
letter for each of the Underwriters containing statements and information of
the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters
with respect to the financial statements and certain financial information
contained in the Registration Statement, the Disclosure Package, the Canadian
Final Prospectus and the U.S. Final Prospectus.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">References to the Canadian Final Prospectus and the U.S. Final
Prospectus in this paragraph&nbsp;(h) include any additional supplement thereto
at the date of the letter.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subsequent to the Applicable Time or, if earlier, the
dates as of which information is given in the Registration Statement (exclusive
of any amendment thereof) and the Canadian Final Prospectus (exclusive of any
additional supplement thereto) and the U.S. Final Prospectus (exclusive of any
additional supplement thereto), there shall not have been (i)&nbsp;any change
or decrease specified in the letter or letters referred to in
paragraph&nbsp;(h) of this Section 6 or (ii)&nbsp;any change, or any
development involving a prospective change, in or affecting the condition
(financial or otherwise), earnings, business or properties of the Company and
its subsidiaries, taken as a whole, whether or not arising from transactions in
the ordinary course of business, except as set forth in or contemplated in the
Canadian Final Prospectus (exclusive of any additional supplement thereto) and
the U.S. Final Prospectus (exclusive of any additional supplement thereto) the
effect of which, in any case referred to in clause&nbsp;(i) or (ii) above, is,
in the sole judgment of the Representatives, so material and adverse as to make
it impractical or inadvisable to proceed with the offering or delivery of the
Securities as contemplated by the Registration Statement (exclusive of any
amendment thereof) and the Canadian Final Prospectus (exclusive of any
additional supplement thereto) and the U.S. Final Prospectus (exclusive of any
additional supplement thereto).</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subsequent to the Applicable Time, there shall not have
been any decrease in the rating of any of the Company&#146;s debt securities by any &#147;nationally
recognized statistical rating organization&#148; (as defined for purposes of
Rule&nbsp;436(g) under the Act) or any notice given of any intended or
potential decrease in any such rating or of a possible change in any such
rating that does not indicate the direction of the possible change.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the Closing Date, the Company shall have
furnished to the Representatives such further information, certificates and
documents as the Representatives may reasonably request.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the conditions specified in this Section&nbsp;6 shall not
have been fulfilled in all material respects when and as provided in this
Agreement, or if any of the opinions and certificates mentioned above or
elsewhere in this Agreement shall not be in all material respects reasonably
satisfactory in form and substance to the Representatives and counsel for the </font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriters, this Agreement and all obligations of
the Underwriters hereunder may be canceled at, or at any time prior to, the
Closing Date by the Representatives.&#160;
Notice of such cancellation shall be given to the Company in writing or
by telephone or facsimile confirmed in writing.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The documents required to be delivered by this Section&nbsp;6 shall be
delivered at the office of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP,
counsel for the Company, at 1285 Avenue of the Americas, New York, New York
10019-6064, on the Closing Date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7. <u>Reimbursement of Underwriters&#146; Expenses.</u>&#160; If the sale of the Securities provided for
herein is not consummated because any condition to the obligations of the
Underwriters set forth in Section&nbsp;6 hereof is not satisfied, because of
any termination pursuant to Section&nbsp;10 hereof or because of any refusal,
inability or failure on the part of the Company to perform any agreement herein
or comply with any provision hereof other than by reason of a default by any of
the Underwriters, the Company will reimburse the Underwriters severally through
the Representatives on demand for all out-of-pocket expenses (including
reasonable fees and disbursements of counsel) that shall have been incurred by
them in connection with the proposed purchase and sale of the Securities.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8. <u>Indemnification and
Contribution.</u> (a)&#160; The Company agrees
to indemnify and hold harmless each Underwriter, the directors, officers,
employees and agents of each Underwriter and each person who controls any
Underwriter within the meaning of either the Act or the Exchange Act against
any and all losses, claims, damages or liabilities, joint or several, to which
they or any of them may become subject under the Act, the Exchange Act or other
Federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the registration statement for the registration
of the Securities as originally filed or in any amendment thereof, or in the
Basic Prospectus, any Preliminary Final Prospectus, the Canadian Final
Prospectus, the Registration Statement, the U.S. Final Prospectus, any Issuer
Free Writing Prospectus or any &#147;issuer information&#148; filed or required to be
filed pursuant to Rule 433(d), or in all cases any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; <u>provided</u>, <u>however</u>,
that the Company will not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with written information
furnished to the Company by or on behalf of any Underwriter through the
Representatives specifically for inclusion therein. This indemnity agreement
will be in addition to any liability which the Company may otherwise have.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Underwriter severally and not jointly agrees to
indemnify and hold harmless the Company, each of its directors, each of its
officers who signs the Registration Statement, and each person who controls the
Company within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company to each Underwriter, but
only with reference to written information relating to such Underwriter </font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">furnished to the Company by or on behalf of
such Underwriter through the Representatives specifically for inclusion in the
documents referred to in the foregoing indemnity.&#160; This indemnity agreement will be in addition
to any liability which any Underwriter may otherwise have.&#160; The Company acknowledges that the statements
set forth in the last paragraph of the cover page regarding delivery of the
Securities and, under the heading &#147;Underwriting&#148;, (i)&nbsp;the list of
Underwriters and their respective participation in the sale of the Securities,
(ii)&nbsp;the sentences related to concessions and reallowances and
(iii)&nbsp;the paragraph or paragraphs related to stabilization, syndicate
covering transactions and penalty bids in any Preliminary Final Prospectus,
Canadian Final Prospectus and U.S. Final Prospectus constitute the only
information furnished in writing by or on behalf of the several Underwriters
for inclusion in any Preliminary Final Prospectus, the Registration Statement,
the U.S. Final Prospectus, the Canadian Final Prospectus or the Disclosure
Package.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promptly after receipt by an indemnified party under this
Section&nbsp;8 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section&nbsp;8, notify the indemnifying party in
writing of the commencement thereof; but the failure so to notify the
indemnifying party (i)&nbsp;will not relieve it from liability under
paragraph&nbsp;(a) or&nbsp;(b) above unless and to the extent it did not otherwise
learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and&nbsp;(ii)&nbsp;will
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraph&nbsp;(a) or (b) above.&#160; The
indemnifying party shall be entitled to appoint counsel of the indemnifying
party&#146;s choice at the indemnifying party&#146;s expense to represent the indemnified
party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties
except as set forth below); <u>provided</u>, <u>however</u>, that such counsel
shall be satisfactory to the indemnified party.&#160;
Notwithstanding the indemnifying party&#146;s election to appoint counsel to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i)&nbsp;the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict
of interest, (ii)&nbsp;the actual or potential defendants in, or targets of,
any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be
legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party,
(iii) the indemnifying party shall not have employed counsel satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party.&#160; An
indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.</font></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that the indemnity provided in
paragraph&nbsp;(a) or (b) of this Section&nbsp;8 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Company
and the Underwriters severally agree to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively &#147;Losses&#148;)
to which the Company and one or more of the Underwriters may be subject in such
proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and by the Underwriters on the other from the offering
of the Securities; <u>provided</u>, <u>however</u>, that in no case shall any
Underwriter (except as may be provided in any agreement among underwriters
relating to the offering of the Securities) be responsible for any amount in
excess of the underwriting discount or commission applicable to the Securities
purchased by such Underwriter hereunder.&#160;
If the allocation provided by the immediately preceding sentence is
unavailable for any reason, the Company and the Underwriters severally shall
contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of the Company on the one hand
and of the Underwriters on the other in connection with the statements or
omissions which resulted in such Losses as well as any other relevant equitable
considerations.&#160; Benefits received by the
Company shall be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by it, and benefits received by the
Underwriters shall be deemed to be equal to the total underwriting discounts
and commissions, in each case as set forth on the cover page of the Canadian
Final Prospectus and the U.S. Final Prospectus.&#160;
Relative fault shall be determined by reference to, among other things,
whether any untrue or any alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
provided by the Company on the one hand or the Underwriters on the other, the
intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission.&#160; The Company and the Underwriters agree that
it would not be just and equitable if contribution were determined by pro rata
allocation or any other method of allocation which does not take account of the
equitable considerations referred to above.&#160;
Notwithstanding the provisions of this paragraph&nbsp;(d), no person
guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.&#160; For purposes of this Section&nbsp;8, each
person who controls an Underwriter within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of an Underwriter
shall have the same rights to contribution as such Underwriter, and each person
who controls the Company within the meaning of either the Act or the Exchange
Act, each officer of the Company who shall have signed the Registration
Statement and each director of the Company shall have the same rights to
contribution as the Company, subject in each case to the applicable terms and
conditions of this paragraph&nbsp;(d).</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9. <u>Default by an Underwriter.</u>&#160;
If any one or more Underwriters shall fail to purchase and pay for any
of the Securities agreed to be purchased by such Underwriter or Underwriters
hereunder and such failure to purchase shall constitute a default in the
performance of its or their obligations under this Agreement, the remaining
Underwriters shall be obligated severally to take up and pay for (in the
respective proportions which the principal amount of Securities set forth
opposite their names in Schedule II hereto bears to the aggregate principal
amount of Securities set forth opposite the names of all the remaining
Underwriters) the Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase; provided, however, that in the event that the
aggregate principal amount of Securities which the </font></p>

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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">defaulting Underwriter or Underwriters agreed but
failed to purchase shall exceed 10% of the aggregate principal amount of
Securities set forth in Schedule II hereto, the remaining Underwriters shall
have the right to purchase all, but shall not be under any obligation to
purchase any, of the Securities, and if such nondefaulting Underwriters do not
purchase all the Securities, this Agreement will terminate without liability to
any nondefaulting Underwriter or the Company.&#160;
In the event of a default by any Underwriter as set forth in this Section
9, the Closing Date shall be postponed for such period, not exceeding five
Business Days, as the Representatives shall determine in order that the
required changes in the Registration Statement, the Canadian Final Prospectus
and the U.S. Final Prospectus or in any other documents or arrangements may be
effected.&#160; Nothing contained in this
Agreement shall relieve any defaulting Underwriter of its liability, if any, to
the Company and any nondefaulting Underwriter for damages occasioned by its
default hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10. <u>Termination.</u>&#160; This
Agreement shall be subject to termination in the absolute discretion of the
Representatives, by notice given to the Company prior to delivery of and
payment for the Securities, if at any time prior to such time (i)&nbsp;trading
in the Company&#146;s common stock shall have been suspended by the Commission, the
Reviewing Authority, the&nbsp;New York Stock Exchange or the Toronto Stock
Exchange or trading in securities generally on the New York Stock Exchange or
the Toronto Stock Exchange or the Nasdaq National Market shall have been
suspended or limited or minimum prices shall have been established on any of
such Exchanges, (ii)&nbsp;a banking moratorium shall have been declared either
by authorities in the United States, Canada or New York, (iii) a change or
development involving a prospective change in Canadian taxation affecting the
Securities or the transfer thereof or the imposition of exchange controls by
the United States or Canada, or (iv)&nbsp;there shall have occurred any
outbreak or escalation of hostilities, declaration by the United States or
Canada of a national emergency or war, or other calamity or crisis the effect
of which on financial markets is such as to make it, in the sole judgment of
the Representatives, impractical or inadvisable to proceed with the offering or
delivery of the Securities as contemplated by the Canadian Final Prospectus
(exclusive of any additional supplement thereto), the Disclosure Package
(exclusive of any supplement thereto) and the U.S. Final Prospectus (exclusive
of any additional supplement thereto).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11. <u>Representations and Indemnities to Survive.</u>&#160; The respective agreements, representations,
warranties, indemnities and other statements of the Company or its officers and
of the Underwriters set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by or on behalf
of any Underwriter or the Company or any of the officers, directors, employees,
agents or controlling persons referred to in Section 8 hereof, and will survive
delivery of and payment for the Securities.&#160;
The provisions of Sections 7 and 8 hereof shall survive the termination
or cancellation of this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12. <u>Notices.</u>&#160; All
communications hereunder will be in writing and effective only on receipt, and,
if sent to the Representatives, will be mailed, delivered or telefaxed to:
Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013 (fax
no.: (212) 816-7912), Attention: General Counsel; Banc of America Securities
LLC, 40 West 57th Street, New York, NY&#160;
10019 (fax no.: (212) 901-7881), Attention: High Grade Debt Capital
Markets Transaction Management; Deutsche Bank Securities Inc., 60 Wall Street,
New York, New York 10005, (fax no.: (212) 797-2202), Attention: Debt Capital
Markets; or J.P. Morgan Securities Inc., 270 Park Avenue, 8th Floor, New York,
NY 10017 (fax no.: (212) 834-6081), Attention:&#160;
High Grade </font></p>

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 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Syndicate; or, if sent to the Company, will be mailed,
delivered or telefaxed to Canadian Natural Resources Limited, 2500, 855-2
Street S.W., Calgary, Alberta T2P 4J8 (fax no.: (403)
517-7370),&nbsp;Attention:&#160; President.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13. <u>Successors.</u>&#160; This
Agreement will inure to the benefit of and be binding upon the parties hereto
and their respective successors and the officers, directors, employees, agents
and controlling persons referred to in Section 8 hereof, and no other person
will have any right or obligation hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14. <u>Submission to Jurisdiction; Agent for Service; Waiver of
Immunities.</u>&#160; The Company irrevocably
(i) agrees that any legal suit, action or proceeding against the Company
brought by any Underwriter or by any person who controls any Underwriter
arising out of or based upon this Agreement or the transactions contemplated
thereby may be instituted in any New York Court, (ii) waives, to the fullest
extent it may effectively do so, any objection which it may now or hereafter
have to the laying of venue of any such proceeding and (iii) submits to the
non-exclusive jurisdiction of such courts in any such suit, action or
proceeding.&#160; The Company has appointed CT
Corporation System, New York, New York, as its authorized agent (the &#147;Authorized
Agent&#148;) upon whom process may be served in any such action arising out of or
based on this Agreement or the transactions contemplated thereby which may be
instituted in any New York Court by any Underwriter or by any person who
controls any Underwriter, expressly consents to the jurisdiction of any such
court in respect of any such action, and waives any other requirements of or
objections to personal jurisdiction with respect thereto.&#160; Such appointment shall be irrevocable.&#160; The Company represents and warrants that the
Authorized Agent has agreed to act as such agent for service of process and
agrees to take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment
in full force and effect as aforesaid.&#160;
Service of process upon the Authorized Agent and written notice of such
service to the Company shall be deemed, in every respect, effective service of process
upon the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that the Company has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, it
hereby irrevocably waives such immunity in respect of its obligations under the
above-referenced documents, to the extent permitted by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Section 14 shall survive any termination of this
Agreement, in whole or in part.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15. <u>Judgment Currency.</u>&#160;
The obligation of the Company in respect of any sum due to any
Underwriter shall, notwithstanding any judgment in a currency other than United
States dollars, not be discharged until the first Business Day, following
receipt by such Underwriter of any sum adjudged to be so due in such other
currency, on which (and only to the extent that) such Underwriter may in
accordance with normal banking procedures purchase United States dollars with
such other currency; if the United States dollars so purchased are less than
the sum originally due to such Underwriter hereunder, the Company agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify such
Underwriter against such loss.&#160; If the
United States dollars so purchased are greater than the sum originally due to
such </font></p>

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 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriter hereunder, such Underwriter agrees to pay
to the Company an amount equal to the excess of the dollars so purchased over
the sum originally due to such Underwriter hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16. <u>Applicable Law.</u>&#160; This
Agreement will be governed by and construed in accordance with the laws of the
State of New&nbsp;York applicable to contracts made and to be performed within
the State of New&nbsp;York.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17. <u>Counterparts.</u>&#160; This
Agreement may be signed in one or more counterparts, each of which shall
constitute an original and all of which together shall constitute one and the
same agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18. <u>Headings.</u>&#160; The section
headings used herein are for convenience only and shall not affect the
construction hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19. <u>Definitions.</u>&#160; The
terms which follow, when used in this Agreement, shall have the meanings
indicated.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Act&#148; shall mean
the Securities Act of 1933, as amended and the rules and regulations of the
Commission promulgated thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Alberta
Securities Law&#148; shall mean the securities laws, rules, regulations and
published policy statements applicable in the Province of Alberta.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Applicable Time&#148;
shall mean 5:10 pm New York City time on the date that this Agreement is
executed and delivered by the parties hereto.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Basic Prospectus&#148;
shall mean the prospectus referred to in the first paragraph of this Agreement
contained in the Registration Statement at the Effective Date, or the Canadian
short form shelf prospectus at the time the Reviewing Authority issued its
final receipt for such short form shelf prospectus under National Instrument
44-102.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business Day&#148;
shall mean any day&nbsp;other than a Saturday, a Sunday or a day on which
banking institutions are authorized or obligated by law or regulation to close
in New York City, Toronto or Calgary.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Canadian
Documents&#148; shall mean any documents incorporated by reference in the Canadian
Final Prospectus when they were filed with the Reviewing Authority.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Canadian Final
Prospectus&#148; shall mean the prospectus supplement relating to the Securities
filed with the Reviewing Authority, together with the Basic Prospectus for
which a final receipt was issued by the Reviewing Authority.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Commission&#148; shall
mean the Securities and Exchange Commission.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disclosure
Package&#148; shall mean (i) the Basic Prospectus, together with each Preliminary
Final Prospectus that supplements the Basic Prospectus, as amended and
supplemented to the Applicable Time, (ii) the Issuer Free Writing Prospectuses,
if any, identified in Annex C hereto, (iii) the final term sheet prepared and
filed pursuant to </font></p>

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 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5(a) hereof, and
(iv) any other Free Writing Prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Disclosure Package.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Effective Date&#148;
shall mean each date and time that the Registration Statement, any
post-effective amendment or amendments thereto became or becomes effective.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Environmental
Claim&#148; shall mean any administrative, regulatory or judicial action, suit,
demand, demand letter, claim, lien, notice of non-compliance or violation,
investigation or proceeding relating in any way to any Environmental Laws.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Environmental
Laws&#148; shall mean any Canadian, United States, United Kingdom, Angola, C&#244;te d&#146;Ivoire
and other applicable foreign, federal, provincial, state, local or municipal
laws and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Act&#148; shall
mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Free Writing
Prospectus&#148; shall mean a free writing prospectus, as defined in Rule 405.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Issuer Free
Writing Prospectus&#148; shall mean an issuer free writing prospectus, as defined in
Rule 433.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Governmental
Agency&#148; shall mean any court or governmental agency or body or any arbitrator
of any kind having jurisdiction over the Company or any of its subsidiaries or
any of their properties.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Governmental
Authorization&#148; shall mean any consent, approval, authorization, order, permit,
license, filing, registration, clearance or qualification of, or with any
statute, order, rule or regulation of any Governmental Agency.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Preliminary Final
Prospectus&#148; shall mean any preliminary prospectus supplement to the Basic
Prospectus which describes the Securities and the offering thereof and is used
prior to filing of the U.S. Final Prospectus or the Canadian Final Prospectus,
together with the Basic Prospectus filed with the Commission or with the
Reviewing Authority.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Registration
Statement&#148; shall mean the registration statement referred to in the first
paragraph of this Agreement, including exhibits and financial statements, as
amended at the Applicable Time and, any post-effective amendment thereto, and
any prospectus supplement relating to the Securities that is filed with the
Commission and deemed part of such registration statement, shall also mean such
registration statement as so amended.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reviewing
Authority&#148; shall mean the Alberta Securities Commission.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rule 405&#148;, &#147;Rule
164&#148; and &#147;Rule 433&#148; refer to such rules under the Act.</font></p>

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 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shelf Procedures&#148;
shall mean the rules and procedures established under National Instrument No.
44-102 for the distribution of securities on a continuous or delayed basis.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Significant
Subsidiary&#148; shall have the meaning set forth under Rule 1-02 of Regulation S-X
under the Act.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Trust Indenture
Act&#148; shall mean the Trust Indenture Act of 1939, as amended and the rules and
regulations of the Commission promulgated thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;U.S. Final
Prospectus&#148; shall mean the prospectus supplement relating to the Securities
that was first filed pursuant to General Instruction II.K of Form F-9 after the
Applicable Time, together with the Basic Prospectus, with the Commission.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<div>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed
duplicate hereof, whereupon this letter and your acceptance shall represent a
binding agreement among the Company and the several Underwriters.</font></p>

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  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian Natural Resources Limited</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steve W. Laut</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steve W. Laut</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Operating</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Douglas A. Proll, C.A.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="57%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas A. Proll, C.A.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="57%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer and</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="57%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice-President, Finance</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt 238.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt 238.5pt;text-indent:-22.5pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing Agreement is<br>
hereby confirmed and accepted<br>
as of the date specified in<br>
Schedule&nbsp;I hereto.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->CITIGROUP GLOBAL MARKETS INC.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Brian Bednarski</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Bednarski</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->BANC OF AMERICA SECURITIES LLC</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Lily Chang</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lily Chang</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->DEUTSCHE BANK SECURITIES INC.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ben Smilchensky</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ben Smilchensky</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Peter H. Burger</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter H. Burger</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director/Debt Syndicate</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->J.P. MORGAN SECURITIES INC.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen L. Sheiner</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen L. Sheiner</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For themselves and the other<br>
several Underwriters named <br>
in Schedule&nbsp;II to the foregoing <br>
Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jnorthea\07-7927-1\task1852940\7927-1-ka-07.htm',USER='jnorthea',CD='Mar 13 01:26 2007' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE I</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting Agreement dated March 12, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement No. 333-138873</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Representatives:</p>
  </td>
  <td width="79%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:79.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global Markets Inc.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:79.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Banc of America Securities LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:79.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deutsche Bank Securities Inc.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:79.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P. Morgan Securities Inc.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title, Purchase Price and
Description of Securities:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->A.</p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: 5.70% Notes due 2017 (&#147;2017 Notes&#148;)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal amount: US$1,100,000,000</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase price (include accrued</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interest or amortization, if any): 99.075%</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sinking fund provisions: None</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption provisions: Make-Whole Call @ T+20 bp</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: 6.25% Notes due 2038 (&#147;2038 Notes&#148;)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal amount: US$1,100,000,000</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase price (include accrued</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interest or amortization, if any): 98.448%</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sinking fund provisions: None</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption provisions: Make-Whole Call @ T+25 bp</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Closing Date, Time and Location:</p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 19, 2007 at 9:00&nbsp;a.m. at</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1285 Avenue of the Americas, New York,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York 10019-6064</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt 180.0pt;text-indent:-180.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of Offering:&#160;
Non-Delayed</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Modification of items to be covered by the letter from
PricewaterhouseCoopers LLP
delivered pursuant to Section 6(h) at the Applicable Time:&#160; None</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE II</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Underwriters</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Principal&nbsp;Amount<br>
  of&nbsp;2017&nbsp;Notes&nbsp;to<br>
  be&nbsp;Purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Principal&nbsp;Amount<br>
  of&nbsp;2038&nbsp;Notes&nbsp;to<br>
  be&nbsp;Purchased</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global
  Markets Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Banc of America
  Securities LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deutsche Bank
  Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P.Morgan Securities
  Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets
  Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">88,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">88,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BMO Capital Markets
  Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CIBC World Markets
  Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scotia Capital (USA)
  Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNP Paribas Securities
  Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,500,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,500,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lazard Capital Markets
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,500,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,500,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daiwa Securities
  America Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mizuho International
  plc</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SG Americas Securities,
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="62%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:62.42%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,100,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,100,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX A</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNIFICANT SUBSIDIARIES</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;Ownership</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Jurisdiction</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CNR International
  (U.K.) Limited</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian Natural
  Resources, a general partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian Natural
  Resources Northern Alberta Partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CNR 2006 Partnership, a
  general partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.98%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CNR International (C&#244;te D&#146;Ivoire) SARL</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100% (98% direct<br>
  and 2% held in trust<br>
  by individuals on the<br>
  Company&#146;s behalf)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.88%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&#244;te d&#146;Ivoire<br>
  <br>
  <br><br></font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX B</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUBSIDIARIES NOT WHOLLY
OWNED AND SUBSIDIARIES SUBJECT<br>
TO SECURITY INTERESTS, CLAIMS, LIENS OR ENCUMBRANCES</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;Ownership</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Jurisdiction</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Atlantis Production
  Systems Limited</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbados</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ranger Oil West Africa
  Limited</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51% (indirect)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbados</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cold Lake Pipeline Ltd.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15% (direct)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cold Lake Pipeline
  Limited Partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.7% (direct)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.4%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oakwood #3 Limited Partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10% (direct)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX C</font></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed pursuant to Rule 433</font></b></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. 333-138873</font></b></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">March 12, 2007</font></b></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Canadian
Natural Resources Limited</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pricing
Term Sheet</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr height="16" style="height:12.0pt;page-break-inside:avoid;">
  <td width="20%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading --><font size="2" style="font-size:10.0pt;">Issuer:</font></p>
  </td>
  <td width="2%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="76%" colspan="4" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:76.66%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Canadian
  Natural Resources Limited</font></b></p>
  </td>
 </tr>
 <tr height="16" style="height:12.0pt;page-break-inside:avoid;">
  <td width="20%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Ratings:</font></b></p>
  </td>
  <td width="2%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="76%" colspan="4" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:76.66%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Baa2
  (stable)/BBB/BBB (high) (negative)</font></b></p>
  </td>
 </tr>
 <tr height="16" style="height:12.0pt;page-break-inside:avoid;">
  <td width="20%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Security Type:</font></b></p>
  </td>
  <td width="2%" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="76%" colspan="4" height="16" valign="bottom" style="height:12.0pt;padding:0pt .7pt 0pt 0pt;width:76.66%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">SEC
  Registered</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes Due
  2017</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes Due
  2038</font></b></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Size:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,100&nbsp;mm</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,100&nbsp;mm</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maturity:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5/15/2017</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3/15/2038</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Coupon:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.70%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.25%</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Price:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.725%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.323%</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Yield to Maturity:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.734%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.300%</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Spread:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+118 basis points</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+158 basis points</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Benchmark Treasury:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UST 4.625% due 2/15/2017</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UST 4.50% due 2/15/2036</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Treasury Yield/Price:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.554%/100-18</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.720%/96-17+</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Settlement Date:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3/19/2007</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3/19/2007</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interest Payment Dates:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5/15 &amp; 11/15 commencing 11/15/2007</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3/15 &amp; 9/15 commencing 9/15/2007</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Make-Whole Call:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T+20 basis points</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T+25 basis points</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bookrunners:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global Markets Inc. / <br>
  Banc of America Securities LLC / <br>
  Deutsche Bank Securities Inc./ <br>
  J.P. Morgan Securities Inc.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --><b>Lead Manager:</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets Corporation</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Co-Managers:</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BMO Capital Markets Corp./ CIBC World Markets Corp.
  / Scotia Capital (USA) Inc. / BNP Paribas Securities Corp. / Lazard Capital
  Markets LLC / Daiwa Securities America Inc. / Mizuho International plc / SG
  Americas Securities, LLC</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0pt 0pt 0pt 0pt;"><p style="margin:0pt 0pt .0001pt;">&nbsp;</p></td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: A securities rating
is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The issuer has filed a
registration statement (including a prospectus) with the SEC for the offering
to which this communication relates.&#160;
Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering.&#160; You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov.&#160; Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you the
prospectus if you request it by calling Citigroup Global Markets Inc. toll free
at 1-877-858-5407, Banc of America Securities LLC toll free at 1-800-294-1322,
Deutsche Bank Securities Inc. toll free at 1-800-503-4611 or J.P. Morgan
Securities Inc. collect at 1-212-834-4533.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a07-7927_1ex99d2.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP DATED MARCH 12, 2007
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="68" style="height:51.0pt;page-break-inside:avoid;">
  <td width="48%" height="68" valign="top" style="height:51.0pt;padding:0pt .7pt 0pt 0pt;width:48.62%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b><img width="282" height="53" src="g79271kc01i001.jpg"></b></p>
  </td>
  <td width="23%" height="68" valign="top" style="height:51.0pt;padding:0pt .7pt 0pt 0pt;width:23.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" height="68" valign="top" style="height:51.0pt;padding:0pt .7pt 0pt 0pt;width:27.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.62%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:27.96%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PricewaterhouseCoopers
  LLP<br>
  Chartered Accountants<br>
  </font></b>111 5th Avenue SW,
  Suite 3100<br>
  Calgary, Alberta<br>
  Canada T2P 5L3<br>
  Telephone +1 (403) 509 7500<br>
  Facsimile +1 (403) 781 1825</p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consent of Independent Auditors</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the use in this Registration
Statement on Form F-9 (No. 333-138873) (the &#147;Registration Statement&#148;) of our
report dated February 21, 2006 relating to the consolidated financial
statements of Canadian Natural Resources Limited as at December 31, 2005 and
for each of the years in the three year period ended December 31, 2005 which is
incorporated by reference in such Registration Statement and to the reference
to our firm under the heading of &#147;Experts&#148; included in this Registration
Statement.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="283" height="38" src="g79271kc01i002.jpg"></font></p>

<p style="margin:0pt 318.65pt 12.0pt 0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chartered
Accountants<br>
Calgary, Canada<br>
March 12, 2007</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">PricewaterhouseCoopers refers to the Canadian firm of
PricewaterhouseCoopers LLP and the other member firms of PricewaterhouseCoopers
International Limited, each of which is a separate and independent legal entity.</font></p>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>a07-7927_1ex99d3.htm
<DESCRIPTION>CONSENT OF PARLEE MCLAWS LLP DATED MARCH 12, 2007
<TEXT>
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<body lang="EN-US">

<div style="font-family:Times New Roman;">


<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.3</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="264" height="56" src="g79271kei001.gif"></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">March&nbsp;12, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Dear Sirs/Mesdames:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Canadian
Natural Resources Limited (&#147;CNRL&#148;)</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">We refer to the Prospectus
Supplement dated March&nbsp;12, 2007 to the Registration Statement on
Form&nbsp;F-9 of CNRL dated November&nbsp;27, 2006 (collectively the &#147;Registration
Statement&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">We hereby consent to the use of
our firm name in the Registration Statement and to the reference to our opinion
under &#147;Certain Income Tax Information&#148; and reference to our firm name under the
heading &#147;Legal Matters&#148; in the Registration Statement.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Yours truly,</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Signed)</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#147;PARLEE McLAWS LLP&#148;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->PLEASE REPLY TO CALGARY OFFICE</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALGARY</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EDMONTON</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3400 Petro-Canada Centre</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Established 1883</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1500 Manulife Place</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150&#150;6 Avenue SW, Calgary, Alberta T2P 3Y7</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patent &amp;
  Trademark Agents</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10180&#150;101 Street,
  Edmonton, Alberta T5J 4K1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: (403)294-7000 Fax: (403)265-8263</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Web Site:
  www.parlee.com</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:
  (780)423-8500 Fax: (780)423-2870</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>a07-7927_1ex99d4.htm
<DESCRIPTION>CONSENT OF SPROULE ASSOCIATED LIMITED DATED MARCH 12, 2007
<TEXT>
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<div style="font-family:Times New Roman;">

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.4</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="74%" colspan="5" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:74.36%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;letter-spacing:1.0pt;">Geological, Geophysical and
  Petroleum Engineering Consultants</font></i></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="5" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;<img width="164" height="77" src="g79271kgi001.jpg"></font></p>
  </td>
  <td width="74%" colspan="5" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:74.36%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;letter-spacing:1.0pt;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="50%" colspan="3" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:50.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><i>Executive Officers, Managers and Associates</i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">K.H. Crowther*, </font></b>B.S., P.Eng.,</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">M.W. Maughan, </font></b>B.S., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A. Kovaltchouk</font></b><b>, </b>M.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">President</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geol.,<b>  </b>C.P.G., <i>V.P., </i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geol.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.K. MacLeod*, </font></b>B.S., P.Eng., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Geoscience</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.M. MacKinnon, </font></b>B.Eng.,</p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="3" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Executive V.P.</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.M.F. Galas, </font></b>Ph.D.,
  </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;P.Eng.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.L. Chipperfield*, </font></b>B.Sc., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng., <i>Manager, </i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">M.J. O&#146;Blenes,</font></b><b>  </b>M.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geol., <i>Sr. V.P., Geoscience</i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reservoir Studies</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="2" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.J. Helwerda*, </font></b>B.Sc., P.Eng.,</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R. Gerritse, </font></b>B.Sc., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">S</font>.W.
  Pennell, </font></b>B.Sc., Eng.</p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sr. V.P., Engineering</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Manager, Systems</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">L.M. Precul, </font></b>M.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="3" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.N. Johnson*, </font></b>B.Sc., P.Eng., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.F. Jose</font></b><b>, </b>M.Sc., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">V.P., Engineering;</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geoph., <i>Manager, </i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.I. Sanden, </font></b>B.Sc., P.Eng.</p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Corporate
  Secretary</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Geoscience</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">M.W. Sargent, </font></b>Ph.D., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="2" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.W.C. Ho*, </font></b>B.A.Sc., P.Eng., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C. P. Six, </font></b>B.Sc., P.Eng., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geol.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">V.P., Engineering</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Manager, Engineering</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">P.C. Sidey</font></b><b>, </b>B.Sc., P.Eng.</p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="3" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.D. Robinson*</font></b><b>, </b>B.Sc., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.W. Woods</font></b><b>, </b>B.Ed., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N.T. Stewart, </font></b>B.A.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng., <i>V.P., Engineering</i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.Sc., P.Eng.,<i> Manager, </i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.J. Carsted*, </font></b>CD, B.Sc., </p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Engineering</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.D. Strother-Stewart, </font></b></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="2" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">P.</font>Geol., <i>V.P., Geoscience</i></font></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.R. Bates, </font></b>B.Sc., P.Eng.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.Sc., P.Geol.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">K.P. McDonald, </font></b>C.A.,</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.R. Finnis</font></b><b>, </b>B.Sc., P.Eng.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.R. Warholm, </font></b>B.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="2" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Controller</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.J. Firla, </font></b>B.S.,
  P.Eng.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Eng.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">K. Ghaffari, </font></b>M.Sc., P.Eng.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">W.J. Waddell</font></b><b>, </b>B.Sc., </p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" rowspan="2" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J. Hanko, </font></b>B.Sc., P.Geol.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.Geol.</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">P.B. Jung</font></b><b>, </b>B.S., P.Eng.</p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">T.K. Wong, </font></b>B.Sc., P.Geol.</p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;page-break-inside:avoid;">
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="25%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:25.64%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*Director</font></i></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.06%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:2.32%;">
  <p style="margin:0pt 0pt .0001pt -.7pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" height="15" valign="top" style="height:11.25pt;padding:0pt .7pt 0pt 0pt;width:22.02%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LETTER OF CONSENT</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ref.: 1808.16220</font></p>

<p style="margin:0pt 0pt 12.0pt 288.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 12, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States
Securities and Exchange Commission</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re: </font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prospectus
Supplement dated March 12, 2007 to the Registration Statement on Form F-9 dated
November 27, 2006 (together, the &#147;Prospectus&#148;) of Canadian Natural Resources
Limited (&#147;CNRL&#148;)</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a firm of independent geological and
petroleum engineering consultants of Calgary, Alberta having prepared a
corporate evaluation report of CNRL entitled &#147;Evaluation of the P&amp;NG
Reserves of Canadian Natural Resources Limited in North America (As of December
31, 2005) Based on Constant and Escalated Prices and Costs&#148; (the &#147;2005 Report&#148;)
of certain oil and gas properties of CNRL. The 2005 Report was for the year ended
December&nbsp;31, 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have also prepared a corporate evaluation report
of CNRL entitled &#147;Evaluation of the P&amp;NG Reserves of Canadian Natural
Resources Limited in North America (As of December 31, 2006) Based on Constant
and Escalated Prices and Costs&#148; (the &#147;2006 Report&#148;) of certain oil and gas
properties of CNRL. The 2006 Report was dated March&nbsp;1, 2007 and was for
the year ended December&nbsp;31, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We refer to the Prospectus relating to the offering
of Debt Securities by CNRL and hereby consent to the reference to our firm
under the heading &#147;Experts&#148;, to the use of our 2005 Report which is
incorporated by reference in the Prospectus and to the references to the 2006
Report in the press release of CNRL dated March&nbsp;7, 2007 (the &#147;Press
Release&#148;), a portion of which is incorporated by reference in the Prospectus.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Sincerely,</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Original
  signed by H. J. Helwerda, P.Eng.</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harry J.
  Helwerda, P.Eng.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="336" valign="top" style="padding:0pt .7pt 0pt 0pt;width:252.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
  Vice-President, Engineering</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">900, 140 Fourth Ave SW;
Calgary AB T2P 3N3 Canada; Tel: (403) 294-5500, Fax: (403) 294-5590</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toll Free: 1-877-777-6135</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">info@sproule.com,
www.sproule.com</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>a07-7927_1ex99d5.htm
<DESCRIPTION>CONSENT OF RYDER SCOTT COMPANY - CANADA DATED MARCH 12, 2007
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.5</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LETTER OF CONSENT</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>Prospectus Supplement dated
March&nbsp;12, 2007 to Registration Statement on Form&nbsp;F-9 dated
November&nbsp;27, 2006 (together, the &#147;Prospectus&#148;) of Canadian Natural
Resources Limited (&#147;CNRL&#148;)</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
are a firm of independent geological and petroleum engineer consultants of
Calgary, Alberta having prepared corporate evaluation reports entitled &#147;CNR
International (U.K.) Limited Offshore North Sea UK and Offshore West Africa
Constant Parameters&#148; (the &#147;2005 Reports&#148;) of certain oil and gas properties of
CNRL.&#160; The 2005 Reports were for the year
ended December 31, 2005 and dated March 3, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have also prepared corporate evaluation reports of CNRL entitled &#147;CNR
International (U.K.) Limited Offshore North Sea UK and Offshore West Africa Constant
Parameters&#148; (the &#147;2006 Reports&#148;) of certain oil and gas properties of
CNRL.&#160; The 2006 Reports were for the year
ended December 31, 2006 and dated March 1, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
refer to the Prospectus relating to the offering of Debt Securities by CNRL and
hereby consent to the reference to our firm under the heading &#147;Experts&#148;, to the
use of our 2005 Reports which are incorporated by reference in the Prospectus
and to the references to the 2006 Report in the press release of CNRL dated
March 7, 2007 (the &#147;Press Release&#148;), a portion of which is incorporated by
reference in the Prospectus.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Dated March 12, 2007</p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours very truly,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calgary, Alberta</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(SIGNED) &#147;RYDER SCOTT COMPANY-<br>
  CANADA&#148;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>a07-7927_1ex99d6.htm
<DESCRIPTION>CONSENT OF GILBERT LAUSTSEN JUNG ASSOCIATES LTD. DATED MARCH 12, 2007
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:10.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><img width="63" height="60" src="g79271kki001.gif"></font></p>
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:10.12%;">
  <p style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GLJ</font></b></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:53.64%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Petroleum</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultants</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:25.7%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Officers:</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harry Jung, P. Eng. President,
  C.E.O.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dana B. Laustsen, P.
  Eng. Executive V.P., C.O.O.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith M. Braaten, P.
  Eng. Executive V.P.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers / Vice Presidents:</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Terry L. Aarsby, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jodi L. Anhorn, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neil I. Dell, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David G. Harris, P. Geol.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Myron J. Hladyshevsky, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bryan M. Joa, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John H. Stilling, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas R. Sutton, P. Eng.</font></p>
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James H. Willmon, P. Eng.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LETTER OF CONSENT</font></b></h1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b>Re:</b></p>
  </td>
  <td width="88%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:88.22%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Prospectus Supplement dated March&nbsp;12, 2007
  to Registration Statement on Form&nbsp;F-9 dated November&nbsp;27, 2006
  (together, the &#147;Prospectus&#148;) of Canadian Natural Resources Limited (&#147;CNRL&#148;)</font></b></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a firm of independent petroleum consultants of
Calgary, Alberta having prepared an evaluation report entitled &#147;Horizon Oil
Sands Project, Surface Mineable Reserves Booking, Effective December 31, 2005&#148;
(the &#147;2005 Report&#148;). The 2005 Report was dated February 15, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have also prepared an evaluation report entitled &#147;Horizon Oil Sands Project, Surface
Mineable Reserves Booking, Effective December 31, 2006&#148; (the &#147;2006 Report&#148;).
The 2006 Report was dated February&nbsp;5, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
refer to the Prospectus relating to the offering of Debt Securities by CNRL and
hereby consent to the reference to our firm under the heading &#147;Experts&#148;, to the
use of our 2005 Report which is incorporated by reference in the Prospectus and
to the references to the 2006 Report in the press release of CNRL dated
March&nbsp;7, 2007 (the &#147;Press Release&#148;), a portion of which is incorporated by
reference in the Prospectus.</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours truly,</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GLJ
PETROLEUM CONSULTANTS LTD.</font></b></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ORIGINALLY
SIGNED BY</font></b></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James
H. Willmon, P. Eng.</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice-President</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated March&nbsp;12, 2007</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calgary, Alberta</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CANADA</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4100, 400 - 3</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font>&#160;Avenue S.W., Calgary, Alberta, Canada T2P 4H2
&#149; (403) 266-9500 &#149; Fax (403) 262-1855 &#149; GLJPC.com</p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
