<SEC-DOCUMENT>0001104659-25-096600.txt : 20251003
<SEC-HEADER>0001104659-25-096600.hdr.sgml : 20251003
<ACCEPTANCE-DATETIME>20251003153635
ACCESSION NUMBER:		0001104659-25-096600
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251003
DATE AS OF CHANGE:		20251003
EFFECTIVENESS DATE:		20251003

FILER:

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

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-289937
		FILM NUMBER:		251373494

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

	MAIL ADDRESS:	
		STREET 1:		2100, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
</SEC-HEADER>
<DOCUMENT>
<TYPE>SUPPL
<SEQUENCE>1
<FILENAME>tm2527819d1_suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to General Instruction II.L of
Form&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No.&nbsp;333-289937</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To a Short Form&nbsp;Base Shelf Prospectus
Dated August&nbsp;28, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Issue</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;3,
    2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2527819d1_supplimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CANADIAN NATURAL RESOURCES LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offer to exchange all outstanding 5.000% Notes
due 2029 issued on December&nbsp;6, 2024 for up to US$750,000,000 Aggregate Principal Amount of Registered 5.000% Notes due 2029</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offer to exchange all outstanding 5.400% Notes
due 2034 issued on December&nbsp;6, 2024 for up to US$750,000,000 Aggregate Principal Amount of Registered 5.400% Notes due 2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are offering to exchange
(i)&nbsp;US$750,000,000 aggregate principal amount of our outstanding unregistered 5.000% Notes due 2029 (the &quot;<B>Initial 2029 Notes</B>&quot;)
for a like aggregate principal amount of new registered 5.000% Notes due 2029 (the &quot;<B>New 2029 Notes</B>&quot;) and (ii)&nbsp;US$750,000,000
aggregate principal amount of our outstanding unregistered 5.400% Notes due 2034 (the &quot;<B>Initial 2034 Notes</B>&quot;) for a like
aggregate principal amount of new registered 5.400% Notes due 2034 (the &quot;<B>New 2034 Notes</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Initial 2029 Notes and
the Initial 2034 Notes were originally issued by us on December&nbsp;6, 2024 (the &quot;<B>Issue Date</B>&quot;) in a transaction that
was exempt from registration under the United States (&quot;<B>U.S.</B>&quot;) Securities Act of 1933, as amended (the &quot;<B>1933
Act</B>&quot;), and resold inside the U.S. to persons reasonably believed to be qualified institutional buyers in reliance on the exemption
from registration provided by Rule&nbsp;144A promulgated under the 1933 Act and to certain non-United States persons outside the United
States in offshore transactions in reliance on Regulation S promulgated under the 1933 Act. We refer to the Initial 2029 Notes and the
Initial 2034 Notes together as the &quot;<B>Initial Notes</B>&quot;. In connection with the offering of the Initial Notes (the &quot;<B>Initial
Notes Offering</B>&quot;), we entered into a registration rights agreement dated December&nbsp;6, 2024 (the &quot;<B>Registration Rights
Agreement</B>&quot;) with BofA Securities,&nbsp;Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Mizuho Securities USA LLC,
MUFG Securities Americas Inc., BMO Capital Markets Corp., CIBC World Markets Corp., TD Securities (USA) LLC, ATB Securities Inc., and
SMBC Nikko Securities America,&nbsp;Inc. (collectively, the &quot;<B>Initial Purchasers</B>&quot;) to facilitate the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the New 2029
Notes and the New 2034 Notes are substantially identical in all material respects to the terms of the Initial 2029 Notes and the Initial
2034 Notes, respectively, except that the New 2029 Notes and the New 2034 Notes will be registered under the 1933 Act, will not contain
transfer restrictions, will not contain certain provisions relating to additional interest, will bear different CUSIP numbers from the
Initial Notes and will not entitle their holders to registration rights. The New 2029 Notes and the New 2034 Notes will evidence the
same continuing indebtedness as the Initial 2029 Notes and the Initial 2034 Notes, respectively. We refer to the New 2029 Notes and the
New 2034 Notes together as the &quot;<B>New Notes</B>&quot;. We refer to the Initial Notes and the New Notes together as the &quot;<B>Notes</B>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our offer to exchange the
Initial 2029 Notes for New 2029 Notes and the Initial 2034 Notes for New 2034 Notes will commence on October&nbsp;3, 2025 (the &quot;<B>Commencement
Date</B>&quot;) and will be open until 5:00&nbsp;p.m., New York City time, on November&nbsp;4, 2025, unless we extend the offer. See
 &quot;<I>Exchange Offer &ndash; Expiration Date; Extensions; Amendments</I>&quot;. Closing of the exchange offer and delivery of the
New Notes, in book-entry only form through The Depository Trust Company, or DTC, is expected to occur on or about November 7, 2025, or
such other date as may be agreed upon by us and Computershare Trust Company, N.A. (the &quot;<B>Trustee</B>&quot;). DTC or its nominee
will hold the New Notes in book-entry only form as depositary for the participants of DTC. A holder that acquires New Notes in exchange
for Initial Notes will receive only a customer confirmation from the registered dealer (who is a participant) from or through whom such
New Notes are acquired. Except as otherwise stated herein, holders of New Notes will not be entitled to receive physical certificates
representing their ownership thereof. See &quot;<I>Book-Entry System</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">New Notes of each series
will be issued in exchange for an equal principal amount of outstanding Initial Notes of such series accepted in the exchange offer.
The exchange offer is not conditioned upon any minimum principal amount of Initial Notes being tendered for exchange. However, the obligation
to accept the Initial Notes for exchange pursuant to the exchange offer is subject to certain customary conditions set forth herein.
See &quot;<I>Exchange Offer &ndash; Conditions</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any broker-dealer that receives
New Notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any
resale of such New Notes. The letter of transmittal delivered pursuant to the exchange offer for Initial Notes (the &quot;<B>Letter of
Transmittal</B>&quot;) states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that
it is an &quot;underwriter&quot; within the meaning of the 1933 Act. This prospectus supplement and the prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Initial
Notes where such Initial Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities.
Under the Registration Rights Agreement, to the extent any such broker-dealer participates in the exchange offer, we have agreed that
we will use reasonable best efforts to make this prospectus, as amended or supplemented, available to such broker-dealer for use in connection
with any resale of such New Notes for a period (i)&nbsp;of 180 days from the date of this prospectus supplement or (ii)&nbsp;until the
date on which a broker-dealer is no longer required to deliver a prospectus. See &quot;<I>Exchange Offer &ndash; Resale of New Notes&quot;
and &quot;Plan of Distribution</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Investing in the New
Notes involves certain risks that should be carefully considered. See &quot;Risk Factors&quot; in this prospectus supplement as well
as &quot;Risk Factors&quot; in the prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>There is no market through
which the New Notes may be sold and holders may not be able to resell New Notes exchanged for Initial Notes under this prospectus supplement.
This may affect the pricing of the New Notes in the secondary market, the transparency and availability of trading prices, the liquidity
of the New Notes and the extent of issuer regulation. See &quot;<I>Risk Factors &ndash; Risks Related to the Exchange Offer &ndash; Active
trading markets for the New Notes may not develop</I>&quot;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We are permitted, under
the multijurisdictional disclosure system adopted by the United States and the provinces of Canada, to prepare this prospectus supplement
in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from
those of the United States. We prepare our financial statements in accordance with International Financial Reporting Standards (&quot;IFRS&quot;),
as issued by the International Accounting Standards Board (&quot;IASB&quot;), and they are subject to the standards of the Public Company
Accounting Oversight Board (U.S.). As a result, the financial statements included or incorporated by reference in this prospectus supplement
may not be comparable to financial statements of United States companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Certain data on oil and
gas reserves included or incorporated by reference in this prospectus supplement has been prepared in accordance with Canadian disclosure
standards, which are not comparable in all respects to United States disclosure standards. See &quot;Note Regarding Reserves Disclosure&quot;
in the prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Prospective investors
should be aware that exchanging Initial Notes for New Notes under this prospectus supplement and holding New Notes may have tax consequences
in Canada, the United States, and other jurisdictions in which you are subject to tax. You should read the tax discussion contained in
this prospectus supplement and the prospectus. See &quot;<I>Certain Canadian Federal Income Tax Considerations&quot; and &quot;Certain
U.S. Federal Income Tax Considerations</I>&quot; in this prospectus supplement. This prospectus supplement may not describe the tax consequences
of your particular situation. Holders are urged to consult their own tax advisors regarding the application of tax laws to their particular
situation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The enforcement by investors
of civil liabilities under the United States federal securities laws may be affected adversely by the fact that we are incorporated in
Alberta, that most of our officers and directors are Canadian residents, that some of the experts named in the registration statement
may be residents of Canada, and that most of our assets and all or most of the assets of our officers and directors and the experts are
located outside the United States. See &quot;<I>Enforceability of Civil Liabilities</I>&quot;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>THESE SECURITIES HAVE
NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;) NOR HAS THE SEC OR ANY
STATE OR PROVINCIAL SECURITIES COMMISSION OR SIMILAR AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>This prospectus supplement
does not qualify the New Notes for public distribution under the securities laws of any province or territory of Canada. The New Notes
are not being offered for sale and may not be offered or sold, directly or indirectly, in Canada or to any resident thereof except in
accordance with the securities laws of the provinces and territories of Canada.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>No proceeds will be raised
pursuant to the exchange offer and all expenses in connection with the preparation and filing of this prospectus supplement will be paid
by the Company from its general corporate funds.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>No underwriter or dealer
has been involved in the preparation of, or has performed any review of the contents of, this prospectus supplement or the prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Prospective investors
should be aware that, during the period of the exchange offer, the registrant or its affiliates, directly or indirectly, may bid for
or make purchases of the debt securities to be distributed or to be exchanged, or certain related debt securities, as permitted by applicable
laws or regulations of Canada, or its provinces or territories.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All dollar amounts in this
prospectus supplement and the accompanying prospectus are in Canadian dollars, unless otherwise indicated. See &quot;<I>Exchange Rate
Information</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Messrs.&nbsp;N. Murray Edwards
and Gordon D. Giffin are directors of Canadian Natural who reside outside of Canada and each of these directors has appointed us as their
agent for service of process in Canada at 2100, 855 &ndash; 2nd Street S.W., Calgary, Alberta, T2P 4J8. Purchasers are advised that it
may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued
or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent
for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our head, principal and
registered office is located at 2100, 855 &ndash; 2nd Street S.W., Calgary, Alberta, Canada, T2P&nbsp;4J8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%"><A HREF="#sp_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="width: 20%; text-align: right"><A HREF="#sp_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EXCHANGE
    RATE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">FORWARD-LOOKING
    STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">NOTE REGARDING
    RESERVES DISCLOSURE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SUMMARY
    OF THE TERMS OF THE EXCHANGE OFFER</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SUMMARY
    OF THE TERMS OF THE NEW NOTES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EXCHANGE
    OFFER</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">USE OF
    PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CONSOLIDATED
    CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">PRIOR
    SALES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EARNINGS
    COVERAGE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DESCRIPTION
    OF THE NEW NOTES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">PLAN OF
    DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">43</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CERTAIN
    CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">44</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CERTAIN
    U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">45</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DOCUMENTS
    FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; text-align: justify"><A HREF="#p_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 20%; text-align: right"><A HREF="#p_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING
    STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE REGARDING
    RESERVES DISCLOSURE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANADIAN
    NATURAL RESOURCES LIMITED</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF
    PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EARNINGS
    COVERAGE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN
    INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF
    DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPOINTMENT
    OF AGENT FOR SERVICE OF PROCESS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#p_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#p_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RELIANCE
    ON EXEMPTIONS FOR WELL-KNOWN SEASOED ISSUERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS FILED AS PART&nbsp;OF THE
    REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#p_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_001"></A><FONT STYLE="text-transform: uppercase"><B>ABOUT
THIS PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this prospectus supplement,
all capitalized terms and acronyms used and not otherwise defined have the meanings provided in the prospectus. Unless otherwise specified
or the context otherwise requires, all references in this prospectus supplement to &quot;Canadian Natural&quot;, the &quot;Company&quot;,
 &quot;we&quot;, &quot;us&quot;, and &quot;our&quot; mean Canadian Natural Resources Limited and its subsidiaries, partnerships and, where
applicable, interests in other entities. In the section entitled &quot;Description of the New Notes&quot; in this prospectus supplement,
 &quot;Canadian Natural&quot;, &quot;we&quot;, &quot;us&quot; and &quot;our&quot; refers only to Canadian Natural Resources Limited and
not to any of its subsidiaries or interests in partnerships or other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This document is provided
in two parts. The first part is this prospectus supplement, which describes certain terms of the exchange offer and also adds to and
updates certain information contained in the prospectus and the documents incorporated by reference therein. The second part, the prospectus,
gives more general information, some of which may not apply to the exchange offer. Defined terms or abbreviations used in this prospectus
supplement that are not defined herein have the meaning ascribed to them in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
is deemed to be incorporated by reference into the prospectus solely for the purposes of the exchange offer. Other documents are also
incorporated or deemed to be incorporated by reference into the prospectus. See &quot;<I>Where You Can Find More Information</I>&quot;
in the prospectus and this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the description of the
New Notes or any other information varies between this prospectus supplement, the prospectus and the documents incorporated by reference
in the prospectus, you should rely on the information in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You should rely only on
the information contained in this prospectus supplement, the prospectus and the information incorporated by reference in the prospectus.
We have not authorized anyone to provide you with different or additional information. We are not making an offer of New Notes in any
jurisdiction where the offer is not permitted by law. You should not assume that the information appearing in this prospectus supplement,
the prospectus or any documents incorporated by reference in the prospectus is accurate as of any date other than the date on the front
of those documents, as our business, operating results, financial condition and prospects may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
or the context otherwise requires, in this prospectus supplement, the prospectus and in documents incorporated by reference in this prospectus
supplement and the prospectus, all dollar amounts are expressed in Canadian dollars, and references to &quot;dollars&quot;, &quot;Cdn$&quot;
or &quot;$&quot; are to Canadian dollars and all references to &quot;US$&quot; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our financial statements
incorporated by reference in the prospectus are prepared in accordance with IFRS, as issued by the IASB, and they are subject to the
standards of the Public Company Accounting Oversight Board (U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural has filed
with the SEC under the 1933 Act, a registration statement on Form&nbsp;F-10 relating to the offering of the debt securities, of which
this prospectus supplement forms a part. This prospectus supplement and the prospectus do not contain all of the information set forth
in such registration statement, certain items of which are contained in the exhibits to the registration statement as permitted or required
by the rules&nbsp;and regulations of the SEC. Information omitted from this prospectus supplement and the prospectus but contained in
the registration statement will be available on the SEC's website at www.sec.gov. You may refer to the registration statement and the
exhibits to the registration statement for further information with respect to us and the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Information on or connected
to our website, even if referred to in a document incorporated by reference herein, does not constitute part of this prospectus supplement
or the prospectus and is not incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_002"></A><FONT STYLE="text-transform: uppercase"><B>EXCHANGE
RATE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain exchange
rates based on the daily average exchange rate provided by the Bank of Canada on each trading day (the &quot;<B>daily exchange rate</B>&quot;)
for the periods indicated. Such rates are set forth as U.S. dollars per Cdn$1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Year ended
    December&nbsp;31</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six months
    ended June&nbsp;30</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; text-indent: -0.15in; padding-left: 0.15in">High for period</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7510</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7617</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7376</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7510</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.15in; padding-left: 0.15in">Low for period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.6937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.6848</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.15in; padding-left: 0.15in">Rate at end of period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.6950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7561</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7408</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.15in; padding-left: 0.15in">Average rate for the period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7302</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7098</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October&nbsp;2, 2025,
the daily exchange rate was C$1.00 = US$0.7162.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_003"></A><FONT STYLE="text-transform: uppercase"><B>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a corporation incorporated
under and governed by the <I>Business Corporations Act</I> (Alberta). Most of our officers and directors and some of the experts named
in this prospectus supplement are Canadian residents, and most of our assets and all or most of the assets of our officers and directors
and the experts are located outside the United States. We have appointed an agent for service of process in the United States, but it
may be difficult for holders of New Notes who reside in the United States to effect service within the United States upon those directors,
officers and experts who are not residents of the United States. It may also be difficult for holders of New Notes who reside in the
United States to realize in the United States upon judgments of courts of the United States predicated upon our civil liability and the
civil liability of our directors and officers and experts under the United States federal securities laws. We have been advised by Bennett
Jones LLP that there is a substantial doubt whether an action could be brought in Canada in the first instance on the basis of liability
predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We filed with the SEC, concurrently
with our registration statement on Form&nbsp;F-10 of which this prospectus supplement and the prospectus forms a part, an appointment
of agent for service of process and undertaking on Form&nbsp;F-X. Under the Form&nbsp;F-X, we appointed CT Corporation System as our
agent for service of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC and any
civil suit or action brought against or involving us in a U.S. court arising out of or related to or concerning the offering of the New
Notes under this prospectus supplement and the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_004"></A><FONT STYLE="text-transform: uppercase"><B>FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain statements contained
in the prospectus, this prospectus supplement, and in the documents incorporated by reference herein, may contain or incorporate by reference
 &quot;forward-looking information&quot; and &quot;forward-looking statements&quot; (collectively referred to herein as &quot;<B>forward-looking
statements</B>&quot;) within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words
 &quot;believe&quot;, &quot;anticipate&quot;, &quot;expect&quot;, &quot;plan&quot;, &quot;estimate&quot;, &quot;target&quot;, &quot;continue&quot;,
 &quot;could&quot;, &quot;intend&quot;, &quot;may&quot;, &quot;potential&quot;, &quot;predict&quot;, &quot;should&quot;, &quot;will&quot;,
 &quot;objective&quot;, &quot;project&quot;, &quot;forecast&quot;, &quot;goal&quot;, &quot;guidance&quot;, &quot;outlook&quot;, &quot;effort&quot;,
 &quot;seeks&quot;, &quot;schedule&quot;, &quot;proposed&quot;, &quot;aspiration&quot; or expressions of a similar nature suggesting future
outcome or statements regarding an outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Disclosure related to Canadian
Natural's strategy or strategic focus, capital budget, expected future commodity pricing, forecast or anticipated production volumes,
royalties, production expenses, capital expenditures, abandonment expenditures, income tax expenses, the market for the New Notes following
completion of the exchange offer, the estimated expenses of the exchange offer, and other targets provided throughout this prospectus
supplement, the prospectus and the documents incorporated by reference herein or therein constitute forward-looking statements. Disclosure
of plans relating to and expected results of existing and future developments, including, without limitation, those in relation to the
Company's assets at Horizon Oil Sands, the Athabasca Oil Sands Project, the Primrose thermal oil projects, the Pelican Lake water and
polymer flood projects, the Kirby, Jackfish and Pike thermal oil sands projects, the operations of the North West Redwater bitumen upgrader
and refinery, construction by third parties of new or expansion of existing pipeline capacity or other means of transportation of bitumen,
crude oil, natural gas, natural gas liquids (&quot;<B>NGLs</B>&quot;), or synthetic crude oil that we may be reliant upon to transport
the Company's products to market, the construction, expansion, or maintenance of third party facilities that process the Company's products,
the abandonment and decommissioning of certain of the Company's assets and the timing thereof, the development and deployment of technology
and technological innovations, the assumption of operations at processing facilities, the &quot;2025 Activity&quot; section of the AIF
(as defined herein) with respect to budgeted capital expenditures for 2025, targeted international decommissioning activities and the
timing thereof, the financial capacity of the Company to complete its growth projects and responsibly and sustainably grow in the long-term,
the materiality of the impact of litigation and tax interpretations on the Company's results, any targeted payouts pursuant to Canadian
Natural's free cash flow allocation policy, and the Company's acquisitions, also constitute forward-looking statements. These forward-looking
statements are based on annual budgets and multi-year forecasts, and are reviewed and revised throughout the year as necessary in the
context of targeted financial ratios, project returns, product pricing expectations and balance in project risk and time horizons. These
statements are not guarantees of future performance and are subject to certain risks. The reader should not place undue reliance on these
forward-looking statements as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, statements
relating to &quot;reserves&quot; are deemed to be forward-looking statements as they involve the implied assessment based on certain
estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent
in estimating quantities of proved and proved plus probable crude oil, natural gas and NGLs reserves and in projecting future rates of
production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly
from reserves and production estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking statements
are based on current expectations, estimates and projections about the Company and the industry in which the Company operates, which
speak only as of the earlier of the date such statements were made or as of the date of the report or document in which they are contained,
and are subject to known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among others: general economic and business conditions (including as a result of the
actions of the Organization of the Petroleum Exporting Countries Plus (&quot;<B>OPEC+</B>&quot;), the impact of conflicts in the Middle
East and in Ukraine, increased inflation, and the risk of decreased economic activity resulting from a global recession) which may impact,
among other things, demand and supply for, and market prices of the Company's products, and the availability and cost of resources required
by the Company's operations; volatility of and assumptions regarding crude oil, natural gas and NGLs prices; fluctuations in currency
and interest rates; assumptions on which the Company's current targets are based; economic conditions in the countries and regions in
which the Company conducts business; changes and uncertainty in the international trade environment, including with respect to tariffs,
export restrictions, embargoes, and key trade agreements (including the tariffs imposed or announced by the U.S. government on certain
goods and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended, increased,
decreased, or expanded to additional goods); uncertainty in the regulatory framework governing greenhouse gas emissions including, among
other things, financial and other support from various levels of government for climate related initiatives and potential emissions or
production caps; civil unrest and political uncertainty, including changes in government, actions of or against terrorists, insurgent
groups or other conflict including conflict between states; the Company's ability to prevent and recover from cyberattack, other cyber-related
crimes and other cyber-related incidents; industry capacity; the Company's ability to implement its business strategy, including exploration
and development activities; the impact of competition; the Company's defense of lawsuits; availability and cost of seismic, drilling
and other equipment; the Company's and its subsidiaries' ability to complete capital programs; the Company's and its subsidiaries' ability
to secure adequate transportation for its products; unexpected disruptions or delays in mining, extracting or upgrading of the Company's
bitumen products; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; ability
of the Company to attract the necessary labour required to build, maintain, and operate its thermal and oil sands mining projects; operating
hazards and other difficulties inherent in the exploration for and production and sale of crude oil and natural gas and in mining, extracting
or upgrading the Company's bitumen products; availability and cost of financing; the Company's and its subsidiaries' success of exploration
and development activities and its ability to replace and expand crude oil and natural gas reserves; the Company's ability to meet its
targeted production levels; the timing and success of integrating the business and operations of acquired companies and assets; production
levels; imprecision of reserves estimates and estimates of recoverable quantities of crude oil, natural gas and NGLs not currently classified
as proved; actions by governmental authorities; government regulations and the expenditures required to comply with them (especially
safety, competition, environmental laws and regulations, and the impact of climate change initiatives on capital expenditures and production
expenses); interpretations of applicable tax and competition laws and regulations; asset retirement obligations; the sufficiency of the
Company's liquidity to support its growth strategy and to sustain its operations in the short-, medium- and long-term; the strength of
the Company's balance sheet; the flexibility of the Company's capital structure; the impact of legal proceedings to which the Company
is a party; the adequacy of the Company's provision for taxes; and other circumstances affecting revenues and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company's operations
have been, and in the future may be, affected by political developments and by national, federal, provincial, state, and local laws and
regulations such as restrictions on production, the imposition of tariffs, export restrictions or embargoes on the Company's products
(including the tariffs imposed or announced by the U.S. government on certain goods and actual or potential Canadian countermeasures,
both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded to additional goods), changes in
taxes, royalties and other amounts payable to governments or governmental agencies, price or gathering rate controls and environmental
protection regulations. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected in the forward-looking statements. The impact of any one factor on
a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and our course
of action would depend upon our assessment of the future considering all information then available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We caution that the foregoing
list of factors is not exhaustive. Unpredictable or unknown factors not discussed in this prospectus supplement, the prospectus and the
documents incorporated by reference herein or therein, could also have adverse effects on forward-looking statements. Although we believe
that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such
forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements. All subsequent
forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf are expressly qualified in their
entirety by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additional factors are described
in our AIF which is filed with the securities commissions or similar authorities in the provinces of Canada and the United States and
incorporated by reference in the prospectus. Prospective investors should also carefully consider the matters discussed under &quot;Risk
Factors&quot; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as required by applicable law, we assume
no obligation to update forward-looking statements, whether as a result of new information, future events or other factors, or the foregoing
factors affecting this information, should circumstances or the Company's estimates or opinions change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_005"></A><FONT STYLE="text-transform: uppercase"><B>NOTE
REGARDING RESERVES DISCLOSURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The securities regulatory
authorities in Canada have adopted National Instrument 51-101 &ndash; <I>Standards of Disclosure for Oil and Gas Activities</I> (&quot;<B>NI
51-101</B>&quot;), which imposes oil and gas disclosure standards for Canadian public issuers engaged in oil and gas activities. NI 51-101
permits oil and gas issuers, in their filings with Canadian securities regulatory authorities, to disclose proved and proved plus probable
reserves, to disclose resources, and to disclose reserves and production before deducting royalties. Probable reserves are of a higher
uncertainty and are less likely to be accurately estimated or recovered than proved reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are required to disclose
reserves in accordance with Canadian securities law requirements and the disclosure of proved and probable reserves in this prospectus
supplement, the prospectus and the documents incorporated by reference herein and therein is in accordance with NI 51-101. The SEC definitions
of proved and probable reserves are different from the definitions contained in NI 51-101; therefore, proved and probable reserves disclosed
in this prospectus supplement, the prospectus and the documents incorporated by reference herein and therein in compliance with NI 51-101
may not be comparable to United States standards. The SEC requires United States oil and gas reporting companies, in their filings with
the SEC, to disclose only proved reserves after the deduction of royalties and production due to others but permits the optional disclosure
of probable and possible reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, as permitted
by NI 51-101, we have determined and disclosed the net present value of future net revenue from our reserves in our NI 51-101 compliant
reserves disclosure using forecast prices and costs. The SEC requires that reserves and related future net revenue be estimated based
on historical 12 month average prices and current costs, but permits the optional disclosure of revenue estimates based on different
price and cost criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement,
the prospectus and the documents incorporated by reference herein and therein contain disclosure respecting oil and gas production expressed
as &quot;cubic feet of natural gas equivalent&quot; and &quot;barrels of oil equivalent&quot; or &quot;BOE&quot;. All equivalency volumes
have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of crude oil. Equivalency measures may be misleading,
particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy
equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In comparing
the value ratio using current crude oil prices relative to natural gas prices, the six thousand cubic feet of natural gas to one barrel
of crude oil conversion ratio may be misleading as an indication of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For additional information
regarding the presentation of our reserves and other oil and gas information, see the sections entitled &quot;Special Note Regarding
Currency, Financial Information, Production and Reserves&quot; and &quot;Form&nbsp;51-101F1 Statement of Reserves Data and Other Information&quot;
in our AIF, which is incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_006"></A><FONT STYLE="text-transform: uppercase"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Information has been
incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada.</I></B>
Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Canadian
Natural Resources Limited at 2100, 855 &ndash; 2nd Street S.W., Calgary, Alberta, T2P 4J8, Telephone (403) 517-6700. These documents
are also available through the internet via the System for Electronic Data Analysis and Retrieval + (SEDAR+), which can be accessed at
www.sedarplus.ca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We file with the securities
commission or similar authorities in each of the provinces of Canada, annual and quarterly reports, material change reports and other
information. We are subject to the reporting requirements of the United States Securities Exchange Act of 1934, as amended (the &quot;<B>Exchange
Act</B>&quot;), and, in accordance with the Exchange Act, we also file reports with and furnish other information to the SEC. Under the
multijurisdictional disclosure system adopted by the United States and the provinces of Canada, these reports and other information (including
financial information) may be prepared, in part, in accordance with the disclosure requirements of Canada, which differ from those in
the United States. You may read any document we file with or furnish to the SEC on the SEC's Electronic Data Gathering, Analysis and
Retrieval (EDGAR) system, which can be accessed at www.sec.gov, as well as from commercial document retrieval services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the multijurisdictional
disclosure system adopted by the United States and the provinces of Canada, the Canadian securities commissions and the SEC allow us
to &quot;incorporate by reference&quot; certain information we file with them, which means that we can disclose important information
to you by referring you to those documents. Information that is incorporated by reference is an important part of this prospectus. We
incorporate by reference the documents listed below, which were filed with certain Canadian securities regulatory authorities under Canadian
securities legislation and filed with or furnished to the SEC under the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Annual Information Form&nbsp;(&quot;<B>AIF</B>&quot;) dated March&nbsp;26, 2025 for the year
                                            ended December&nbsp;31, 2024;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            audited annual consolidated financial statements as at and for the years ended December&nbsp;31,
                                            2024 and 2023, together with the notes thereto and the independent auditor's report thereon;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Management's Discussion and Analysis for the year ended December&nbsp;31, 2024 (the &quot;<B>Annual
                                            MD&amp;A</B>&quot;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            unaudited interim consolidated financial statements for the three and six months ended June&nbsp;30,
                                            2025 and 2024, together with the notes thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Management's Discussion and Analysis for the three and six months ended June&nbsp;30, 2025
                                            (the &quot;<B>Interim MD&amp;A</B>&quot;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Proxy Statement and Management Information Circular dated March&nbsp;13, 2024 relating to
                                            the Annual and Special Meeting of our shareholders held on May&nbsp;2, 2024, excluding (i)&nbsp;Part&nbsp;II
                                            &ndash; Information Respecting Executive Compensation; and (ii)&nbsp;Part&nbsp;III &ndash;
                                            Schedules to the Information Circular, which information has been modified or superseded
                                            by statements in other subsequently filed documents incorporated by reference into this prospectus
                                            supplement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Proxy Statement and Management Information Circular dated March&nbsp;19, 2025 relating to
                                            the Annual and Special Meeting of our shareholders held on May&nbsp;8, 2025; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            supplementary oil and gas information prepared in accordance with the United States Financial
                                            Accounting Standards Board Topic 932 &ndash; &quot;Extractive Activities &ndash; Oil and
                                            Gas&quot;, which is contained in the section entitled &quot;Supplementary Oil&nbsp;&amp;
                                            Gas Information for the Fiscal Year Ended December&nbsp;31, 2024 (Unaudited)&quot; in our
                                            Annual Report filed on SEDAR+ on March&nbsp;26, 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any documents of the type
required by National Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus Distributions</I> to be incorporated by reference in a short
form prospectus including, without limitation, any material change reports (excluding confidential material change reports), comparative
annual financial statements and the auditors' report thereon, comparative interim financial statements, management's discussion and analysis
of financial condition and results of operations, information circulars, annual information forms, business acquisition reports and any
press release containing financial information for periods more recent than the most recent annual or interim financial statements filed
by us with the securities commissions or similar authorities in the provinces of Canada subsequent to the date of this prospectus supplement
and prior to the completion or termination of the exchange offer shall be deemed to be incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, any documents
filed with or furnished to the SEC pursuant to Section&nbsp;13(a), 13(c)&nbsp;or 15(d)&nbsp;of the Exchange Act, in each case after the
date of this prospectus supplement and prior to the termination or completion of the exchange offer, shall be deemed to be incorporated
by reference in the registration statement relating to the New Notes, if and to the extent expressly provided in such reports. Further,
prior to the termination or completion of the exchange offer and to the extent that any document or information incorporated by reference
into the prospectus is included in a report that is filed with or furnished to the SEC on Form&nbsp;40-F, 20-F, 10-K, 10-Q, 8-K or 6-K
(or any respective successor form), such document or information shall also be deemed to be incorporated by reference as an exhibit to
the registration statement of which the prospectus forms a part. Our U.S. filings are electronically available on the SEC's EDGAR system,
which may be accessed at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Any statement contained
in this prospectus supplement, the prospectus or in a document (or part thereof) incorporated by reference, or deemed to be incorporated
by reference in this prospectus supplement or the prospectus shall be deemed to be modified or superseded for the purposes of this prospectus
supplement and the prospectus to the extent that a statement contained herein or in any subsequently filed document (or part thereof)
that also is, or is deemed to be, incorporated by reference in this prospectus supplement or the prospectus modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this
prospectus supplement or the prospectus. The modifying or superseding statement need not state that it has modified or superseded a prior
statement or include any other information set forth in the document which it modifies or supersedes. The making of a modifying or superseding
statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to
make a statement not misleading in light of the circumstances in which it was made.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>You should rely only
on the information contained in: (a)&nbsp;this prospectus supplement and the prospectus; and (b)&nbsp;any documents incorporated by reference
in this prospectus supplement or in the prospectus. We have not authorized anyone to provide you with different or additional information.
If anyone provides you with any different or inconsistent information, you should not rely on it. You should bear in mind that although
the information contained, or incorporated by reference, in this prospectus supplement is accurate as of the date hereof or the date
of such documents incorporated by reference, respectively, such information may also be amended, supplemented or updated, as may be required
by applicable securities laws, by the subsequent filing of additional documents deemed by applicable securities laws to be, or otherwise
incorporated by reference into this prospectus supplement, the prospectus and by any subsequently filed prospectus amendments, if any.
This prospectus supplement constitutes a public offering of New Notes only in those jurisdictions where they may be lawfully distributed
and therein only by persons permitted to distribute such New Notes. We are not making any offer of New Notes in any jurisdiction where
the offer is not permitted by law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 10pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_007"></A><FONT STYLE="text-transform: uppercase"><B>SUMMARY
OF THE TERMS OF THE EXCHANGE OFFER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On the Issue Date, under
the Indenture, we issued US$1.5 billion aggregate principal amount of Initial Notes in two series: (a)&nbsp;US$750 million aggregate
principal amount of the Initial 2029 Notes; and (b)&nbsp;US$750 million aggregate principal amount of the Initial 2034 Notes. The Initial
Notes were originally issued by us on a private placement basis to persons reasonably believed to be &quot;qualified institutional buyers&quot;
in reliance on the exemption from registration provided by Rule&nbsp;144A promulgated under the 1933 Act and to certain non-United States
persons outside the United States in offshore transactions in reliance on Regulation S promulgated under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the terms of
the Registration Rights Agreement, the Company agreed, among other things, to: (a)&nbsp;file the registration statement of which this
prospectus supplement forms a part with the SEC; (b)&nbsp;use reasonable best efforts to have such registration statement declared effective
by the SEC no later than 360 days after the Issue Date; (c)&nbsp;commence the exchange offer upon the effectiveness of such registration
statement; (d)&nbsp;keep the exchange offer open for a period of not less than 30 days after the date notice of the exchange offer is
mailed to the holders of the Initial Notes; and (e)&nbsp;use reasonable best efforts to cause the exchange offer to be consummated no
later than 390 days after the Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Registration
Rights Agreement, we are offering to exchange: (a)&nbsp;U.S.$750,000,000 aggregate principal amount of Initial 2029 Notes for an equivalent
aggregate principal amount of our New 2029 Notes; and (b)&nbsp;U.S.$750,000,000 aggregate principal amount of Initial 2034 Notes for
an equivalent aggregate principal amount of our New 2034 Notes. In order to exchange your Initial Notes, you must properly tender them
and we must accept your tender. We will exchange all outstanding Initial Notes that are validly tendered and not validly withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer: </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 73%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canadian Natural
    Resources Limited.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange Offer:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will exchange your Initial
    2029 Notes for a like aggregate principal amount of New 2029 Notes and your Initial 2034 Notes for a like aggregate principal amount
    of New 2034 Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes Offered:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$750,000,000 aggregate
    principal amount of 5.000% Notes due 2029.<BR>
    US$750,000,000 aggregate principal amount of 5.400% Notes due 2034.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any
    proceeds from the exchange offer.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consequences of Failure to Exchange Initial Notes:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not participate in the exchange
    offer:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    &#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">subject to certain limited exceptions,
    you will not be able to require us to register your Initial Notes under the 1933 Act;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;you will not be able to resell, offer
    to resell or otherwise transfer your Initial Notes unless they are registered under the 1933 Act or unless you resell, offer to resell
    or otherwise transfer them under an exemption from the registration requirements of, or in a transaction not subject to, registration
    under the 1933 Act; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;the trading market for your Initial Notes
    will become more limited to the extent other holders of Initial Notes participate in the exchange offer.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &quot;<I>Exchange Offer
    &ndash; Consequences of Failure to Exchange,&quot; &quot;Exchange Offer &ndash; Terms of the Exchange Offer&quot; and &quot;Exchange
    Offer &ndash; Procedures for Tendering</I>&quot;. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiration Date:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &quot;expiration date&quot;
    for the exchange offer is 5:00&nbsp;p.m., New York City time, on November&nbsp;4, 2025, unless we extend it, in which case &quot;expiration
    date&quot; means the latest date and time to which the exchange offer is extended. See &quot;<I>Exchange Offer &ndash; Expiration
    Date; Extensions; Amendments</I>&quot;.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</DIV>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 10pt; border: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions to the Exchange Offer:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exchange
    offer is subject to certain customary conditions, which we may waive. See &quot;<I>Exchange Offer &ndash; Conditions</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Procedure for Tendering Initial Notes:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to accept the
    exchange offer, you must submit the required documentation and effect a tender of your Initial Notes pursuant to the procedures for
    book-entry transfer (or other applicable procedures), all in accordance with the instructions described in this prospectus supplement
    and in the relevant Letter of Transmittal. See &quot;<I>Exchange Offer &ndash; Procedures for Tendering</I>&quot;, &quot;<I>Exchange
    Offer &ndash; Book-Enry Delivery Procedures&quot; and &quot;Exchange Offer &ndash; Guaranteed Delivery Procedures</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranteed Delivery Procedures: </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you wish to tender your
    Initial Notes, but cannot properly do so prior to the expiration date, you may tender your Initial Notes in accordance with the guaranteed
    delivery procedures described in &quot;<I>Exchange Offer &ndash; Guaranteed Delivery Procedures</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withdrawal Rights: </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tenders of Initial Notes
    may be withdrawn at any time prior to 5:00&nbsp;p.m., New York City time, on the expiration date. To withdraw a tender of Initial
    Notes, a written or facsimile transmission notice of withdrawal must be received by the exchange agent at its address set forth in
    the Letter of Transmittal, prior to 5:00&nbsp;p.m., New York City time, on the expiration date. See &quot;<I>Exchange Offer &ndash;
    Withdrawal of Tenders</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acceptance of Initial Notes and Delivery of New
    Notes:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to certain conditions,
    any and all Initial Notes that are validly tendered in the exchange offer prior to 5:00&nbsp;p.m., New York City time, on the expiration
    date will be accepted for exchange. Closing of the exchange offer and delivery of the New Notes, in book-entry only form through
    DTC, is expected to occur on or about November 7, 2025, or such other date as may be agreed upon by us and the Trustee. See &quot;<I>Exchange
    Offer &ndash; Terms of the Exchange Offer</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S. Federal and Canadian Federal Income Tax Considerations:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange of the Initial Notes for New
    Notes under this prospectus supplement should not constitute a taxable exchange for U.S. federal income tax purposes, and the New
    Notes will evidence the same continuing indebtedness as the Initial Notes for such purposes. See &quot;<I>Certain U.S. Federal Income
    Tax Considerations</I>&quot;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">No tax under the Canadian
    Tax Act will be payable by a Non-Resident Holder (as defined herein) on the exchange of Initial Notes for New Notes. See &quot;<I>Certain
    Canadian Federal Income Tax Considerations</I>&quot;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement does not address
    Canadian tax consequences to residents or deemed residents of Canada in connection with the exchange of the Initial Notes for the
    New Notes. See &quot;<I>Certain Canadian Federal Income Tax Considerations</I>&quot;.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange Agent: </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Trust Company,
    N.A. is serving as the exchange agent. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You should carefully consider
    the risk factors set forth under the &quot;<I>Risk Factors</I>&quot; section of this prospectus supplement the other information
    contained in this prospectus supplement and the prospectus prior to deciding whether to exchange Initial Notes for New Notes.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</DIV>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 10pt; border: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary of Terms of the New Notes:
    </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Notes will evidence the same continuing
    indebtedness as the Initial Notes. The terms of the New Notes of each series are substantially identical to the terms of the Initial
    Notes of such series except that the New Notes:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;will
    be registered under the 1933 Act, and therefore will not contain restrictions on transfer;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;will
    not contain certain provisions relating to additional interest;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;will
    bear different CUSIP numbers from the Initial Notes of the respective series; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;will
    not entitle their holders to registration rights.</P></TD></TR>
  </TABLE>


</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 10pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_008"></A><FONT STYLE="text-transform: uppercase"><B>SUMMARY
OF THE TERMS OF THE NEW NOTES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following information
is a summary only and is to be read in conjunction with, and is qualified in its entirety by, the more detailed information appearing
elsewhere in this prospectus supplement, the prospectus and in the documents incorporated by reference herein and therein. See &quot;<I>Description
of the New Notes</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer: </B></FONT></TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canadian Natural
    Resources Limited.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes Offered:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$750,000,000 aggregate
    principal amount of 5.000% Notes due 2029.<BR>
    US$750,000,000 aggregate principal amount of 5.400% Notes due 2034.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date of the New Notes:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New 2029 Notes will
    mature on December&nbsp;15, 2029.<BR>
    The New 2034 Notes will mature on December&nbsp;15, 2034.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest on the New Notes:</B></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New 2029 Notes will accrue interest at
    a rate of 5.000% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially from the last interest payment date
    on which interest has been paid on the Initial 2029 Notes surrendered in exchange therefor, and thereafter from the last interest
    payment date on which interest has been paid on the New 2029 Notes. No additional interest will be paid on the Initial 2029 Notes
    tendered and accepted for exchange.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New 2034 Notes will accrue interest at
    a rate of 5.400% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially from the last interest payment date
    on which interest has been paid on the Initial 2034 Notes surrendered in exchange therefor, and thereafter from the last interest
    payment date on which interest has been paid on the New 2034 Notes. No additional interest will be paid on the Initial 2034 Notes
    tendered and accepted for exchange.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking of the New Notes:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes will be our
    direct unsecured obligations and will rank <I>pari passu</I> with all of our other unsubordinated and unsecured indebtedness outstanding
    from time to time. The New Notes will be structurally subordinated to all existing indebtedness and future liabilities of any of
    our corporate or partnership subsidiaries, including trade payables and other indebtedness. See &quot;<I>Description of the New Notes</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mandatory Redemption:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are not required to
    make mandatory redemption or sinking fund payments with respect to any of the New Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption of the New Notes:</B></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to November&nbsp;15, 2029 (one month
    prior to their maturity date) (the &quot;<B>2029 Notes Par Call Date</B>&quot;), we may redeem the New 2029 Notes, in whole or in
    part, at any time and from time to time, by paying a &quot;make-whole&quot; premium, plus accrued and unpaid interest thereon to,
    but not including, the date of redemption. On or after the 2029 Notes Par Call Date, we may redeem the New 2029 Notes, in whole or
    in part, at a redemption price equal to 100% of the principal amount of the New 2029 Notes to be redeemed, plus accrued and unpaid
    interest thereon to, but not including, the date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to September&nbsp;15, 2034 (three months
    prior to their maturity date) (the &quot;<B>2034 Notes Par Call Date</B>&quot;), we may redeem the New 2034 Notes, in whole or in
    part, at any time and from time to time, by paying a &quot;make-whole&quot; premium, plus accrued and unpaid interest thereon to,
    but not including, the date of redemption. On or after the 2034 Notes Par Call Date, we may redeem the New 2034 Notes, in whole or
    in part, at a redemption price equal to 100% of the principal amount of the New 2034 Notes to be redeemed, plus accrued and unpaid
    interest thereon to, but not including, the date of redemption. See &quot;<I>Description of the New Notes &mdash; Optional Redemption</I>&quot;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</DIV>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 10pt; border: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 75%">We also may redeem the New Notes of each series, in whole but not in part, at a redemption
    price equal to 100% of the principal amount thereof, plus accrued and unpaid interest on the New Notes, to, but not including, the
    redemption date if, at any time, changes to Canadian law (or the interpretation or administration thereof) require us to withhold
    taxes from payments on the New Notes of such series, and, as a result, we would be required to pay additional amounts to the holders
    of New Notes of such series. See &quot;<I>Description of the New Notes &mdash; Tax Redemption</I>&quot;.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional Amounts: </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payments made by us
    with respect to the New Notes will be made without withholding or deduction for Canadian taxes unless required by law or the interpretation
    or administration thereof. If we are so required to withhold or deduct for Canadian taxes with respect to a payment to the holders
    of New Notes, we will pay the additional amount necessary so that the net amount received by the holders of New Notes after the withholding
    or deduction is not less than the amount that the holders would have received in the absence of the withholding or deduction, subject
    to certain exceptions. See &quot;<I>Description of the New Notes &mdash; Additional Amounts</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain Covenants:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The indenture governing
    the New Notes contains covenants that, among other things: (i)&nbsp;limit our ability to create certain security interests; and (ii)&nbsp;restrict
    our ability to amalgamate or merge with a third party or transfer all or substantially all of our assets. These covenants are subject
    to important exceptions and qualifications which are described under &quot;<I>Description of the New Notes</I>&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denomination and Form: </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes will be issued
    in book-entry form and will be represented by global notes deposited with, or on behalf of, The Depository Trust Company (&quot;<B>DTC</B>&quot;)
    and registered in the name of Cede&nbsp;&amp; Co., as the nominee of DTC. The New Notes will be issued in denominations of U.S.$2,000
    and integral multiples of U.S.$1,000 in excess thereof. Accordingly,&nbsp;Initial Notes may be exchanged only in denominations of
    U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No Listing:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes are a new
    issue of securities with no established trading market. We do not intend to apply for the listing or trading of the New Notes on
    any securities exchange or trading facility or for the inclusion of the New Notes in any automated quotation system.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Trust Company,
    N.A. is the Trustee under the Indenture.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indenture and the New
    Notes are governed by, and will be construed in accordance with, the laws of the State of New York.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_009"></A><FONT STYLE="text-transform: uppercase"><B>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Before deciding whether
to participate in the exchange offer, prospective investors should carefully consider the risks and uncertainties described below and
under the headings &quot;<I>Description of the Business &ndash; Risk Factors</I>&quot; in the AIF, &quot;<I>Risks and Uncertainties</I>&quot;
in the Annual MD&amp;A; and &quot;<I>Business Environment</I>&quot; in the Interim MD&amp;A. Investing in the New Notes involves a high
degree of risk. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to
us or that we currently deem immaterial may also impair our business, operations of an investment in the New Notes. If any event arising
from these risks occurs,  our business, prospects, financial condition, results of operations or cash flows, or your investment in
the New Notes, could be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The New Notes are unsecured.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will be direct
unsecured obligations of Canadian Natural and will rank <I>pari passu</I> with all our other existing and future unsecured and unsubordinated
indebtedness and will not be secured by any mortgage, pledge or other charge. The New Notes will be effectively subordinated to any secured
indebtedness of the Company to the extent of the assets securing such indebtedness. If the Company is involved in any bankruptcy, dissolution,
liquidation or reorganization, any holders of secured debt would be paid before the holders of New Notes receive any amounts due under
the New Notes to the extent of the value of the assets securing the secured debt. In the event of any bankruptcy, dissolution, liquidation
or reorganization of the Company, a holder of New Notes may not be able to recover any principal or interest due to it under the New
Notes. See &quot;<I>Description of the New Notes</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The New Notes will be structurally subordinated
to any indebtedness of our subsidiaries.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The majority our assets
are held in one or more corporate subsidiaries or partnerships. In the event of the liquidation of any corporate subsidiary, the assets
of the subsidiary would be used first to repay the indebtedness and other liabilities of the subsidiary, including trade payables or
obligations under any guarantees, prior to being used by us to pay our indebtedness, including the New Notes. Such liabilities and any
other future liabilities of our subsidiaries would be structurally senior to the New Notes. The Indenture pursuant to which the New Notes
will be issued does not limit our ability or the ability of our subsidiaries to incur additional unsecured indebtedness. See &quot;<I>Description
of the New Notes</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may redeem the New Notes before
the applicable maturity date.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may redeem some
or all of the New Notes of each series at its option in the circumstances described herein. Moreover, the Company may also redeem all
of the New Notes of either or both series if, at any time, changes to Canadian law require the Company to withhold taxes from payments
on the New Notes of such series. In either case, any redemption of New Notes may, depending on prevailing market conditions at the time,
create reinvestment risk for the holders of the New Notes to be redeemed in that they may be unable to find a suitable replacement investment
with a comparable return to the New Notes. See &quot;<I>Description of the New Notes</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Credit ratings may not reflect all risks
of an investment in the New Notes and may change.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Credit ratings assigned
to us and to our securities by independent credit rating companies may not reflect all risks associated with an investment in the New
Notes. Any credit ratings applied to the New Notes are an independent assessment of our ability to pay our obligations. Consequently,
real or anticipated changes in the credit ratings will generally affect the market value of the New Notes. The credit ratings, however,
may not reflect the potential impact of risks related to structure, market or other factors discussed herein on the value of the New
Notes. There is no assurance that any credit rating assigned to the New Notes will remain in effect for any given period of time or that
any rating will not be lowered or withdrawn entirely by the relevant rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in interest rates may cause the
market price or value of the New Notes to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prevailing interest rates
will affect the market price or value of the New Notes. The market price or value of the New Notes may decline as prevailing interest
rates for comparable debt instruments rise, and increase as prevailing interest rates for comparable debt instruments decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is no public market for the New Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no public market
for the New Notes and we do not intend to apply for listing of the New Notes on any securities exchanges. If the New Notes are traded
after their initial issue, they may trade at a discount from their initial offering prices depending on prevailing interest rates, the
market for similar securities and other factors, including general economic debt conditions and our financial condition. There can be
no assurance as to the liquidity of the trading market for the New Notes or that a trading market for the New Notes will develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In the event that we become insolvent,
insolvency proceedings will be governed by Canadian law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are incorporated in the
Province of Alberta, Canada and subject to the laws of Alberta and Canada. Canadian corporate insolvency laws, which are principally
contained in the <I>Companies' Creditors Arrangement Act</I> (the &quot;<B>CCAA</B>&quot;) and the <I>Bankruptcy and Insolvency Act</I>
(the &quot;<B>BIA</B>&quot;) are different from the corporate insolvency or bankruptcy laws of the United States. In particular, proceedings
under the CCAA, which provides for the potential re-organization of an insolvent company, differ from proceedings under Chapter 11 under
the <I>U.S. Bankruptcy Code</I> in some respects. If we become insolvent, the treatment and ranking of the holders of the New Notes,
other creditors and shareholders under Canadian law may be different than the treatment and ranking under the bankruptcy laws of the
United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Exchange Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you do not exchange your Initial Notes
for New Notes, they will continue to be restricted securities and may become less liquid.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you do not exchange your
Initial Notes for New Notes in the exchange offer, you will continue to be subject to the restrictions on transfer described in the legend
on your Initial Notes. The restrictions on transfer of your Initial Notes arise because we issued the Initial Notes in a transaction
not subject to the registration requirements of the 1933 Act and applicable state securities laws. In general, you may only offer or
sell the Initial Notes if they are registered under the 1933 Act and applicable state securities laws, or offered and sold pursuant to
an exemption from such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because we anticipate that
most holders of Initial Notes will elect to exchange their Initial Notes, we expect that the liquidity of the market for any Initial
Notes remaining after the completion of the exchange offer will be substantially limited. Any Initial Notes tendered and exchanged in
the exchange offer will reduce the aggregate principal amount of the Initial Notes outstanding. Following the exchange offer, if you
do not tender your Initial Notes you generally will not have any further registration rights, and your Initial Notes will continue to
be subject to certain transfer restrictions. Accordingly, the liquidity of the market for the Initial Notes could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you do not comply with the exchange
offer procedures, you will be unable to obtain the New Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will issue New Notes
in exchange for the Initial Notes pursuant to the exchange offer only following the satisfaction of the procedures and conditions set
forth in &quot;<I>Exchange Offer &mdash; Conditions&quot; and &quot;Exchange Offer &mdash; Procedures for Tendering</I>.&quot; We will
issue the New Notes in exchange for the Initial Notes only after we have timely received your Initial Notes, along with a properly completed
and duly executed Letter of Transmittal and all other required documents. Therefore, if you want to tender your Initial Notes in exchange
for New Notes, you should allow sufficient time to ensure timely delivery. Neither we nor the exchange agent is under any duty to give
notification of defects or irregularities in the tender of Initial Notes for exchange. The exchange offer will expire at 5:00&nbsp;p.m.,
New York City time, on November&nbsp;4, 2025, or on a later extended date and time as determined by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you do not tender your
Initial Notes or if we do not accept your Initial Notes because you did not tender your Initial Notes properly, then, after we consummate
the exchange offer, you will continue to hold Initial Notes that are subject to their existing terms and transfer restrictions. Therefore,
you should allow sufficient time to ensure timely delivery of the Initial Notes, and you should carefully follow the instructions on
how to tender your Initial Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The New Notes may not be freely tradeable
by you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on interpretations
of the staff of the SEC set forth in no-action letters issued to third parties, subject to the additional requirements below applicable
to certain broker-dealers, we believe you may offer the New Notes for resale, resell and otherwise transfer the New Notes without compliance
with the registration or prospectus delivery provisions of the 1933 Act if you: (a)&nbsp;are not our affiliate, as that term is defined
in Rule&nbsp;405 under the 1933 Act; (b)&nbsp;are acquiring such New Notes in the ordinary course of your business; and (c)&nbsp;are
not participating, do not intend to participate and have no arrangement or understanding with any person to participate in the distribution
of such New Notes issued to you. If you are a broker-dealer that receives New Notes for your own account in exchange for Initial Notes
where such Initial Notes were not acquired by you directly from us or any of our affiliates, you must acknowledge that you will deliver
a prospectus meeting the requirements of the 1933 Act in connection with any resale of such New Notes. Under the Registration Rights
Agreement, we agreed to make this prospectus supplement and the prospectus or, at our option, another registration statement available
for use in connection with any resale of New Notes to any broker-dealer that receives New Notes for its own account in exchange for Initial
Notes where such Initial Notes were not acquired by it directly from us or any of our affiliates. If you are a broker-dealer that acquired
Initial Notes directly from us or any of our affiliates, you cannot rely on the foregoing interpretations of the staff of the SEC expressed
in the no-action letters and, in the absence of an exemption from registration under the 1933 Act, you must comply with the registration
and prospectus delivery requirements of the 1933 Act in connection with any resale of the New Notes. See &quot;<I>Exchange Offer &ndash;
Resale of New Notes</I>&quot; and &quot;<I>Plan of Distribution</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Active trading markets for the New Notes
may not develop.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no existing trading
market for the New Notes. We do not intend to apply to list any New Notes on any securities exchange or any automated quotation system.
Accordingly, there can be no assurance that a trading market for the New Notes will ever develop or will be maintained. If a trading
market does not develop or is not maintained, you may find it difficult or impossible to resell the New Notes. Further, there can be
no assurance as to the liquidity of any market that may develop for the New Notes, your ability to sell the New Notes or the price at
which you will be able to sell the New Notes. Future trading prices of the New Notes will depend on many factors, including prevailing
interest rates, our financial condition and results of operations, the then-current ratings assigned to the New Notes, if any, and the
markets for similar securities. Any trading market that develops would be affected by many factors independent of and in addition to
the foregoing, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the number of holders of the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the interest of securities dealers in
                                            making a market for the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">our credit ratings with major credit rating
                                            agencies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the level, direction and volatility of
                                            market interest rates generally.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_010"></A><FONT STYLE="text-transform: uppercase"><B>EXCHANGE
OFFER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Terms of the Exchange Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Purpose and Effect of the Exchange Offer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On the Issue Date, under
the Indenture, we issued US$1.5 billion aggregate principal amount of Initial Notes, comprised of: (a)&nbsp;US$750 million aggregate
principal amount of the Initial 2029 Notes; and (b)&nbsp;US$750 million aggregate principal amount of the Initial 2034 Notes. The Initial
Notes were originally issued by us on a private placement basis to persons reasonably believed to be &quot;qualified institutional buyers&quot;
in reliance on the exemption from registration provided by Rule&nbsp;144A promulgated under the 1933 Act and to certain non-United States
persons outside the United States in offshore transactions in reliance on Regulation S promulgated under the 1933 Act. Consequently,
the Initial Notes are subject to transfer restrictions under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the issuance
of the Initial Notes, we entered into the Registration Rights Agreement with the Initial Purchasers. We are conducting the exchange offer
to satisfy our obligations under the Registration Rights Agreement. The following contains a summary of certain material terms of the
Registration Rights Agreement and does not contain all of the information that may be important to an investor in the New Notes. We refer
you to the Registration Rights Agreement, a copy of which was furnished to the SEC via EDGAR as Exhibit&nbsp;99.1 to our report on Form&nbsp;6-K
dated October&nbsp;3, 2025 and can be accessed at www.sec.gov and was filed on SEDAR+ on October&nbsp;3, 2025 and can be accessed at
www.sedarplus.ca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Registration Rights
Agreement, the Company agreed to file with the SEC a registration statement covering an exchange offer for the Initial Notes and to use
reasonable best efforts to have such registration statement declared effective by the SEC no later than 360 days after the closing of
the Initial Notes Offering, commence the exchange offer upon the effectiveness of such registration statement and use reasonable best
efforts to cause the exchange offer to be consummated no later than 390 days after the Issue Date. We will keep the exchange offer open
for at least 30 days (or longer if required by law) after the date notice of the exchange offer is sent to holders of the Initial Notes.
In accordance with the Registration Rights Agreement, this prospectus does not qualify the distribution of the New Notes under the securities
laws of any province or territory of Canada. We are not required, and do not intend, to qualify the New Notes by prospectus in Canada,
and accordingly the New Notes will be subject to applicable restrictions on resale in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Registration Rights
Agreement, if the Company is required to file a shelf registration statement to provide for resales of Transfer Restricted Securities,
then the Company is required to use its reasonable best efforts to keep any such shelf registration statement filed pursuant thereto
continuously effective until the earliest of: (i)&nbsp;the date when all the Initial Notes covered by such shelf registration statement
can be sold to the public under Rule&nbsp;144 under the 1933 Act without regard to the volume limitations included therein and without
regard to whether the Company is current in its Exchange Act filings (assuming they are not held by an affiliate of the Company); and
(ii)&nbsp;the date on which all the Initial Notes registered thereunder are disposed of in accordance therewith. A holder who sells Initial
Notes pursuant to such shelf registration statement generally will be required to be named as a selling securityholder in the related
prospectus and to deliver a prospectus to purchasers, will be subject to certain of the civil liability provisions under the 1933 Act
in connection with such sales and will be required to indemnify us against certain losses arising out of information furnished by such
holder in writing for inclusion in any shelf registration statement. In addition, each holder of the Initial Notes will be required to
deliver information to be used in connection with any such shelf registration statement in order to have its Initial Notes included in
such shelf registration statement. See &quot;&ndash;<I>Terms of the Exchange Offer &ndash; Additional Interest</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the purposes of the
Registration Rights Agreement, &quot;<B>Transfer Restricted Securities</B>&quot; means each Initial Note until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date on which such Initial Note is
                                            exchanged in the exchange offer by a person other than a broker-dealer for a freely transferable
                                            New Note evidencing the same indebtedness as the Initial Note;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">following the exchange by a broker-dealer
                                            in the exchange offer of an Initial Note for a New Note, the date on which such New Note
                                            is sold to a purchaser who receives from the broker-dealer on or prior to the date of such
                                            sale a copy of the prospectus contained in the exchange offer registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the date on which such Initial Notes has
                                            been disposed of in accordance with the shelf registration statement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the date on which such Initial Note is
                                            eligible to be distributed to the public by persons who are not affiliates of the Company
                                            pursuant to Rule&nbsp;144 under the 1933 Act without regard to the volume limitations included
                                            therein and without regard to whether the Company is current in its Exchange Act filings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the terms and subject
to the conditions set forth in this prospectus supplement and in the Letter of Transmittal, all Initial Notes validly tendered and not
withdrawn prior to 5:00&nbsp;p.m., New York City time, on the expiration date of the exchange offer will be accepted for exchange. New
Notes of each series will be issued in exchange for an equal principal amount of outstanding Initial Notes of the respective series accepted
in the exchange offer. This prospectus supplement and the prospectus, together with the Letter of Transmittal, is being sent to all holders
as of the date of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The form and terms of the
New Notes are the same as the form and terms of the Initial Notes except that the New Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">will be registered under the 1933 Act,
                                            and therefore will not contain restrictions on transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">will not contain certain provisions relating
                                            to additional interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">will bear different CUSIP numbers from
                                            the Initial Notes of the respective series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">will not entitle their holders to registration
                                            rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will evidence
the same debt as the Initial Notes of the related series and will be entitled to the benefits of the Indenture. As of the date of this
prospectus supplement, US$750,000,000 aggregate principal amount of the Initial 2029 Notes were outstanding and US$750,000,000 aggregate
principal amount of the Initial 2034 Notes were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Initial Notes shall be deemed
to have been accepted as validly tendered when, as and if we have given written notice thereof to Computershare Trust Company, N.A.,
the exchange agent. The exchange agent will act as agent for the tendering holders of Initial Notes for the purpose of receiving the
New Notes from us and delivering the New Notes to such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Neither the Company nor
any of their affiliates have entered into any arrangement or understanding with any person who receives New Notes in the exchange offer
to distribute those securities following the completion of the exchange offer. The Company is not aware of any person that will participate
in the exchange offer with a view to distribute the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon consummation of the
exchange offer, any Initial Notes not tendered will remain outstanding and continue to accrue interest but holders of Initial Notes who
do not exchange their Initial Notes for New Notes in the exchange offer will no longer be entitled to registration rights or the payment
of additional interest. In addition, such holders will not be able to offer or sell their Initial Notes, unless such Initial Notes are
subsequently registered under the 1933 Act, except pursuant to an exemption from, or in a transaction not subject to, the 1933 Act and
applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any tendered Initial
Notes are not accepted for exchange because of an invalid tender, the occurrence of specified other events set forth in this prospectus
supplement or otherwise, the certificates for any unaccepted Initial Notes will be returned, without expense, to the tendering holder
thereof as promptly as practicable after the expiration date of the exchange offer. See &quot;&ndash;<I>Procedures for Tendering</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exchange offer is not
conditioned upon any minimum principal amount of Initial Notes being tendered for exchange. However, the obligation to accept Initial
Notes for exchange pursuant to the exchange offer is subject to certain customary conditions as set forth herein under &quot;&ndash;<I>Conditions</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Interest</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Registration Rights
Agreement, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>we are not permitted to consummate the exchange offer because the
                                            exchange offer is not permitted by applicable law or SEC policy; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Holder notifies the Company within
                                            20 business days following consummation of the exchange offer that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">it is prohibited by law or SEC policy from
                                            participating in the exchange offer (other than by reason of being an &quot;affiliate&quot;
                                            (as defined in Rule&nbsp;144 under the 1933 Act) of the Company);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">other than by reason of being an affiliate
                                            of the Company, it may not resell the New Notes acquired by it in exchange offer to the public
                                            without delivering a prospectus and this prospectus is not appropriate or available for such
                                            resales; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">it is a broker-dealer and owns notes acquired
                                            directly from the Company or an affiliate of the Company,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then we will file with the SEC within
the time periods specified below a shelf registration statement (a &quot;<B>Shelf Registration Statement</B>&quot;) to cover resales
of the notes by the Holders thereof who satisfy certain conditions relating to the provision of information in connection with the Shelf
Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Registration Rights
Agreement, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any registration statement required by
                                            the Registration Rights Agreement is not declared effective by the SEC on or prior to the
                                            applicable deadline set forth in the Registration Rights Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the exchange offer is not completed on
                                            or prior to the applicable deadline set forth in the Registration Rights Agreement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any registration statement has been declared
                                            effective but thereafter ceases to be effective or useable in connection with resales or
                                            exchanges of securities covered thereby during the periods specified in the Registration
                                            Rights Agreement without being succeeded immediately by an additional registration statement
                                            that is declared effective (each, a &quot;<B>Registration Default</B>&quot;), then,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">we have agreed to pay to each holder of Transfer
Restricted Securities additional interest over and above the interest otherwise payable on the securities at a rate of 0.25% per annum
for the first 90-day period immediately following the occurrence of a Registration Default, to be increased by an additional 0.25% per
annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest
rate of 0.50% per annum. We will not be required to pay additional interest for more than one Registration Default at any given time.
All accrued additional interest shall be paid by the Company in the same manner and at the same time as payments of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under certain circumstances
described in the Registration Rights Agreement, we may delay the filing of or suspend the effectiveness of, or the holders' ability to
use, a shelf registration statement, and such delay or suspension will not alter the obligations of the Company to pay additional interest
upon the occurrence of a Registration Default. All references in the Indenture, in any context, to any interest or other amount payable
on or with respect to the Notes shall be deemed to include any additional interest pursuant to the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Resale of New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on interpretations
of the staff of the SEC set forth in no-action letters issued to third parties, subject to the additional requirements below applicable
to certain broker-dealers, we believe that the New Notes issued pursuant to the exchange offer may be offered for resale, resold and
otherwise transferred by any holder thereof (other than any such holder that is a broker-dealer or an &quot;affiliate&quot; of the Company
within the meaning of Rule&nbsp;405 under the 1933 Act) without compliance with the registration and prospectus delivery provisions of
the 1933 Act, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">such New Notes are acquired in the ordinary
                                            course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">at the time of the commencement of the
                                            exchange offer such holder has no arrangement or understanding with any person to participate
                                            in, a distribution of such New Notes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">such holder is not engaged in, and does
                                            not intend to engage in, a distribution of such New Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not sought, and
do not intend to seek, a no-action letter from the SEC with respect to the effects of the exchange offer, and we cannot assure you that
the staff of the SEC would make a similar determination with respect to the New Notes as it has in such no-action letters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">By tendering Initial Notes
in exchange for New Notes and executing the Letter of Transmittal, each holder will represent to us that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any New Notes to be received by it will
                                            be acquired in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">it has no arrangements or understandings
                                            with any person to participate in the distribution of the Initial Notes or New Notes within
                                            the meaning of the 1933 Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it is not an &quot;affiliate&quot; as
                                            defined in Rule&nbsp;405 under the 1933 Act of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If such holder is a broker-dealer,
it will also be required to represent that the Initial Notes were acquired as a result of market-making activities or other trading activities
and that it will deliver a prospectus in connection with any resale of New Notes. See &quot;<I>Plan of Distribution</I>&quot;. Each holder,
whether or not it is a broker-dealer, shall also represent that it is not acting on behalf of any person that could not truthfully make
any of the foregoing representations contained in this paragraph. If a holder of Initial Notes is unable to make the foregoing representations,
such holder may not rely on the applicable interpretations of the staff of the SEC and must comply with the registration and prospectus
delivery requirements of the 1933 Act in connection with any secondary resale transaction unless such sale is made pursuant to an exemption
from such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each broker-dealer that
receives New Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer as
a result of market-making or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements of
the 1933 Act and that it has not entered into any arrangement or understanding with us or an affiliate of the Company or a Guarantor
to distribute the New Notes in connection with any resale of such New Notes. See &quot;<I>Plan of Distribution</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon consummation of the
exchange offer, any Initial Notes not tendered will remain outstanding and continue to accrue interest but, subject to certain limited
exceptions, holders of Initial Notes who do not exchange their Initial Notes for New Notes in the exchange offer will no longer be entitled
to registration rights or certain payments of additional interest. In addition, such holders will not be able to offer or sell their
Initial Notes, unless such Initial Notes are subsequently registered under the 1933 Act, except pursuant to an exemption from, or in
a transaction not subject to, the 1933 Act and applicable state securities laws. Subject to limited exceptions, we will have no obligation
to effect a subsequent registration of the Initial Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Expiration Date; Extensions; Amendments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;expiration
date&quot; will mean 5:00&nbsp;p.m., New York City time, on November&nbsp;4, 2025, unless we, in our sole discretion, extend the exchange
offer, in which case the term &quot;expiration date&quot; will mean the latest date and time to which the exchange offer is extended.
The expiration date of the exchange offer will be at least 20 business days after the commencement of the exchange offer in accordance
with Rule&nbsp;14e-1(a)&nbsp;under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To extend the expiration
date, we will notify the exchange agent of any extension by written notice and will notify the registered holders of the Initial Notes
by means of a press release or other public announcement prior to 9:00&nbsp;a.m., New York City time, on the next business day after
the previously scheduled expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We reserve the right, in
our sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to delay accepting any Initial Notes,
                                            to extend the exchange offer or to terminate the exchange offer if any of the conditions
                                            set forth below under &quot;&ndash;<I>Conditions</I>&quot; have not been satisfied, by giving
                                            written notice of any delay, extension or termination to the exchange agent, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">subject to the terms of the Registration
                                            Rights Agreement, to amend the terms of the exchange offer in any manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Such decision will also
be communicated in a press release or other public announcement prior to 9:00&nbsp;a.m., New York City time on the next business day
following such decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any announcement of delay
in acceptance, extension, termination or amendment will be followed as promptly as practicable by written notice thereof to the exchange
agent. If the exchange offer is amended in a manner determined by us to constitute a material change, we will promptly disclose such
amendment in a manner reasonably calculated to inform the registered holders, and we will extend the exchange offer for a period of five
to ten business days, as required by the Exchange Act. Without limiting the manner in which we may choose to make public announcement
of any delay, extension, amendment or termination of the exchange offer, we shall have no obligations to publish, advertise, or otherwise
communicate any such public announcement, other than by making a timely release to an appropriate news agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest on the New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest on the New 2029
Notes will accrue at a rate of 5.000% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially from the last interest
payment date on which interest has been paid on the Initial 2029 Notes surrendered in exchange therefor, and thereafter from the last
interest payment date on which interest has been paid on the New 2029 Notes. No additional interest will be paid on the Initial 2029
Notes tendered and accepted for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest on the New 2034
Notes will accrue at a rate of 5.400% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially from the last interest
payment date on which interest has been paid on the Initial 2034 Notes surrendered in exchange therefor, and thereafter from the last
interest payment date on which interest has been paid on the New 2034 Notes. No additional interest will be paid on the Initial 2034
Notes tendered and accepted for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless a registration default
occurs and we are required to do so under the Registration Rights Agreement, no additional interest will be paid on the Initial Notes
tendered and accepted for exchange. See &quot; &ndash; <I>Terms of the Exchange Offer &ndash; Additional Interest</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Absence of Dissenter's Rights of Appraisal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of the Initial Notes
do not have any dissenter's rights of appraisal in connection with the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Procedures for Tendering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To tender your Initial Notes
in the exchange offer, you must use one of the three alternative procedures described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) <I>Regular delivery
procedure</I>: Complete, sign and date the Letter of Transmittal, or a facsimile of the Letter of Transmittal. Have the signatures on
the Letter of Transmittal guaranteed if required by the Letter of Transmittal. Mail or otherwise deliver the Letter of Transmittal or
the facsimile together with the certificates representing the Initial Notes being tendered and any other required documents to the exchange
agent on or before 5:00&nbsp;p.m., New York City time, on the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(2) <I>Book-entry delivery
procedure</I>: Send a timely confirmation of a book-entry transfer of your Initial Notes, if this procedure is available, into the exchange
agent's account at The Depository Trust Company in accordance with the procedures for book-entry transfer described under &quot;&mdash;<I>Book-Entry
Delivery Procedure</I>&quot; below, on or before 5:00&nbsp;p.m., New York City time, on the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(3) Guaranteed delivery
procedure: If time will not permit you to complete your tender by using the procedures described in (1)&nbsp;or (2)&nbsp;above before
the expiration date and this procedure is available, comply with the guaranteed delivery procedures described under &quot;&mdash;<I>Guaranteed
Delivery Procedure</I>&quot; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The method of delivery of
Initial Notes, Letter of Transmittal and all other required documents is at the election and risk of the holders. If such delivery is
by mail, it is recommended that registered mail, properly insured, with return receipt requested, be used. In all cases, sufficient time
should be allowed to assure timely delivery. No Initial Notes, letters of transmittal or other required documents should be sent to us.
Delivery of all Initial Notes and other documents, including, if applicable, letters of transmittal, must be made to the exchange agent
at its address set forth in &quot;&mdash;<I>Terms of the Exchange Offer&mdash;Exchange Agent</I>&quot;. Holders may also request their
respective brokers, dealers, commercial banks, trust companies or nominees to effect such tender for such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The tender by a holder of
Initial Notes will constitute an agreement between such holder and us in accordance with the terms and subject to the conditions set
forth herein and in the applicable Letter of Transmittal. Any beneficial owner whose Initial Notes are registered in the name of a broker,
dealer, commercial bank, trust company or other nominee and who wishes to tender should contact such registered holder promptly and instruct
such registered holder to tender on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Signatures on a Letter of
Transmittal or a notice of withdrawal, as the case may be, must be guaranteed by any member firm of a registered national securities
exchange or of the Financial Industry Regulatory Authority,&nbsp;Inc., a commercial bank or trust company having an office or correspondent
in the United States or an &quot;eligible guarantor&quot; institution within the meaning of Rule&nbsp;17Ad-15 under the Exchange Act
or an eligible institution unless the Initial Notes tendered pursuant thereto are tendered (a)&nbsp;by a registered holder of Initial
Notes who has not completed the box entitled &quot;Special Issuance Instructions&quot; or &quot;Special Delivery Instructions&quot; on
the Letter of Transmittal or (b)&nbsp;for the account of an eligible institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a Letter of Transmittal
is signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary
or representative capacity, such person should so indicate when signing and, unless waived by us, evidence, in a manner satisfactory
to us, of their authority to so act must be submitted with such Letter of Transmittal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All questions as to the
validity, form, eligibility, time of receipt and withdrawal of the tendered Initial Notes will be determined by us in our sole discretion,
which determination will be final and binding. We reserve the absolute right to reject any and all Initial Notes not properly tendered
or any Initial Notes which, if accepted, would, in the opinion of counsel for us, be unlawful. We also reserve the absolute right to
waive any irregularities or conditions of tender as to particular Initial Notes. We will not waive any condition of the exchange offer
with respect to an individual holder unless we waive that condition for all holders. Our interpretation of the terms and conditions of
the exchange offer, including the instructions in the Letter of Transmittal, will be final and binding on all parties. Unless waived,
any defects or irregularities in connection with tenders of Initial Notes must be cured within such time as we shall determine. Neither
we, the exchange agent nor any other person shall be under any duty to give notification of defects or irregularities with respect to
tenders of Initial Notes, nor shall any of them incur any liability for failure to give such notification. Tenders of Initial Notes will
not be deemed to have been made until such irregularities have been cured or waived. Any Initial Note received by the exchange agent
that is not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned without cost
to such holder by the exchange agent, unless otherwise provided in the Letter of Transmittal, promptly following the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we reserve
the right, in our sole discretion, subject to the provisions of the Indenture pursuant to which the Initial Notes were issued:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to purchase or make offers for any Initial
                                            Notes that remain outstanding subsequent to the expiration date or, as described under &quot;&mdash;<I>Conditions</I>&quot;,
                                            to terminate the exchange offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to redeem Initial Notes as a whole, or
                                            in part, at any time and from time to time, as described under &quot;<I>Description of the
                                            New Notes&mdash;Optional Redemption</I>&quot;; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to the extent permitted under applicable
                                            law, to purchase Initial Notes in the open market, in privately negotiated transactions or
                                            otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of any such purchases
or offers could differ from the terms of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each broker-dealer that
receives New Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer as
a result of market-making or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements of
the 1933 Act and that it has not entered into any arrangement or understanding with the Company, or an affiliate of the Company, to distribute
the New Notes in connection with any resale of such New Notes. See &quot;<I>Plan of Distribution</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Acceptance of Initial Notes for Exchange;
Delivery of New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon satisfaction or waiver
of all of the conditions to the exchange offer, all Initial Notes properly tendered will be accepted promptly after the expiration date
and the New Notes will be issued promptly after acceptance of the Initial Notes. See &quot;&mdash;<I>Conditions</I>&quot;. For purposes
of the exchange offer,&nbsp;Initial Notes shall be deemed to have been accepted as validly tendered for exchange when, as and if we have
given written notice thereof to the exchange agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For each Initial Note accepted
for exchange, the holder of such Initial Note will receive a New Note having a principal amount equal to that of the surrendered Initial
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In all cases, issuance of
New Notes in exchange for Initial Notes that are accepted for exchange pursuant to the exchange offer will be made only after timely
receipt by the exchange agent of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a book-entry confirmation of such Initial
                                            Notes into the exchange agent's account at the applicable book- entry transfer facility;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">a properly completed and duly executed
                                            Letter of Transmittal (or an agent's message from a participant tendering Initial Notes that
                                            such participant has received and agrees to be bound by the terms of the Letter of Transmittal);
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any other required documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any tendered Initial
Notes are not accepted for any reason described in the terms and conditions of the exchange offer, such unaccepted or such non-exchanged
Initial Notes will be returned promptly without expense to the tendering holder thereof (if in certificated form), or credited to an
account maintained with such book-entry transfer facility after the expiration or termination of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Book-Entry Delivery Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any financial institution
that is a participant in DTC's systems may make book-entry deliveries of Initial Notes by causing DTC to transfer their Initial Notes
into the exchange agent's account at DTC in accordance with DTC's procedures for transfer. To effectively tender Initial Notes through
DTC, the financial institution that is a participant in DTC will electronically transmit its acceptance through the Automatic Tender
Offer Program (&quot;<B>ATOP</B>&quot;). DTC will then edit and verify the acceptance and send an agent's message to the exchange agent
for its acceptance. An agent's message is a message transmitted by DTC to the exchange agent stating that DTC has received an express
acknowledgment from the participant in DTC tendering the Initial Notes that this participant has received and agrees to be bound by the
terms of the Letter of Transmittal, and that we may enforce this agreement against this participant. The exchange agent will make a request
to establish an account for the Initial Notes at DTC for purposes of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A delivery of Initial Notes
through a book-entry transfer into the exchange agent's account at DTC will only be effective if an agent's message or the Letter of
Transmittal or a facsimile of the Letter of Transmittal with any required signature guarantees and any other required documents is transmitted
to and received by the exchange agent at the address indicated in the Letter of Transmittal on or before the expiration date unless the
guaranteed delivery procedures described below are complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Delivery of documents
to DTC does not constitute delivery to the exchange agent.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of Initial Notes
who are unable to make a book-entry delivery of their Initial Notes into the exchange agent's account at DTC and all other documents
required by the Letter of Transmittal to the exchange agent on or prior to the expiration date may tender their Initial Notes according
to the guaranteed delivery procedures described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Guaranteed Delivery Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders who wish to tender
their Initial Notes and (1)&nbsp;whose Initial Notes are not immediately available, (2)&nbsp;who cannot deliver their Initial Notes,
the Letter of Transmittal or any other required documents to the exchange agent, or (3)&nbsp;who cannot complete the procedures for book-entry
transfer, prior to the expiration date, may effect a tender if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the tender is made through an eligible
                                            institution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">prior to 5:00&nbsp;pm on the expiration
                                            date, the exchange agent receives from an eligible institution a properly completed and duly
                                            executed Letter of Transmittal and notice of guaranteed delivery, substantially in the form
                                            provided by us, by hand or sent by overnight courier, facsimile transmission, or registered
                                            or certified mail, setting forth the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name and address of the holder, the
                                            registration or certificate number(s)&nbsp;of the Initial Notes and the principal amount
                                            of Initial Notes tendered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">stating that the tender is being made thereby;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">guaranteeing that, within three New York
                                            Stock Exchange trading days after the expiration date, the Letter of Transmittal or facsimile
                                            thereof together with the certificate(s)&nbsp;representing the Initial Notes or a confirmation
                                            of book-entry transfer of the Initial Notes into the exchange agent's account at DTC, and
                                            any other documents required by the Letter of Transmittal will be deposited by the eligible
                                            institution with the exchange agent; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the properly completed and executed Letter
                                            of Transmittal or facsimile thereof, as well as the certificate(s)&nbsp;representing all
                                            tendered Initial Notes in proper form for transfer or a confirmation of book-entry transfer
                                            of the Initial Notes into the exchange agent's account at DTC, and all other documents required
                                            by the Letter of Transmittal are received by the exchange agent within three New York Stock
                                            Exchange trading days after the expiration date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon request to the exchange
agent, a notice of guaranteed delivery will be sent to holders who wish to tender their Initial Notes according to the guaranteed delivery
procedures set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Withdrawal of Tenders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as otherwise provided
in this prospectus supplement, tenders of Initial Notes may be withdrawn at any time prior to 5:00&nbsp;p.m., New York City time, on
the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For a withdrawal to be effective,
a written or facsimile transmission of a notice of withdrawal must be received by the exchange agent prior to 5:00&nbsp;p.m., New York
City time, on the expiration date at the address set forth in the Letter of Transmittal, or the holder must comply with the appropriate
procedures of the DTC, including ATOP. Any notice of withdrawal must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">specify the name of the person having
                                            deposited the Initial Notes to be withdrawn;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">identify the Initial Notes to be withdrawn,
                                            including the principal amount of such Initial Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of Initial Notes tendered
                                            by book-entry transfer, specify the name and the number of the account at DTC to be credited
                                            and otherwise comply with the procedures of the depository;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">contain a statement that such holder is
                                            withdrawing its election to have such Initial Notes exchanged;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">be signed by the holder in the same manner
                                            as the original signature on the Letter of Transmittal by which the Initial Notes were tendered,
                                            including any required signature guarantees, or be accompanied by documents of transfer sufficient
                                            to have the trustees with respect to the Initial Notes register the transfer of the Initial
                                            Notes in the name of the person withdrawing the tender; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">specify the name in which any Initial
                                            Notes are to be registered, if different from the person who tendered such Initial Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All questions as to the
validity, form and eligibility, including time of receipt, of the notices will be determined by us, which determination will be final
and binding on all parties. Any Initial Notes so withdrawn will be deemed not to have been validly tendered for purposes of the exchange
offer and no New Notes will be issued with respect thereto unless the Initial Notes so withdrawn are validly retendered. Any Initial
Notes which have been tendered but which are not accepted for exchange will be returned to the holder thereof, or credited to an account
maintained with DTC for the Initial Notes, without cost to the holder as soon as practicable after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn Initial Notes may be retendered by following one of the procedures described above
under &quot; &ndash; <I>Procedures for Tendering</I>&quot; at any time prior to the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will complete the exchange
offer only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">there is no change in applicable law or
                                            the interpretation of the staff of the SEC which would reasonably be expected to impair our
                                            ability to proceed with the exchange offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">there is no change in the current interpretation
                                            of the staff of the SEC which permits resales of the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">there is no stop order issued by the SEC
                                            or any state securities authority suspending the effectiveness of the registration statement
                                            of which this prospectus supplement forms a part or the qualification of the Indenture for
                                            the New Notes under the United States Trust Indenture Act of 1939, as amended, and there
                                            are no proceedings initiated or, to our knowledge, threatened for that purpose;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">there is no action or proceeding instituted
                                            or threatened in any court or before any governmental agency or body that in our judgment
                                            or in the opinion of our counsel would reasonably be expected to impair our ability to proceed
                                            with the exchange offer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">we obtain all governmental approvals that
                                            we deem in our sole discretion necessary to complete the exchange offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These conditions are for
our sole benefit. We may assert any one of these conditions regardless of the circumstances giving rise to it and may also waive any
one of them, in whole or in part, at any time and from time to time, if we determine in our reasonable discretion that it has not been
satisfied, subject to applicable law. If we fail at any time to exercise any of the foregoing rights, this failure will not constitute
a waiver of such rights. Notwithstanding the foregoing, all conditions to the exchange offer must be satisfied or waived before the expiration
of the exchange offer. If we waive a condition to the exchange offer, the waiver will be applied equally to all holders of Initial Notes.
Each of these rights will be deemed an ongoing right which we may assert at any time and from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we determine that we
may terminate the exchange offer because any of these conditions is not satisfied, we may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">refuse to accept and return to their holders
                                            any Initial Notes that have been tendered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">extend the exchange offer and retain all
                                            Initial Notes tendered before the expiration date, subject to the rights of the holders of
                                            these Initial Notes to withdraw their tenders; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">waive any condition that has not been
                                            satisfied and accept all properly tendered Initial Notes that have not been withdrawn or
                                            otherwise amend the terms of the exchange offer in any respect as provided under the section
                                            in this prospectus entitled &quot;&mdash; Expiration Date; Extensions; Amendments&quot;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, subject to
applicable law, we may in our absolute discretion terminate the exchange offer for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Computershare Trust Company,
N.A. has been appointed as exchange agent for the exchange offer. Questions and requests for assistance, copies of this prospectus supplement,
the accompanying prospectus or of the Letter of Transmittal and requests for notice of guaranteed delivery should be directed to the
exchange agent as provided in the Letter of Transmittal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company will bear the
expenses of soliciting tenders pursuant to the exchange offer, including fees and expenses of the exchange agent and the Trustees and
accounting, legal, printing and related fees and expenses. The principal solicitation for tenders pursuant to the exchange offer is being
made by mail; however, additional solicitations may be made by telephone, telecopy or in person by our officers and regular employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not make any payments
to brokers, dealers or other persons soliciting acceptances of the exchange offer. We will, however, pay the exchange agent reasonable
and customary fees for its services and will reimburse the exchange agent for its reasonable out-of-pocket expenses in connection therewith.
We may also pay brokerage houses and other custodians, nominees and fiduciaries the reasonable out-of-pocket expenses incurred by them
in forwarding copies of the prospectus and related documents to the beneficial owners of the Initial Notes, and in handling or forwarding
tenders for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will pay all transfer
taxes applicable to the exchange of Initial Notes pursuant to the exchange offer; provided, however, that if (a)&nbsp;New Notes or Initial
Notes for principal amounts not tendered or accepted for exchange are to be registered or issued in the name of any person other than
the registered holder of the Initial Notes tendered; (b)&nbsp;tendered Initial Notes are registered in the name of any person other than
the person signing the Letter of Transmittal; or (c)&nbsp;a transfer tax is imposed for any reason other than the exchange of Initial
Notes pursuant to the exchange offer, then the amount of any such transfer taxes imposed will be payable by the tendering holder. If
satisfactory evidence of payment of such taxes or exemption therefrom is not submitted with the Letter of Transmittal, the amount of
such transfer taxes will be billed directly to such tendering holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consequences of Failure to Exchange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of Initial Notes
who do not exchange their Initial Notes for New Notes pursuant to the exchange offer will continue to be subject to the restrictions
on transfer of such Initial Notes as set forth in the legend thereon as a consequence of the issuance of the Initial Notes pursuant to
exemptions from, or in transactions not subject to, the registration requirements of the 1933 Act and applicable state securities laws.
The Initial Notes may not be offered, sold or otherwise transferred, except in compliance with the registration requirements of the 1933
Act, pursuant to an exemption from registration under the 1933 Act or in a transaction not subject to the registration requirements of
the 1933 Act, and in compliance with applicable state securities laws. Except as may be required by the Registration Rights Agreement,
we do not currently anticipate that we will register the Initial Notes under the 1933 Act at any time following the expiration of the
exchange offer. To the extent that Initial Notes are tendered and accepted in the exchange offer, the trading market for untendered and
tendered but unaccepted Initial Notes could be adversely affected. See &quot;<I>Risk Factors &ndash; Risks Related to the Exchange Offer
 &ndash; If you do not exchange your Initial Notes for New Notes, they will continue to be restricted securities and may become less liquid</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each broker-dealer that
receives New Notes for its own account in exchange for Initial Notes, where such Initial Notes were acquired by such broker-dealer as
a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with
any resale of such New Notes. See &quot;Plan of Distribution&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_011"></A><FONT STYLE="text-transform: uppercase"><B>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not receive any
proceeds from the exchange offer. In consideration for issuing New Notes, we will receive, in exchange,&nbsp;Initial Notes of like principal
amount, the terms of which are identical in all material respects to the New Notes. Initial Notes surrendered in exchange for New Notes
will be retired and cancelled and cannot be reissued. Accordingly, issuance of the New Notes will not result in any increase in our indebtedness
and will evidence the same continuing indebtedness as the Initial Notes. No underwriter is being used in connection with the exchange
offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_012"></A><FONT STYLE="text-transform: uppercase"><B>CONSOLIDATED
CAPITALIZATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There have been no material
changes in our share and loan capital, on a consolidated basis, since June&nbsp;30, 2025. As we will realize no proceeds from the exchange
offer, the completion of the exchange offer will not have a material change on our consolidated capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_013"></A><FONT STYLE="text-transform: uppercase"><B>PRIOR
SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other than the offering
of the Initial Notes and the Cdn$ denominated notes described below, the Company has not sold or issued any debt securities, or securities
convertible into debt securities, during the 12-month period prior to the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><B>Date</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><B>&nbsp;Security</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><B>Issue
Price</B></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number
of<BR>
Securities</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Aggregate
Principal<BR>
Amount</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%">December&nbsp;6, 2024</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: left">5.000% Notes due 2029</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%">US$99.968 per US$100.00</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">7,500,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">750,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">December&nbsp;6, 2024</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5.400% Notes due 2034</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">US$99.837 per US$100.00</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,500,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">December&nbsp;6, 2024</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5.140% Notes due 2031</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Cdn$99.836 per Cdn$100.00</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cdn$</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_014"></A><B>EARNINGS COVERAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following earnings coverage
ratios have been prepared in accordance with Canadian securities law requirements and are included in this prospectus in accordance with
Canadian disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following earnings coverage
ratios are calculated on a consolidated basis for the twelve month periods ended June&nbsp;30, 2025 and December&nbsp;31, 2024 and are
based on information contained within our financial statements for the related periods which were prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The coverage ratios do not
give effect to any debt securities offered by this prospectus since the aggregate amount of debt securities that will be issued hereunder,
if any, and terms of issue are not presently known. The coverage ratios set forth below do not purport to be indicative of coverage ratios
for any future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">June&nbsp;30,
    2025<BR> (unaudited)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,
    2024<BR> (unaudited)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    coverage<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">14.0x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">14.6x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Earnings coverage is equal to Canadian Natural's
                                            net earnings (loss) plus income taxes and interest expense; divided by the sum of interest
                                            expense and capitalized interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our borrowing cost requirements
amounted to $592 million for the twelve months ended December&nbsp;31, 2024. Our earnings before borrowing costs and income tax for the
twelve months then ended was $8,651 million which is 14.6 times our borrowing cost requirements for this period. Our borrowing cost requirements
amounted to $792 million for the twelve months ended June&nbsp;30, 2025. Our earnings before borrowing costs and income tax for the twelve
months then ended was $11,093 million which is 14.0 times our borrowing cost requirements for this period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_015"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF THE NEW NOTES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this section, the words
the &quot;Company,&quot; &quot;Canadian Natural,&quot; &quot;we,&quot; &quot;us&quot; and &quot;our&quot; refer only to Canadian Natural
Resources Limited and not to any of our subsidiaries. The following description of the particular terms of the New Notes is qualified
in its entirety by reference to the indenture under which the New Notes are to be issued. Capitalized terms used and not defined in this
description have the meanings ascribed to them in the indenture. The following description is meant to be only a summary of the material
provisions of the indenture. It does not restate the terms of the indenture in their entirety. We urge that you carefully read the indenture
and the Registration Rights Agreement as these documents, and not this description, govern your rights as holders of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will be issued
under a trust indenture dated as of July&nbsp;24, 2001 originally made between us and The Bank of Nova Scotia Trust Company of New York
(the &quot;<B>Initial Trustee</B>&quot;), as amended by a first supplemental indenture dated as of October&nbsp;28, 2011 entered into
between us and the Initial Trustee, as amended by a second supplemental indenture dated as of August&nbsp;30, 2013 among us, the Initial
Trustee and Computershare Trust Company, N.A. (the &quot;<B>Trustee</B>&quot;) (as successor to Wells Fargo Bank, National Association),
as amended by a third supplemental indenture dated as of December&nbsp;6, 2024 between us and the Trustee (the trust indenture dated
as of July&nbsp;24, 2001 as amended by the first supplemental indenture, the second supplemental indenture, and the third supplemental
indenture, the &quot;<B>Indenture</B>&quot;). The following summary of certain provisions of the Indenture and the New Notes does not
purport to be complete and is qualified in its entirety by reference to the actual provisions of the Indenture. Capitalized terms used
but not defined in this section shall have the meanings given to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will be our
direct unsecured obligations and will rank <I>pari passu</I> with all of our other unsubordinated and unsecured indebtedness from time
to time outstanding. The New Notes will be structurally subordinated to all existing indebtedness and future liabilities of any of our
corporate or partnership subsidiaries, including trade payables and other indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payment of the principal,
premium, if any, and interest will be made in U.S. dollars. The New Notes will not be entitled to the benefits of any sinking fund. The
New Notes will be issued in minimum denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New 2029 Notes will
be issued in exchange for the Initial 2029 Notes exchanged pursuant to the exchange offer and will mature on December&nbsp;15, 2029.
The New 2029 Notes will accrue interest at a rate of 5.000% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially
from the last interest payment date on which interest has been paid on the Initial 2029 Notes surrendered in exchange therefor, and thereafter
from the last interest payment date on which interest has been paid on the New 2029 Notes. No additional interest will be paid on the
Initial 2029 Notes tendered and accepted for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New 2034 Notes will
accrue interest at a rate of 5.400% per annum, payable on June&nbsp;15 and December&nbsp;15 of each year, initially from the last interest
payment date on which interest has been paid on the Initial 2034 Notes surrendered in exchange therefor, and thereafter from the last
interest payment date on which interest has been paid on the New 2034 Notes. No additional interest will be paid on the Initial 2034
Notes tendered and accepted for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest payments for the
New Notes will include accrued interest from and including the date of the last interest payment date on which interest has been paid
on the applicable Initial Notes and including the last date in respect of which interest has been paid, as the case may be, to, but excluding,
the date of the interest payment (the &quot;<B>Interest Payment Date</B>&quot;) or the date of maturity or redemption, as the case may
be. If any Interest Payment Date, redemption date or the maturity date of the New Notes falls on a day that is not a Business Day (as
defined in the Indenture), the related payment of principal, premium, if any, or interest will be postponed to the next succeeding Business
Day, and no interest on such payment will accrue for the period from and after such Interest Payment Date, redemption date or the maturity
date, as the case may be. Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may from time to time
without notice to, or the consent of, the holders of the New Notes, create and issue additional New 2029 Notes or New 2034 Notes under
the Indenture. Such additional New 2029 Notes and New 2034 Notes will have the same terms as the New 2029 Notes or the New 2034 Notes,
as the case may be, offered hereby in all respects (or in all respects except for the payment of interest accruing prior to the issue
date of the additional New 2029 Notes or New 2034 Notes or except for the first payment of interest following the issue date of the additional
New 2029 Notes or New 2034 Notes) so that the additional New 2029 Notes or New 2034 Notes may be consolidated and form a single series
with the New 2029 Notes or New 2034 Notes, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may redeem the New Notes
prior to maturity as described below under &quot;<I>Optional Redemption</I>.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Optional Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the 2029 Notes
Par Call Date, being November&nbsp;15, 2029 (one month prior to their maturity date), we may redeem the New 2029 Notes, in whole or in
part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal
places) equal to the greater of: (a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest
thereon discounted to the redemption date (assuming the New 2029 Notes matured on the 2029 Notes Par Call Date) on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b)&nbsp;interest accrued
to the date of redemption; and (2)&nbsp;100% of the principal amounts of the New 2029 Notes to be redeemed, plus, in either case, accrued
and unpaid interest thereon to, but not including, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On or after the 2029 Notes
Par Call Date, we may redeem the New 2029 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of
the New 2029 Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the 2034 Notes
Par Call Date, being September&nbsp;15, 2034 (three months prior to their maturity date), we may redeem the New 2034 Notes, in whole
or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) equal to the greater of: (a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and
interest thereon discounted to the redemption date (assuming the New 2034 Notes matured on the 2034 Notes Par Call Date) on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, less (b)&nbsp;interest
accrued to the date of redemption; and (2)&nbsp;100% of the principal amounts of the New 2034 Notes to be redeemed, plus, in either case,
accrued and unpaid interest thereon to, but not including, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On or after the 2034 Notes
Par Call Date, we may redeem the New 2034 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of
the New 2034 Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&quot;<I>Applicable Par
Call Date</I>&quot; means the 2029 Notes Par Call Date in respect of the New 2029 Notes and the 2034 Notes Par Call Date in respect of
the New 2034 Notes, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&quot;<I>Treasury Rate</I>&quot;
means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Treasury Rate shall
be determined by the Company after 4:15&nbsp;p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published
by the Board of Governors of the Federal Reserve System designated as &quot;Selected Interest Rates (Daily) - H.15&quot; (or any successor
designation or publication) (&quot;<B>H.15</B>&quot;) under the caption &quot;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&quot;
(or any successor caption or heading) (&quot;<B>H.15 TCM</B>&quot;). In determining the Treasury Rate, the Company shall select, as applicable:
(1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Applicable
Par Call Date (the &quot;<B>Remaining Life</B>&quot;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal
to the Remaining Life, the two yields &ndash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than
and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate
to the Applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result
to three decimal places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the
applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months
or years, as applicable, of such Treasury constant maturity from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If on the third business
day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per
annum equal to the semi-annual equivalent yield to maturity at 11:00&nbsp;a.m., New York City time, on the second business day preceding
such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Applicable Par Call
Date, as applicable. If there is no United States Treasury security maturing on the Applicable Par Call Date but there are two or more
United States Treasury securities with a maturity date equally distant from the Applicable Par Call Date, one with a maturity date preceding
the Applicable Par Call Date and one with a maturity date following the Applicable Par Call Date, the Company shall select the United
States Treasury security with a maturity date preceding the Applicable Par Call Date. If there are two or more United States Treasury
securities maturing on the Applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00&nbsp;a.m.,
New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00&nbsp;a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company's actions and
determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days
but not more than 60 days before the redemption date to each holder of New Notes to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of a partial
redemption, selection of the New Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole
discretion deems appropriate and fair. No New Notes of a principal amount of $2,000 or less will be redeemed in part. If any New Note
is to be redeemed in part only, the notice of redemption that relates to the New Note will state the portion of the principal amount
of the New Note to be redeemed. A New Note in a principal amount equal to the unredeemed portion of the New Note will be issued in the
name of the holder of the note upon surrender for cancellation of the original New Note. For so long as the New Notes are held by The
Depository Trust Company (&quot;<B>DTC</B>&quot;) (or another depositary), the redemption of the New Notes shall be done in accordance
with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless we default in the
payment of the redemption price, on or after the redemption date, interest will cease to accrue on the New Notes or the portions of such
New Notes called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Negative Pledge</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture includes our
covenant that, so long as any of the New Notes remain outstanding, we will not, and will not permit any Subsidiary to, create, assume
or otherwise have outstanding any Security Interest, except for Permitted Encumbrances, on or over its or their respective assets (present
or future) securing any Indebtedness of any Person without also at the same time or prior to that time securing equally and ratably with
other Indebtedness all of the New Notes then Outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set forth below is a summary
of certain of the defined terms used in the Indenture. Reference is made to the Indenture for the full definitions of all such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Capital
Lease Obligation</I>&quot; means the obligation of a Person, as lessee, to pay rent or other amounts to the lessor under a lease of real
or personal property which is required to be classified and accounted for as a capital lease on a consolidated balance sheet of such
Person in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Consolidated
Net Tangible Assets</I>&quot; means the total amount of assets of any Person on a consolidated basis (less applicable reserves and other
properly deductible items) after deducting therefrom:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all current liabilities (excluding any
                                            indebtedness classified as a current liability and any current liabilities, in each case
                                            which are by their terms extendible or renewable at the option of the obligor thereon to
                                            a time more than 12 months after the time as of which the amount thereof is being computed);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all goodwill, trade names, trademarks,
                                            patents and other like intangibles; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">non-controlling interests in subsidiaries
                                            as defined under GAAP,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, as shown on the most recent annual
audited or quarterly unaudited consolidated balance sheet of such Person computed in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Current
Assets</I>&quot; means current assets as determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Financial
Instrument Obligations</I>&quot; means obligations arising under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">interest rate swap agreements, forward
                                            rate agreements, floor, cap or collar agreements, futures or options, insurance or other
                                            similar agreements or arrangements, or any combination thereof, entered into by a Person
                                            of which the subject matter is interest rates or pursuant to which the price, value or amount
                                            payable thereunder is dependent or based upon interest rates in effect from time to time
                                            or fluctuations in interest rates occurring from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">currency swap agreements, cross-currency
                                            agreements, forward agreements, floor, cap or collar agreements, futures or options, insurance
                                            or other similar agreements or arrangements, or any combination thereof, entered into by
                                            a Person of which the subject matter is currency exchange rates or pursuant to which the
                                            price, value or amount payable thereunder is dependent or based upon currency exchange rates
                                            in effect from time to time or fluctuations in currency exchange rates occurring from time
                                            to time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">commodity swap or hedging agreements,
                                            floor, cap or collar agreements, commodity futures or options or other similar agreements
                                            or arrangements, or any combination thereof, entered into by a Person of which the subject
                                            matter is one or more commodities or pursuant to which the price, value or amount payable
                                            thereunder is dependent or based upon the price of one or more commodities in effect from
                                            time to time or fluctuations in the price of one or more commodities occurring from time
                                            to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;GAAP&quot;
means generally accepted accounting principles which are in effect from time to time in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Indebtedness</I>&quot;
means at any time, and whether or not contingent, all items of indebtedness in respect of any amounts borrowed which, in accordance with
GAAP, would be recorded as indebtedness in the consolidated financial statements of Canadian Natural as at the date as of which Indebtedness
is to be determined, and in any event including, without duplication (i)&nbsp;any obligation for borrowed money, (ii)&nbsp;any obligation
evidenced by bonds, debentures, notes, guarantees or other similar instruments, including, without limitation, any such obligations incurred
in connection with the acquisition of property, assets or businesses, (iii)&nbsp;any Purchase Money Obligation, (iv)&nbsp;any reimbursement
obligation with respect to letters of credit, bankers' acceptances or similar facilities, (v)&nbsp;any obligation issued or assumed as
the deferred purchase price of property or services, (vi)&nbsp;any Capital Lease Obligation, (vii)&nbsp;any obligation to pay rent or
other payment amounts with respect to any Sale and Leaseback Transaction, (viii)&nbsp;any payment obligation under Financial Instrument
Obligations at the time of determination, (ix)&nbsp;any indebtedness in respect of any amounts borrowed or any Purchase Money Obligation
secured by any Security Interest existing on property owned subject to such Security Interest, whether or not the indebtedness or Purchase
Money Obligation secured thereby shall have been assumed and (x)&nbsp;guarantees, indemnities, endorsements (other than endorsements
for collection in the ordinary course of business) or other contingent liabilities in respect of obligations of another Person for indebtedness
of that other Person in respect of any amounts borrowed by that other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Permitted
Encumbrances</I>&quot; means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any Security Interest existing as of the
                                            date of the first issuance by us of the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Security Interest on pipelines, pumping
                                            stations or other pipeline facilities, drilling equipment, production equipment and platforms;
                                            tank cars, tankers, barges, ships, trucks, automobiles, airplanes or other marine, automotive,
                                            aeronautical or other similar moveable facilities or equipment, computer systems and associated
                                            programs; office equipment; weather stations; townsites; housing facilities, recreation halls,
                                            stores and other related facilities; gasification or natural gas liquefying facilities and
                                            burning towers, flares or stacks; retail service stations, bulk plants, storage facilities,
                                            terminals or warehouses; or similar facilities and equipment of or associated with any of
                                            the foregoing; provided, in each case, that such Security Interest is incurred to finance
                                            the acquisition of such property or assets within 90 days after such acquisition and such
                                            Security Interest shall be limited to the specified property or assets being financed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">(i)&nbsp;any Security Interest on any
                                            specific properties or any interest therein, construction thereon or improvement thereto,
                                            and on any receivables, inventory, equipment, chattel paper, contract rights, intangibles
                                            and other assets, rights or collateral specifically connected with such properties, incurred
                                            (A)&nbsp;to secure all or any part of the financing for acquisition, surveying, exploration,
                                            drilling, extraction, development, operation, production, construction, alteration, repair
                                            or improvement of, in, under or on such properties and the plugging and abandonment of wells
                                            located thereon (it being understood that, in the case of oil and natural gas producing properties
                                            (including oil sands properties), or any interest therein, financing incurred for &quot;development&quot;
                                            shall include financing incurred for all facilities relating to such properties or to projects,
                                            ventures or other arrangements of which such properties form a part or which relate to such
                                            properties or interests), or (B)&nbsp;for acquiring ownership of any Person which owns any
                                            such property or interest therein, provided that such Security Interest is limited to such
                                            property or such interest therein owned by any such Person; and (ii)&nbsp;any Security Interest
                                            on an oil and/or natural gas producing property (including oil sands properties) to secure
                                            Indebtedness incurred in connection with or necessarily incidental to commitments for the
                                            purchase or sale of, or the transportation or distribution of, the products derived from
                                            such property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any Security Interest in favor of Canadian
                                            Natural or any of its wholly-owned Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any Security Interest existing on the
                                            property of any Person at the time such Person becomes a Subsidiary, or arising thereafter
                                            pursuant to contractual commitments entered into prior to and not in contemplation of such
                                            Person becoming a Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any Security Interest on property of a
                                            Person which Security Interest exists at the time such Person is merged into, or amalgamated
                                            or consolidated with, Canadian Natural or a Subsidiary, or such property is otherwise acquired
                                            by Canadian Natural or a Subsidiary, provided such Security Interest does not extend to property
                                            owned by Canadian Natural or such Subsidiary immediately prior to such merger, amalgamation,
                                            consolidation or acquisition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any Security Interest on Current Assets
                                            securing any Indebtedness to any bank or banks or other lending institution or institutions
                                            incurred in the ordinary course of business and for the purpose of carrying on the same,
                                            repayable on demand or maturing within 12 months of the date when such Indebtedness is incurred
                                            or the date of any renewal or extension thereof, provided that such security is given at
                                            the time that the Indebtedness is incurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">any Security Interest in respect of (i)&nbsp;liens
                                            for taxes and assessments not at the time overdue or any liens securing workmen's compensation
                                            assessments, unemployment insurance or other social security obligations; provided, however,
                                            that if any such liens, duties or assessments are then overdue, Canadian Natural or the Subsidiary,
                                            as the case may be, shall be prosecuting an appeal or proceedings for review with respect
                                            to which it shall have secured a stay in the enforcement of any such obligations, (ii)&nbsp;any
                                            liens for specified taxes and assessments which are overdue but the validity of which is
                                            being contested at the time by Canadian Natural or the Subsidiary, as the case may be, in
                                            good faith, and with respect to which Canadian Natural or the Subsidiary shall have secured
                                            a stay of enforcement thereof, if applicable, (iii)&nbsp;any liens or rights of distress
                                            reserved in or exercisable under any lease for rent and for compliance with the terms of
                                            such lease, (iv)&nbsp;any obligations or duties, affecting the property of Canadian Natural
                                            or that of a Subsidiary to any municipality or governmental, statutory or public authority,
                                            with respect to any franchise, grant, license, lease or permit and any defects in title to
                                            structures or other facilities arising solely from the fact that such structures or facilities
                                            are constructed or installed on lands held by Canadian Natural or the Subsidiary under government
                                            permits, licenses, leases or other grants, which obligations, duties and defects in the aggregate
                                            do not materially impair the use of such property, structures or facilities for the purpose
                                            for which they are held by Canadian Natural or the Subsidiary, (v)&nbsp;any deposits or liens
                                            in connection with contracts, bids, tenders or expropriation proceedings, surety or appeal
                                            bonds, costs of litigation when required by law, public and statutory obligations, liens
                                            or claims incidental to current construction, builders', mechanics', laborers', materialmen's,
                                            warehousemen's, carrier's and other similar liens, (vi)&nbsp;the right reserved to or vested
                                            in any municipality or governmental or other public authority by any statutory provision
                                            or by the terms of any lease, license, franchise, grant or permit, that affects any land,
                                            to terminate any such lease, license, franchise, grant or permit or to require annual or
                                            other periodic payments as a condition to the continuance thereof, (vii)&nbsp;any Security
                                            Interest the validity of which is being contested at the time by Canadian Natural or a Subsidiary
                                            in good faith or payment of which has been provided for by deposit with the Trustee of an
                                            amount in cash sufficient to pay the same in full, (viii)&nbsp;any easements, rights-of-way
                                            and servitudes (including, without in any way limiting the generality of the foregoing, easements,
                                            rights-of-way and servitudes for railways, sewers, dykes, drains, pipelines, natural gas
                                            and water mains or electric light and power or telephone conduits, poles, wires and cables)
                                            that, in the opinion of Canadian Natural, will not in the aggregate materially and adversely
                                            impair the use or value of the land concerned for the purpose for which it is held by Canadian
                                            Natural or the Subsidiary, as the case may be, (ix)&nbsp;any security to a public utility
                                            or any municipality or governmental or other public authority when required by such utility
                                            or other authority in connection with the operations of Canadian Natural or the Subsidiary,
                                            as the case may be, and (x)&nbsp;any liens and privileges arising out of judgments or awards
                                            with respect to which Canadian Natural or the Subsidiary shall be prosecuting an appeal or
                                            proceedings for review and with respect to which it shall have secured a stay of execution
                                            pending such appeal or proceedings for review;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any Security Interest arising under partnership
                                            agreements, oil and natural gas leases, overriding royalty agreements, net profits agreements,
                                            production payment agreements, royalty trust agreements, master limited partnership agreements,
                                            farm-out agreements, division orders, contracts for the sale, purchase, exchange, transportation,
                                            gathering or processing of oil, natural gas or other hydrocarbons or by-product thereof,
                                            unitizations and pooling designations, declarations, orders and agreements, development agreements,
                                            operating agreements, production sales contracts (including security in respect of take or
                                            pay or similar obligations thereunder), area of mutual interest agreements, natural gas balancing
                                            or deferred production agreements, injection, repressuring and recycling agreements, salt
                                            water or other disposal agreements, seismic or geophysical permits or agreements, which in
                                            each of the foregoing cases is customary in the oil and natural gas business, and other agreements
                                            which are customary in the oil and natural gas business, provided in all instances that such
                                            Security Interest is limited to the assets that are the subject of the relevant agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">any Security Interest on cash or marketable
                                            securities of Canadian Natural or any Subsidiary granted in the ordinary course of business
                                            in connection with Financial Instrument Obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">any Security Interest in respect of the
                                            sale (including any forward sale) or other transfer, in the ordinary course of business,
                                            of (i)&nbsp;oil, natural gas, other hydrocarbons or by-product thereof, or other minerals,
                                            whether in place or when produced, for a period of time until, or in an amount such that,
                                            the purchaser will realize therefrom a specified amount of money (however determined) or
                                            a specified amount of such minerals and (ii)&nbsp;any other interests in property of a character
                                            commonly referred to as a &quot;production payment&quot;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">any extension, renewal, alteration or
                                            replacement (or successive extensions, renewals, alterations or replacements) in whole or
                                            in part, of any Security Interest referred to in the foregoing clauses&nbsp;(a)&nbsp;through
                                            (k)&nbsp;inclusive, provided the principal amount thereof is not increased and provided that
                                            such extension, renewal, alteration or replacement shall be limited to all or a part of the
                                            property or other assets which secured the Security Interest so extended, renewed, altered
                                            or replaced (plus improvements on such property or other assets); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">any Security Interests that would otherwise
                                            be prohibited (including any extensions, renewals, alterations or replacements thereof) provided
                                            that the aggregate Indebtedness outstanding and secured under this clause&nbsp;(m)&nbsp;does
                                            not (calculated at the time of the granting of the Security Interest) exceed an amount equal
                                            to 10 percent of Consolidated Net Tangible Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Person</I>&quot;
means any individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Purchase
Money Obligation</I>&quot; means any monetary obligation created or assumed as part of the purchase price of real or tangible personal
property, whether or not secured, any extensions, renewals or refundings of any such obligation, provided that the principal amount of
such obligation on the date of such extension, renewal or refunding is not increased and further provided that any security given in
respect of such obligation shall not extend to any property other than the property acquired in connection with which such obligation
was created or assumed and fixed improvements, if any, thereto or erected or constructed thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Sale and
Leaseback Transaction</I>&quot; means any direct or indirect arrangement (excluding, however, any such arrangement between Canadian Natural
and a Subsidiary or between one or more Subsidiaries) pursuant to which property is sold or transferred and is thereafter leased back
from the purchaser or transferee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Security
Interest</I>&quot; means any security by way of an assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement
or other security interest whatsoever, howsoever created or arising, whether absolute or contingent, fixed or floating, perfected or
not; however, for purposes of the &quot;Negative Pledge&quot; covenant only, such term shall not include any encumbrance that may be
deemed to arise solely as a result of entering into an agreement, not in violation of the terms of the Indenture, to sell or otherwise
transfer assets or property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Shareholders'
Equity</I>&quot; means the aggregate amount of shareholders' equity of a Person as shown on the most recent annual audited or unaudited
interim consolidated balance sheet of such Person and computed in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Significant
Subsidiary</I>&quot; means a Subsidiary that constitutes a &quot;significant subsidiary&quot; as defined in Rule&nbsp;1-02 of Regulation
S-X of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Subsidiary</I>&quot;
means any corporation or other Person of which there are owned, directly or indirectly, by or for Canadian Natural or by or for any corporation
or other Person in like relation to Canadian Natural, Voting Shares or other interests which, in the aggregate, entitle the holders thereof
to cast more than 50 percent of the votes which may be cast by the holders of all outstanding Voting Shares of such first mentioned corporation
or other Person for the election of its directors or, in the case of any Person which is not a corporation, Persons having similar powers
or (if there are no such persons) entitle the holders thereof to more than 50 percent of the income or capital interests (however called)
thereon and includes any corporation in like relation to a Subsidiary; provided, however, that such term will not include, for purposes
of the &quot;Negative Pledge&quot; covenant only, any Subsidiary if the assets of the Subsidiary do not at the time exceed 2 percent
of Consolidated Net Tangible Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &quot;<I>Voting
Shares</I>&quot; means shares of capital stock of any class of a corporation and other interests of any other Persons having under all
circumstances the right to vote for the election of the directors of such corporation or in the case of any Person which is not a corporation,
Persons having similar powers or (if there are no such Persons) income or capital interests (however called), provided that, for the
purpose of this definition, shares or other interests which only carry the right to vote conditionally on the happening of an event shall
not be considered Voting Shares whether or not such event shall have happened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Events of Default</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The occurrence of any of
the following events will constitute an &quot;Event of Default&quot; with respect to a series of New Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">default by Canadian Natural in payment
                                            of all or any part of the principal of any of the New Notes of such series when the same
                                            becomes due under any provision of the Indenture or of those New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">default by Canadian Natural in payment
                                            of any interest due on any of the New Notes of such series, or Additional Amounts on any
                                            of the New Notes of such series when they become due and payable, and continuance of that
                                            default for a period of 30 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">default by Canadian Natural in observing
                                            or performing any of the covenants described below under &quot;Consolidation, Merger, Amalgamation
                                            and Sale of Assets&quot;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">default by Canadian Natural in observing
                                            or performing any other of its covenants or conditions contained in the Indenture or in the
                                            New Notes of such series and continuance of that default for a period of 60 days after written
                                            notice as provided in the Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">default by Canadian Natural or any Subsidiary
                                            in payment of the principal of, premium, if any, or interest on any Indebtedness for borrowed
                                            money having an outstanding principal amount in excess of the greater of $75 million and
                                            2 percent of the Shareholders' Equity of Canadian Natural in the aggregate at the time of
                                            default or default in the performance of any other covenant of Canadian Natural or any Subsidiary
                                            contained in any instrument under which that indebtedness is created or issued and the holders
                                            thereof, or a trustee, if any, for those holders, declare that indebtedness to be due and
                                            payable prior to the stated maturities of that indebtedness (&quot;accelerated indebtedness&quot;),
                                            and such acceleration shall not be rescinded or annulled, or such default under such instrument
                                            shall not be remedied or cured, whether by payment or otherwise, or waived by the holders
                                            of such indebtedness, provided that if such accelerated indebtedness is the result of an
                                            event of default which is not related to the failure to pay principal or interest on the
                                            terms, at the times and on the conditions set forth in such instrument, it will not be considered
                                            an Event of Default under this clause&nbsp;(e)&nbsp;until 15 days after such acceleration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency,
                                            winding up, liquidation or dissolution relating to Canadian Natural or any Significant Subsidiary;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the taking or entry of certain judgments
                                            or decrees against Canadian Natural or any Subsidiary for the payment of money in excess
                                            of the greater of $75 million and 2 percent of the Shareholders' Equity of Canadian Natural
                                            in the aggregate, if Canadian Natural or such Subsidiary, as the case may be, fails to file
                                            an appeal or, if Canadian Natural or such Subsidiary, as the case may be, does file an appeal,
                                            that judgment or decree is not and does not remain vacated, discharged or stayed as provided
                                            in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an Event of Default described
in clause&nbsp;(a)&nbsp;or (b)&nbsp;above occurs and is continuing with respect to the notes of any series, unless the principal of all
of the notes of that series shall have already become due and payable, the Trustee may, in its discretion, and shall upon request in
writing made by the Holders of not less than 25 percent in aggregate principal amount of the notes of that series then Outstanding, declare
the principal of (and premium, if any, on) all the notes of such series then Outstanding and the interest accrued thereon and all other
money, if any, owing under the provisions of the Indenture in respect of the notes of such series to be due and payable immediately on
demand. If an Event of Default described in clause&nbsp;(d)&nbsp;or (h)&nbsp;above occurs and is continuing with respect to the debt
securities of one or more series issued under the Indenture, unless the principal of all of the debt securities of the affected series
shall have already become due and payable, the Trustee may, in its discretion, and shall upon request in writing made by the Holders
of not less than 25 percent in aggregate principal amount of the debt securities of all such affected series then Outstanding (voting
as one class), declare the principal of (and premium, if any, on) all the debt securities of all the affected series then Outstanding
and the interest accrued thereon and all other money, if any, owing under the provisions of the Indenture in respect of those debt securities
to be due and payable immediately on demand. If an Event of Default described in clause&nbsp;(c), (e), (f)&nbsp;or (g)&nbsp;above occurs
and is continuing, unless the principal of all debt securities then Outstanding shall have already become due and payable, the Trustee
may, in its discretion, and shall upon request in writing made by the Holders of not less than 25 percent in aggregate principal amount
of all the debt securities then Outstanding (voting as one class), declare the principal of (and premium, if any, on) all the debt securities
then Outstanding and the interest accrued thereon and all other money, if any, owing under the provisions of the Indenture in respect
of those debt securities to be due and payable immediately on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon certain conditions,
any declaration of this kind may be cancelled if all Events of Default with respect to the debt securities of all those affected series
then Outstanding shall have been cured or waived as provided in the Indenture by the Holders of not less than a majority in aggregate
principal amount of the debt securities of the affected series then Outstanding (voting as one class, except in the case of Events of
Default described in clauses&nbsp;(a)&nbsp;and (b)&nbsp;of the first sentence of the preceding paragraph, as to which each series so
affected will vote as a separate class). See &quot;Modification and Waiver&quot; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of the
Holders, unless those Holders shall have provided to the Trustee reasonable indemnity. Subject to those provisions for indemnity and
certain other limitations contained in the Indenture, the Holders of a majority in aggregate principal amount of the debt securities
of all affected series then Outstanding (voting as one class) will have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
debt securities of those affected series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
no Holder of the debt securities of any series will have any right to institute any proceeding with respect to the Indenture or for any
remedy thereunder, unless (a)&nbsp;that Holder shall have previously given to the Trustee written notice of a continuing Event of Default
with respect to the debt securities of that series, (b)&nbsp;the Holders of not less than 25 percent in aggregate principal amount of
the debt securities of all affected series then Outstanding (voting as one class) shall have made written request, and provided reasonable
indemnity, to the Trustee to institute that proceeding, (c)&nbsp;the Trustee shall have failed to institute that proceeding within 60
days after that notification, request and offer of indemnity and (d)&nbsp;the Trustee shall not have received from the Holders of a majority
in aggregate principal amount of the debt securities of all affected series then Outstanding (voting as one class) a direction inconsistent
with that request during such 60 day period. However, the Holder of any Security will have an absolute right to receive payment of the
principal of and any premium and interest on that Security on or after the due dates expressed in that Security and to institute suit
for the enforcement of any of these payments. The Indenture requires Canadian Natural to furnish to the Trustee annually an Officers'
Certificate as to the compliance by Canadian Natural with certain covenants, conditions or other requirements contained in the Indenture
and as to any non-compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
the Trustee may withhold notice to the Holders of the debt securities of one or more series of any default affecting those series (except
defaults as to payment of principal or interest) if it, in good faith, considers that withholding to be in the best interests of the
Holders of the debt securities of those series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consolidation, Merger, Amalgamation and Sale
of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural shall not
enter into any transaction (whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, lease, transfer, sale
or otherwise) whereby all or substantially all of its assets would become the property of any other Person (the &quot;<B>Successor Corporation</B>&quot;)
unless (a)&nbsp;the Successor Corporation shall, prior to or contemporaneously with the consummation of that transaction, execute those
instruments, which may include a supplemental indenture, and do those things as shall be necessary or advisable to establish that upon
the consummation of that transaction (i)&nbsp;the Successor Corporation will have assumed all of the covenants and obligations of Canadian
Natural under the Indenture in respect of the New Notes, and (ii)&nbsp;the New Notes will be valid and binding obligations of the Successor
Corporation entitling the Holders thereof, as against the Successor Corporation, to all the rights of Holders of New Notes under the
Indenture; (b)&nbsp;the Successor Corporation is a corporation, partnership, or trust organized and validly existing under the laws of
Canada or any province thereof or of the United States, any state thereof or the District of Columbia, (c)&nbsp;Canadian Natural has
delivered to the Trustee, within 60&nbsp;days thereof, an Officer's Certificate and an Opinion of Counsel each stating that such transaction
and such supplemental indenture comply with this covenant and all conditions precedent relating to such transaction have been complied
with, and (d)&nbsp;immediately before and after giving effect to such transaction, no Event of Default, and no event which, after notice
or lapse of time or both, would become an Event of Default, shall have occurred and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Amounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All payments made by Canadian
Natural under or with respect to the New Notes will be made free and clear of and without withholding or deduction for or on account
of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities
related thereto) imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or by any authority
or agency therein or thereof having power to tax (hereinafter &quot;<B>Canadian Taxes</B>&quot;), unless Canadian Natural is required
to withhold or deduct Canadian Taxes by law or by the interpretation or administration thereof. If Canadian Natural is so required to
withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with respect to the New Notes, Canadian
Natural will pay to each Holder as additional interest such additional amounts (&quot;<B>Additional Amounts</B>&quot;) as may be necessary
so that the net amount received by each Holder after such withholding or deduction (and after any withholding or deduction of any Canadian
Taxes on such Additional Amounts) will not be less than the amount the Holder would have received if such Canadian Taxes had not been
withheld or deducted. However, no Additional Amounts will be payable with respect to a payment made to a Holder in respect of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of the
                                            Holder or beneficial owner being a person with which Canadian Natural does not deal at arm's
                                            length (within the meaning of the <I>Income Tax Act </I>(Canada) (together with the regulations
                                            thereto, the &quot;<B>Canadian Tax Act</B>&quot;)) at the time of making such payment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of the
                                            Holder or beneficial owner being a resident, domicile or national of, or engaged in business
                                            or maintaining a permanent establishment or other physical presence in or otherwise having
                                            some present or former connection with Canada or any province or territory thereof (otherwise
                                            than any connection arising by the mere holding, owning or disposing of New Notes, the receipt
                                            of payments thereunder or the enforcement or exercise of rights with respect to the New Notes);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of the
                                            Holder or beneficial owner being a &quot;specified shareholder&quot; (within the meaning
                                            of subsection&nbsp;18(5)&nbsp;of the Canadian Tax Act) of Canadian Natural, or the Holder
                                            or beneficial owner not dealing at arm's length, for purposes of the Canadian Tax Act, with
                                            such a &quot;specified shareholder&quot;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of the
                                            Holder or beneficial owner being a &quot;specified entity&quot; (as defined in subsection&nbsp;18.4(1)&nbsp;of
                                            the Canadian Tax Act) in respect of Canadian Natural or in respect of which Canadian Natural
                                            is a &quot;specified entity&quot;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of the
                                            Holder's or the beneficial owner's failure to comply with any certification, identification,
                                            information, documentation or other reporting requirements if compliance is required by law,
                                            regulation, administrative practice or an applicable treaty as a precondition to exemption
                                            from, or a reduction in the rate of deduction or withholding of, such Canadian Taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any Canadian Taxes that are payable otherwise
                                            than by deduction or withholding from a payment under or with respect to the New Notes (other
                                            than Canadian Taxes payable pursuant to Regulation 803 of the Canadian Tax Act, or any similar
                                            successor provision);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any Canadian Taxes that are estate, inheritance,
                                            gift, sales, excise, transfer, capital gains, personal property or similar taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">any taxes imposed or withheld pursuant
                                            to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, (or any amended
                                            or successor version of such sections that are substantively comparable), any regulations
                                            promulgated thereunder, any official interpretations thereof, any intergovernmental agreement
                                            or treaty between Canada and the United States with respect to the foregoing and any law,
                                            regulation, or official interpretation thereof implementing such intergovernmental agreement,
                                            or any agreements entered into pursuant to Section&nbsp;1471(b)(1)&nbsp;of the Internal Revenue
                                            Code of 1986, as amended; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any combination of clauses&nbsp;(a)&nbsp;through
                                            (h)&nbsp;above,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(collectively, &quot;<B>Excluded
Taxes</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, no Additional Amounts
will be paid with respect to any payment on a New Note to a Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Canada (or any political subdivision thereof) to be
included in the income for Canadian federal income tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to payment of the Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the Holder of such New Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural will also:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">make such withholding or deduction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">remit the full amount deducted or withheld
                                            to the relevant authority in accordance with applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural will furnish
to the Holders of the New Notes, within 60 days after the date the remittance of any Canadian Taxes is due pursuant to applicable law,
certified copies of tax receipts or other documents evidencing such remittance by Canadian Natural.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Without duplication of any
obligations to pay Additional Amounts as described above, Canadian Natural will indemnify and hold harmless each Holder and upon written
request reimburse each such Holder for the amount of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any Canadian Taxes (other than Excluded
                                            Taxes) so levied or imposed and paid by such Holder as a result of payments made under or
                                            with respect to the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any liability (including penalties, interest
                                            and expenses) arising therefrom or with respect thereto; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any Canadian Taxes imposed with respect
                                            to any reimbursement under clause&nbsp;(a)&nbsp;or (b)&nbsp;above, but excluding any such
                                            Canadian Taxes measured or based on such Holder's net income, revenue or capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Wherever in the Indenture
or this Description of the New Notes there is mentioned, in any context, the payment of principal (and premium, if any), interest or
any other amount payable under or with respect to a New Note, such mention shall be deemed to include mention of the payment of Additional
Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will be subject
to redemption in whole, but not in part, at the option of Canadian Natural, at any time, on not less than 30 nor more than 60 days prior
written notice, at 100 percent of the principal amount, together with accrued interest thereon to the redemption date, in the event that
we have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the New Notes,
any Additional Amounts as a result of an amendment to or change in the laws (including any regulations promulgated thereunder) of Canada
(or any political subdivision or taxing authority thereof or therein), or any amendment to or change in any official position regarding
the application or interpretation of such laws or regulations, which change is announced or becomes effective on or after the date of
this offering memorandum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification and Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture permits Canadian
Natural and the Trustee to enter into supplemental indentures without the consent of the Holders of the debt securities to, among other
things: (a)&nbsp;secure the debt securities of one or more series, (b)&nbsp;evidence the assumption by the Successor Corporation of Canadian
Natural's covenants and obligations under the Indenture and the debt securities then Outstanding, (c)&nbsp;add covenants or Events of
Default for the benefit of the Holders of one or more series of the debt securities, (d)&nbsp;cure any ambiguity or correct or supplement
any defective provision in the Indenture which correction will not be prejudicial to the interests of the Holders of the debt securities,
(e)&nbsp;establish the form and terms of the debt securities of any series, (f)&nbsp;evidence the acceptance of appointment by a successor
Trustee, (g)&nbsp;to comply with any requirements of the SEC in order to effect and maintain the qualification of the Indenture under
the United States Trust <I>Indenture Act of 1939</I>, as amended, (h)&nbsp;to supplement any of the provisions of the Indenture to the
extent necessary to permit or facilitate defeasance and discharge of any series of debt securities, provided, however, such action shall
not adversely affect the interests of the Holders of any debt securities in any material respect, and (i)&nbsp;make any other modifications
which will not be prejudicial to the interests of the Holders of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture also permits
Canadian Natural and the Trustee, with the consent of the Holders of a majority in aggregate principal amount of the debt securities
of each series then Outstanding and affected (voting as one class), to add any provisions to, or change in any manner or eliminate any
of the provisions of, the Indenture or modify in any manner the rights of the Holders of the debt securities of each such affected series;
provided, however, that Canadian Natural and the Trustee may not, among other things, without the consent of the Holder of each Security
then Outstanding and affected thereby: (a)&nbsp;change the Stated Maturity of the principal amount of, or any installment of the principal
of or the interest on, that Security, (b)&nbsp;reduce the principal amount of or the rate of interest on or any premium payable upon
the redemption of that Security, (c)&nbsp;reduce the amount of principal of an Original Issue Discount Security payable upon acceleration
of the Maturity thereof, (d)&nbsp;change the place or currency of payment of the principal of or any premium or interest on that Security,
(e)&nbsp;impair the right to institute suit for the enforcement of payment of this kind with respect to that Security on or after the
Stated Maturity thereof, (f)&nbsp;reduce the percentage in principal amount of the Outstanding Securities of the affected series, the
consent of whose Holders is required for modification or amendment of the Indenture, or for any waiver with respect to defaults, breaches,
Events of Default or declarations of acceleration, (g)&nbsp;change the time at which any Security may or shall be redeemable or repayable,
(h)&nbsp;change any obligation of Canadian Natural to pay additional amounts provided for pursuant to the Indenture, with certain exceptions,
or (i)&nbsp;modify any provisions of the Indenture relating to modifying or amending the Indenture or the waiving of past defaults or
covenants except as otherwise specified in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the acceleration
of the Maturity of any debt securities, the Holders of a majority in aggregate principal amount of the debt securities of all series
at the time Outstanding with respect to which a default or breach or an Event of Default shall have occurred and be continuing (voting
as one class) may on behalf of the Holders of all such affected debt securities waive any past default or breach or Event of Default
and its consequences, except a default in the payment of the principal of or premium or interest on any Security of any series or an
Event of Default in respect of a covenant or provision of the Indenture or of any Security which cannot be modified or amended without
the consent of the Holder of each Security affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defeasance and Covenant Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that,
at the option of Canadian Natural, Canadian Natural will be discharged from any and all obligations with respect to the New 2029 Notes
or New 2034 Notes (except for certain obligations to register the transfer or exchange of the New Notes, to replace mutilated, destroyed,
lost or stolen New Notes, to maintain paying agencies, to compensate and indemnify the Trustee and to maintain the trust and payments
under the trust described below and the defeasance provisions of the Indenture) (hereinafter called a &quot;defeasance&quot;) upon the
irrevocable deposit with the Trustee, in trust, of money, and/or Government Obligations which, through the payment of the principal thereof
and the interest thereon in accordance with their terms, will provide money, in an amount sufficient, in the opinion of a nationally
recognized firm of independent chartered accountants, to pay all the principal of and any premium and interest on the New 2029 Notes
or New 2034 Notes, as the case may be, on the Stated Maturity of those payments in accordance with the terms of the New 2029 Notes or
New 2034 Notes, as applicable. Such a defeasance may be effected only if, among other things, (i)&nbsp;Canadian Natural has delivered
to the Trustee an Opinion of Counsel in the United States (who may be counsel for Canadian Natural) stating that Canadian Natural has
received from, or there has been published by, the Internal Revenue Service a ruling, since the date of the Indenture, or there has been
a change in the applicable laws or regulations, in either case to the effect that the Holders of the New 2029 Notes or New 2034 Notes,
as applicable, will not recognize income, gain or loss for United States federal income tax purposes as a result of that defeasance and
will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if that defeasance had not occurred, and (ii)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in Canada
(who may be counsel for Canadian Natural) or a ruling from the Canada Revenue Agency to the effect that the Holders of the New 2029 Notes
or New 2034 Notes, as the case may be, will not recognize income, gain or loss for Canadian federal or provincial income or other Canadian
tax purposes as a result of that defeasance and will be subject to Canadian federal or provincial income and other Canadian tax (including
withholding tax) on the same amounts, in the same manner and at the same times as would have been the case if that defeasance had not
occurred (and for the purposes of such opinion, such Canadian counsel shall assume that Holders of the New Notes include holders who
are not resident in Canada). In addition, Canadian Natural may also obtain a discharge of the Indenture with respect to the New 2029
Notes or New 2034 Notes, as the case may be, by depositing with the Trustee, in trust, an amount of money and government securities as
shall be sufficient to pay, at Stated Maturity or upon redemption, all of the New 2029 Notes or New 2034 Notes, as applicable, provided
that the New 2029 Notes or New 2034 Notes, as applicable, are by their terms to become due and payable within one year or are to be called
for redemption within one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture also provides
that Canadian Natural may omit to comply with the restrictive covenants described under the caption &quot;Negative Pledge&quot; and certain
other covenants and no Event of Default shall arise with respect to the New 2029 Notes or New 2034 Notes, as the case may be, by reason
of this failure to comply (hereinafter called a &quot;covenant defeasance&quot;), upon the irrevocable deposit with the Trustee, in trust,
of money and/or Government Obligations which, through the payment of the principal thereof and the interest thereon in accordance with
their terms, will provide money, in an amount sufficient, in the opinion of a nationally recognized firm of independent chartered accountants,
to pay all the principal of and any premium and interest on the New 2029 Notes or New 2034 Notes, as applicable, on the Stated Maturity
of those payments in accordance with the terms of the New 2029 Notes or New 2034 Notes, as applicable. Canadian Natural's other obligations
with respect to the New Notes would remain in full force and effect. A covenant defeasance may be effected only if, among other things,
(i)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in the United States (who may be counsel for Canadian Natural)
to the effect that the Holders of New 2029 Notes or New 2034 Notes, as the case may be, will not recognize income, gain or loss for United
States federal income tax purposes as a result of the covenant defeasance and will be subject to United States federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if that covenant defeasance had not occurred,
and (ii)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in Canada (who may be counsel for Canadian Natural)
or a ruling from the Canada Revenue Agency to the effect that the Holders of the New 2029 Notes or New 2034 Notes, as the case may be,
will not recognize income, gain or loss for Canadian federal or provincial income or other Canadian tax purposes as a result of that
covenant defeasance and will be subject to Canadian federal or provincial income and other Canadian tax (including withholding tax) on
the same amounts, in the same manner and at the same times as would have been the case if that covenant defeasance had not occurred (and
for the purposes of such opinion, such Canadian counsel shall assume that Holders of the New 2029 Notes or New 2034 Notes, as applicable,
include holders who are not resident in Canada).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that Canadian
Natural exercises its option to effect a covenant defeasance with respect to the New 2029 Notes or New 2034 Notes, as the case may be,
the New 2029 Notes or New 2034 Notes, as applicable, are thereafter declared due and payable because of the occurrence of another Event
of Default and the amount of money and securities on deposit with the Trustee would be sufficient, in the opinion of a nationally recognized
firm of independent chartered accountants, to pay the amounts due on the New 2029 Notes or New 2034 Notes, as applicable, at their respective
Stated Maturities, but may not be sufficient, in the opinion of a nationally recognized firm of independent chartered accountants, to
pay the amounts due on the New 2029 Notes or New 2034 Notes, as applicable, at the time of the acceleration resulting from that Event
of Default, then Canadian Natural would remain liable for this deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Provision of Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will file with the Trustee,
within 15 days after we file them with the SEC, copies of our annual report and other information (or copies of such portions of any
of the foregoing as the SEC may by rules&nbsp;and regulations prescribe) which we are required to file with the SEC pursuant to Section&nbsp;13
or 15(d)&nbsp;of the Exchange Act. Notwithstanding that we may not be required to remain subject to the reporting requirements of Section&nbsp;13
or 15(d)&nbsp;of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
reporting pursuant to rules&nbsp;and regulations promulgated by the SEC, we will continue to provide the Trustee, and file with the SEC,
in accordance with rules&nbsp;and regulations prescribed from time to time by the SEC, the information, documents and reports which may
be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules&nbsp;and regulations, which, regardless of applicable requirements shall,
at a minimum, consist of such information required to be provided in quarterly and annual reports under the laws of Canada or any province
thereof to security holders of a corporation with securities listed on the Toronto Stock Exchange, whether or not we have any of our
securities listed on such exchange. Such information will be prepared in accordance with Canadian disclosure requirements and Canadian
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment and Paying Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Principal, premium, if any,
and interest, if any, on the New Notes will be payable at an office or agency of the Trustee in New York, New York, except that at our
option interest, if any, may be paid (i)&nbsp;by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register or (ii)&nbsp;by wire transfer to an account located in the United States maintained by the Person entitled thereto
as specified in the Security Register. Payment of any instalment of interest on the New Notes will be made to the Person in whose name
such note is registered at the close of business on the Regular Record Date for such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may at any time designate
additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent
acts, except that we will be required to maintain a Paying Agent in each Place of Payment for such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consent to Service and Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have designated CT Corporation
System, 28 Liberty Street, New York, New York 10005 as our authorized agent for service of process in the United States in any action,
suit or proceeding arising out of or relating to the Indenture or the New Notes. Any such action may be brought in any Federal court
(or, if such court refuses to take jurisdiction, in any New York state court) located in the Borough of Manhattan in The City of New
York, or brought under United States federal or state securities laws or brought by the Trustee, and Canadian Natural has irrevocably
submitted to the jurisdiction of any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture and the New
Notes will be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Book-Entry System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have obtained the information
in this section concerning DTC and its book-entry systems and procedures from DTC, but we take no responsibility for the accuracy of
this information. In addition, the description in this section reflects our understanding of the rules&nbsp;and procedures of DTC as
they are currently in effect. DTC could change its rules&nbsp;and procedures at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will initially
be represented by one or more fully registered global notes. Each such global note will be deposited with, or on behalf of, DTC or any
successor thereto and registered in the name of Cede&nbsp;&amp; Co. (DTC's nominee). You may hold your interests in the global notes
through DTC either as a participant in DTC or indirectly through organizations that are participants in DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">So long as DTC or its nominee
is the registered owner of the global securities representing the New Notes, DTC or such nominee will be considered the sole owner and
holder of the New Notes for all purposes of the New Notes and the Indenture. Except as provided below, owners of beneficial interests
in the New Notes will not be entitled to have the New Notes registered in their names, will not receive or be entitled to receive physical
delivery of the New Notes in definitive form and will not be considered the owners or holders of the New Notes under the Indenture, including
for purposes of receiving any reports delivered by us or the Trustees pursuant to the Indenture. Accordingly, each person owning a beneficial
interest in a New Note must rely on the procedures of DTC or its nominee and, if such person is not a participant, on the procedures
of the participant through which such person owns its interest, in order to exercise any rights of a holder of New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Depository Trust Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC will act as securities
depositary for the New Notes. The New Notes will be issued as fully registered notes registered in the name of Cede&nbsp;&amp; Co. DTC
has advised us that it is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            limited-purpose trust company organized under the New York Banking Law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            &quot;banking organization&quot; within the meaning of the New York Banking Law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            member of the Federal Reserve System;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            &quot;clearing corporation&quot; within the meaning of the New York Uniform Commercial Code;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            &quot;clearing agency&quot; registered pursuant to the provisions of Section&nbsp;17A of
                                            the Exchange Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC holds securities that
its direct participants deposit with DTC. DTC facilitates the settlement among direct participants of securities transactions, such as
transfers and pledges, in deposited securities through electronic computerized book-entry changes in direct participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct participants of DTC include securities brokers and dealers
(including the underwriters), banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a number
of its direct participants. Access to the DTC system is also available to securities brokers and dealers, banks and trust companies that
clear through or maintain a custodial relationship with a direct participant, either directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you are not a direct
participant or an indirect participant and you wish to purchase, sell or otherwise transfer ownership of, or other interests in, New
Notes, you must do so through a direct participant or an indirect participant. DTC agrees with and represents to DTC participants that
it will administer its book-entry system in accordance with its rules&nbsp;and by-laws and requirements of law. The SEC has on file a
set of the rules&nbsp;applicable to DTC and its direct participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Purchases of New Notes under
DTC's system must be made by or through direct participants, who will receive a credit for the New Notes on DTC's records. The ownership
interest of each beneficial owner is in turn to be recorded on the records of direct participants and indirect participants. Beneficial
owners will not receive written confirmation from DTC of their purchase, but beneficial owners are expected to receive written confirmations
providing details of the transaction, as well as periodic statements of their holdings, from the direct participants or indirect participants
through which such beneficial owners entered into the transaction. Transfers of ownership interests in the New Notes are to be accomplished
by entries made on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing
their ownership interests in the New Notes, except in the event that use of the book-entry system for the New Notes is discontinued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To facilitate subsequent
transfers, all New Notes deposited by direct participants with DTC are registered in the name of DTC's nominee, Cede&nbsp;&amp; Co.,
or such other name as may be requested by an authorized representative of DTC. The deposit of New Notes with DTC and their registration
in the name of Cede&nbsp;&amp; Co. do not affect any change in beneficial ownership. DTC has no knowledge of the actual beneficial owners
of the New Notes. DTC's records reflect only the identity of the direct participants to whose accounts such New Notes are credited, which
may or may not be the beneficial owners. The participants will remain responsible for keeping account of their holdings on behalf of
their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Conveyance of notices and
other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect
participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as
may be in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Euroclear and Clearstream</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the depositary for a
global debt security is DTC, you may hold interests in the global debt security through Clearstream Banking, soci&eacute;t&eacute; anonyme,
which we refer to as &quot;Clearstream&quot;, or Euroclear Bank SA/ NV, as operator of the Euroclear system, which we refer to as &quot;Euroclear&quot;,
in each case, as a participant in DTC. Euroclear and Clearstream will hold interests, in each case, on behalf of their participants through
customers' securities accounts in the names of Euroclear and Clearstream on the books of their respective depositaries, which in turn
will hold such interests in customers' securities in the depositaries' names on DTC's books. Payments, deliveries, transfers, exchanges,
notices and other matters relating to the debt securities made through Euroclear or Clearstream must comply with the rules&nbsp;and procedures
of those systems. Those systems could change their rules&nbsp;and procedures at any time. We have no control over those systems or their
participants, and we take no responsibility for their activities. Transactions between participants in Euroclear or Clearstream, on one
hand, and other participants in DTC, on the other hand, would also be subject to DTC's rules&nbsp;and procedures. Investors will be able
to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices and other transactions involving
any securities held through those systems only on days when those systems are open for business. Those systems may not be open for business
on days when banks, brokers and other institutions are open for business in the United States. In addition, because of time-zone differences,
U.S. investors who hold their interests in the debt securities through these systems and wish on a particular day, to transfer their
interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests, may find that the
transaction will not be effected until the next business day in Luxembourg or Brussels, as applicable. Thus, investors who wish to exercise
rights that expire on a particular day may need to act before the expiration date. In addition, investors who hold their interests through
both DTC and Euroclear or Clearstream may need to make special arrangements to finance any purchase or sales of their interests between
the U.S. and European clearing systems, and those transactions may settle later than transactions within one clearing system. We have
obtained the foregoing information concerning Euroclear and Clearstream from sources we believe to be reliable, but we take no responsibility
for the accuracy of this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Book-Entry Format</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the book-entry format,
the Trustees will pay interest or principal payments to Cede&nbsp;&amp; Co., as nominee of DTC. DTC will forward the payment to the direct
participants, who will then forward the payment to the indirect participants or to you as the beneficial owner. You may experience some
delay in receiving your payments under this system. Neither we, the Trustees under the Indenture nor any paying agent has any direct
responsibility or liability for the payment of principal or interest on the New Notes to owners of beneficial interests in the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC is required to make
book-entry transfers on behalf of its direct participants and is required to receive and transmit payments of principal, premium, if
any, and interest on the New Notes. Any direct participant or indirect participant with which you have an account is similarly required
to make book-entry transfers and to receive and transmit payments with respect to the New Notes on your behalf. We, the underwriters
and the Trustees under the Indenture have no responsibility for any aspect of the actions of DTC or any of its direct or indirect participants.
We, the underwriters and the Trustee under the Indenture have no responsibility or liability for any aspect of the records kept by DTC
or any of its direct or indirect participants relating to, or payments made on account of, beneficial ownership interests in the New
Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. We also do not supervise
these systems in any way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustees will not recognize
you as a holder under the Indenture, and you can only exercise the rights of a holder indirectly through DTC and its direct participants.
DTC has advised us that it will only take action regarding a New Note if one or more of the direct participants to whom the New Note
is credited directs DTC to take such action and only in respect of the portion of the aggregate principal amount of the New Notes as
to which that participant or participants has or have given that direction. DTC can only act on behalf of its direct participants. Your
ability to pledge New Notes to non-direct participants, and to take other actions, may be limited because you will not possess a physical
certificate that represents your New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Neither DTC nor Cede&nbsp;&amp;
Co. (nor such other DTC nominee) will consent or vote with respect to the New Notes unless authorized by a direct participant in accordance
with DTC's procedures. Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date. The
omnibus proxy assigns Cede&nbsp;&amp; Co.' s consenting or voting rights to those direct participants to whose accounts the New Notes
are credited on the record date (identified in a listing attached to the omnibus proxy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC has agreed to the foregoing
procedures in order to facilitate transfers of the New Notes among its participants. However, DTC is under no obligation to perform or
continue to perform those procedures, and may discontinue those procedures at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_016"></A><FONT STYLE="text-transform: uppercase"><B>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each broker-dealer who holds
Initial Notes that are Transfer Restricted Securities that were acquired for its own account as a result of market-making activities
or other trading activities (other than Transfer Restricted Securities acquired directly from the Company), may exchange such Transfer
Restricted Securities under the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each broker-dealer that
receives New Notes for its own account pursuant to the exchange offer in exchange for Initial Notes acquired by such broker-dealer as
a result of market making or other trading activities may be deemed to be an &quot;underwriter&quot; within the meaning of the 1933 Act
and, therefore, must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resales, offers to resell or
other transfers of the New Notes received by it in connection with the exchange offer. Accordingly, each such broker-dealer must acknowledge
that it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such New Notes. By acknowledging
that it will deliver, and by delivering, a prospectus, a broker-dealer will not be deemed to admit that it is an &quot;underwriter&quot;
within the meaning of the 1933 Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of New Notes received in exchange for Initial Notes where such Initial Notes were acquired as a result of
market-making activities or other trading activities. The Company has agreed to use their reasonable best efforts to keep the registration
statement of which this prospectus forms a part continuously effective, supplemented and amended to the extent necessary to ensure that
it is available to any broker-dealer for use in connection with any such resale for a period ending the earlier of (a)&nbsp;180 days
from the date on which the registration statement of which this prospectus forms a part is declared effective; and (b)&nbsp;the date
on which a broker-dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not receive any
proceeds from any sale of New Notes by broker-dealers. New Notes received by broker-dealers for their own account pursuant to the exchange
offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the
writing of options on the New Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at
prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers
of any such New Notes. Any broker-dealer that resells New Notes that were received by it for its own account pursuant to the exchange
offer and any broker or dealer that participates in a distribution of such New Notes may be deemed to be an &quot;underwriter&quot; within
the meaning of the 1933 Act and any profit of any such resale of New Notes and any commissions or concessions received by any such persons
may be deemed to be underwriting compensation under the 1933 Act. The Letter of Transmittal states that, by acknowledging that it will
deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &quot;underwriter&quot; within the
meaning of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For a period of 180
days from the date on which the registration statement of which this prospectus forms a part is declared effective (or shorter as
provided for above), we will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus
to any broker-dealer that requests such documents at any time during such 180-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus does not
qualify the New Notes for public distribution under the securities laws of any province or territory of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The New Notes will constitute
a new issue of securities with no established trading market. We do not intend to apply to list any New Notes on any securities exchange
or any automated quotation system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_017"></A><FONT STYLE="text-transform: uppercase"><B>CERTAIN
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary
of the material Canadian federal income tax considerations generally applicable to a holder of Initial Notes who, as beneficial owner,
exchanges Initial Notes for New Notes pursuant to the exchange offer, and who, at all relevant times, for the purposes of the Canadian
Tax Act and any applicable tax treaty or convention: (i)&nbsp;is not, and is not deemed to be, resident in Canada, (ii)&nbsp;is entitled,
as beneficial owner, to receive all payments (including all principal and interest) made in respect of the Notes, (iii)&nbsp;deals at
arm's length, and is not affiliated, with any of Canadian Natural, any subsidiary or successor thereof, the Initial Purchasers, and with
any transferees resident (or deemed to be resident) in Canada to whom the holder assigns or otherwise transfers a Note, (iv)&nbsp;is
neither a &quot;specified non-resident shareholder&quot; of Canadian Natural nor a person who does not deal at arm's length with a &quot;specified
shareholder&quot; of Canadian Natural for purposes of the &quot;thin capitalization&quot; rules&nbsp;contained in the Canadian Tax Act,
(v)&nbsp;is not an entity which is a &quot;specified entity&quot; (within the meaning of subsection&nbsp;18.4(1)&nbsp;of the Canadian
Tax Act) or in respect of which Canadian Natural is a &quot;specified entity&quot;, (vi)&nbsp;does not use or hold, and is not deemed
to use or hold, a Note in, or in connection with, a trade or business carried on, or deemed to be carried on, in Canada, (vii)&nbsp;is
not an insurer that carries on an insurance business in Canada and elsewhere, and (viii)&nbsp;is not an &quot;authorized foreign bank&quot;.
Holders who satisfy all of the foregoing requirements are referred to as a &quot;<B>Non-Resident Holder</B>&quot; or &quot;<B>Non-Resident
Holders</B>&quot; in this summary of certain Canadian federal income tax considerations, and this summary only addresses such Non-Resident
Holders. This summary assumes that no interest paid on the Notes will be in respect of a debt or other obligation to pay an amount to
a person with whom Canadian Natural does not deal at arm's length within the meaning of the Canadian Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary is based on
the facts set out in this prospectus supplement, the current provisions of the Canadian Tax Act and on our understanding of the current
administrative and assessing practices and policies of the Canada Revenue Agency published in writing and made publicly available prior
to the date hereof. This summary takes into account all specific proposals to amend the Canadian Tax Act publicly announced by or on
behalf of the Minister of Finance (Canada) prior to the date hereof (the &quot;<B>Proposed Amendments</B>&quot;), and assumes that all
such Proposed Amendments will be enacted in the form proposed. However, no assurance can be given that the Proposed Amendments will be
enacted as proposed or at all. This summary is not exhaustive of all Canadian federal income tax considerations and, except as mentioned
above, does not take into account or anticipate any change in the law or any change in the administrative or assessing practices and
policies whether by legislative, regulatory, administrative or judicial action. This summary does not take into account foreign (i.e.,
non-Canadian) tax considerations or Canadian provincial or territorial tax considerations, which may vary significantly from the Canadian
federal income tax considerations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>This summary of certain
Canadian federal income tax considerations is of general nature only, is not exhaustive of all Canadian federal income tax consideration
that may be relevant to a particular holder of Notes (including a &quot;Non-Resident Holder&quot; as defined above), and is not intended
to be, nor should it be construed to be, legal, business or tax advice to a particular holder of Notes, and no representation with respect
to the income tax consequences to any particular holder is made. Accordingly, holders should consult with their own tax advisors for
advice regarding the income tax considerations applicable to their particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>This summary does not
address Canadian tax consequences to residents of Canada or deemed residents of Canada of the exchange, holding or disposition of Notes.
Residents of Canada or deemed residents of Canada are urged to consult their own legal and tax advisers with respect to the Canadian
tax consequences of the exchange, holding or disposition of Notes having regard to their particular circumstances and with respect to
the eligibility of the Notes under relevant Canadian legislation and regulations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange of Initial Notes for New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No tax under the Canadian
Tax Act will be payable by a Non-Resident Holder on the exchange of Initial Notes for New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Holding and Disposition of Initial Notes and
New Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Canadian Tax Act,
interest, principal or premium, if any, paid or credited, or deemed to be paid or credited, by Canadian Natural to a Non-Resident Holder
on the Notes, and any proceeds of disposition received by a Holder on the disposition of a Note, including on redemption, repurchase,
or repayment at maturity, will be exempt from Canadian non-resident withholding tax. No other taxes on income (including taxable capital
gains) will be payable under the Canadian Tax Act by a Non-Resident Holder on interest, principal, discount or premium, or on the proceeds
received by a Non-Resident Holder on the disposition of a Note including on redemption or payment on maturity, solely as a consequence
of the acquisition, holding or disposition (including on redemption, repurchase, or repayment at maturity) of the Notes..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_018"></A><FONT STYLE="text-transform: uppercase"><B>CERTAIN
U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a general
discussion of certain U.S. federal income tax consequences of the exchange of Initial Notes for New Notes pursuant to this prospectus
supplement and of the ownership and disposition of the New Notes by certain U.S. Holders, as defined below. This discussion is not a
complete analysis or listing of all of the possible U.S. federal tax consequences of such transactions and does not address all tax considerations
that might be relevant to you in light of your personal circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion is limited
to the U.S. federal income tax consequences to persons who are beneficial owners of Notes and who hold Notes as capital assets within
the meaning of Section&nbsp;1221 of the U.S. Internal Revenue Code of 1986, as amended (the &quot;<B>Code</B>&quot;). This discussion
does not address the U.S. federal income tax consequences to investors subject to special treatment under the U.S. federal income tax
laws, such as: dealers in securities or foreign currency; brokers; traders that mark-to-market their securities; tax-exempt entities;
qualified retirement plans, individual retirement accounts and other tax-deferred accounts; banks, thrifts and other financial institutions;
insurance companies; persons that hold Notes as part of a &quot;straddle,&quot; as part of a &quot;hedge&quot; against currency risk,
or as part of a wash sale or &quot;conversion transaction;&quot; U.S. Holders that have a &quot;functional currency&quot; other than
the U.S. dollar; regulated investment companies; real estate investment trusts; expatriates and former long-term residents of the United
States; persons subject to the alternative minimum tax; entities and arrangements that are treated as pass-through entities for U.S.
federal income tax purposes that hold Notes and investors therein; and persons required for U.S. federal income tax purposes to conform
the timing of income accruals with respect to Notes to their financial statements under Section&nbsp;451 of the Code. In addition, this
discussion is generally limited to the U.S. federal income tax consequences to U.S. Holders of Initial Notes who receive New Notes in
exchange for Initial Notes pursuant to the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion does not
describe any tax consequences arising out of the tax laws of any state, local or non-U.S. jurisdiction, or any U.S. federal tax laws
other than income tax laws (e.g., gift or estate tax laws).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary is based upon
existing provisions of the Code, final, temporary, and proposed U.S. Treasury regulations promulgated thereunder (&quot;<B>Treasury Regulations</B>&quot;),
and current administrative rulings and practice, judicial decisions, and interpretations of the foregoing, all as in effect on the date
hereof. All of the foregoing are subject to change, possibly on a retroactive basis, and any such change could affect the continuing
validity of this discussion. This discussion is not binding on the U.S. Internal Revenue Service (the &quot;<B>IRS</B>&quot;) and we
have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the
IRS will not take positions that are different from those discussed below or that a U.S. court will not sustain such a challenge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following discussion
is for general information only and is not intended to be, nor should it be construed to be, legal or tax advice to any holder or prospective
holder of Notes and no opinion or representation with respect to the U.S. federal income tax consequences to any such holder or prospective
holder is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">YOU ARE URGED TO CONSULT
YOUR OWN TAX ADVISORS CONCERNING THE APPLICATION OF U.S. FEDERAL TAX LAWS TO YOUR PARTICULAR CIRCUMSTANCES AS WELL AS ANY TAX CONSEQUENCES
ARISING UNDER THE LAWS OF ANY STATE, LOCAL, NON-U.S. OR OTHER TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For purposes of the following
discussion, a &quot;U.S. Holder&quot; is a beneficial owner of a Note that, for U.S. federal income tax purposes, is or is treated as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">an
                                            individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">a
                                            corporation created or organized under the laws of the United States, any state thereof,
                                            or the District of Columbia;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">an
                                            estate whose income is includible in gross income for U.S. federal income tax purposes regardless
                                            of its source; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">a
                                            trust, if (i)&nbsp;a U.S. court is able to exercise primary supervision over the administration
                                            of the trust and one or more U.S. persons have the authority to control all substantial decisions
                                            of the trust or (ii)&nbsp;it has a valid election in effect under applicable Treasury Regulations
                                            to be treated as a U.S. person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a pass-through entity
or arrangement, including a partnership or other entity classified as a partnership for U.S. federal income tax purposes, is a beneficial
owner of Notes, the U.S. federal income tax treatment of an owner or partner generally will depend upon the status of such owner or partner
and upon the activities of the pass-through entity. Entities or arrangements that are treated as pass-through entities for U.S. federal
income tax purposes that are considering exchanging Initial Notes for New Notes pursuant to this prospectus supplement (and investors
therein) are urged to consult their own tax advisors as to U.S. federal, state and local and non-U.S. tax consequences of such exchange
and the ownership and disposition of New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Federal Income Tax Consequences for
U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Exchange Offer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exchange of an Initial
Note for a New Note pursuant to the exchange offer should not constitute an exchange for U.S. federal income tax purposes because the
differences between the New Notes and the Initial Notes do not constitute a &quot;significant modification.&quot; Accordingly, U.S. Holders
who exchange an Initial Note for a New Note in connection with the exchange offer should not recognize any taxable gain or loss as a
result of such exchange, and any such U.S. Holder should have the same tax basis and holding period in the New Note as it had in the
Initial Note exchanged therefor immediately before the exchange. You are urged to consult your own tax advisors regarding the particular
U.S. federal, state, local, non-U.S. and other tax law consequences of exchanging an Initial Note for a New Note in connection with the
exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contingent payments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As described under the heading
 &quot;Description of the New Notes&mdash;Optional Redemption&quot; and &quot;Description of the New Notes&mdash;Additional Amounts,&quot;
in certain circumstances, additional payments may be made with respect to the Notes in excess of the stated principal and interest. It
is possible that our obligation to make additional payments on the Notes could implicate the provisions of Treasury Regulations relating
to &quot;contingent payment debt instruments.&quot; According to the applicable Treasury Regulations, certain contingencies (e.g., contingencies
that are in the aggregate, as of the date of issuance, remote or incidental) will not cause a debt instrument to be treated as a contingent
payment debt instrument. We intend to take the position that, as of the date of issuance, the relevant contingencies should not cause
the Notes to be treated as contingent payment debt instruments for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our determination that the
Notes are not contingent payment debt instruments is binding on you unless you disclose your contrary position in the manner required
by applicable Treasury Regulations. Our determination, however, is not binding on the IRS, and if the IRS were to challenge this determination,
you may be required to accrue interest income on the New Notes at a rate in excess of the stated interest rate and to treat any gain
recognized on the taxable disposition of a New Note as ordinary income rather than as capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The remainder of this disclosure
assumes that our determination that the contingencies are remote or incidental is correct. You are urged to consult your own tax advisors
regarding the possible application of the contingent payment debt instrument rules&nbsp;to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stated interest</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the discussion
of bond premium below, stated interest on your New Note will be taxable to you as ordinary income at the time it accrues or is received,
in accordance with your regular method of accounting for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition to interest
on the New Notes, you will be required to include in income any Canadian taxes withheld and additional amounts we may pay to cover any
such Canadian taxes withheld from interest payments. As a result, you may be required to include more interest in gross income than the
amount of cash you actually receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest paid on the New
Notes will generally constitute foreign source income and, for purposes of computing the U.S. foreign tax credit, generally will be considered
either &quot;passive category income.&quot; You may be entitled to deduct or claim a U.S. foreign tax credit for Canadian withholding
taxes (if any) withheld from interest payments on the New Notes, subject to applicable limitations in the Code. The rules&nbsp;governing
the U.S. foreign tax credit are complex, and you are urged to consult your tax advisor regarding the availability of claiming a U.S.
foreign tax credit under your particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Market Discount</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a U.S. Holder&rsquo;s
tax basis in an Initial Note was less than its stated principal amount by equal to or more than a statutorily defined de minimis amount
(i.e., one-quarter of one percent of the issue price of the Initial Note multiplied by the number of complete years to maturity) at purchase,
it holds such Initial Note with &quot;market discount&quot; for U.S. federal income tax purposes. Any market discount applicable to an
Initial Note should carry over to the New Note received pursuant to the exchange offer in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the market discount
rules, a U.S. Holder is required to treat any principal payment on, or any gain on the sale, exchange, redemption, retirement or other
taxable disposition of, a New Note as ordinary income to the extent of any accrued market discount (on the Initial Note or the New Note)
that has not previously been included in income. If a U.S. Holder disposes of a New Note in an otherwise nontaxable transaction (other
than certain specified nonrecognition transactions), such holder will be required to include any accrued market discount as ordinary
income as if such holder had sold the New Note at its then fair market value. In addition, such holder may be required to defer, until
the maturity of the New Note or its earlier disposition in a taxable transaction, the deduction of a portion of the interest expense
on any indebtedness incurred or continued to purchase or carry the Initial Note or the New Note received in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Market discount accrues
ratably during the period from the date on which such holder acquired the Initial Note through the maturity date of the New Note (for
which the Initial Note was exchanged), unless such holder makes an irrevocable election to accrue market discount under a constant yield
method. Such holder may elect to include market discount in income currently as it accrues (either ratably or under the constant yield
method), in which case the rule&nbsp;described above regarding deferral of interest deductions will not apply. If such holder elects
to include market discount in income currently, such holder's adjusted basis in a New Note will be increased by any market discount included
in income. An election to include market discount currently will apply to all market discount obligations acquired during or after the
first taxable year in which the election is made, and the election may not be revoked without the consent of the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Bond Premium</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a U.S. Holder purchased
an Initial Note (which will be exchanged for a New Note pursuant to the exchange offer) for an amount in excess of the amount payable
at maturity (or an earlier call date if it results in a smaller bond premium), the excess will be treated as bond premium. Any bond premium
applicable to an Initial Note should carry over to the New Note received in exchange therefor. A U.S. Holder may elect to reduce the
amount required to be included in income each year (or until an earlier call date, as applicable) with respect to interest on its New
Note by the amount of amortizable bond premium allocable to that year, based on the New Note's yield to maturity. If a U.S. Holder elects
to amortize bond premium, such holder must reduce its basis in a Note by the amount of the premium amortized. If a U.S. Holder makes
the election to amortize bond premium, it will apply to all debt instruments (other than debt instruments the interest on which is excludible
from gross income) that the U.S. Holder holds at the beginning of the first taxable year to which the election applies or thereafter
acquires, and the election may not be revoked without the consent of the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sale, exchange, redemption, retirement or
other taxable disposition of the New Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the sale, exchange,
redemption, retirement or other taxable disposition of a New Note, you generally will recognize gain or loss in an amount equal to the
difference between (i)&nbsp;the sum of cash plus the fair market value of any property received on such disposition (other than any amount
received that is attributable to accrued but unpaid interest not previously included in income, which will be taxable as ordinary interest
income), and (ii)&nbsp;your adjusted tax basis in the New Note at the time of such disposition. Your adjusted tax basis in a New Note
generally will be equal to your initial tax basis in the New Note, increased by any market discount previously included in income with
respect to such New Note and decreased by any bond premium amortized by you with respect to such New Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the discussion
of market discount above, gain or loss recognized on the sale, exchange, redemption, retirement or other taxable disposition of a New
Note generally will constitute capital gain or loss and will be long-term capital gain or loss if you have held the New Note for more
than one year. Non-corporate U.S. Holders may be entitled to reduced rates of U.S. federal income taxation on net long-term capital gains.
The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Gain or loss on the sale,
exchange, redemption, retirement or other taxable disposition of a New Note generally will be treated as U.S. source income or loss for
U.S. federal income tax purposes and for purposes of computing the U.S. foreign tax credit allowable to you, unless such gain or loss
is attributable to an office or other fixed place of business outside of the United States and certain other conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Medicare contribution tax on unearned income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain U.S. Holders that
are individuals, estates and trusts are required to pay 3.8 percent tax on &quot;net investment income&quot; (or in the case of an estate
or trust, &quot;undistributed net investment income&quot;), which generally includes, among other things, interest on, and capital gains
from the sale or other disposition of the New Notes, subject to certain limitations and exceptions. You are urged to consult your own
tax advisors regarding the applicability of this additional tax to your ownership and disposition of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE U.S. FEDERAL INCOME TAX DISCUSSION SET FORTH
ABOVE IS INCLUDED FOR GENERAL INFORMATION ONLY AND MAY&nbsp;NOT BE APPLICABLE DEPENDING UPON YOUR PARTICULAR SITUATION. YOU ARE URGED
TO CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES TO YOU OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE NEW
NOTES INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER
TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payments of interest on
a New Note made within the United States (including payments made by wire transfer from outside the United States to an account you maintain
in the United States) and a payment of the proceeds from the sale, exchange, redemption, retirement or other taxable disposition of a
New Note effected at a U.S. office of a broker generally will be subject to information reporting. Backup withholding, currently at the
rate of 24%, will generally apply if you (a)&nbsp;fail to furnish your correct taxpayer identification number (generally on an IRS Form&nbsp;W-9),
(b)&nbsp;furnish an incorrect taxpayer identification number, (c)&nbsp;are notified by the IRS that you have previously failed to report
properly items subject to backup withholding, (d)&nbsp;fail to certify, under penalty of perjury, that you have furnished your correct
taxpayer identification number and that the IRS has not notified you that you are subject to backup withholding, or (e)&nbsp;otherwise
fail to comply with the applicable requirements of the backup withholding rules. If you are a corporation or a person that is not a U.S.
person, you may be exempt from information reporting and backup withholding requirements, provided that you establish your exemption
by certifying your status on the appropriate IRS Form&nbsp;W-8 or IRS Form&nbsp;W-9 (or a successor form), as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Backup withholding is not
an additional U.S. federal income tax. Any amounts withheld under the U.S. backup withholding rules&nbsp;will be allowed as a credit
against your U.S. federal income tax liability, if any, or will be refunded to the extent it exceeds such liability, if you furnish required
information to the IRS in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Financial Asset Disclosure</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain U.S. Holders who
are individuals (and certain entities) that hold an interest in &quot;specified foreign financial assets&quot; (which may include the
New Notes) are required to report information (on IRS Form&nbsp;8938) relating to such assets, subject to certain exceptions including
an exception for New Notes held in accounts maintained by certain financial institutions (in which case the accounts themselves are generally
reportable if maintained by non-U.S. financial institutions). U.S. Holders who fail to report the required information could be subject
to substantial penalties. Prospective U.S. Holders are urged to consult their tax advisors regarding the effect, if any, of this requirement
on their ownership and disposition of New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_019"></A><FONT STYLE="text-transform: uppercase"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain legal matters in
connection with the exchange offer relating to Canadian law will be passed upon by Bennett Jones LLP, Calgary, Alberta, and certain legal
matters in connection with the exchange offer relating to U.S. law will be passed upon by Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison
LLP, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_020"></A><FONT STYLE="text-transform: uppercase"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Bennett Jones LLP, our Canadian
counsel, has advised us with respect to enforceability of civil liabilities as set forth above under the headings &quot;Enforceability
of Civil Liabilities&quot; and &quot;Risk Factors&quot;. Based on information provided to us, as of the date of this prospectus supplement,
the partners and associates of Bennett Jones LLP, as a group, beneficially own, directly or indirectly, less than 1% of any class of
our outstanding securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated balance
sheets as at December&nbsp;31, 2024 and 2023 and the related consolidated statements of earnings, of comprehensive income, of changes
in equity and of cash flows for each of the three years in the period ended December&nbsp;31, 2024, including the related notes, incorporated
by reference in this prospectus supplement, have been so incorporated in reliance on the report dated March&nbsp;5, 2025 of PricewaterhouseCoopers
LLP, an independent registered public accounting firm. Such financial statements have been included herein in reliance upon the report
of such firm, given upon their authority as experts in auditing and accounting. PricewaterhouseCoopers LLP has advised that it is independent
with respect to Canadian Natural within the meaning of the Rules&nbsp;of Professional Conduct of the Chartered Professional Accountants
of Alberta and the rules&nbsp;of the SEC and the Public Company Accounting Oversight Board (U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sproule International Limited
and GLJ Ltd., independent qualified reserves evaluators, have evaluated our reserves in reports dated March&nbsp;5, 2025, with an effective
date of December&nbsp;31, 2024 and a preparation date of February&nbsp;10, 2025, as more particularly described in our AIF, incorporated
by reference herein. The statements as to our reserves, which are incorporated by reference in this prospectus, have been so incorporated
by reference upon the authority, as experts, of Sproule International Limited and GLJ Ltd., to the extent described in the documents
incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on information provided
by the relevant persons or companies, there are beneficial interests, direct or indirect, in less than 1% of our securities or property
or securities or property of our associates or affiliates held by Sproule International Limited or GLJ Ltd. or by &quot;designated professionals&quot;,
being any partners, employees or consultants of such independent consultants who participated in and who were in a position to directly
influence the preparation of the relevant report, or any such person who, at the time of the preparation of the report was in a position
to directly influence the outcome of the preparation of the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_021"></A><FONT STYLE="text-transform: uppercase"><B>DOCUMENTS
FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents
have been filed with the SEC as part of the registration statement of which this prospectus is a part insofar as required by the SEC's
Form&nbsp;F-10:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            documents listed in the third paragraph under &quot;Where You Can Find More Information&quot;
                                            in this prospectus supplement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            consent of our independent auditors, PricewaterhouseCoopers LLP;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            consent of our Canadian counsel, Bennett Jones <FONT STYLE="font-variant: small-caps">LLP</FONT>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            consents of our independent qualified reserves evaluators, Sproule International Limited
                                            and GLJ Ltd.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">powers
                                            of attorney from directors and officers of Canadian Natural;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Indenture relating to the debt securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Registration Rights Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            form of letter of transmittal;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            form of notice of guaranteed delivery; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            statement of eligibility of the Trustee on Form&nbsp;T-1.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHORT FORM&nbsp;BASE SHELF PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"><I><U>New Issue</U></I></TD><TD STYLE="width: 50%; text-align: right">August&nbsp;28, 2025</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2527819d1_supplimg002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CANADIAN NATURAL RESOURCES LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$4,500,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural Resources
Limited may offer for sale from time to time debt securities in the aggregate principal amount of up to US$4,500,000,000 (or the equivalent
thereof in other currencies or currency&nbsp;units based on the applicable exchange rate at the time of the distribution) during the
25 month period that this prospectus (including any amendments hereto) remains valid. The debt securities may be offered for cash or
in exchange for outstanding securities or other assets. The debt securities may be offered separately or together, in one or more series,
in amounts, at prices and on other terms to be determined based on market conditions at the time of issuance and set forth in an accompanying
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will provide the specific
terms of the debt securities and all information omitted from this prospectus in supplements to this prospectus. You should read this
prospectus and any applicable prospectus supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We are permitted, under
the multijurisdictional disclosure system adopted by the United States and the provinces of Canada, to prepare this prospectus and any
applicable prospectus supplement in accordance with Canadian disclosure requirements. Prospective investors should be aware that such
requirements are different from those of the United States. We prepare our financial statements in accordance with International Financial
Reporting Standards (&ldquo;IFRS&rdquo;), as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), and they are
subject to the standards of the Public Company Accounting Oversight Board (U.S.). As a result, the financial statements included or incorporated
by reference in this prospectus and any applicable prospectus supplement may not be comparable to financial statements of United States
companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>As of the date hereof,
Canadian Natural has determined that it qualifies as a &ldquo;well-known seasoned issuer&rdquo; under the WKSI Blanket Order (as defined
herein). See &ldquo;Reliance on Exemptions for Well-Known Seasoned Issuers&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Certain data on oil and
gas reserves included or incorporated by reference in this prospectus and any applicable prospectus supplement has been prepared in accordance
with Canadian disclosure standards, which are not comparable in all respects to United States disclosure standards. See &ldquo;Note&nbsp;Regarding
Reserves Disclosure&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Prospective investors
should be aware that the acquisition of the debt securities may have tax consequences both in the United States and Canada. Such consequences
for investors who are residents in, or citizens of, the United States may not be described fully in this prospectus or any applicable
prospectus supplement. You should read the tax discussion in any applicable prospectus supplement and consult with your tax adviser.
See &ldquo;Certain Income Tax Considerations&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The enforcement by investors
of civil liabilities under the United States federal securities laws may be affected adversely by the fact that we are incorporated in
Alberta, that most of our officers and directors are Canadian residents, that some of the experts named in the registration statement
may be residents of Canada, and that most of our assets and all or most of the assets of our officers and directors and the experts are
located outside the United States. See &ldquo;Enforceability of Civil Liabilities&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>THESE SECURITIES HAVE
NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &ldquo;SEC&rdquo;) NOR HAS THE SEC OR ANY
STATE OR PROVINCIAL SECURITIES COMMISSION OR SIMILAR AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The debt securities have
not been qualified for sale under the securities laws of any province or territory of Canada and are not being and may not be offered
or sold, directly or indirectly, in Canada or to any resident of Canada in contravention of the securities laws of any province or territory
of Canada.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>All shelf information
permitted under applicable law to be omitted from this prospectus will be contained in one or more prospectus supplements that will be
delivered to purchasers together with this prospectus. Each prospectus supplement will be incorporated by reference into this prospectus
for the purposes of securities legislation as of the date of the prospectus supplement and only for the purposes of the distribution
of the debt securities to which the prospectus supplement pertains.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Unless otherwise specified
in the applicable prospectus supplement, the debt securities will not be listed on any securities or stock exchange. There is no market
through which the debt securities may be sold and purchasers may not be able to resell the debt securities purchased under any prospectus
supplement. This may affect the pricing of the debt securities in the secondary market, the transparency and availability of trading
prices, the liquidity of the debt securities and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Messrs.&nbsp;N. Murray Edwards
and Gordon D. Giffin are directors of Canadian Natural who reside outside of Canada and each of these directors has appointed us as their
agent for service of process in Canada at 2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W., Calgary, Alberta, T2P 4J8. Purchasers are
advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated,
continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our head, principal and
registered office is located at 2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W., Calgary, Alberta, Canada, T2P 4J8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 97%"><A HREF="#p_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: right"><A HREF="#p_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING STATEMENTS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE REGARDING RESERVES DISCLOSURE
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANADIAN NATURAL RESOURCES LIMITED
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EARNINGS COVERAGE </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEBT SECURITIES </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN INCOME TAX CONSIDERATIONS
    </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPOINTMENT OF AGENT FOR SERVICE OF
    PROCESS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#p_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RELIANCE ON EXEMPTIONS FOR WELL-KNOWN
    SEASONED ISSUERS </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26
    </FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#p_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS FILED AS PART&nbsp;OF THE
    REGISTRATION STATEMENT </FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#p_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 58; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_001"></A><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this prospectus and any
applicable prospectus supplement, all capitalized terms and acronyms used and not otherwise defined have the meanings provided in the
prospectus and any applicable prospectus supplement. Unless otherwise specified or the context otherwise requires, all references in
this prospectus to &ldquo;Canadian Natural&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, and &ldquo;our&rdquo;
mean Canadian Natural Resources Limited and its subsidiaries, partnerships and, where applicable, interests in other entities. In the
section entitled &ldquo;Description of Debt Securities&rdquo; in this prospectus, &ldquo;Canadian Natural&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;
and &ldquo;our&rdquo; refers only to Canadian Natural Resources Limited and not to any of its subsidiaries or interests in partnerships
or other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
or the context otherwise requires, in this prospectus, in any applicable prospectus supplement and in documents incorporated by reference
in this prospectus and any applicable prospectus supplement, all dollar amounts are expressed in Canadian dollars, and references to
 &ldquo;dollars&rdquo;, &ldquo;Cdn$&rdquo; or &ldquo;$&rdquo; are to Canadian dollars and all references to &ldquo;US$&rdquo; are to United
States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our financial statements
incorporated by reference in this prospectus and any applicable prospectus supplement are prepared in accordance with IFRS, as issued
by the IASB, and they are subject to the standards of the Public Company Accounting Oversight Board (U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">This prospectus replaces our base
shelf prospectus for debt securities dated July&nbsp;27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural has filed
with the SEC under the United States <I>Securities Act of 1933</I>, as amended (the &ldquo;<B>1933 Act</B>&rdquo;), a registration statement
on Form&nbsp;F-10 relating to the offering of the debt securities, of which this prospectus forms a part. This prospectus does not contain
all of the information set forth in such registration statement, certain items of which are contained in the exhibits to the registration
statement as permitted or required by the rules&nbsp;and regulations of the SEC. Information omitted from this prospectus but contained
in the registration statement will be available on the SEC&rsquo;s website at www.sec.gov. You may refer to the registration statement
and the exhibits to the registration statement for further information with respect to us and the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Information on or connected
to our website, even if referred to in a document incorporated by reference herein, does not constitute part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_002"></A><B>ENFORCEABILITY OF CIVIL
LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a corporation incorporated
under and governed by the <I>Business Corporations Act</I> (Alberta). Most of our officers and directors and some of the experts named
in this prospectus are Canadian residents, and most of our assets and all or most of the assets of our officers and directors and the
experts are located outside the United States. We have appointed an agent for service of process in the United States, but it may be
difficult for holders of debt securities who reside in the United States to effect service within the United States upon those directors,
officers and experts who are not residents of the United States. It may also be difficult for holders of debt securities who reside in
the United States to realize in the United States upon judgments of courts of the United States predicated upon our civil liability and
the civil liability of our directors and officers and experts under the United States federal securities laws. We have been advised by
Bennett Jones&nbsp;LLP that there is a substantial doubt whether an action could be brought in Canada in the first instance on the basis
of liability predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We filed with the SEC, concurrently
with our registration statement on Form&nbsp;F-10 of which this prospectus forms a part, an appointment of agent for service of process
and undertaking on Form&nbsp;F-X. Under the Form&nbsp;F-X, we appointed CT Corporation System as our agent for service of process in
the United States in connection with any investigation or administrative proceeding conducted by the SEC and any civil suit or action
brought against or involving us in a United States court arising out of or related to or concerning the offering of debt securities under
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 59; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_003"></A><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain statements contained
in this prospectus and any applicable prospectus supplement, and in the documents incorporated by reference herein and therein, may contain
or incorporate by reference &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo; (collectively referred
to herein as &ldquo;<B>forward-looking statements</B>&rdquo;) within the meaning of applicable securities legislation. Forward-looking
statements can be identified by the words &ldquo;believe&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;expect&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;target&rdquo;, &ldquo;continue&rdquo;, &ldquo;could&rdquo;, &ldquo;intend&rdquo;, &ldquo;may&rdquo;, &ldquo;potential&rdquo;,
 &ldquo;predict&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;, &ldquo;objective&rdquo;, &ldquo;project&rdquo;, &ldquo;forecast&rdquo;,
 &ldquo;goal&rdquo;, &ldquo;guidance&rdquo;, &ldquo;outlook&rdquo;, &ldquo;effort&rdquo;, &ldquo;seeks&rdquo;, &ldquo;schedule&rdquo;,
 &ldquo;proposed&rdquo;, &ldquo;aspiration&rdquo; or expressions of a similar nature suggesting future outcome or statements regarding
an outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Disclosure related to Canadian
Natural&rsquo;s strategy or strategic focus, capital budget, expected future commodity pricing, forecast or anticipated production volumes,
royalties, production expenses, capital expenditures, abandonment expenditures, income tax expenses, the use of proceeds from any sale
of the debt securities, credit ratings and their interpretations, and other targets provided throughout this prospectus, any applicable
prospectus supplement and the documents incorporated by reference herein or therein constitute forward-looking statements. Disclosure
of plans relating to and expected results of existing and future developments, including, without limitation, those in relation to the
Company&rsquo;s assets at Horizon Oil Sands, the Athabasca Oil Sands Project, the Primrose thermal oil projects, the Pelican Lake water
and polymer flood projects, the Kirby, Jackfish and Pike thermal oil sands projects, the operations of the North&nbsp;West Redwater bitumen
upgrader and refinery, construction by third parties of new or expansion of existing pipeline capacity or other means of transportation
of bitumen, crude oil, natural gas, natural gas liquids (&ldquo;<B>NGLs</B>&rdquo;), or synthetic crude oil that we may be reliant upon
to transport the Company&rsquo;s products to market, the construction, expansion, or maintenance of third party facilities that process
the Company&rsquo;s products, the abandonment and decommissioning of certain of the Company&rsquo;s assets and the timing thereof, the
development and deployment of technology and technological innovations, the assumption of operations at processing facilities, the &ldquo;2025
Activity&rdquo; section of the AIF (as defined herein) with respect to budgeted capital expenditures for 2025, targeted international
decommissioning activities and the timing thereof, the financial capacity of the Company to complete its growth projects and responsibly
and sustainably grow in the long-term, the materiality of the impact of litigation and tax interpretations on the Company&rsquo;s results,
any targeted payouts pursuant to Canadian Natural&rsquo;s free cash flow allocation policy, and the Company&rsquo;s acquisitions, also
constitute forward-looking statements. These forward-looking statements are based on annual budgets and multi-year forecasts, and are
reviewed and revised throughout the year as necessary in the context of targeted financial ratios, project returns, product pricing expectations
and balance in project risk and time horizons. These statements are not guarantees of future performance and are subject to certain risks.
The reader should not place undue reliance on these forward-looking statements as there can be no assurances that the plans, initiatives
or expectations upon which they are based will occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, statements
relating to &ldquo;reserves&rdquo; are deemed to be forward-looking statements as they involve the implied assessment based on certain
estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent
in estimating quantities of proved and proved plus probable crude oil, natural gas and NGLs reserves and in projecting future rates of
production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly
from reserves and production estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking statements
are based on current expectations, estimates and projections about the Company and the industry in which the Company operates, which
speak only as of the earlier of the date such statements were made or as of the date of the report or document in which they are contained,
and are subject to known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among others: general economic and business conditions (including as a result of the
actions of the Organization of the Petroleum Exporting Countries Plus (&ldquo;<B>OPEC+</B>&rdquo;), the impact of conflicts in the Middle
East and in Ukraine, increased inflation, and the risk of decreased economic activity resulting from a global recession) which may impact,
among other things, demand and supply for, and market prices of the Company&rsquo;s products, and the availability and cost of resources
required by the Company&rsquo;s operations; volatility of and assumptions regarding crude oil, natural gas and NGLs prices; fluctuations
in currency and interest rates; assumptions on which the Company&rsquo;s current targets are based; economic conditions in the countries
and regions in which the Company conducts business; changes and uncertainty in the international trade environment, including with respect
to tariffs, export restrictions, embargoes, and key trade agreements (including the tariffs imposed or announced by the U.S. government
on certain goods and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended,
increased, decreased, or expanded to additional goods); uncertainty in the regulatory framework governing greenhouse gas emissions including,
among other things, financial and other support from various levels of government for climate related initiatives and potential emissions
or production caps; civil unrest and political uncertainty, including changes in government, actions of or against terrorists, insurgent
groups or other conflict including conflict between states; the Company&rsquo;s ability to prevent and recover from cyberattack, other
cyber-related crimes and other cyber-related incidents; industry capacity; the Company&rsquo;s ability to implement its business strategy,
including exploration and development activities; the impact of competition; the Company&rsquo;s defense of lawsuits; availability and
cost of seismic, drilling and other equipment; the Company&rsquo;s and its subsidiaries&rsquo; ability to complete capital programs;
the Company&rsquo;s and its subsidiaries&rsquo; ability to secure adequate transportation for its products; unexpected disruptions or
delays in mining, extracting or upgrading of the Company&rsquo;s bitumen products; potential delays or changes in plans with respect
to exploration or development projects or capital expenditures; ability of the Company to attract the necessary labour required to build,
maintain, and operate its thermal and oil sands mining projects; operating hazards and other difficulties inherent in the exploration
for and production and sale of crude oil and natural gas and in mining, extracting or upgrading the Company&rsquo;s bitumen products;
availability and cost of financing; the Company&rsquo;s and its subsidiaries&rsquo; success of exploration and development activities
and its ability to replace and expand crude oil and natural gas reserves; the Company&rsquo;s ability to meet its targeted production
levels; the timing and success of integrating the business and operations of acquired companies and assets; production levels; imprecision
of reserves estimates and estimates of recoverable quantities of crude oil, natural gas and NGLs not currently classified as proved;
actions by governmental authorities; government regulations and the expenditures required to comply with them (especially safety, competition,
environmental laws and regulations, and the impact of climate change initiatives on capital expenditures and production expenses); interpretations
of applicable tax and competition laws and regulations; asset retirement obligations; the sufficiency of the Company&rsquo;s liquidity
to support its growth strategy and to sustain its operations in the short-, medium- and long-term; the strength of the Company&rsquo;s
balance sheet; the flexibility of the Company&rsquo;s capital structure; the impact of legal proceedings to which the Company is a party;
the adequacy of the Company&rsquo;s provision for taxes; and other circumstances affecting revenues and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s operations
have been, and in the future may be, affected by political developments and by national, federal, provincial, state, and local laws and
regulations such as restrictions on production, the imposition of tariffs, export restrictions or embargoes on the Company&rsquo;s products
(including the tariffs imposed or announced by the U.S. government on certain goods and actual or potential Canadian countermeasures,
both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded to additional goods), changes in
taxes, royalties and other amounts payable to governments or governmental agencies, price or gathering rate controls and environmental
protection regulations. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected in the forward-looking statements. The impact of any one factor on
a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and our course
of action would depend upon our assessment of the future considering all information then available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We caution that the foregoing
list of factors is not exhaustive. Unpredictable or unknown factors not discussed in this prospectus, any applicable prospectus supplement
and the documents incorporated by reference herein or therein, could also have adverse effects on forward-looking statements. Although
we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the
date such forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements.
All subsequent forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additional factors are described
in our AIF which is filed with the securities commissions or similar authorities in the provinces of Canada and incorporated by reference
in this prospectus and any applicable prospectus supplement. Prospective investors should also carefully consider the matters discussed
under &ldquo;Risk Factors&rdquo; in this prospectus and any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as required by applicable
law, we assume no obligation to update forward-looking statements, whether as a result of new information, future events or other factors,
or the foregoing factors affecting this information, should circumstances or the Company&rsquo;s estimates or opinions change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_004"></A><B>NOTE REGARDING RESERVES
DISCLOSURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The securities regulatory
authorities in Canada have adopted National Instrument&nbsp;51-101&thinsp;&mdash;&thinsp;<I>Standards of Disclosure for Oil and Gas Activities</I>
(&ldquo;<B>NI&nbsp;51-101</B>&rdquo;), which imposes oil and gas disclosure standards for Canadian public issuers engaged in oil and
gas activities. NI&nbsp;51-101 permits oil and gas issuers, in their filings with Canadian securities regulatory authorities, to disclose
proved and proved plus probable reserves, to disclose resources, and to disclose reserves and production before deducting royalties.
Probable reserves are of a higher uncertainty and are less likely to be accurately estimated or recovered than proved reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are required to disclose
reserves in accordance with Canadian securities law requirements and the disclosure of proved and probable reserves in this prospectus,
any applicable prospectus supplement and the documents incorporated by reference herein and therein is in accordance with NI&nbsp;51-101.
The SEC definitions of proved and probable reserves are different from the definitions contained in NI&nbsp;51-101; therefore, proved
and probable reserves disclosed in this prospectus, any applicable prospectus supplement and the documents incorporated by reference
herein and therein in compliance with NI&nbsp;51-101&nbsp;may not be comparable to United States standards. The SEC requires United States
oil and gas reporting companies, in their filings with the SEC, to disclose only proved reserves after the deduction of royalties and
production due to others but permits the optional disclosure of probable and possible reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, as permitted
by NI&nbsp;51-101, we have determined and disclosed the net present value of future net revenue from our reserves in our NI&nbsp;51-101
compliant reserves disclosure using forecast prices and costs. The SEC requires that reserves and related future net revenue be estimated
based on historical 12 month average prices and current costs, but permits the optional disclosure of revenue estimates based on different
price and cost criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus, any applicable
prospectus supplement and the documents incorporated by reference herein and therein contain disclosure respecting oil and gas production
expressed as &ldquo;cubic feet of natural gas equivalent&rdquo; and &ldquo;barrels of oil equivalent&rdquo; or &ldquo;BOE&rdquo;. All
equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of crude oil. Equivalency
measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel
of oil is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalency
at the wellhead. In comparing the value ratio using current crude oil prices relative to natural gas prices, the six thousand cubic feet
of natural gas to one barrel of crude oil conversion ratio may be misleading as an indication of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For additional information
regarding the presentation of our reserves and other oil and gas information, see the sections entitled &ldquo;Special Note&nbsp;Regarding
Currency, Financial Information, Production and Reserves&rdquo; and &ldquo;Form&nbsp;51-101F1 Statement of Reserves Data and Other Information&rdquo;
in our AIF, which is incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_005"></A><B>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Information has been
incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada.</I></B>
Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Canadian
Natural Resources Limited at 2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W., Calgary, Alberta, T2P 4J8, Telephone (403) 517-6700. These
documents are also available through the internet via the System for Electronic Data Analysis and Retrieval + (SEDAR+), which can be
accessed at www.sedarplus.ca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We file with the securities
commission or similar authorities in each of the provinces of Canada, annual and quarterly reports, material change reports and other
information. We are subject to the reporting requirements of the United States <I>Securities Exchange Act of 1934</I>, as amended (the
 &ldquo;<B>Exchange Act</B>&rdquo;), and, in accordance with the Exchange Act, we also file reports with and furnish other information
to the SEC. Under the multijurisdictional disclosure system adopted by the United States and the provinces of Canada, these reports and
other information (including financial information) may be prepared, in part, in accordance with the disclosure requirements of Canada,
which differ from those in the United States. You may read any document we file with or furnish to the SEC on the SEC&rsquo;s Electronic
Data Gathering, Analysis and Retrieval (EDGAR) system, which can be accessed at www.sec.gov, as well as from commercial document retrieval
services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the multijurisdictional
disclosure system adopted by the United States and the provinces of Canada, the Canadian securities commissions and the SEC allow us
to &ldquo;incorporate by reference&rdquo; certain information we file with them, which means that we can disclose important information
to you by referring you to those documents. Information that is incorporated by reference is an important part of this prospectus. We
incorporate by reference the documents listed below, which were filed with certain Canadian securities regulatory authorities under Canadian
securities legislation and filed with or furnished to the SEC under the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_16" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_16" STYLE="-sec-extract: exhibit">our
                                            Annual Information Form&nbsp;(&ldquo;<B>AIF</B>&rdquo;) dated March&nbsp;26, 2025 for the
                                            year ended December&nbsp;31, 2024;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_175" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_175" STYLE="-sec-extract: exhibit">our
                                            audited annual consolidated financial statements as at and for the&nbsp;years ended December&nbsp;31,
                                            2024 and 2023, together with the notes thereto and the independent auditor&rsquo;s report
                                            thereon;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_313" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1017413/000101741325000024/cnq-20241231.htm#ie3e504a17e5e49b7b7ea0588475de0bd_313" STYLE="-sec-extract: exhibit">our
                                            Management&rsquo;s Discussion and Analysis (&ldquo;<B>MD&amp;A</B>&rdquo;) for the year ended
                                            December&nbsp;31, 2024;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000043/a06302025q2fs.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000043/a06302025q2fs.htm" STYLE="-sec-extract: exhibit">our
                                            unaudited interim consolidated financial statements for the three&nbsp;and six months ended
                                            June&nbsp;30, 2025 and 2024, together with the notes thereto;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000043/a06302025q2mda.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000043/a06302025q2mda.htm" STYLE="-sec-extract: exhibit">our
                                            Management&rsquo;s Discussion and Analysis for the three&nbsp;and six months ended June&nbsp;30,
                                            2025;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741324000014/a03202024managementinfocir.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741324000014/a03202024managementinfocir.htm" STYLE="-sec-extract: exhibit">our
                                            Proxy Statement and Management Information Circular dated March&nbsp;13, 2024 relating to
                                            the Annual and Special Meeting of our shareholders held on May&nbsp;2, 2024, excluding (i)&nbsp;Part&nbsp;II&thinsp;&mdash;&thinsp;Information
                                            Respecting Executive Compensation; and (ii)&nbsp;Part&nbsp;III&thinsp;&mdash;&thinsp;Schedules
                                            to the Information Circular, which information has been modified or superseded by statements
                                            in other subsequently filed documents incorporated by reference into this prospectus;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000026/a03262025managementinfocir.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000026/a03262025managementinfocir.htm" STYLE="-sec-extract: exhibit">our
                                            Proxy Statement and Management Information Circular dated March&nbsp;19, 2025 relating to
                                            the Annual and Special Meeting of our shareholders held on May&nbsp;8, 2025; and</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000024/cnq-20241231_d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1017413/000101741325000024/cnq-20241231_d2.htm" STYLE="-sec-extract: exhibit">the
                                            supplementary oil and gas information prepared in accordance with the United States Financial
                                            Accounting Standards Board Topic 932&thinsp;&mdash;&thinsp;&ldquo;Extractive Activities&thinsp;&mdash;&thinsp;Oil
                                            and Gas&rdquo;, which is contained in the section entitled &ldquo;Supplementary Oil&nbsp;&amp;
                                            Gas Information for the Fiscal Year Ended December&nbsp;31, 2024 (Unaudited)&rdquo; in our
                                            Annual Report filed on SEDAR+ on March&nbsp;26, 2025.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any documents of the type
required by National Instrument&nbsp;44-101&thinsp;&mdash;&thinsp;<I>Short Form&nbsp;Prospectus Distributions</I> to be incorporated
by reference in a short form prospectus including, without limitation, any material change reports (excluding confidential material change
reports), comparative annual financial statements and the auditors&rsquo; report thereon, comparative interim financial statements, management&rsquo;s
discussion and analysis of financial condition and results of operations, information circulars, annual information forms, business acquisition
reports and any press release containing financial information for periods more recent than the most recent annual or interim financial
statements filed by us with the securities commissions or similar authorities in the provinces of Canada subsequent to the date of this
prospectus and prior to 25&nbsp;months from the date hereof are deemed to be incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any report that we file
with or furnish to the SEC pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act after the date of this prospectus shall
be deemed to be incorporated by reference into this prospectus and the registration statement of which it forms a part (in the case of
any Report on Form&nbsp;6-K, if and to the extent provided in such report). Our U.S. filings are electronically available on the SEC&rsquo;s
EDGAR system, which may be accessed at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the extent that any document
or information incorporated by reference into this prospectus is included in a report filed or furnished on Form&nbsp;40-F, 20-F, 10-K,
10-Q, 8-K, 6-K or any respective successor form, such document or information shall also be deemed to be incorporated by reference as
an exhibit to the registration statement relating to the debt securities of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon a new annual information
form and corresponding audited annual financial statements and management&rsquo;s discussion and analysis being filed with, and where
required, accepted by, the applicable securities commission or similar authority in Canada during the currency of this prospectus, the
previous annual information form, the previous audited annual financial statements and related management&rsquo;s discussion and analysis,
all unaudited interim financial statements and related management&rsquo;s discussion and analysis and material change reports filed prior
to the commencement of the current financial year in which the new annual information form and corresponding audited annual financial
statements and management&rsquo;s discussion and analysis are filed, and business acquisition reports filed prior to the commencement
of the fiscal year in respect of which the new annual information is filed, shall be deemed no longer to be incorporated into this prospectus
for purposes of future distributions of debt securities under this prospectus. Upon new interim financial statements and related management&rsquo;s
discussion and analysis being filed with the applicable securities commission or similar authority in Canada during the currency of this
prospectus, all interim financial statements and related management&rsquo;s discussion and analysis filed prior to the new interim consolidated
financial statements and related management&rsquo;s discussion and analysis shall be deemed no longer to be incorporated into this prospectus
for purposes of future distributions of debt securities under this prospectus. Upon a new information circular relating to an annual
general meeting of our shareholders being filed by us with the securities commission or similar authority in Canada during the currency
of this prospectus, the information circular for the preceding annual general meeting of our shareholders shall be deemed no longer to
be incorporated into this prospectus for purposes of future distributions of debt securities under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Any statement contained
in this prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for the purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document which
also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement
need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it
modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the
modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to
state a material fact that was required to be stated or that was necessary to make a statement not misleading in light of the circumstances
in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, certain marketing
materials (as that term is defined in applicable securities legislation) may be used in connection with a distribution of debt securities
under this prospectus and any applicable prospectus supplement(s). Any template version of marketing materials (as those terms are defined
in applicable securities legislation) pertaining to a distribution of debt securities, and filed by us after the date of the applicable
prospectus supplement and before termination of the distribution of such debt securities, will be deemed to be incorporated by reference
in that prospectus supplement for the purposes of the distribution of debt securities to which that prospectus supplement pertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, you may obtain
a copy of the AIF and other information mentioned above by writing or calling us at the following address and telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Canadian Natural Resources Limited<BR>
2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W.<BR>
Calgary, Alberta, Canada, T2P 4J8<BR>
(403) 517-6700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Attention: Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>You should rely only
on the information contained in: (a)&nbsp;this prospectus and any applicable prospectus supplement; and (b)&nbsp;any documents incorporated
by reference in this prospectus or in any applicable prospectus supplement. We have not authorized anyone to provide you with different
or additional information. If anyone provides you with any different or inconsistent information, you should not rely on it. You should
bear in mind that although the information contained, or incorporated by reference, in this prospectus is accurate as of the date hereof
or the date of such documents incorporated by reference, respectively, such information may also be amended, supplemented or updated,
as may be required by applicable securities laws, by the subsequent filing of additional documents deemed by applicable securities laws
to be, or otherwise incorporated by reference into this prospectus, any prospectus supplement and by any subsequently filed prospectus
amendments, if any. This prospectus constitutes a public offering of debt securities only in those jurisdictions where they may be lawfully
distributed and therein only by persons permitted to distribute such debt securities. We are not making any offer of debt securities
in any jurisdiction where the offer is not permitted by law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_006"></A><B>CANADIAN NATURAL RESOURCES
LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural is a Canadian
based senior independent energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude
oil, natural gas and NGLs. The Company&rsquo;s principal core regions of operations are western Canada, the UK sector of the North Sea
and Offshore Africa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our head and principal office
is located at 2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W., Calgary, Alberta, Canada, T2P&nbsp;4J8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our common shares are listed
for trading on the Toronto Stock Exchange and on the New York Stock Exchange under the trading symbol &ldquo;CNQ&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_007"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in an applicable prospectus supplement relating to a series of debt securities, we will use the net proceeds we receive from the sale
of the debt securities for general corporate purposes relating to our principal core regions of operations in western Canada, the UK
sector of the North Sea and Offshore Africa, which may include financing our capital expenditure program and working capital requirements
in those regions. We may also use the net proceeds for the repayment of indebtedness. Pending such use of any proceeds, we may invest
funds in short-term marketable securities. We may, from time to time, issue securities (including debt securities) other than pursuant
to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_008"></A><B>EARNINGS COVERAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following earnings coverage
ratios have been prepared in accordance with Canadian securities law requirements and are included in this prospectus in accordance with
Canadian disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following earnings coverage
ratios are calculated on a consolidated basis for the twelve month periods ended June&nbsp;30, 2025 and December&nbsp;31, 2024 and are
based on information contained within our financial statements for the related periods which were prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The coverage ratios do not
give effect to any debt securities offered by this prospectus since the aggregate amount of debt securities that will be issued hereunder,
if any, and terms of issue are not presently known. The coverage ratios set forth below do not purport to be indicative of coverage ratios
for any future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,
    2025<BR> (unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,
    2024<BR> (unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    coverage<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">14.0x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">14.6x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Earnings coverage is equal to Canadian Natural&rsquo;s
                                            net earnings (loss) plus income taxes and interest expense; divided by the sum of interest
                                            expense and capitalized interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our borrowing cost requirements
amounted to $592&nbsp;million for the twelve&nbsp;months ended December&nbsp;31, 2024. Our earnings before borrowing costs and income
tax for the twelve&nbsp;months then ended was $8,651&nbsp;million which is 14.6 times our borrowing cost requirements for this period.
Our borrowing cost requirements amounted to $792&nbsp;million for the twelve&nbsp;months ended June&nbsp;30, 2025. Our earnings before
borrowing costs and income tax for the twelve&nbsp;months then ended was $11,093&nbsp;million which is 14.0 times our borrowing cost
requirements for this period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_009"></A><B>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In this section, &ldquo;we&rdquo;,
 &ldquo;us&rdquo;, &ldquo;our&rdquo; or &ldquo;Canadian Natural&rdquo; refers only to Canadian Natural Resources Limited and not to any
of its subsidiaries or interests in partnerships or other entities. The following describes certain general terms and provisions of the
debt securities. The particular terms and provisions of the series of debt securities offered by any prospectus supplement, and the extent
to which the general terms and provisions described below may apply to them, will be described in the applicable prospectus supplement.
Canadian Natural reserves the right to set forth in a prospectus supplement specific terms of the debt securities that are not within
the options or parameters set forth in this prospectus. Accordingly, for a description of the terms of a particular series of debt securities,
reference must be made to both the applicable prospectus supplement relating to them and the description of the debt securities set forth
in this prospectus. You should rely on information in the applicable prospectus supplement if it is different from the description set
forth in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities will
be issued under a trust indenture dated July&nbsp;24, 2001 originally made between us and The Bank of Nova Scotia Trust Company of New
York, as trustee (the &ldquo;<B>Initial Trustee</B>&rdquo;), as amended by a supplemental indenture dated October&nbsp;28, 2011 (the
 &ldquo;<B>First Supplemental Indenture</B>&rdquo;) entered into between us and the Initial Trustee and having effect only with respect
to debt securities issued after the date of the First Supplemental Indenture, as amended by a second supplemental indenture (the &ldquo;<B>Second
Supplemental Indenture</B>&rdquo;) dated as of August&nbsp;30, 2013&nbsp;among us, the Initial Trustee and Wells Fargo Bank, National
Association and as amended by a third supplemental indenture (the &ldquo;<B>Third Supplemental Indenture</B>&rdquo;) dated as of December&nbsp;6,
2024, between us and Computershare Trust Company N.A. (the &ldquo;<B>Trustee</B>&rdquo;) (as successor to Wells Fargo Bank, National
Association) (the trust indenture dated July&nbsp;24, 2001 as amended by the First Supplemental Indenture, the Second Supplemental Indenture
and the Third Supplemental Indenture is referred to herein as the &ldquo;<B>Indenture</B>&rdquo;). The Indenture is subject to and governed
by the United States <I>Trust&nbsp;Indenture Act of 1939</I>, as amended. A copy of the Indenture has been filed with the SEC as an exhibit
to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is, unless
otherwise indicated, a summary of certain provisions of the Indenture and the debt securities issuable thereunder and is not meant to
be complete and is subject to and qualified in its entirety by the detailed provisions of the Indenture. For more information, you should
refer to the full text of the Indenture and the debt securities, including the definitions of certain terms not defined in this prospectus,
and the applicable prospectus supplement. References in parentheses are to section numbers in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture does not limit
the aggregate principal amount of debt securities (which may include debentures, notes and other unsecured evidences of indebtedness)
that may be issued under the Indenture, and provides that debt securities may be issued from time to time in one or more series and may
be denominated and payable in foreign currencies. The debt securities offered pursuant to this prospectus will be issued in an amount
up to US$4,500,000,000 (or the equivalent thereof in other currencies or currency&nbsp;units based on the applicable exchange rate at
the time of the distribution). The Indenture also permits us to increase the principal amount of any series of debt securities previously
issued and to issue that increased principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The applicable prospectus
supplement will contain a description of the following terms relating to the debt securities being offered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the title of the debt securities of such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>any limit on the aggregate principal amount of the debt securities
                                            of such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the date or dates, if any, on which
                                            the principal (and premium, if any) of the debt securities of such series will mature and
                                            the portion (if less than all of the principal amount) of the debt securities of such series
                                            to be payable upon declaration of acceleration of maturity and/or the method by which such
                                            date or dates shall be determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the rate or rates (which may be fixed
                                            or variable) at which the debt securities of such series will bear interest, if any, the
                                            date or dates from which that interest will accrue and on which that interest will be payable
                                            and the Regular Record Dates for any interest payable on the debt securities of such series
                                            which are Registered Securities and/or the method by which such date or dates shall be determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">if applicable, any mandatory or optional
                                            redemption or sinking fund provisions, including the period or periods within which, the
                                            price or prices at which and the terms and conditions upon which the debt securities of such
                                            series may be redeemed or purchased at the option of Canadian Natural or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">if applicable, whether the debt securities
                                            of such series will be issuable in registered form or bearer form or both, and, if issuable
                                            in bearer form, the restrictions as to the offer, sale and delivery of the debt securities
                                            of such series in bearer form and as to exchanges between registered and bearer form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">whether the debt securities of such
                                            series will be issuable in the form of one or more Registered Global Securities and, if so,
                                            the identity of the Depository for those Registered Global Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">the denominations in which any of the
                                            debt securities of such series which are in registered form will be issuable, if other than
                                            denominations of US$1,000 and any multiple thereof, and the denominations in which any of
                                            the debt securities of such series which are in bearer form will be issuable, if other than
                                            the denomination of US$1,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">each office or agency where the principal
                                            of and any premium and interest on the debt securities of such series will be payable, and
                                            each office or agency where the debt securities of such series may be presented for registration
                                            of transfer or exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">if other than United States dollars,
                                            the foreign currency or the&nbsp;units based on or relating to foreign currencies in which
                                            the debt securities of such series are denominated and/or in which the payment of the principal
                                            of and any premium and interest on the debt securities of such series will or may be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">any index pursuant to which the amount
                                            of payments of principal of and any premium and interest on the debt securities of such series
                                            will or may be determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>any applicable Canadian and U.S. federal income tax consequences;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify">whether and under what circumstances
                                            we will pay Additional Amounts on the debt securities of such series in respect of certain
                                            taxes (and the terms of any such payment) and, if so, whether we will have the option to
                                            redeem the debt securities of such series rather than pay the Additional Amounts (and the
                                            terms of any such option);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify">any deletions from, modifications of
                                            or additions to the Events of Default or covenants of Canadian Natural with respect to such
                                            debt securities, whether or not such Events of Default or covenants are consistent with the
                                            Events of Default or covenants set forth herein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD>any other terms of the debt securities of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the applicable prospectus supplement, the Indenture does not afford the Holders the right to tender debt securities to us for repurchase,
or provide for any increase in the rate or rates of interest per annum at which the debt securities will bear interest, in the event
we become involved in a highly leveraged transaction or in the event that we undergo a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Debt securities may be issued
under the Indenture bearing no interest or interest at a rate below the prevailing market rate at the time of issuance and may be offered
and sold at a discount below their stated principal amount. The Canadian and U.S. federal income tax consequences and other special considerations
applicable to those discounted debt securities or other debt securities offered and sold at par which are treated as having been issued
at a discount for Canadian and/or U.S. federal income tax purposes will be described in the prospectus supplement relating to the debt
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also issue Exchange
Notes (as defined herein) under a prospectus supplement in exchange for our 2024 Notes (as defined herein). The 2024 Notes were issued
by us to certain Initial Purchasers (as defined herein), and sold by such Initial Purchasers to persons reasonably believed to be qualified
institutional buyers in reliance on the exemption from registration provided by Rule&nbsp;144A promulgated under the 1933 Act and to
certain non-United States persons outside the United States in offshore transactions in reliance on Regulation&nbsp;S promulgated under
the 1933 Act. In connection with the issuance of the 2024 Notes, we entered into the Registration Rights Agreement (as defined herein)
in respect of the 2024 Notes. See &ldquo;Plan of Distribution&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ranking and Other Indebtedness</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities will
be unsecured obligations of ours and, unless otherwise provided in the prospectus supplement relating to such debt securities, will rank
<I>pari&nbsp;passu</I> with all our other unsecured and unsubordinated debt from time to time outstanding and <I>pari&nbsp;passu</I>
with other debt securities issued under the Indenture. The debt securities will be structurally subordinated to all existing and future
liabilities of any of our corporate or partnership subsidiaries, including trade payables and other indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registered Global Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in a prospectus supplement, a series of debt securities will be issued in the form of one or more Registered Global Securities which
will be registered in the name of and be deposited with a Depository, or its nominee, each of which will be identified in the prospectus
supplement relating to that series. Unless and until exchanged, in whole or in part, for debt securities in definitive registered form,
a Registered Global Security may not be transferred except as a whole by the Depository for a Registered Global Security to a nominee
of that Depository, by a nominee of that Depository to that Depository or another nominee of that Depository or by that Depository or
any nominee of that Depository to a successor of that Depository or a nominee of a successor of that Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The specific terms of the
depository arrangement with respect to any portion of a particular series of debt securities to be represented by a Registered Global
Security will be described in the prospectus supplement relating to that series. Canadian Natural anticipates that the following provisions
will apply to all depository arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the issuance of a Registered
Global Security, the Depository or its nominee will credit, on its book entry and registration system, the respective principal amounts
of the debt securities represented by that Registered Global Security to the accounts of those persons having accounts with that Depository
or its nominee (&ldquo;<B>participants</B>&rdquo;) as shall be designated by the underwriters, investment dealers or agents participating
in the distribution of those debt securities or by us if those debt securities are offered and sold directly by us. Ownership of beneficial
interests in a Registered Global Security will be limited to participants or persons that may hold beneficial interests through participants.
Ownership of beneficial interests in a Registered Global Security will be shown on, and the transfer of the ownership of those beneficial
interests will be effected only through, records maintained by the Depository therefor or its nominee (with respect to beneficial interests
of participants) or by participants or persons that hold through participants (with respect to interests of persons other than participants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The laws of some states
in the United States require certain purchasers of securities to take physical delivery of the debt securities in definitive form. These
depository arrangements and these laws may impair the ability to transfer beneficial interests in a Registered Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">So long as the Depository
for a Registered Global Security or its nominee is the registered owner of the debt securities, that Depository or its nominee, as the
case may be, will be considered the sole owner or Holder of the debt securities represented by that Registered Global Security for all
purposes under the Indenture. Except as provided below, owners of beneficial interests in a Registered Global Security will not be entitled
to have debt securities of the series represented by that Registered Global Security registered in their names, will not receive or be
entitled to receive physical delivery of debt securities of that series in definitive form and will not be considered the owners or Holders
of those debt securities under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Principal, premium, if any,
and interest payments on a Registered Global Security registered in the name of a Depository or its nominee will be made to that Depository
or nominee, as the case may be, as the registered owner of that Registered Global Security. Neither we, the Trustee nor any paying agent
for debt securities of the series represented by that Registered Global Security will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial interests in that Registered Global Security or for maintaining,
supervising or reviewing any records relating to those beneficial interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect that the Depository
for a Registered Global Security or its nominee, upon receipt of any payment of principal, premium or interest, will immediately credit
participants&rsquo; accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount
of that Registered Global Security as shown on the records of that Depository or its nominee. We also expect that payments by participants
to owners of beneficial interests in that Registered Global Security held through those participants will be governed by standing instructions
and customary practices, as is the case with securities held for the accounts of customers registered in &ldquo;street name&rdquo;, and
will be the responsibility of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Depository for a
Registered Global Security representing debt securities of a particular series is at any time unwilling or unable to continue as Depository,
or if the Depository is no longer eligible to continue as Depository, and a successor Depository is not appointed by us within 90&nbsp;days,
or if an Event of Default described in clauses (a)&nbsp;or (b)&nbsp;of the first sentence under &ldquo;Events of Default&rdquo; below
with respect to a particular series of debt securities has occurred and is continuing, we will issue Registered Securities of that series
in definitive form in exchange for that Registered Global Security. In addition, we may at any time and in our sole discretion determine
not to have the debt securities of a particular series represented by one or more Registered Global Securities and, in that event, will
issue Registered Securities of that series in definitive form in exchange for all of the Registered Global Securities representing debt
securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Debt Securities in Definitive Form</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If indicated in an applicable
prospectus supplement, the debt securities may be issued in definitive form without coupons. Debt securities in definitive form may be
presented for exchange and for registration of transfer in the manner, at the places and, subject to the restrictions set forth in the
Indenture and in the applicable prospectus supplement, without service charge, but upon payment of any taxes or other governmental charges
due in connection therewith. We have appointed the Trustee as Security Registrar. Debt securities in bearer form and the coupons appertaining
thereto, if any, will be transferable by delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the applicable prospectus supplement, payment of the principal of and any premium and interest on debt securities in definitive form
will be made at the office or agency of the Trustee except that, at our option, payment of any interest may be made (a)&nbsp;by check
mailed to the address of the Person entitled thereto as that Person&rsquo;s address will appear in the Security Register or (b)&nbsp;by
wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Negative Pledge</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture includes our
covenant that, so long as any of the debt securities remain outstanding, we will not, and will not permit any Subsidiary to, create,
assume or otherwise have outstanding any Security Interest, except for Permitted Encumbrances, on or over its or their respective assets
(present or future) securing any Indebtedness of any Person without also at the same time or prior to that time securing equally and
ratably with other Indebtedness all of the debt securities then Outstanding under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set forth below is a summary
of certain of the defined terms used in the Indenture. Reference is made to the Indenture for the full definitions of all such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Capital
Lease Obligation</I>&rdquo; means the obligation of a Person, as lessee, to pay rent or other amounts to the lessor under a lease of
real or personal property which is required to be classified and accounted for as a capital lease on a consolidated balance sheet of
such Person in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Consolidated
Net Tangible Assets</I>&rdquo; means the total amount of assets of any Person on a consolidated basis (less applicable reserves and other
properly deductible items) after deducting therefrom:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">all current liabilities (excluding any
                                            indebtedness classified as a current liability and any current liabilities, in each case
                                            which are by their terms extendible or renewable at the option of the obligor thereon to
                                            a time more than 12&nbsp;months after the time as of which the amount thereof is being computed);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>all goodwill, trade names, trademarks, patents and other like intangibles;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>non-controlling interests in subsidiaries as defined under GAAP,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, as shown on the most recent annual
audited or quarterly unaudited consolidated balance sheet of such Person computed in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The term &ldquo;<I>Current Assets</I>&rdquo;
means current assets as determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The term &ldquo;<I>Financial Instrument&nbsp;Obligations</I>&rdquo;
means obligations arising under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">interest rate swap agreements, forward
                                            rate agreements, floor, cap or collar agreements, futures or options, insurance or other
                                            similar agreements or arrangements, or any combination thereof, entered into by a Person
                                            of which the subject matter is interest rates or pursuant to which the price, value or amount
                                            payable thereunder is dependent or based upon interest rates in effect from time to time
                                            or fluctuations in interest rates occurring from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">currency swap agreements, cross-currency
                                            agreements, forward agreements, floor, cap or collar agreements, futures or options, insurance
                                            or other similar agreements or arrangements, or any combination thereof, entered into by
                                            a Person of which the subject matter is currency exchange rates or pursuant to which the
                                            price, value or amount payable thereunder is dependent or based upon currency exchange rates
                                            in effect from time to time or fluctuations in currency exchange rates occurring from time
                                            to time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">commodity swap or hedging agreements,
                                            floor, cap or collar agreements, commodity futures or options or other similar agreements
                                            or arrangements, or any combination thereof, entered into by a Person of which the subject
                                            matter is one or more commodities or pursuant to which the price, value or amount payable
                                            thereunder is dependent or based upon the price of one or more commodities in effect from
                                            time to time or fluctuations in the price of one or more commodities occurring from time
                                            to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>GAAP</I>&rdquo;
means generally accepted accounting principles which are in effect from time to time in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Indebtedness</I>&rdquo;
means at any time, and whether or not contingent, all items of indebtedness in respect of any amounts borrowed which, in accordance with
GAAP, would be recorded as indebtedness in the consolidated financial statements of Canadian Natural as at the date as of which Indebtedness
is to be determined, and in any event including, without duplication (i)&nbsp;any obligation for borrowed money, (ii)&nbsp;any obligation
evidenced by bonds, debentures, notes, guarantees or other similar instruments, including, without limitation, any such obligations incurred
in connection with the acquisition of property, assets or businesses, (iii)&nbsp;any Purchase Money Obligation, (iv)&nbsp;any reimbursement
obligation with respect to letters of credit, bankers&rsquo; acceptances or similar facilities, (v)&nbsp;any obligation issued or assumed
as the deferred purchase price of property or services, (vi)&nbsp;any Capital Lease Obligation, (vii)&nbsp;any obligation to pay rent
or other payment amounts with respect to any Sale and Leaseback Transaction, (viii)&nbsp;any payment obligation under Financial Instrument&nbsp;Obligations
at the time of determination, (ix)&nbsp;any indebtedness in respect of any amounts borrowed or any Purchase Money Obligation secured
by any Security Interest existing on property owned subject to such Security Interest, whether or not the indebtedness or Purchase Money
Obligation secured thereby shall have been assumed and (x)&nbsp;guarantees, indemnities, endorsements (other than endorsements for collection
in the ordinary course of business) or other contingent liabilities in respect of obligations of another Person for indebtedness of that
other Person in respect of any amounts borrowed by that other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The term &ldquo;<I>Permitted Encumbrances</I>&rdquo;
means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">any Security Interest existing as of
                                            the date of the first issuance by us of the debt securities issued pursuant to the Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">any Security Interest on pipelines,
                                            pumping stations or other pipeline facilities, drilling equipment, production equipment and
                                            platforms; tank cars, tankers, barges, ships, trucks, automobiles, airplanes or other marine,
                                            automotive, aeronautical or other similar moveable facilities or equipment, computer systems
                                            and associated programs; office equipment; weather stations; townsites; housing facilities,
                                            recreation halls, stores and other related facilities; gasification or natural gas liquefying
                                            facilities and burning towers, flares or stacks; retail service stations, bulk plants, storage
                                            facilities, terminals or warehouses; or similar facilities and equipment of or associated
                                            with any of the foregoing; provided, in each case, that such Security Interest is incurred
                                            to finance the acquisition of such property or assets within 90&nbsp;days after such acquisition
                                            and such Security Interest shall be limited to the specified property or assets being financed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">(i)&nbsp;any Security Interest on any
                                            specific properties or any interest therein, construction thereon or improvement thereto,
                                            and on any receivables, inventory, equipment, chattel paper, contract rights, intangibles
                                            and other assets, rights or collateral specifically connected with such properties, incurred
                                            (A)&nbsp;to secure all or any part of the financing for acquisition, surveying, exploration,
                                            drilling, extraction, development, operation, production, construction, alteration, repair
                                            or improvement of, in, under or on such properties and the plugging and abandonment of wells
                                            located thereon (it being understood that, in the case of oil and natural gas producing properties
                                            (including oil sands properties), or any interest therein, financing incurred for &ldquo;development&rdquo;
                                            shall include financing incurred for all facilities relating to such properties or to projects,
                                            ventures or other arrangements of which such properties form a part or which relate to such
                                            properties or interests), or (B)&nbsp;for acquiring ownership of any Person which owns any
                                            such property or interest therein, provided that such Security Interest is limited to such
                                            property or such interest therein owned by any such Person; and (ii)&nbsp;any Security Interest
                                            on an oil and/or natural gas producing property (including oil sands properties) to secure
                                            Indebtedness incurred in connection with or necessarily incidental to commitments for the
                                            purchase or sale of, or the transportation or distribution of, the products derived from
                                            such property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any Security Interest in favor of Canadian Natural or any of its
                                            wholly-owned Subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">any Security Interest existing on the
                                            property of any Person at the time such Person becomes a Subsidiary, or arising thereafter
                                            pursuant to contractual commitments entered into prior to and not in contemplation of such
                                            Person becoming a Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">any Security Interest on property of
                                            a Person which Security Interest exists at the time such Person is merged into, or amalgamated
                                            or consolidated with, Canadian Natural or a Subsidiary, or such property is otherwise acquired
                                            by Canadian Natural or a Subsidiary, provided such Security Interest does not extend to property
                                            owned by Canadian Natural or such Subsidiary immediately prior to such merger, amalgamation,
                                            consolidation or acquisition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">any Security Interest on Current Assets
                                            securing any Indebtedness to any bank or banks or other lending institution or institutions
                                            incurred in the ordinary course of business and for the purpose of carrying on the same,
                                            repayable on demand or maturing within 12&nbsp;months of the date when such Indebtedness
                                            is incurred or the date of any renewal or extension thereof, provided that such security
                                            is given at the time that the Indebtedness is incurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">any Security Interest in respect of
                                            (i)&nbsp;liens for taxes and assessments not at the time overdue or any liens securing workmen&rsquo;s
                                            compensation assessments, unemployment insurance or other social security obligations; provided,
                                            however, that if any such liens, duties or assessments are then overdue, Canadian Natural
                                            or the Subsidiary, as the case may be, shall be prosecuting an appeal or proceedings for
                                            review with respect to which it shall have secured a stay in the enforcement of any such
                                            obligations, (ii)&nbsp;any liens for specified taxes and assessments which are overdue but
                                            the validity of which is being contested at the time by Canadian Natural or the Subsidiary,
                                            as the case may be, in good faith, and with respect to which Canadian Natural or the Subsidiary
                                            shall have secured a stay of enforcement thereof, if applicable, (iii)&nbsp;any liens or
                                            rights of distress reserved in or exercisable under any lease for rent and for compliance
                                            with the terms of such lease, (iv)&nbsp;any obligations or duties, affecting the property
                                            of Canadian Natural or that of a Subsidiary to any municipality or governmental, statutory
                                            or public authority, with respect to any franchise, grant, license, lease or permit and any
                                            defects in title to structures or other facilities arising solely from the fact that such
                                            structures or facilities are constructed or installed on lands held by Canadian Natural or
                                            the Subsidiary under government permits, licenses, leases or other grants, which obligations,
                                            duties and defects in the aggregate do not materially impair the use of such property, structures
                                            or facilities for the purpose for which they are held by Canadian Natural or the Subsidiary,
                                            (v)&nbsp;any deposits or liens in connection with contracts, bids, tenders or expropriation
                                            proceedings, surety or appeal bonds, costs of litigation when required by law, public and
                                            statutory obligations, liens or claims incidental to current construction, builders&rsquo;,
                                            mechanics&rsquo;, laborers&rsquo;, materialmen&rsquo;s, warehousemen&rsquo;s, carrier&rsquo;s
                                            and other similar liens, (vi)&nbsp;the right reserved to or vested in any municipality or
                                            governmental or other public authority by any statutory provision or by the terms of any
                                            lease, license, franchise, grant or permit, that affects any land, to terminate any such
                                            lease, license, franchise, grant or permit or to require annual or other periodic payments
                                            as a condition to the continuance thereof, (vii)&nbsp;any Security Interest the validity
                                            of which is being contested at the time by Canadian Natural or a Subsidiary in good faith
                                            or payment of which has been provided for by deposit with the Trustee of an amount in cash
                                            sufficient to pay the same in full, (viii)&nbsp;any easements, rights-of-way and servitudes
                                            (including, without in any way limiting the generality of the foregoing, easements, rights-of-way
                                            and servitudes for railways, sewers, dykes, drains, pipelines, natural gas and water mains
                                            or electric light and power or telephone conduits, poles, wires and cables) that, in the
                                            opinion of Canadian Natural, will not in the aggregate materially and adversely impair the
                                            use or value of the land concerned for the purpose for which it is held by Canadian Natural
                                            or the Subsidiary, as the case may be, (ix)&nbsp;any security to a public utility or any
                                            municipality or governmental or other public authority when required by such utility or other
                                            authority in connection with the operations of Canadian Natural or the Subsidiary, as the
                                            case may be, and (x)&nbsp;any liens and privileges arising out of judgments or awards with
                                            respect to which Canadian Natural or the Subsidiary shall be prosecuting an appeal or proceedings
                                            for review and with respect to which it shall have secured a stay of execution pending such
                                            appeal or proceedings for review;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">any Security Interest arising under
                                            partnership agreements, oil and natural gas leases, overriding royalty agreements, net profits
                                            agreements, production payment agreements, royalty trust agreements, master limited partnership
                                            agreements, farm-out agreements, division orders, contracts for the sale, purchase, exchange,
                                            transportation, gathering or processing of oil, natural gas or other hydrocarbons or by-product
                                            thereof, unitizations and pooling designations, declarations, orders and agreements, development
                                            agreements, operating agreements, production sales contracts (including security in respect
                                            of take or pay or similar obligations thereunder), area of mutual interest agreements, natural
                                            gas balancing or deferred production agreements, injection, repressuring and recycling agreements,
                                            salt water or other disposal agreements, seismic or geophysical permits or agreements, which
                                            in each of the foregoing cases is customary in the oil and natural gas business, and other
                                            agreements which are customary in the oil and natural gas business, provided in all instances
                                            that such Security Interest is limited to the assets that are the subject of the relevant
                                            agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">any Security Interest on cash or marketable
                                            securities of Canadian Natural or any Subsidiary granted in the ordinary course of business
                                            in connection with Financial Instrument&nbsp;Obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">any Security Interest in respect of
                                            the sale (including any forward sale) or other transfer, in the ordinary course of business,
                                            of (i)&nbsp;oil, natural gas, other hydrocarbons or by-product thereof, or other minerals,
                                            whether in place or when produced, for a period of time until, or in an amount such that,
                                            the purchaser will realize therefrom a specified amount of money (however determined) or
                                            a specified amount of such minerals and (ii)&nbsp;any other interests in property of a character
                                            commonly referred to as a &ldquo;production payment&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">any extension, renewal, alteration or
                                            replacement (or successive extensions, renewals, alterations or replacements) in whole or
                                            in part, of any Security Interest referred to in the foregoing clauses (a)&nbsp;through (k)&nbsp;inclusive,
                                            provided the principal amount thereof is not increased and provided that such extension,
                                            renewal, alteration or replacement shall be limited to all or a part of the property or other
                                            assets which secured the Security Interest so extended, renewed, altered or replaced (plus
                                            improvements on such property or other assets); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify">any Security Interests that would otherwise
                                            be prohibited (including any extensions, renewals, alterations or replacements thereof) provided
                                            that the aggregate Indebtedness outstanding and secured under this clause (m)&nbsp;does not
                                            (calculated at the time of the granting of the Security Interest) exceed an amount equal
                                            to 10&nbsp;percent of Consolidated Net Tangible Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Person</I>&rdquo;
means any individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Purchase
Money Obligation</I>&rdquo; means any monetary obligation created or assumed as part of the purchase price of real or tangible personal
property, whether or not secured, any extensions, renewals or refundings of any such obligation, provided that the principal amount of
such obligation on the date of such extension, renewal or refunding is not increased and further provided that any security given in
respect of such obligation shall not extend to any property other than the property acquired in connection with which such obligation
was created or assumed and fixed improvements, if any, thereto or erected or constructed thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Sale
and Leaseback Transaction</I>&rdquo; means any direct or indirect arrangement (excluding, however, any such arrangement between Canadian
Natural and a Subsidiary or between one or more Subsidiaries) pursuant to which property is sold or transferred and is thereafter leased
back from the purchaser or transferee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Security
Interest</I>&rdquo; means any security by way of an assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement
or other security interest whatsoever, howsoever created or arising, whether absolute or contingent, fixed or floating, perfected or
not; however, for purposes of the &ldquo;Negative Pledge&rdquo; covenant only, such term shall not include any encumbrance that may be
deemed to arise solely as a result of entering into an agreement, not in violation of the terms of the Indenture, to sell or otherwise
transfer assets or property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Shareholders&rsquo;
Equity</I>&rdquo; means the aggregate amount of shareholders&rsquo; equity of a Person as shown on the most recent annual audited or
unaudited interim consolidated balance sheet of such Person and computed in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Significant
Subsidiary</I>&rdquo; means a Subsidiary that constitutes a &ldquo;significant subsidiary&rdquo; as defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Subsidiary</I>&rdquo;
means any corporation or other Person of which there are owned, directly or indirectly, by or for Canadian Natural or by or for any corporation
or other Person in like relation to Canadian Natural, Voting Shares or other interests which, in the aggregate, entitle the holders thereof
to cast more than 50&nbsp;percent of the votes which may be cast by the holders of all outstanding Voting Shares of such first mentioned
corporation or other Person for the election of its directors or, in the case of any Person which is not a corporation, Persons having
similar powers or (if there are no such persons) entitle the holders thereof to more than 50&nbsp;percent of the income or capital interests
(however called) thereon and includes any corporation in like relation to a Subsidiary; provided, however, that such term will not include,
for purposes of the &ldquo;Negative Pledge&rdquo; covenant only, any Subsidiary if the assets of the Subsidiary do not at the time exceed
2&nbsp;percent of Consolidated Net Tangible Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The term &ldquo;<I>Voting
Shares</I>&rdquo; means shares of capital stock of any class of a corporation and other interests of any other Persons having under all
circumstances the right to vote for the election of the directors of such corporation or in the case of any Person which is not a corporation,
Persons having similar powers or (if there are no such Persons) income or capital interests (however called), provided that, for the
purpose of this definition, shares or other interests which only carry the right to vote conditionally on the happening of an event shall
not be considered Voting Shares whether or not such event shall have happened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Events of Default</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The occurrence of any of
the following events with respect to the debt securities of any series will constitute an &ldquo;Event of Default&rdquo; with respect
to the debt securities of that series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">default by Canadian Natural in payment
                                            of all or any part of the principal of any of the debt securities of that series when the
                                            same becomes due under any provision of the Indenture or of those debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">default by Canadian Natural in payment
                                            of any interest due on any of the debt securities of that series, or Additional Amounts on
                                            any of the debt securities of that series when they become due and payable, and continuance
                                            of that default for a period of 30&nbsp;days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">default by Canadian Natural in observing
                                            or performing any of the covenants described below under &ldquo;Consolidation, Merger, Amalgamation
                                            and Sale of Assets&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">default by Canadian Natural in observing
                                            or performing any other of its covenants or conditions contained in the Indenture or in the
                                            debt securities of that series and continuance of that default for a period of 60&nbsp;days
                                            after written notice as provided in the Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">default by Canadian Natural or any Subsidiary
                                            in payment of the principal of, premium, if any, or interest on any Indebtedness for borrowed
                                            money having an outstanding principal amount in excess of the greater of $75&nbsp;million
                                            and 2&nbsp;percent of the Shareholders&rsquo; Equity of Canadian Natural in the aggregate
                                            at the time of default or default in the performance of any other covenant of Canadian Natural
                                            or any Subsidiary contained in any instrument under which that indebtedness is created or
                                            issued and the holders thereof, or a trustee, if any, for those holders, declare that indebtedness
                                            to be due and payable prior to the stated maturities of that indebtedness (&ldquo;<B>accelerated
                                            indebtedness</B>&rdquo;), and such acceleration shall not be rescinded or annulled, or such
                                            default under such instrument shall not be remedied or cured, whether by payment or otherwise,
                                            or waived by the holders of such indebtedness, provided that if such accelerated indebtedness
                                            is the result of an event of default which is not related to the failure to pay principal
                                            or interest on the terms, at the times and on the conditions set forth in such instrument,
                                            it will not be considered an Event of Default under this clause (e)&nbsp;until 15&nbsp;days
                                            after such acceleration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency,
                                            winding up, liquidation or dissolution relating to Canadian Natural or any Significant Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">the taking or entry of certain judgments
                                            or decrees against Canadian Natural or any Subsidiary for the payment of money in excess
                                            of the greater of $75&nbsp;million and 2&nbsp;percent of the Shareholders&rsquo; Equity of
                                            Canadian Natural in the aggregate, if Canadian Natural or such Subsidiary, as the case may
                                            be, fails to file an appeal or, if Canadian Natural or such Subsidiary, as the case may be,
                                            does file an appeal, that judgment or decree is not and does not remain vacated, discharged
                                            or stayed as provided in the Indenture; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>any other Event of Default provided with respect to debt securities
                                            of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an Event of Default described
in clause (a)&nbsp;or (b)&nbsp;above occurs and is continuing with respect to debt securities of any series, unless the principal of
all of the debt securities of that series shall have already become due and payable, the Trustee may, in its discretion, and shall upon
request in writing made by the Holders of not less than 25&nbsp;percent in aggregate principal amount of the debt securities of that
series then Outstanding, declare the principal of (and premium, if any, on) all the debt securities of that series then Outstanding and
the interest accrued thereon and all other money, if any, owing under the provisions of the Indenture in respect of those debt securities
to be due and payable immediately on demand. If an Event of Default described in clause (d)&nbsp;or (h)&nbsp;above occurs and is continuing
with respect to the debt securities of one or more series, unless the principal of all of the debt securities of the affected series
shall have already become due and payable, the Trustee may, in its discretion, and shall upon request in writing made by the Holders
of not less than 25&nbsp;percent in aggregate principal amount of the debt securities of all such affected series then Outstanding (voting
as one class), declare the principal of (and premium, if any, on) all the debt securities of all the affected series then Outstanding
and the interest accrued thereon and all other money, if any, owing under the provisions of the Indenture in respect of those debt securities
to be due and payable immediately on demand. If an Event of Default described in clause (c), (e), (f)&nbsp;or (g)&nbsp;above occurs and
is continuing, unless the principal of all debt securities then Outstanding shall have already become due and payable, the Trustee may,
in its discretion, and shall upon request in writing made by the Holders of not less than 25&nbsp;percent in aggregate principal amount
of all the debt securities then Outstanding (voting as one class), declare the principal of (and premium, if any, on) all the debt securities
then Outstanding and the interest accrued thereon and all other money, if any, owing under the provisions of the Indenture in respect
of those debt securities to be due and payable immediately on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon certain conditions,
any declaration of this kind may be cancelled if all Events of Default with respect to the debt securities of all those affected series
then Outstanding shall have been cured or waived as provided in the Indenture by the Holders of not less than a majority in aggregate
principal amount of the debt securities of the affected series then Outstanding (voting as one class, except in the case of Events of
Default described in clauses (a)&nbsp;and (b)&nbsp;of the first sentence of the preceding paragraph, as to which each series so affected
will vote as a separate class). See &ldquo;Modification and Waiver&rdquo; below. Reference is made to the applicable prospectus supplement
or supplements relating to any series of Original Issue Discount Securities for the particular provisions relating to the acceleration
of a portion of the principal amount thereof upon the occurrence and continuance of an Event of Default with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of the
Holders, unless those Holders shall have provided to the Trustee reasonable indemnity. Subject to those provisions for indemnity and
certain other limitations contained in the Indenture, the Holders of a majority in aggregate principal amount of the debt securities
of all affected series then Outstanding (voting as one class) will have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
debt securities of those affected series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
no Holder of the debt securities of any series will have any right to institute any proceeding with respect to the Indenture or for any
remedy thereunder, unless (a)&nbsp;that Holder shall have previously given to the Trustee written notice of a continuing Event of Default
with respect to the debt securities of that series, (b)&nbsp;the Holders of not less than 25&nbsp;percent in aggregate principal amount
of the debt securities of all affected series then Outstanding (voting as one class) shall have made written request, and provided reasonable
indemnity, to the Trustee to institute that proceeding, (c)&nbsp;the Trustee shall have failed to institute that proceeding within 60&nbsp;days
after that notification, request and offer of indemnity and (d)&nbsp;the Trustee shall not have received from the Holders of a majority
in aggregate principal amount of the debt securities of all affected series then Outstanding (voting as one class) a direction inconsistent
with that request during such 60 day period. However, the Holder of any Security will have an absolute right to receive payment of the
principal of and any premium and interest on that Security on or after the due dates expressed in that Security and to institute suit
for the enforcement of any of these payments. The Indenture requires Canadian Natural to furnish to the Trustee annually an Officers&rsquo;
Certificate as to the compliance by Canadian Natural with certain covenants, conditions or other requirements contained in the Indenture
and as to any non-compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
the Trustee may withhold notice to the Holders of the debt securities of one or more series of any default affecting those series (except
defaults as to payment of principal or interest) if it, in good faith, considers that withholding to be in the best interests of the
Holders of the debt securities of those series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidation, Merger, Amalgamation and Sale of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural shall not
enter into any transaction (whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, lease, transfer, sale
or otherwise) whereby all or substantially all of its assets would become the property of any other Person (the &ldquo;<B>Successor Corporation</B>&rdquo;)
unless (a)&nbsp;the Successor Corporation shall, prior to or contemporaneously with the consummation of that transaction, execute those
instruments, which may include a supplemental indenture, and do those things as shall be necessary or advisable to establish that upon
the consummation of that transaction (i)&nbsp;the Successor Corporation will have assumed all of the covenants and obligations of Canadian
Natural under the Indenture in respect of the debt securities of every series, and (ii)&nbsp;the debt securities of every series will
be valid and binding obligations of the Successor Corporation entitling the Holders thereof, as against the Successor Corporation, to
all the rights of Holders of debt securities under the Indenture; (b)&nbsp;the Successor Corporation is a corporation, partnership, or
trust organized and validly existing under the laws of Canada or any province thereof or of the United States, any state thereof or the
District of Columbia, (c)&nbsp;Canadian Natural has delivered to the Trustee, within 60&nbsp;days thereof, an Officer&rsquo;s Certificate
and an Opinion of Counsel each stating that such transaction and such supplemental indenture comply with this covenant and all conditions
precedent to Section&nbsp;7.1 relating to such transaction have been complied with, and (d)&nbsp;immediately before and after giving
effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of
Default, shall have occurred and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Amounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in the applicable prospectus supplement, all payments made by Canadian Natural under or with respect to the debt securities will be made
free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment
or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf
of the Government of Canada or of any province or territory thereof or by any authority or agency therein or thereof having power to
tax (hereinafter &ldquo;<B>Canadian Taxes</B>&rdquo;), unless Canadian Natural is required to withhold or deduct Canadian Taxes by law
or by the interpretation or administration thereof. If Canadian Natural is so required to withhold or deduct any amount for or on account
of Canadian Taxes from any payment made under or with respect to the debt securities, Canadian Natural will pay to each Holder as additional
interest such additional amounts (&ldquo;<B>Additional Amounts</B>&rdquo;) as may be necessary so that the net amount received by each
Holder after such withholding or deduction (and after any withholding or deduction of any Canadian Taxes on such Additional Amounts)
will not be less than the amount the Holder would have received if such Canadian Taxes had not been withheld or deducted. However, no
Additional Amounts will be payable with respect to a payment made to a Holder in respect of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of
                                            the Holder or beneficial owner being a person with which Canadian Natural does not deal at
                                            arm&rsquo;s length (within the meaning of the <I>Income Tax Act</I> (Canada)) at the time
                                            of making such payment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of
                                            the Holder or beneficial owner being a resident, domicile or national of, or engaged in business
                                            or maintaining a permanent establishment or other physical presence in or otherwise having
                                            some present or former connection with Canada or any province or territory thereof (otherwise
                                            than any connection arising by the mere holding, owning or disposing of the debt securities,
                                            the receipt of payments thereunder or the enforcement or exercise of rights with respect
                                            to the debt securities);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of
                                            the Holder or beneficial owner being a &ldquo;specified shareholder&rdquo; (within the meaning
                                            of subsection 18(5)&nbsp;of the <I>Income Tax Act</I> (Canada)) of Canadian Natural, or the
                                            Holder or beneficial owner not dealing at arm&rsquo;s length, for purposes of the <I>Income
                                            Tax Act</I> (Canada), with such a &ldquo;specified shareholder&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of
                                            the Holder or beneficial owner being a &ldquo;specified entity&rdquo; (as defined in subsection
                                            18.4(1)&nbsp;of the <I>Income Tax Act</I> (Canada)) in respect of Canadian Natural or in
                                            respect of which Canadian Natural is a &ldquo;specified entity&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Canadian Taxes imposed by reason of
                                            the Holder&rsquo;s or the beneficial owner&rsquo;s failure to comply with any certification,
                                            identification, information, documentation or other reporting requirements if compliance
                                            is required by law, regulation, administrative practice or an applicable treaty as a precondition
                                            to exemption from, or a reduction in the rate of deduction or withholding of, such Canadian
                                            Taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">any Canadian Taxes that are payable
                                            otherwise than by deduction or withholding from a payment under or with respect to the debt
                                            securities (other than Canadian Taxes payable pursuant to Regulation&nbsp;803 of the <I>Income
                                            Tax Act</I> (Canada), or any similar successor provision);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">any Canadian Taxes that are estate,
                                            inheritance, gift, sales, excise, transfer, capital gains, personal property or similar taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">any taxes imposed or withheld pursuant
                                            to Sections&nbsp;1471 through 1474 of the Internal Revenue Code of 1986, as amended, (or
                                            any amended or successor version of such sections that are substantively comparable), any
                                            regulations promulgated thereunder, any official interpretations thereof, any intergovernmental
                                            agreement or treaty between Canada and the United States with respect to the foregoing and
                                            any law, regulation, or official interpretation thereof implementing such intergovernmental
                                            agreement, or any agreements entered into pursuant to Section&nbsp;1471(b)(1)&nbsp;of the
                                            Internal Revenue Code of 1986, as amended; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>any combination of clauses (a)&nbsp;through (h)&nbsp;above,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(collectively, &ldquo;<B>Excluded
Taxes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, no Additional Amounts
will be paid with respect to any payment on a debt security to a Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Canada (or any political subdivision thereof) to be
included in the income for Canadian federal income tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to payment of the Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the Holder of such debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Canadian Natural will also:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>make such withholding or deduction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">remit the full amount deducted or withheld
                                            to the relevant authority in accordance with applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Canadian Natural will furnish
to the Holders of the debt securities, within 60&nbsp;days after the date the remittance of any Canadian Taxes is due pursuant to applicable
law, certified copies of tax receipts or other documents evidencing such remittance by Canadian Natural.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Without duplication of any
obligations to pay Additional Amounts as described above, Canadian Natural will indemnify and hold harmless each Holder and upon written
request reimburse each such Holder for the amount of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">any Canadian Taxes (other than Excluded
                                            Taxes) so levied or imposed and paid by such Holder as a result of payments made under or
                                            with respect to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">any liability (including penalties,
                                            interest and expenses) arising therefrom or with respect thereto; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">any Canadian Taxes imposed with respect
                                            to any reimbursement under clause (a)&nbsp;or (b)&nbsp;above, but excluding any such Canadian
                                            Taxes measured or based on such Holder&rsquo;s net income, revenue or capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Wherever in the Indenture
there is mentioned, in any context, the payment of principal (and premium, if any), interest or any other amount payable under or with
respect to a debt security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities will
be subject to redemption in whole, but not in part, at the option of Canadian Natural, at any time, on not less than 30 nor more than
60&nbsp;days prior written notice, at 100&nbsp;percent of the principal amount, together with accrued interest thereon to the redemption
date, in the event that we have become or would become obligated to pay, on the next date on which any amount would be payable with respect
to the debt securities, any Additional Amounts as a result of an amendment to or change in the laws (including any regulations promulgated
thereunder) of Canada (or any political subdivision or taxing authority thereof or therein), or any amendment to or change in any official
position regarding the application or interpretation of such laws or regulations, which change is announced or becomes effective on or
after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification and Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture permits Canadian
Natural and the Trustee to enter into supplemental indentures without the consent of the Holders of the debt securities to, among other
things: (a)&nbsp;secure the debt securities of one or more series, (b)&nbsp;evidence the assumption by the Successor Corporation of Canadian
Natural&rsquo;s covenants and obligations under the Indenture and the debt securities then Outstanding, (c)&nbsp;add covenants or Events
of Default for the benefit of the Holders of one or more series of the debt securities, (d)&nbsp;cure any ambiguity or correct or supplement
any defective provision in the Indenture which correction will not be prejudicial to the interests of the Holders of the debt securities,
(e)&nbsp;establish the form and terms of the debt securities of any series, (f)&nbsp;evidence the acceptance of appointment by a successor
Trustee, (g)&nbsp;to comply with any requirements of the SEC in order to effect and maintain the qualification of the Indenture under
the United States <I>Trust&nbsp;Indenture Act of 1939</I>, as amended, (h)&nbsp;to supplement any of the provisions of the Indenture
to the extent necessary to permit or facilitate defeasance and discharge of any series of debt securities, provided, however, such action
shall not adversely affect the interests of the Holders of any debt securities in any material respect, and (i)&nbsp;make any other modifications
which will not be prejudicial to the interests of the Holders of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture also permits
Canadian Natural and the Trustee, with the consent of the Holders of a majority in aggregate principal amount of the debt securities
of each series then Outstanding and affected (voting as one class), to add any provisions to, or change in any manner or eliminate any
of the provisions of, the Indenture or modify in any manner the rights of the Holders of the debt securities of each such affected series;
provided, however, that Canadian Natural and the Trustee may not, among other things, without the consent of the Holder of each Security
then Outstanding and affected thereby: (a)&nbsp;change the Stated Maturity of the principal amount of, or any installment of the principal
of or the interest on, that Security, (b)&nbsp;reduce the principal amount of or the rate of interest on or any premium payable upon
the redemption of that Security, (c)&nbsp;reduce the amount of principal of an Original Issue Discount Security payable upon acceleration
of the Maturity thereof, (d)&nbsp;change the place or currency of payment of the principal of or any premium or interest on that Security,
(e)&nbsp;impair the right to institute suit for the enforcement of payment of this kind with respect to that Security on or after the
Stated Maturity thereof, (f)&nbsp;reduce the&nbsp;percentage in principal amount of the Outstanding Securities of the affected series,
the consent of whose Holders is required for modification or amendment of the Indenture, or for any waiver with respect to defaults,
breaches, Events of Default or declarations of acceleration, (g)&nbsp;change the time at which any Security may or shall be redeemable
or repayable, (h)&nbsp;change any obligation of Canadian Natural to pay additional amounts provided for pursuant to the Indenture, with
certain exceptions, or (i)&nbsp;modify any provisions of the Indenture relating to modifying or amending the Indenture or the waiving
of past defaults or covenants except as otherwise specified in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the acceleration
of the Maturity of any debt securities, the Holders of a majority in aggregate principal amount of the debt securities of all series
at the time Outstanding with respect to which a default or breach or an Event of Default shall have occurred and be continuing (voting
as one class) may on behalf of the Holders of all such affected debt securities waive any past default or breach or Event of Default
and its consequences, except a default in the payment of the principal of or premium or interest on any Security of any series or an
Event of Default in respect of a covenant or provision of the Indenture or of any Security which cannot be modified or amended without
the consent of the Holder of each Security affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defeasance and Covenant Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in the applicable prospectus supplement, the Indenture provides that, at the option of Canadian Natural, Canadian Natural will be discharged
from any and all obligations with respect to the debt securities of any series (except for certain obligations to register the transfer
or exchange of the debt securities of that series, to replace mutilated, destroyed, lost or stolen debt securities of that series, to
maintain paying agencies, to compensate and indemnify the Trustee and to maintain the trust and payments under the trust described below
and the defeasance provisions of the Indenture) (hereinafter called a &ldquo;<B>defeasance</B>&rdquo;) upon the irrevocable deposit with
the Trustee, in trust, of money, and/or Government Obligations which, through the payment of the principal thereof and the interest thereon
in accordance with their terms, will provide money, in an amount sufficient, in the opinion of a nationally recognized firm of independent
chartered accountants, to pay all the principal of and any premium and interest on the debt securities of that series on the Stated Maturity
of those payments in accordance with the terms of the debt securities of that series. Such a defeasance may be effected only if, among
other things, (i)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in the United States (who may be counsel for
Canadian Natural) stating that Canadian Natural has received from, or there has been published by, the Internal Revenue Service a ruling,
since the date of the Indenture, or there has been a change in the applicable laws or regulations, in either case to the effect that
the Holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes
as a result of that defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if that defeasance had not occurred, and (ii)&nbsp;Canadian Natural has delivered to the Trustee
an Opinion of Counsel in Canada (who may be counsel for Canadian Natural) or a ruling from the Canada Revenue Agency to the effect that
the Holders of the debt securities of that series will not recognize income, gain or loss for Canadian federal or provincial income or
other Canadian tax purposes as a result of that defeasance and will be subject to Canadian federal or provincial income and other Canadian
tax (including withholding tax) on the same amounts, in the same manner and at the same times as would have been the case if that defeasance
had not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that Holders of the debt securities include
holders who are not resident in Canada). In addition, Canadian Natural may also obtain a discharge of the Indenture with respect to the
debt securities of all series issued under the Indenture by depositing with the Trustee, in trust, an amount of money and government
securities as shall be sufficient to pay, at Stated Maturity or upon redemption, all of those debt securities, provided that those debt
securities are by their terms to become due and payable within one year or are to be called for redemption within one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture also provides
that Canadian Natural may omit to comply with the restrictive covenants described under the caption &ldquo;Negative Pledge&rdquo; and
certain other covenants and no Event of Default shall arise with respect to the debt securities of that series by reason of this failure
to comply (hereinafter called a &ldquo;<B>covenant defeasance</B>&rdquo;), upon the irrevocable deposit with the Trustee, in trust, of
money and/or Government Obligations which, through the payment of the principal thereof and the interest thereon in accordance with their
terms, will provide money, in an amount sufficient, in the opinion of a nationally recognized firm of independent chartered accountants,
to pay all the principal of and any premium and interest on the debt securities of that series on the Stated Maturity of those payments
in accordance with the terms of the debt securities of that series. Canadian Natural&rsquo;s other obligations with respect to the debt
securities of that series would remain in full force and effect. A covenant defeasance may be effected only if, among other things, (i)&nbsp;Canadian
Natural has delivered to the Trustee an Opinion of Counsel in the United States (who may be counsel for Canadian Natural) to the effect
that the Holders of debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes
as a result of the covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if that covenant defeasance had not occurred, and (ii)&nbsp;Canadian Natural has delivered
to the Trustee an Opinion of Counsel in Canada (who may be counsel for Canadian Natural) or a ruling from the Canada Revenue Agency to
the effect that the Holders of the debt securities of that series will not recognize income, gain or loss for Canadian federal or provincial
income or other Canadian tax purposes as a result of that covenant defeasance and will be subject to Canadian federal or provincial income
and other Canadian tax (including withholding tax) on the same amounts, in the same manner and at the same times as would have been the
case if that covenant defeasance had not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that Holders
of the debt securities include holders who are not resident in Canada).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that Canadian
Natural exercises its option to effect a covenant defeasance with respect to the debt securities of any series, the debt securities of
that series are thereafter declared due and payable because of the occurrence of another Event of Default and the amount of money and
securities on deposit with the Trustee would be sufficient, in the opinion of a nationally recognized firm of independent chartered accountants,
to pay the amounts due on the debt securities of that series at their respective Stated Maturities, but may not be sufficient, in the
opinion of a nationally recognized firm of independent chartered accountants, to pay the amounts due on the debt securities of that series
at the time of the acceleration resulting from that Event of Default, then Canadian Natural would remain liable for this deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Provision of Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will file with the Trustee,
within 15&nbsp;days after we file them with the SEC, copies of our annual report and other information (or copies of such portions of
any of the foregoing as the SEC may by rules&nbsp;and regulations prescribe) which we are required to file with the SEC pursuant to Section&nbsp;13
or 15(d)&nbsp;of the Exchange Act. Notwithstanding that we may not be required to remain subject to the reporting requirements of Section&nbsp;13
or 15(d)&nbsp;of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
reporting pursuant to rules&nbsp;and regulations promulgated by the SEC, we will continue to provide the Trustee, and file with the SEC,
in accordance with rules&nbsp;and regulations prescribed from time to time by the SEC, the information, documents and reports which may
be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules&nbsp;and regulations, which, regardless of applicable requirements shall,
at a minimum, consist of such information required to be provided in quarterly and annual reports under the laws of Canada or any province
thereof to security holders of a corporation with securities listed on the Toronto Stock Exchange, whether or not we have any of our
securities listed on such exchange. Such information will be prepared in accordance with Canadian disclosure requirements and Canadian
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Resignation of Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustee may resign or
be removed with respect to one or more series of debt securities and a successor Trustee may be appointed to act with respect to such
series. In the event that two or more persons are acting as Trustee with respect to different series of debt securities, each such Trustee
shall be a Trustee of a trust under the Indenture separate and apart from the trust administered by any other such Trustee, and any action
described herein to be taken by the &ldquo;Trustee&rdquo; may then be taken by each such Trustee with respect to, and only with respect
to, the one or more series of debt securities for which it is Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment and Paying Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise provided
in the applicable prospectus supplement, principal, premium, if any, and interest, if any, on debt securities will be payable at an office
or agency of the Trustee in New York, New York, except that at our option interest, if any, may be paid (i)&nbsp;by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (ii)&nbsp;by wire transfer to an account
located in the United States maintained by the Person entitled thereto as specified in the Security Register. Unless otherwise provided
in the applicable prospectus supplement, payment of any instalment of interest on debt securities will be made to the Person in whose
name such debt security is registered at the close of business on the Regular Record Date for such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any Paying Agents outside
the United States and any other Paying Agents in the United States initially designated by us for the debt securities will be named in
the applicable prospectus supplement. We may at any time designate additional Paying Agents or rescind the designation of any Paying
Agent or approve a change in the office through which any Paying Agent acts, except that we will be required to maintain a Paying Agent
in each Place of Payment for such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consent to Service and Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have designated CT Corporation
System, 28 Liberty Street, New York, New York 10005 as our authorized agent for service of process in the United States in any action,
suit or proceeding arising out of or relating to the Indenture or the debt securities. Any such action may be brought in any Federal
court (or, if such court refuses to take jurisdiction, in any New York state court) located in the Borough of Manhattan in The City of
New York (a &ldquo;<B>New York Court</B>&rdquo;), or brought under United States federal or state securities laws or brought by the Trustee,
and Canadian Natural has irrevocably submitted to the jurisdiction of any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture and the debt
securities will be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_010"></A><B>CERTAIN INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The applicable prospectus
supplement will describe the material Canadian federal income tax consequences to an investor who is a citizen or resident of the United
States purchasing the debt securities, including whether payments of principal, premium, if any, and interest will be subject to Canadian
non-resident withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The applicable prospectus
supplement will also describe certain United States federal income tax consequences of the purchase, ownership and disposition of the
debt securities by an investor who is a United States person (as defined in the applicable prospectus supplement), including, to the
extent applicable, certain relevant United States federal income tax rules&nbsp;pertaining to capital gains and ordinary income treatment,
original issue discount, backup withholding and the foreign tax credit, and any consequences relating to debt securities payable in a
currency other than U.S. dollars, issued at an original discount for United States federal income tax purposes or containing early redemption
provisions or other special terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p_011"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition to the risk
factors set forth below, various risk factors relating to the business and securities of Canadian Natural are described in our disclosure
documents filed from time to time with the securities commissions and similar securities regulatory authorities in each of the provinces
of Canada and with the SEC and are incorporated by reference in this prospectus, including, in particular, our current AIF and MD&amp;A.
Such risk disclosure forms an integral part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The debt securities will be structurally subordinated
to any indebtedness of our subsidiaries.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The majority of our assets
are held in one or more corporate subsidiaries or partnerships. In the event of the liquidation of any corporate subsidiary, the assets
of the subsidiary would be used first to repay the indebtedness of the subsidiary, including trade payables or obligations under any
guarantees, prior to being used by us to pay our indebtedness, including any debt securities. Such indebtedness and any other future
indebtedness of our subsidiaries would be structurally senior to the debt securities. The Indenture pursuant to which the debt securities
will be issued does not limit our ability or the ability of our subsidiaries to incur additional unsecured indebtedness. See &ldquo;Description
of Debt Securities&thinsp;&mdash;&thinsp;Ranking and Other Indebtedness&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit ratings may not reflect all risks of
an investment in the debt securities and may change.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Credit ratings assigned
to us and to our securities by independent credit rating companies may not reflect all risks associated with an investment in the debt
securities. Any credit ratings applied to the debt securities are an independent assessment of our ability to pay our obligations. Consequently,
real or anticipated changes in the credit ratings will generally affect the market value of the debt securities. The credit ratings,
however, may not reflect the potential impact of risks related to structure, market or other factors discussed herein on the value of
the debt securities. There is no assurance that any credit rating assigned to the debt securities will remain in effect for any given
period of time or that any rating will not be lowered or withdrawn entirely by the relevant rating agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in interest rates may cause the market
price or value of the debt securities to decline.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prevailing interest rates
will affect the market price or value of the debt securities. The market price or value of the debt securities may decline as prevailing
interest rates for comparable debt instruments rise, and increase as prevailing interest rates for comparable debt instruments decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>There is an absence of a public market for
the debt securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There is no public market
for the debt securities and, unless otherwise specified in the applicable prospectus supplement, we do not intend to apply for listing
of the debt securities on any securities exchange. If the debt securities are traded after their initial issue, they may trade at a discount
from their initial offering prices depending on prevailing interest rates, the market for similar securities and other factors, including
general economic conditions and our financial condition. There can be no assurance as to the liquidity of the trading market for the
debt securities or that a trading market for the debt securities will develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The debt securities may be subject to floating
rates of interest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the event that the debt
securities are offered with a floating rate of interest, an investment in such floating rate debt securities will entail significant
risks not associated with investments in fixed rate instruments. The resetting of the applicable interest rate of floating rate debt
securities may result in a lower rate of interest compared to fixed rate instruments issued at the same time. The applicable interest
rate on a floating rate debt securities will fluctuate in accordance with fluctuations in the instrument or obligation on which the applicable
rate is based, which, in turn, may fluctuate and be affected by a number of interrelated factors, including economic, financial and political
events over which the Company has no control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>In the event that any of the debt securities
are redeemable, purchasers of such debt securities may be adversely impacted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any of the debt securities
are redeemable at our option, as set forth in the applicable prospectus supplement, we may choose to redeem such debt securities from
time to time, in accordance with our rights, including when prevailing interest rates are lower than the rates borne by such debt securities.
If prevailing rates are lower at the time of redemption, a purchaser may not be able to reinvest the redemption proceeds in a comparable
security at an effective interest rate as high as the interest rate on the debt securities being redeemed. Redemption rights may also
adversely impact a purchaser&rsquo;s ability to sell such debt securities as the optional redemption date or period approaches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Terms of the debt securities may not be sufficient
to protect a holder&rsquo;s investment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While the Indenture pursuant
to which the debt securities will be issued contains terms intended to provide protection to the holders of the debt securities upon
the occurrence of certain events involving significant corporate transactions, such terms will be limited and may not be sufficient to
protect a holder&rsquo;s investment in the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Indenture pursuant to which the
debt securities will be issued does not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">require
                                            us to maintain any financial ratios or specific levels of net worth, revenues, income, cash
                                            flow or liquidity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrict our ability
                                            to repurchase or prepay any other of our securities or other indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrict
                                            our ability to make investments or to repurchase or pay dividends or make other payments
                                            in respect of our common shares or other securities ranking junior to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrict our ability
                                            to enter into highly leveraged transactions; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>require us to repurchase
                                            the debt securities in the event of a change in control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the foregoing,
when evaluating an investment in the debt securities, prospective purchasers should be aware that the terms of the Indenture pursuant
to which the debt securities will be issued do not restrict our ability to engage in, or to otherwise be a party to, a variety of corporate
transactions, circumstances and events that could have an adverse impact on an investment in the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_012"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may sell the debt securities
to or through underwriters or dealers or to one or more other purchasers directly or through agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The applicable prospectus
supplement will describe the terms of the offering, including the name or names of any underwriters or agents, the purchase price or
prices of the debt securities to be offered, the proceeds to us from the sale of the debt securities to be offered, any initial public
offering price, any underwriting discount or commission and any discounts, concessions or commissions allowed or reallowed or paid by
any underwriter to other dealers. Any initial public offering price and any discounts, concessions or commissions allowed or reallowed
or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities may
be sold from time to time in one or more transactions at a fixed price or fixed prices, which may be changed, or at market prices prevailing
at the time of sale, at prices related to these prevailing market prices or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If indicated in the applicable
prospectus supplement, we may authorize dealers or other persons acting as our agents to solicit offers by certain institutions to purchase
the debt securities directly from us pursuant to contracts providing for payment and delivery on a future date. These contracts will
be subject only to the conditions described in the applicable prospectus supplement or supplements, which will also describe the commission
payable for solicitation of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may enter into agreements
to indemnify underwriters, dealers and agents who participate in the distribution of the debt securities against certain liabilities,
including liabilities under the 1933 Act, or to contribution with respect to payments which the underwriters, dealers or agents may be
required to make in respect of these liabilities. The underwriters, dealers and agents with whom we enter into agreements may be customers
of, engage in transactions with or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities will
not be qualified for sale under the securities laws of any province or territory of Canada and may not be offered, sold or delivered,
directly or indirectly, in Canada or to any resident of Canada in contravention of the securities laws of any province or territory of
Canada. Each underwriter and each dealer participating in the distribution of debt securities will agree that it will not, directly or
indirectly, offer, sell or deliver any such debt securities purchased by it in connection with that distribution in Canada or to any
resident of Canada in contravention of the securities laws of any province or territory of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each series of the debt
securities will be a new issue of securities with no established trading market. Unless otherwise specified in an applicable prospectus
supplement relating to a series of debt securities, the debt securities will not be listed on any securities exchange or on any automated
dealer quotation system. Some broker-dealers may make a market in the debt securities, but they will not be obligated to do so and may
discontinue any market-making activities at any time without notice. We cannot assure you that there will be liquidity in the trading
market for the debt securities of any series or that an active public market for the debt securities of any series will develop. If an
active public trading market for the debt securities of any series does not develop, the market price and liquidity of the series of
debt securities may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December&nbsp;6, 2024,
under the Indenture, we issued US$1.5&nbsp;billion aggregate principal amount of notes in two series: (a)&nbsp;US$750&nbsp;million aggregate
principal amount of 5.000% notes due 2029; and (b)&nbsp;US$750&nbsp;million aggregate principal amount of 5.400% senior notes due 2034
(collectively, the &ldquo;<B>2024 Notes</B>&rdquo;). In connection with the offering of the 2024 Notes (the &ldquo;<B>Offering</B>&rdquo;),
we entered into a purchase agreement, dated December&nbsp;3, 2024 (the &ldquo;<B>Purchase Agreement</B>&rdquo;), with BofA Securities,&nbsp;Inc.,
RBC Capital Markets, LLC and Scotia Capital (USA)&nbsp;Inc., on behalf of the Initial Purchasers (as defined herein) and a registration
rights agreement dated December&nbsp;6, 2024 (the &ldquo;<B>Registration Rights Agreement</B>&rdquo;) with BofA Securities,&nbsp;Inc.,
RBC Capital Markets, LLC, Scotia Capital (USA)&nbsp;Inc., Mizuho Securities USA LLC, MUFG Securities Americas&nbsp;Inc., BMO Capital
Markets Corp., CIBC World Markets Corp., TD Securities (USA) LLC, ATB Securities&nbsp;Inc., and SMBC Nikko Securities America,&nbsp;Inc.
(collectively, the &ldquo;<B>Initial Purchasers</B>&rdquo;). Pursuant to the Purchase Agreement and the Registration Rights Agreement,
we are obligated, within 360&nbsp;days of issuance of the 2024 Notes, to file an exchange offer registration statement with the SEC and
make an exchange offer for the 2024 Notes (the &ldquo;<B>Exchange Offer</B>&rdquo;). Pursuant to the Exchange Offer, the holders of the
2024 Notes will be entitled to exchange the 2024 Notes for generally freely transferable debt securities of like aggregate principal
amount having terms substantially identical in all material respects to the applicable series of the 2024 Notes so exchanged, and representing
the same continuing indebtedness (the &ldquo;<B>Exchange Notes</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_013"></A><B>APPOINTMENT OF AGENT FOR
SERVICE OF PROCESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Messrs.&nbsp;N. Murray Edwards
and Gordon D. Giffin are directors of Canadian Natural who reside outside of Canada and each of these directors has appointed us as their
agent for service of process in Canada at 2100, 855&thinsp;&mdash;&thinsp;2nd Street S.W., Calgary, Alberta, T2P 4J8. Purchasers are
advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated,
continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_014"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in the applicable prospectus supplement, certain legal matters in connection with the offering will be passed upon for us by Bennett
Jones&nbsp;LLP, Calgary, Alberta, concerning matters of Canadian law, and by Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP,
New York, New York, concerning matters of U.S. law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_015"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Bennett Jones&nbsp;LLP,
our Canadian counsel, has advised us with respect to enforceability of civil liabilities as set forth above under the heading &ldquo;Enforceability
of Civil Liabilities&rdquo;. Based on information provided to us, as of the date of this prospectus, the partners and associates of Bennett
Jones&nbsp;LLP, as a group, beneficially own, directly or indirectly, less than 1% of any class of our outstanding securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated balance
sheets as at December&nbsp;31, 2024 and 2023 and the related consolidated statements of earnings, of comprehensive income, of changes
in equity and of cash flows for each of the three&nbsp;years in the period ended December&nbsp;31, 2024, including the related notes,
incorporated by reference in this prospectus, have been so incorporated in reliance on the report dated March&nbsp;5, 2025 of PricewaterhouseCoopers&nbsp;LLP,
an independent registered public accounting firm. Such financial statements have been included herein in reliance upon the report of
such firm, given upon their authority as experts in auditing and accounting. PricewaterhouseCoopers&nbsp;LLP has advised that it is independent
with respect to Canadian Natural within the meaning of the Rules&nbsp;of Professional Conduct of the Chartered Professional Accountants
of Alberta and the rules&nbsp;of the SEC and the Public Company Accounting Oversight Board (U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sproule International Limited
and GLJ&nbsp;Ltd., independent qualified reserves evaluators, have evaluated our reserves in reports dated March&nbsp;5, 2025, with an
effective date of December&nbsp;31, 2024 and a preparation date of February&nbsp;10, 2025, as more particularly described in our AIF,
incorporated by reference herein. The statements as to our reserves, which are incorporated by reference in this prospectus, have been
so incorporated by reference upon the authority, as experts, of Sproule International Limited and GLJ&nbsp;Ltd., to the extent described
in the documents incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on information provided
by the relevant persons or companies, there are beneficial interests, direct or indirect, in less than 1% of our securities or property
or securities or property of our associates or affiliates held by Sproule International Limited or GLJ&nbsp;Ltd. or by &ldquo;designated
professionals&rdquo;, being any partners, employees or consultants of such independent consultants who participated in and who were in
a position to directly influence the preparation of the relevant report, or any such person who, at the time of the preparation of the
report was in a position to directly influence the outcome of the preparation of the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_016"></A><B>RELIANCE ON EXEMPTIONS
FOR WELL-KNOWN SEASONED ISSUERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Alberta Securities Commission
has adopted Blanket Order 44-501&thinsp;&mdash;&thinsp;<I>Re Exemption from Certain Prospectus Requirements for Well-Known Seasoned Issuers</I>,
as varied by the Alberta Securities Commission&rsquo;s Variation of Blanket Order 44-501 (the &ldquo;<B>WKSI Blanket Order</B>&rdquo;).
This prospectus has been filed by Canadian Natural in reliance upon the WKSI Blanket Order, which permit a &ldquo;well-known seasoned
issuer&rdquo;, or &ldquo;WKSI&rdquo; (as such terms are defined in the WKSI Blanket Order), to file a final short form base shelf prospectus
as the first public step in an offering, and exempt qualifying issuers from certain disclosure requirements relating to such final short
form base shelf prospectus. As of the date hereof, Canadian Natural has determined that it qualifies as a &ldquo;well-known seasoned
issuer&rdquo; under the WKSI Blanket Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="p_017"></A><B>DOCUMENTS FILED AS PART&nbsp;OF
THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents
have been filed with the SEC as part of the registration statement of which this prospectus is a part insofar as required by the SEC&rsquo;s
Form&nbsp;F-10:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            documents listed in the third paragraph under &ldquo;Where You Can Find More Information&rdquo;
                                            in this prospectus;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consent of our
                                            independent auditors, PricewaterhouseCoopers&nbsp;LLP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consent of our
                                            Canadian counsel, Bennett Jones <FONT STYLE="font-variant: small-caps">LLP</FONT>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            consents of our independent qualified reserves evaluators, Sproule International Limited
                                            and GLJ&nbsp;Ltd.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>powers of attorney
                                            from directors and officers of Canadian Natural;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Indenture relating
                                            to the debt securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the statement of eligibility
                                            of the Trustee on Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 84; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2527819d1_supplimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2527819d1_supplimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !L .,# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBN?\6>+=/\(Z:;R]9BS ^5$O5R/_UC\Z -Z21(D+R.J*.K,< 5
MSFJ?$#PKHS[;[6(D.<?)&\G_ * #7SSXL^)6N^)Y67[3):V>?EAA<KD?[1&,
M_C7&,26+$DDGDD]:!V/JJ+XM>!YFVIK@)][68?\ LE6A\1_"9Z:L#]+>7_XF
MODK/-=?X+T'7O$-YY&G1AX1R\DK$*OXX.*UI^S;M.YE4]HE>!]#_ /"QO"G_
M $%?_)>7_P")H_X6-X4_Z"O_ )+R_P#Q->*:OHM[H5X;:\10_9P3@_0XK/KT
MXX*E)7NSS98RJG:R/>_^%C>%/^@K_P"2\O\ \35FU\;^'+UML&IH3_M1NO\
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M'I!1110 4444 %%%% !12$XIH).>: 'T4TGC.?RIPZ4 %%%% !2$<GKS2T4
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M^X/$%DW!\#&#TQUZ^U74^&GCZZT,Z1=:E!'81QEHH5G+*[ < CC Z<U[UM%
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5LG 7'3%>ZX%&* &\GU_*BGT4 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2527819d1_supplimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2527819d1_supplimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !) *4# 2(  A$! Q$!_\0
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=\_35@6%3*FUA#C;N^3)Z#."/PKO** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
