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Canadian Natural Resources Ltd | March 2012 Corporate Presentation | Corey B. Bieber | Page 3 of 11 | June 09, 2026

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1 Corporate Presen tatio n March 2012 CNQ Slide 2 • Canadian ba sed E&P compan y w ith international exposure • ~ U S$45 billi on enterpri se v a lue • 599 MBOE/d – 201 1 – >6 5 % crude oi l w e ig hte d • 648 -69 6 MBOE/d – 2 012 F – ~6 8 % crude oi l w e ig hte d • Retu rns foc u sed • Major oil sands pla y er – Major thermal in sit u pro d u cer w ith se v e r a l p r o j ects in in v e ntory – Ma jor minin g proje c t w ith 110,00 0 b b l/d o f SCO produc tio n c a p a c i ty The Premium Value, De fine d Gro w th In de pe nde nt Who is Cana dian Nat u ral? Production Mix Nor t h Sea 4% Offshore Af r i c a 4% Nor t h Am e r i c a 92 % Q4/11 CNQ Slide 3 0 20 0 40 0 60 0 80 0 1, 00 0 1, 20 0 1, 40 0 1, 60 0 1, 80 0 C N Q E O G D V N A PA PX D A PC C V E N X Y EC A T L M Committ ed Ma na geme nt • Substa n ti al management a nd director w ealth at stake – Strong moti v a tion for managemen t to perfo r m – Deliv ers clea r alignm en t w ith shareholde r inte res t s Note: Bas ed on s har e owne r s hip data ex c luding option s and pr ic ed at O c to ber 31, 2011. Sour c e : SEDI and T homs o n F inanc ial. Ma na ge me nt / Dire c t ors Stoc k O w ne rs hi p (US$ M i l lio n) $1 ,65 9 Cons is te nt His t ory of Va lue Cre a t ion