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Canadian Natural Resources Ltd | October 2016 Corporate Presentation | Steven W. Laut | Page 24 of 11 | November 21, 2024

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Corporate Presentation October 2016 11 CNQ • Control of our destiny ?Control costs, development timing and pace – eliminates commitments ?Operations flexibility with high working interest • Minimal capital exposure and return on capital maximized • Drill-to-fill strategy ?Leverage existing infrastructure • Optimization of reliability • Integration of well operations and facility operations ?Reduced labour and increased expertise • ~62,000 km of pipelines 22 Advantages of Infrastructure Ownership/Operatorship SIGNIFICANT OWNERSHIP/OPERATORSHIP IS A STRONG ADVANTAGE 37 Operated Major Natural Gas Processing Facilities ~50,000 km - natural gas pipelines Natural Gas 15 Crude Oil Processing Facilities 8 Sand Disposal Caverns Heavy Oil CNQ Canadian Natural Operating Costs 2016 Area (C$/bbl) 2014 2015 2016F % Change (1) North America Light Oil & NGLs $17.24 $14.88 $13.50 - 14.50 (19%) Pelican Lake 8.52 7.24 5.75 - 6.75 (27%) Primary Heavy 17.61 15.01 13.75 - 14.75 (19%) Thermal In Situ Oil Sands 12.61 10.43 10.25 - 11.25 (15%) Horizon Oil Sands (2) 39.60 29.61 27.00 - 30.00 (28%) North Sea 74.04 63.67 40.50 - 46.50 (41%) Offshore Africa 43.97 33.32 14.50 - 18.50 (62%) North America Gas (C$/Mcf) $1.42 $1.27 $1.05 - 1.25 (19%) Corporate Total (C$/BOE) $18.29 $15.18 $13.50 - 14.50 (23%) (1) Percentage change of 2016F midpoint over 2014. (2) Reflects production downtime for turnarounds and tie-ins. 23