Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) has filed a short form base shelf prospectus dated August 28, 2025, permitting it to issue up to $3,000,000,000 in unsecured medium term notes (“Notes”) over the next 25 months. The Notes may be sold for cash or exchanged for outstanding securities or other assets. Issued under National Instrument 44-102 – Shelf Distributions, the specific terms—maturity, currency denomination, redemption features, and interest rates—will be set at the time of each offering and disclosed in a pricing supplement. Unless otherwise specified, the Notes will be denominated in Canadian or U.S. dollars, offered in multiples of $1,000, and will not be redeemable before maturity or listed on any exchange.

The Notes will rank pari passu with Canadian Natural’s other unsecured and unsubordinated debt and will be issued under an existing trust indenture. Proceeds may be used for general corporate purposes, including capital expenditures, working capital, or repayment of indebtedness, particularly in the Company’s core regions of Western Canada, the U.K. North Sea, and Offshore Africa.

Distribution will be through a syndicate of dealers including ATB Securities, BMO Nesbitt Burns, CIBC World Markets, Desjardins Securities, Merrill Lynch Canada, Mizuho Securities Canada, MUFG Securities (Canada), RBC Dominion Securities, Scotia Capital, SMBC Nikko Securities Canada, TD Securities, and National Bank Financial. Legal matters will be handled for the Company by Bennett Jones LLP and for the dealers by Norton Rose Fulbright Canada LLP.

No market currently exists for the Notes, and investors may face liquidity and pricing risks.