Canadian Natural Resources Limited Cautions Investors Regarding TRC Capital's Below Market "Mini-Tender" Offer

Core Viewpoint - Canadian Natural Resources Limited has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 2,500,000 common shares at a price of C$43.25 per share, which is below the current market price [1][2]. Group 1: Offer Details - The mini-tender offer represents approximately 0.12% of Canadian Natural's outstanding shares [1]. - The offering price reflects a discount of 4.44% to the closing price on January 14, 2025, and a 4.71% discount to the closing price on January 22, 2025 [1]. Group 2: Company Response - Canadian Natural does not endorse TRC Capital's offer and advises shareholders to exercise caution due to the offer being below market price [2][7]. - The company recommends that shareholders who have not responded to the offer take no action [7]. Group 3: Investor Caution - Mini-tender offers are designed to avoid many investor protections, and both the Canadian Securities Administrators and the SEC have expressed concerns regarding such offers [3][5]. - Shareholders are encouraged to consult with their brokers or financial advisors and to obtain current market quotations for their shares [7]. Group 4: Withdrawal Information - Shareholders who have already tendered their shares can withdraw them before 11:59 p.m. (EST) on February 13, 2025, by following the procedures in TRC Capital's offering documents [8].