Athabasca Oil Sands Project Acquisition March 9, 2017 ATHABASCA OIL SANDS PROJECT ACQUISITION March 9, 2017 PREMIUM VALUE. DEFINED GROWTH. INDEPENDENT. Agenda • Transaction ‒ Significant Opportunity ‒ Overview & Metrics ‒ Operational Impact • Asset Overview ‒ Summary & Upside Opportunities ‒ Mines ‒ Upgrader ‒ Infrastructure Pipelines ‒ Quest Carbon, Capture, & Storage (“CCS”) ‒ Other Oil Sands Assets • Opportunities to Create Value • Finance ‒ Summary of Financial Impact ‒ Financing Plan • Conclusion CNQ 2 1
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