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TRC Announces Termination of the Tender Offer for Canadian Natural Resources Limited

1. TRC Capital has terminated its cash tender offer for CNQ shares. 2. 2,500,000 common shares were targeted for purchase but conditions were unmet. 3. Tendered shares will be returned without any payment to shareholders. 4. Withdrawal was influenced by economic and market conditions. 5. No active solicitation for any shares was reported.

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Why Neutral?

The termination of the tender offer lacks negative implications for CNQ's stock value. Historically, similar situations rarely affect long-term stock prices significantly.

How important is it?

While the termination is notable, it reflects external market conditions rather than operational issues within CNQ. Influence on CNQ's stock is limited as no exchange occurred.

Why No Impact?

Immediate financial impact is absent since no shares changed hands. The inability to meet conditions suggests ongoing caution within the market.

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CNQTRC
February 26, 2025 17:00 ET  | Source: TRC Capital Investment Corporation TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) -- TRC Capital Investment Corporation (“TRC”) announced today that it has terminated its previously announced cash tender offer to purchase up to 2,500,000 common shares (the “Shares”) of Canadian Natural Resources Limited. All Shares that have been validly tendered (and not validly withdrawn) will be returned promptly to the respective holders thereof without any action required on the part of the holders. No consideration will be paid in the Tender Offer for any tendered Shares. Consummation of the Tender Offer was subject to the satisfaction or waiver of the conditions set forth in the offer to purchase dated January 15, 2025 (the “Offer to Purchase”), including the general political, market, economic or financial condition described therein, which was not satisfied. TRC has decided to withdraw this transaction. This notice confirms the termination of the Tender Offer. This notice is neither an offer to purchase nor a solicitation of an offer to sell any Shares or any other securities. Persons with questions regarding the Tender Offer should contact the information agent, CNRA Financial Services Inc. at (416) 861-9446. For further information, contact:Contact:Lorne H. Albaum, PresidentPhone:(416) 304-1474

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