Ann: December 2023 Quarterly Activities Report and Appendix 4C, page-8

I thought todays trading looked a bit like manipulation to me. CNQ is very much under the radar at the moment but as many of us are "foundation" shareholders thanks to the split we are more aware. The ducks are falling into line, As for a Disallowed (market cap 230m) would love to see it but not holding my breath. on the otherhand someone with a bit of capital may decide that T/O would be the way to go and and see our 20% chinese holding and 20% RF holding as an appropriate way to go. Meanwhile I think a few of us will think some accumulation and rounding up would be a conservative way to go. The only looser being He who can not be named holding the 500m shorted position.