October 30, 2003

TRADING FEE REDUCTIONS � AVERAGE SAVINGS GREATER THAN 25%

Effective immediately CNQ is revising its trading fees in three ways to respond to comments from CNQ Dealers. The price per share at which the value and volume fees are reversed is reduced by 25%, the rate charged for trades in all price ranges is reduced by 12.5% and the maximum fee charged per trade is reduced by 70% for trades in shares at lower prices.

The trading fee schedule introduces a new price point of $1.50, reduced from $2.00, for determining the level of value and volume fees. For trades in shares priced at or below $1.50 per share, the value based component of the fee will be reduced from 0.4% to 0.35%, ($3.50 for each $1000 value of the trade) while the volume based component will remain the same at 0.005%, ($0.05 for 1000 shares). Furthermore, the maximum Trading Fee for shares priced at or below $1.50 will be reduced from $100 to $30 per trade.

For trades in shares priced above $1.50, the volume component will be correspondingly reduced to 0.35% ($3.50 for 1000 shares) while the value component will remain at 0.005% ($0.05 for each $1000 value of the trade). The minimum and maximum levels of $4 and $100 per trade, respectively, will remain unchanged. As before, these are all quoted in Canadian dollars.

When applying this new pricing matrix to the historic trades on CNQ, the savings would have amounted to a slightly greater than 25% trading fee reduction. This is the second major price reduction implemented by CNQ, following the reduction announced in July for shares trading above $2.00.

Please direct any questions to Natasha Blackburn, Manager, Dealer Relations at 416-572-2000 Ext. 2478.