Ownership of Common Shares of Canadian National Railway

KIRKLAND, Wash., Feb. 01, 2024 (GLOBE NEWSWIRE) -- The percentage of common shares ("Common Shares") of Canadian National Railway Company ("CN") beneficially owned by William H. Gates III has increased to over 10% due solely to a decrease in the number of issued and outstanding Common Shares. The number of issued and outstanding Common Shares decreased as a result of the repurchase and cancellation of Common Shares by CN pursuant to a normal course issuer bid conducted in accordance with Canadian securities laws and the rules of the Toronto Stock Exchange. On January 23, 2024, CN announced that 642,832,885 Common Shares were issued and outstanding as of January 18, 2024.

As co-trustee of the Bill & Melinda Gates Foundation Trust (the "Trust"), Mr. Gates has no economic interest in any Common Shares owned by the Trust, but may be deemed to have shared beneficial ownership of such Common Shares. The Trust currently owns 54,826,786 Common Shares, representing approximately 8.53% of the issued and outstanding Common Shares. As the sole member of Cascade Investment, L.L.C. ("Cascade"), Mr. Gates beneficially owns any Common Shares owned by Cascade. Cascade currently owns 9,534,142 Common Shares, representing approximately 1.48% of the issued and outstanding Common Shares. In aggregate, the Trust and Cascade currently own 64,360,928 Common Shares, representing approximately 10.01% of the issued and outstanding Common Shares.

Each of Cascade and the Trust acquired its Common Shares for investment purposes. Cascade or the Trust may increase or decrease its ownership of securities of CN depending upon future market conditions or for portfolio-management purposes.

CN's head office is located at 935 de La Gauchetière Street West, Montréal, Québec H3B 2M9. The business address for Mr. Gates is 500 5th Avenue North, Seattle, Washington 98109, USA.

TO OBTAIN A COPY OF THE CORRESPONDING EARLY WARNING REPORT, PLEASE CONTACT:

Jeff Shim, Attorney
Tel: +1 (425) 889-7900

The issuance of this news release is not an admission that any person or entity named in this release owns or controls any described securities or is a joint actor with any other named person or entity.