Disposition of Common Shares of Canadian National Railway Company

KIRKLAND, Wash., May 17, 2022 (GLOBE NEWSWIRE) -- The beneficial ownership of Canadian National Railway Company ("CN") by William H. Gates III has decreased due to dispositions.

On May 17, 2022, Cascade Investment, L.L.C. ("Cascade") sold 955,796 common shares of CN ("Common Shares") listed on the Toronto Stock Exchange at a weighted average sales price of $147.8535 per share, for total consideration of $141,317,783.89, excluding commissions. Following completion of its disposition, Cascade owns 57,875,664 Common Shares, representing approximately 8.34% of the issued and outstanding Common Shares. Immediately prior to the disposition, Cascade had owned 58,831,460 Common Shares, representing approximately 8.48% of the issued and outstanding Common Shares. As the sole member of Cascade, Mr. Gates beneficially owns the Common Shares owned by Cascade.

On the same day, the Bill & Melinda Gates Foundation Trust (the "Trust") sold 182,161 Common Shares listed on the Toronto Stock Exchange at a weighted average sales price of $147.8535 per share, for total consideration of $26,933,141.41, excluding commissions. Following completion of its disposition, the Trust owns 11,001,592 Common Shares, representing approximately 1.59% of the issued and outstanding Common Shares. Immediately prior to the disposition, the Trust had owned 11,183,753 Common Shares, representing approximately 1.61% of the issued and outstanding Common Shares. Mr. Gates is deemed to share beneficial ownership of, but has no economic interest in, Common Shares owned by the Trust, a charitable trust for which Mr. Gates serves as a Co-Trustee.

Through Cascade and the Trust, Mr. Gates is deemed to have beneficial ownership of an aggregate 68,877,256 Common Shares, representing approximately 9.92% of the issued and outstanding Common Shares?down from 70,015,213 Common Shares owned by Cascade and the Trust immediately prior to the disposition, which had represented 10.09% of the issued and outstanding Common Shares (a change of 0.16%). Because Mr. Gates is deemed to beneficially own less than 10% of the issued and outstanding Common Shares, he is no longer subject to ongoing early warning or insider reporting requirements in respect of his ownership of Common Shares.

A senior investment manager for Mr. Gates, Justin Howell, serves on CN's board of directors.

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:

Jacki Badal, 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.