Bill & Melinda Gates Foundation Trust Receives Gift of Common Shares of Canadian National Railway Company

SEATTLE, July 22, 2022 (GLOBE NEWSWIRE) -- The Bill & Melinda Gates Foundation Trust (the "Trust") received a gift of 44,548,156 Common Shares of Canadian National Railway Company ("CN"). The shares are part of the $20 billion pledge to the Bill & Melinda Gates Foundation's endowment recently announced by William H. Gates III.

Following the gift, the Trust owns 54,826,786 Common Shares, representing 7.9% of the issued and outstanding Common Shares.   Immediately prior to the receipt of the gift, the Trust had owned 10,278,630 Common Shares, representing approximately 1.5% of the issued and outstanding Common Shares. Mr. Gates and Melinda French Gates are co-Trustees of the Trust. As such, they may each be deemed to beneficially own the Common Shares held by the Trust, but neither Mr. Gates nor Ms. French Gates has an economic interest in the Common Shares owned by the Trust. Ms. French Gates currently separately owns 15,328,169 Common Shares, which when combined with the Common Shares held by the Trust following the gift represents aggregate beneficial ownership of 70,154,955 Common Shares, or 10.1% of the issued and outstanding Common Shares. Immediately prior to receipt of the gift by the Trust, Ms. French Gates and the Trust collectively beneficially owned 25,606,799 Common Shares, representing 3.7% of the issued and outstanding Common Shares.

Each of Ms. French Gates and the Trust hold their respective Common Shares for investment purposes. Ms. French Gates or the Trust may increase or decrease their 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 Ms. French Gates is 500 5th Avenue North, Seattle, Washington 98109, USA.

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.

Courtney Wade
+1 425 497 4300
[email protected]