Ms. Tracy Robinson reports

CN TO ACQUIRE IOWA NORTHERN RAILWAY

Canadian National Railway Company has signed and closed an agreement to acquire Iowa Northern Railway (IANR), which operates approximately 275 track miles in Iowa connecting to CN's United States rail network. The transaction closed into an independent voting trust pending regulatory review of the transaction by the U.S. Surface Transportation Board (STB).

IANR serves upper Midwest agricultural and industrial markets covering many goods, including biofuels and grain. This transaction represents a meaningful opportunity to support the growth of local business by creating single-line service to North American destinations, while preserving access to existing carrier options.

"We are delighted to have reached an agreement with Iowa Northern Railway. We look forward to the opportunities our combined network will provide customers, farmers and our partners to respond to the needs of their existing and new markets. By enabling all of us to play an even more important role in this critical supply chain and densifying our southern network, we are accelerating sustainable, profitable growth."

- Tracy Robinson, president and chief executive officer at CN

"We are very pleased to have reached a deal with CN. We believe CN shares IANR's commitment to local stakeholders and that this transaction will be beneficial for customers, employees and the local Iowa economy. We are confident that, as part of CN, IANR will be able to continue to provide reliable first and last-mile service to our local customers while providing them access to a much broader network and market."

- Daniel Sabin, chairman at Iowa Northern Railway

The terms of this transaction were not disclosed. An STB decision regarding the transaction is expected in 2024.

About Canadian National Railway Company

CN is a world-class transportation leader and trade enabler. Essential to the economy, to the customers and to the communities it serves, CN safely transports more than 300 million tonnes of natural resources, manufactured products and finished goods throughout North America every year. CN's network connects Canada's East Coast and West Coast with the Southern United States through an 18,600-mile rail network. CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Iowa Northern Railway

The Iowa Northern, based in Waterloo, is a critical transportation network in Iowa, facilitating high levels of economic development for the communities it serves. The company has been long regarded as one of the country's premier and fastest-growing independent short-line railroads led by the Sabin family.

We seek Safe Harbor.