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CN Receives Arbitration Decision

1. CNI reached a new three-year collective agreement with the TCRC. 2. The agreement covers approximately 6,000 employees in Canada. 3. It includes a 3% annual wage increase, effective from 2024. 4. The agreement avoids further negotiation and ensures operational stability. 5. CN is committed to modernizing its agreements for employee and economic benefit.

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Why Bullish?

A stable collective agreement with wage increases supports workforce satisfaction and productivity, enhancing CNI's performance. Historically, agreed contracts have led to increased investor confidence.

How important is it?

The announcement addresses key operational stability, directly influencing CNI’s productivity and investor sentiment.

Why Short Term?

The positive impacts of the agreement will be felt immediately, potentially reflected in quarterly financial performances.

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CNRUNPCSX
Binding decision outlines new three-year collective agreement with TCRC April 07, 2025 13:20 ET  | Source: Canadian National Railway Company MONTREAL, April 07, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it has received the arbitrator’s decision regarding the terms of its new collective agreement with the Teamsters Canada Rail Conference (TCRC). After six days of mediation and a comprehensive arbitration process, arbitrator William Kaplan delivered his ruling, establishing the terms of a new collective agreement between CN and the TCRC. The TCRC represents approximately 6,000 of our conductors, conductor trainees, yard coordinators and locomotive engineers across CN’s network in Canada. The new three-year agreement, effective from January 1, 2024, through December 31, 2026, includes an annual wage increase of 3%. This agreement replaces the previous one and does not require ratification. Although CN remains disappointed that a negotiated agreement was not reached at the bargaining table, the Company is pleased to be moving forward. CN also remains committed to modernizing the collective agreement for the benefit of employees, customers, and the North American economy. CN Forward-Looking Statements Certain statements by CN included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. About CNCN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. Contacts: MediaInvestment CommunityAshley MichnowskiStacy AldersonSenior ManagerAssistant Vice-PresidentMedia RelationsInvestor Relations(438) 596-4329media@cn.ca(514) 399-0052investor.relations@cn.ca  

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