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CN to Invest $165 Million in Manitoba to Build Capacity and Power Sustainable Growth

1. CN plans to invest $165 million CAD in Manitoba for infrastructure. 2. Investment focuses on rail yard improvements and safety upgrades. 3. Past investments totaled $200 million CAD, emphasizing growth potential. 4. Government supports CN's initiatives to enhance trade and economic growth. 5. Strong operational network expected to ensure safe movement of goods.

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Why Bullish?

The significant investment in Manitoba is likely to enhance CN's operational capacity and profitability, similar to past capital improvements that have supported stock price increases. Historical examples show that infrastructure investments lead to improved efficiency and increased productivity, boosting investor confidence.

How important is it?

The large capital investment signifies CN's commitment to growth, potentially enhancing its market position and profitability. This commitment indicates a proactive approach to improving operations and could attract positive investor sentiment.

Why Long Term?

The effects of infrastructure development typically manifest over time as service reliability and efficiency enhance customer satisfaction. Similar past investments have led to sustained performance improvements that positively impacted CNI’s stock over the long term.

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CNRCPUNP
WINNIPEG, Manitoba, May 22, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $165 million CAD in Manitoba, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province, including upgrade projects to improve operations of rail yards in Winnipeg. These investments will help ensure the safe movement of goods and support long-term sustainable growth in Manitoba and across CN’s network. "We believe that investing in our network is about building for the future. Our continued infrastructure investment in Manitoba will help strengthen the resiliency and efficiency of our network across the province. Our focus remains on providing exceptional service to our customers and supply chain partners, supporting strong economic growth for North America and across the communities where we operate."      - Tracy Robinson, President and Chief Executive Officer of CN “The Government of Manitoba celebrates CN and their continued investment in strategic railway projects and infrastructure to ensure the safe movement of goods across the province. Railways are essential to supporting trade in getting goods to market and an important local employer; CN’s investment in sustainable infrastructure will strengthen Manitoba’s position as an economic partner and create growth opportunities that will benefit all Manitobans.”      - Lisa Naylor, Minister of Transportation and Infrastructure, Government of Manitoba In 2024, CN invested approximately $200 million CAD in Manitoba for track maintenance and key infrastructure initiatives. Highlights of this investment include: Over $16 million for signals and communications upgrades to improve the safety of our operations Approximately $12 million for the acquisition of equipment, such as tractors and trailers deployed in Manitoba and across CN’s network Manitoba in Numbers: Employees: approximately 2,269Railroad route miles operated: 860Community investments: $923,000 in 2024Local spending: $1 billion in 2024Cash taxes paid: $75 million in 2024 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 CN CN 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) 596-4329(514) 399-0052media@cn.cainvestor.relations@cn.ca

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