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CN to Invest $38 Million in Iowa to Build Capacity and Power Sustainable Growth

1. CNI plans to invest $38 million in Iowa for infrastructure enhancements. 2. Investment aims to boost efficient goods transportation across North America. 3. This investment follows a $31 million commitment in 2024 for similar projects. 4. Local infrastructure developments will likely create jobs and stimulate economic growth. 5. CNI emphasizes long-term growth and exceptional service through these investments.

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Why Bullish?

CNI's investments in infrastructure enhance operational efficiency, likely leading to increased revenue. Historical examples show that infrastructure investments have strengthened stock performance for rail companies.

How important is it?

The economic implications of this investment on CNI's operations could influence investor confidence and operational efficacy, improving market outlook.

Why Long Term?

Investment will foster sustained growth and operational improvement over years, similar to past initiatives. Long-term impacts often outweigh short-term fluctuations in stock prices.

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CSXUNPKSU
June 30, 2025 13:00 ET  | Source: Canadian National Railway Company HOMEWOOD, Ill., June 30, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately US$38 million in Iowa, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the state. The projects will help ensure the safe movement of goods and support long-term sustainable growth in Iowa and across CN’s network. “We believe that investing in our network is about building for the future. Our continued infrastructure investment in Iowa will help strengthen the resiliency and efficiency of our network across the state. Our focus remains on providing exceptional service to our customers and supply chain partners, supporting strong economic growth for North America and across communities where we operate.” - Tracy Robinson, President, and Chief Executive Officer of CN “CN’s $38 million investment into our state’s infrastructure is a big win for Iowa's farmers, businesses, and communities. This project will not only improve the resiliency and efficiency of transporting Iowa products across North America, but it will also create jobs and support long-term sustainable growth in Iowa. Investments like this help ensure Iowa remains a leader in feeding and fueling the world, and I’m grateful to have CN invest in Iowa’s future."  - U.S. Congresswoman Ashley Hinson, Iowa’s 2nd Congressional District In 2024, CN invested approximately US$31 million in Iowa for track maintenance and key infrastructure initiatives. Highlights of this investment include: Approximately US$1.4 million to upgrade the track and build capacity on CN’s Osage Subdivision near Cedar RapidsOver US$1 million towards upgrades at CN’s Waterloo rail yard to improve operations. Iowa in Numbers: Capital investments: More than US$ 31 million in 2024Employees: approximately 258Railroad route miles operated: 572Community investments: US$ 98,000 in 2024Local spending: US$29 million in 2024Cash taxes paid: US$6.2 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 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) 596-4329(514) 399-0052media@cn.cainvestor.relations@cn.ca

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