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CN to Invest $600 Million in Ontario to Build Capacity and Power Sustainable Growth

1. CNI plans $600 million CAD investment in Ontario's infrastructure. 2. Investment focuses on track maintenance and technology upgrades. 3. Past investments in Ontario were approximately $528 million CAD in 2024. 4. CEO emphasizes strengthening network efficiency and resiliency. 5. Investment aims to enhance economic growth and supply chain efficiency.

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Why Bullish?

CNI's significant investment suggests strong growth potential and operational efficiency, enhancing shareholder value. Historical performance indicates that infrastructure investments often correlate with stock price appreciation, as seen in past initiatives.

How important is it?

The article highlights a substantial investment impacting CNI's infrastructure and operational strategy, key to long-term profitability and shareholder value.

Why Long Term?

The benefits from the infrastructure investments will accumulate over time, leading to sustained efficiency and growth in operations. Previous capital investments by CNI have long-term positive effects on capacity and profitability.

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TORONTO, May 21, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $600 million CAD in Ontario, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes projects that continue to invest in technology as well as ongoing multi-year projects that will build capacity and support growth across the network. These projects will help ensure the safe movement of goods and support long-term sustainable growth in Ontario and across CN’s network. “We believe that investing in our network is about building for the future. Our continued infrastructure investment in Ontario 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 “CN is a key partner in strengthening Ontario’s economy and supply chains. Our government is building a more connected, competitive province by investing in infrastructure that reduces gridlock and supports long-term growth. We welcome CN's continued investment into Ontario, a commitment that will help goods move more efficiently, create good-paying jobs, and build a stronger future for communities across the province.” - Prabmeet Sarkaria, Minister of Transportation for Ontario In 2024, CN invested approximately $528 million CAD in Ontario for track maintenance and key infrastructure initiatives. Key highlights from this investment includes: Over $49 million to support construction of the Milton Logistics Hub, a multi year project supporting Canada’s busiest and fastest growing regionOver $60 million invested with its project partners, towards the completion of Phase 1 and advancement of Phase 2 of the new high efficiency loading fuel terminal at CN’s MacMillan Yard in Vaughn, Ontario, serving customers in the Greater Toronto Area. Ontario in Numbers: Employees: approximately 4,093Railroad route miles operated: 2,354Community investments: C$3 million in 2024Local spending: C$3 billion in 2024Cash taxes paid: C$138 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) 399-0052  media@cn.cainvestor.relations@cn.ca

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