CANADIAN NATIONAL RAILWAY CO

CN has signed a transportation agreement with BHP to facilitate the movement of potash from the Jansen Potash Mine in Saskatchewan to export terminals on Canada's West Coast. This partnership leverages CN's extensive 20,000-mile rail network to connect one of the world's largest new potash developments to global markets, supporting the initial production phase of the Jansen project. The agreement reinforces CN's role in enabling efficient supply chains and connecting Canadian resource producers to international markets, particularly for global food production.

CN announced that its propane export shipments from South Beamer, Alberta, to Watson Island, British Columbia, achieved an all-time monthly record in May. This represents a 40% increase in carloads compared to May 2025 and exceeded the company's previous record set in August 2024. The record performance was driven by continued operational improvements, including train length optimizations and enhanced network efficiency, enabling greater volumes to move reliably to the West Coast.

CN announced a new monthly record for grain movement in May 2026, transporting over 2.96 million metric tonnes (MMT) from Western Canada. This surpasses the previous record of 2.54 MMT set in May 2025. The achievement reflects a strong crop year performance, driven by sustained export demand, ample grain supply, and efficient network operations. CN continues to focus on delivering consistent and reliable service to support its supply chain partners and prepare for the next crop year.

Canadian National Railway Co (CN) commended the Surface Transportation Board's (STB) decision to freeze the merger review of Union Pacific (UP) and Norfolk Southern (NS). The STB ordered UP and NS to provide substantial additional information, agreeing with CN that their amended application lacks clarity and detail. CN reiterated its belief that the proposed merger would reduce competitive rail options, increase concentration, and create supply chain risks, while criticizing the applicants' remedies as insufficient.

CN announced a $100 million CAD commitment over the next ten years for its new "CN Railroaders for Change" initiative, aimed at preventing homelessness through early intervention and sustainable solutions. This initiative will support non-profit organizations, break down stigma, and fund solutions-based research. As part of this, CN unveiled inaugural gifts totaling $1 million to four Montreal-area non-profits, each receiving $250,000, to expand programs for individuals and families at risk of homelessness.

CN, Keyera, and AltaGas announced plans to advance the Alberta Corridor Export (ACE) Rail Terminal Project, a strategic Canadian energy infrastructure investment. Keyera will own and construct the terminal with an initial investment of approximately $240 million, supported by long-term commercial arrangements with AltaGas and CN. The project aims to strengthen Canada’s energy supply chain by providing efficient rail solutions to West Coast export markets, with an expected capacity of 45,000 barrels per day of propane and butane upon its mid-2028 in-service date.

Janet Drysdale, Executive Vice-President and Chief Commercial Officer of CN, will address the 19th Annual Wolfe Research Global Transportation & Industrials Conference. The presentation is scheduled for May 21, 2026, at 8:00 a.m. ET. A live webcast will be provided on CN's investor relations website, with a replay available after the event.

CN announced the expansion of its Certified Rail-Ready Sites program, adding five new industrial development sites and re-certifying six existing U.S. sites. These eleven sites will be certified through a new partnership with the Site Selectors Guild’s REDI Sites program, an industry-recognized framework. The program identifies strategic, rail-served locations ready for investment, aiming to reduce development risk and accelerate project timelines for businesses across North America.

CN filed comments with the Surface Transportation Board (STB) urging the rejection of Union Pacific (UP) and Norfolk Southern (NS)'s amended merger application. CN argues the application remains incomplete, failing to address two of three previously identified deficiencies and lacking meaningful competitive enhancements. The proposed Committed Gateway Pricing (CGP) program is deemed insufficient, applying to less than one percent of U.S. rail traffic and potentially harming many shippers.

Canadian National Railway Company announced a public debt offering of US$750 million. This offering comprises US$300 million in 4.350% Notes due 2029 and US$450 million in 4.950% Notes due 2036. The company expects to close the offering on May 12, 2026, and plans to use the net proceeds for general corporate purposes, including the repayment of commercial paper.