RETRANSMISSION -- CN Issues Letter to Shareholders

Rhea-AI Summary

CN issued a letter to shareholders addressing misleading claims from TCI in the lead-up to the Special Meeting on March 22, 2022. The company emphasizes its commitment to long-term value creation, refuting TCI's accusations as disruptive. The letter aims to provide context for shareholders to evaluate CN's strategies amidst the ongoing campaign from TCI, which is the largest shareholder of Canadian Pacific. The company, operating a 19,500-mile rail network, has been a key player in North American transportation since 1919.

Positive

• CN's commitment to long-term value creation is reinforced against misleading claims.
• The letter seeks to clarify CN's strategies for shareholders.

Negative

• TCI's disruptive campaign may affect shareholder perception and company reputation.

Letter Provides Important Context to Help CN Shareholders Better Assess TCI’s Misguided and Misleading Campaign

MONTREAL, Nov. 02, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today issued a letter to CN shareholders in connection with its upcoming Special Meeting of Shareholders (the “Special Meeting”) on March 22, 2022, and in response to recent materials filed by CIFF Capital and TCI (collectively “TCI”). A copy of the letter can be accessed from the CN website by clicking here.

CN’s Board and management team continue to act in the best interests of the Company’s shareholders, customers and all other stakeholders. Meanwhile, TCI, Canadian Pacific’s (“CP”) largest shareholder, has made misleading claims which are disruptive to CN’s sustainable value creation efforts. CN’s letter provides important context to help CN shareholders better assess CN’s strategy and TCI’s misguided and misleading campaign.

About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN, and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Forward-Looking Statements
Certain statements 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 are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, uncertainties related to the Special Meeting. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.

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.

Contacts:

Media Canada Mathieu Gaudreault CN Media Relations & Public Affairs (514) 249-4735 Mathieu.Gaudreault@cn.ca  Longview Communications & Public Affairs Martin Cej (403) 512-5730 mcej@longviewcomms.ca United States Brunswick Group Jonathan Doorley / Rebecca Kral (917) 459-0419 / (917) 818-9002 jdoorley@brunswickgroup.com rkral@brunswickgroup.com

Investment Community Paul Butcher Vice-President Investor Relations (514) 399-0052 investor.relations@cn.ca

FAQ

What is the purpose of CN's letter to shareholders regarding TCI?

The letter aims to clarify CN's strategies and address misleading claims made by TCI ahead of the Special Meeting on March 22, 2022.

When is CN's Special Meeting of Shareholders scheduled?

CN's Special Meeting of Shareholders is scheduled for March 22, 2022.

What claims did TCI make against CN?

TCI made misleading claims that CN's management is not acting in the best interests of shareholders.

How does CN describe TCI in its letter to shareholders?

CN describes TCI as making misguided and misleading claims that disrupt CN's sustainable value creation efforts.

What does CN highlight about its operations in the press release?

CN highlights its importance as a leader in transportation, safely transporting over 300 million tons of goods across North America annually.