CN (CNI) Receives Arbitration Decision

CN (NYSE: CNI) announced today that it has received the arbitrator’s decision regarding the terms of its new collective agreement with the Teamsters Canada Rail Conference (TCRC). After six days of mediation and a comprehensive arbitration process, arbitrator William Kaplan delivered his ruling, establishing the terms of a new collective agreement between CN and the TCRC. The TCRC represents approximately 6,000 of our conductors, conductor trainees, yard coordinators and locomotive engineers across CN’s network in Canada.

The new three-year agreement, effective from January 1, 2024, through December 31, 2026, includes an annual wage increase of 3%. This agreement replaces the previous one and does not require ratification.

Although CN remains disappointed that a negotiated agreement was not reached at the bargaining table, the Company is pleased to be moving forward. CN also remains committed to modernizing the collective agreement for the benefit of employees, customers, and the North American economy.

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.

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