Disposition of Common Shares of Canadian National Railway Company

KIRKLAND, Wash., Aug. 06, 2021 (GLOBE NEWSWIRE) -- Cascade Investment, L.L.C. (“Cascade”) announced today that it disposed of 9,527,000 common shares (“Common Shares”) of Canadian National Railway Company (“CN”) on August 5, 2021, by transferring ownership and control of the shares in a private transaction for no consideration.

Following completion of the disposition, Cascade owns 77,787,431 Common Shares, representing approximately 10.97% of the issued and outstanding Common Shares. Immediately prior to the disposition, Cascade had owned 87,314,431 Common Shares, representing approximately 12.32% of the issued and outstanding Common Shares.

As the sole member of Cascade, William H. Gates III beneficially owns the Common Shares owned by Cascade. In addition, Mr. Gates is deemed to share beneficial ownership of Common Shares owned by the Bill & Melinda Gates Foundation Trust (the “Trust”), a charitable trust for which Mr. Gates serves as a co-trustee. The Trust owns 13,907,283 Common Shares, representing approximately 1.96% of the issued and outstanding Common Shares.

Through Cascade and the Trust, Mr. Gates is deemed to have beneficial ownership of an aggregate 91,694,714 Common Shares, representing approximately 12.93% of the issued and outstanding Common Shares—down from 101,221,714 Common Shares owned by Cascade and the Trust immediately prior to yesterday’s disposition, which had represented 14.28% of the issued and outstanding Common Shares.

A senior investment manager for Mr. Gates, Justin Howell, serves on CN’s board of directors.

Each of Cascade and the Trust acquired its Common Shares for investment purposes. Cascade or the Trust may increase or decrease their ownership of securities of CN depending upon future market conditions.

FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE REPORT, PLEASE SEE THE CONTACT INFORMATION BELOW:

Jacki Badal, Attorney Cascade Investment, L.L.C. Tel: +1 (425) 889-7900 Fax: +1 (425) 803-0459

Source: Cascade Investment, L.L.C.

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