Canadian National to invest $365m in Alberta

MONTREAL, June 22, 2022 (GLOBE NEWSWIRE) — CN (TSX : CNR) (NYSE : CNI) announced today plans to invest approximately C$365 million in Alberta in 2022. This includes investments in technology, capacity, rolling stock units and company-wide decarbonization initiatives, as well as network improvements. These investments will power sustainable growth and ensure the continued safe movement of goods in Alberta and everywhere on CN’s transcontinental network.

“We continue to make significant investments in our network, technology, and capacity. We are building the premier railroad of the 21st century to do even more for our customers, railroaders, shareholders, and the communities in which we operate.”

   –   Sean Finn, Executive Vice-President, Corporate Services and Chief Legal Officer of CN

“At a time when the resilience of our supply chains is more important than ever, investing in our rail transportation system ensures essential goods can reach Canadians on time. Railways play an important role in growing our economy, and I am pleased to see CN taking this important step to strengthen our rail networks. Today’s announcement will help improve the fluidity of our rail network against the unprecedented disruptions to service we have seen in the last two years, and is good news for Canadians.”

   –   The Honourable Omar Alghabra, Minister of Transport, Government of Canada

“CN’s significant investment in Alberta is another sign that our economy is on a roll. CN’s commitment will help keep our supply chain moving, ensuring Albertans continue to receive the goods they rely on without delay. A safe and sustainable rail network will support Alberta’s efforts to diversify and create jobs.”

   –   Prasad Panda, Minister of Transportation, Government of Alberta

Maintenance program highlights include:

– Replacing 45 miles of rail;

– Installing more than 70,000 new railroad ties;

– Rebuilding 56 road crossing surfaces; and

– Maintenance work on bridges, culverts, signal systems, and other track infrastructure

Alberta in numbers:

– Capital investments: Approximately $1.4 billion in the last five years

– Employees: approximately 3,000

– Railroad route miles operated: 2,519

– Community partnerships: $1.6 million in 2021

– Local spending: $645 million in 2021

– Cash taxes paid: $53 million in 2021

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. The Company 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 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.