Canadian National Railway Company: CN Announces Long-Term Transportation Agreement with AltaGas

New Carload Growth Expands Canadian Exports

MONTREAL, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Canadian National Railway Company (CN) (TSX: CNR) (NYSE: CNI), today announced a renewed and expanded 5-year transportation agreement with AltaGas.

The agreement leverages CN's exclusive access to the Port of Prince Rupert. The Port offers strategic advantages for rail customers expanding their business, including reduced port congestion, state-of-the-art export and import terminals, and materially shorter transit times to key markets.

"CN is proud to support the Canadian economy and the growth of our customer AltaGas. By selling into our capacity and taking advantage of our unique network reach, we are confident in our ability to accelerate sustainable, profitable growth."

• Tracy Robinson, CN President and Chief Executive Officer
  

"AltaGas is pleased to solidify our renewed transportation agreement with CN. The agreement provides AltaGas and our customers with cost and service predictability to continue to support ongoing resource development across Western Canada and provide our key downstream customers with energy security to support economic activity and fuel everyday life."

• Vern Yu, AltaGas President and Chief Executive Officer
  

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. CN's network connects Canada's Eastern and Western coasts with the U.S. South through an 18,600-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.

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. Reference should 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.

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