Update in Respect of Canadian National Railway Company

Kirkland, Washington--(Newsfile Corp. - March 24, 2021) - Cascade Investment, L.L.C. ("Cascade") announced today that it is filing an updated early warning report (the "Report") in respect of its investment in Canadian National Railway Company ("CN") to reflect that, on March 23, 2021, CN announced the nomination of Justin Howell as a candidate for the board of directors of CN. Mr. Howell is employed by William H. Gates III, the sole member of Cascade, as a senior investment manager. The Report update is required in connection with the nomination of Mr. Howell.

Mr. Gates beneficially owns the common shares of CN ("Common Shares") owned by Cascade. In addition, Mr. Gates is deemed to have beneficial ownership of Common Shares owned by the Bill & Melinda Gates Foundation Trust (the "Trust"), a charitable trust for which Mr. Gates serves as co-trustee. Immediately before and after the triggering event for the Report, Cascade and the Trust owned an aggregate of 115,308,053 Common Shares, representing approximately 16.22% of the issued and outstanding Common Shares.

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

The Report is being filed pursuant to, and in accordance with, National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and will be available under CN's profile on SEDAR at www.sedar.com.

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

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