Disposition of Common Shares of Canadian National Railway Company

/EIN News/ -- KIRKLAND, Wash., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Cascade Investment, L.L.C. (“Cascade”) announced today that it has disposed of 5,994,691 common shares (“Common Shares”) of Canadian National Railway Company (“CN”) by transferring ownership and control of the Common Shares in a private transaction for no consideration. Following the disposition, Cascade owns 3,539,451 Common Shares, representing approximately 0.56% of the issued and outstanding Common Shares. Immediately prior to the disposition, Cascade owned 9,534,142 Common Shares, representing approximately 1.51% 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 trustee. The Trust owns 54,826,786 Common Shares, representing approximately 8.71% of the issued and outstanding Common Shares. Mr. Gates has no economic interest in the Common Shares owned by the Trust.

Through Cascade and the Trust, Mr. Gates is deemed to have beneficial ownership of an aggregate of 58,366,237 Common Shares, representing approximately 9.27% of the issued and outstanding Common Shares – down from 64,360,928 Common Shares, representing approximately 10.22% of the issued and outstanding Common Shares, immediately prior to the disposition. Because Mr. Gates is now deemed to beneficially own less than 10% of the issued and outstanding Common Shares, he is no longer subject to ongoing early warning or insider reporting requirements in respect of his ownership of Common Shares.

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.

CN’s head office is located at 935 de La Gauchetière Street West, Montréal, Québec H3B 2M9. The business address for Mr. Gates is 500 5th Avenue North, Seattle, Washington 98109, USA.

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

Jeff Shim, Attorney
Tel: +1 (425) 889-7900

The issuance of this news release is not an admission that any person or entity named in this release owns or controls any described securities or is a joint actor with any other named person or entity.