Disposition of Common Shares of Canadian National Railway Company

Group 1 - Cascade Investment, L.L.C. has disposed of 5,994,691 common shares of Canadian National Railway Company, reducing its ownership to 3,539,451 shares, approximately 0.56% of the total shares outstanding [1] - Prior to the transaction, Cascade owned 9,534,142 common shares, representing about 1.51% of the total shares outstanding [1] - William H. Gates III, as the sole member of Cascade, beneficially owns the shares held by Cascade [1] Group 2 - Mr. Gates is deemed to share beneficial ownership of 54,826,786 common shares owned by the Bill & Melinda Gates Foundation Trust, which represents approximately 8.71% of the total shares outstanding [2] - Mr. Gates has no economic interest in the shares owned by the Trust [2] Group 3 - The aggregate beneficial ownership of Mr. Gates, through Cascade and the Trust, is 58,366,237 common shares, approximately 9.27% of the total shares outstanding, down from 64,360,928 shares, or 10.22% [3] - As Mr. Gates now owns less than 10% of the total shares, he is no longer subject to early warning or insider reporting requirements [3] Group 4 - Both Cascade and the Trust acquired their common shares for investment purposes and may adjust their ownership based on future market conditions [4]