Alex Irving, CFA +44 207 676 7044 alex.irving@bernsteinsg.com For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 19-Jun-2025 19 June 2025 Global Logistics Supply Chain Pulse Check: The pull forward David Vernon +1 917 344 8333 david.vernon@bernsteinsg.com Antoine Madre +33 1 58 98 74 52 antoine.madre@bernsteinsg.com Justine Weiss +1 917 344 8433 justine.weiss@bernsteinsg.com The trade policy landscape is marked by significant instability: agreements close to being signed but all of a s ...

Industry Overview - The Zacks Transportation - Rail industry is facing challenges such as tariff-induced economic uncertainties, persistent inflation, and supply-chain disruptions, compounded by geopolitical issues [1] - The industry has declined by 2.2% over the past year, while the broader Zacks Transportation sector has plunged 9.4%, contrasting with the S&P 500 Index's gain of 9.4% [2] Company Performance - Railroad companies like Union Pacific Corporation (UNP), Canadian National Railway Company (CNI), and Norfolk Southern Corporation (NSC) have consistently paid dividends, demonstrating a pro-shareholder stance [3] - UNP has a market capitalization of $131.80 billion, with a dividend yield of 2.43% and a payout ratio of 48%, having raised dividends for 125 consecutive years [6][8][9] - CNI, with a market capitalization of $64.08 billion, offers a dividend yield of 2.54% and a payout ratio of 47%, also showing consistent dividend growth [10][11] - NSC has a market capitalization of $56.46 billion, maintaining a dividend yield of 2.16% and a payout ratio of 45%, with a five-year dividend growth rate of 9.44% [12][13][14] Dividend and Shareholder Returns - UNP returned $3.9 billion to shareholders in 2023 through dividends ($3.2 billion) and buybacks ($0.7 billion), and plans to buy back shares worth $4.0-$4.5 billion in 2025 [9] - CNI paid dividends of C$2.07 billion and repurchased shares worth C$4.55 billion in 2023, with consistent efforts to reward shareholders [11] - NSC paid dividends worth $1.23 billion and repurchased shares worth $622 million in 2023, indicating a commitment to shareholder value [14]

Group 1 - The article expresses a growing appreciation for railroads as an investment opportunity and their relevance in consumers' daily lives [1] - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through a blog focused on dividend growth investing [2] - The author has a beneficial long position in the shares of UNP, indicating a personal investment interest in the company [2] Group 2 - The article does not provide specific financial data or performance metrics related to the railroad industry or UNP [3]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

HOMEWOOD, Ill., June 16, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately US$60 million in Minnesota, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the state. The projects will help ensure the safe movement of goods and support long-term sustainable growth in Minnesota and across CN’s network. “We believe that investing in our network is about building for the future. ...

Core Insights - Canadian National Railway Company (CNI) is investing $30 million in Tennessee as part of its 2025 capital investment program, indicating strong confidence in the region's economic potential and the future of freight rail [1][9] - The investment focuses on infrastructure, technology, rolling stock equipment, and network improvements to ensure safe movement of goods and support long-term sustainable growth [1][9] Investment Details - CNI's president, Tracy Robinson, emphasized that investing in the network is about building for the future, enhancing resiliency and efficiency across Tennessee [2] - In the previous year, CNI invested nearly $36 million in Tennessee for track maintenance and strategic infrastructure initiatives, including rail and tie replacements and grade crossing work [2][9] Expansion Strategy - CNI is committed to its core strengths of efficiency, innovation, and infrastructure, with recent investments across multiple states and provinces, including $20 million in Indiana, $75 million in Mississippi, and $600 million CAD in Ontario [3][9] - The company has made substantial investments in rail operations expansion, totaling hundreds of millions across various regions, demonstrating a robust growth strategy [3] Investor Confidence - The ongoing investments are expected to strengthen investor confidence and support the long-term performance of CNI's stock, which currently holds a Zacks Rank of 3 (Hold) [4]

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .Analyst’s Disclosure:I/we have a beneficial long position in the shares of CME, UNP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha ...

Leadership Changes - Norfolk Southern Corporation has appointed Richard H. Anderson as the independent chair of the board, effective immediately [1][2] - Anderson has a strong background, having served as CEO of Delta Air Lines, President of Optum Health, CEO of Northwest Airlines, and President and CEO of Amtrak [1] - Jack Huffard has been appointed as chair of the Compensation and Talent Management Committee [2] Board Composition - The board has agreed to reduce its size to 12 members, with remaining committee chairs continuing in their existing positions [2] - Anderson has been on Norfolk Southern's board since May 2024 and has contributed valuable business insights [3] Company Performance and Strategy - The President and CEO of Norfolk Southern, Mark George, expressed confidence in Anderson's leadership to advance strategic priorities and deliver long-term value [3] - Anderson noted the company's strong performance and commitment to safety and efficiency during his tenure on the board [3] Company Overview - Norfolk Southern operates a 22-state freight transportation network and has been in operation since 1827 [4] - The company helps customers avoid approximately 15 million tons of yearly carbon emissions by utilizing rail transport [4] - Norfolk Southern delivers around 7 million carloads annually and has the most extensive intermodal network in the eastern U.S. [4]

HOMEWOOD, Ill., June 12, 2025 (GLOBE NEWSWIRE) -- June 12 2025 – CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately US$30 million in Tennessee, as part of its 2025 capital investment program. This includes investments in infrastructure, technology, rolling stock equipment, as well as network improvements These projects will help ensure the safe movement of goods and support long-term sustainable growth in Tennessee and across CN’s network. “We believe that investing in our network is ab ...

HOMEWOOD, Ill., June 12, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately US$20 million in Indiana in 2025, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the state. This includes investments to increase capacity and upgrade rolling stock. These projects will help ensure the safe movement of goods and support long-term sustainable growth in Indiana and across CN’s netwo ...