CNR

CN (TSX: CNR) (NYSE: CNI) has been recognized for leadership in corporate transparency and performance on climate change by global environmental non-profit CDP, securing a place on its annual ‘A List’.

Based on data reported through CDP’s 2022 Climate Change questionnaire, CN is one of a small number of companies that achieved an ‘A’ out of nearly 15,000 companies scored.

“We are proud to have secured a place on CDP's A List for the seventh time as well as being recognized for the thirteenth time. Achieving the A List on what is widely recognized as the gold standard of corporate environmental transparency is a testament to CN’s commitment to minimizing our impact on the environment and providing cleaner, more sustainable transportation services to our customers. While shipping heavy freight by rail can already reduce carbon emissions by up to 75% when compared to trucks, our position in the supply chain enables us to lead a step-change towards decarbonizing North America’s freight sector, by leveraging and stimulating progress in the development of low-carbon fuels and new locomotive technologies.”

• Tracy Robinson, President and Chief Executive Officer at CN

“Congratulations to all the companies on this year’s A List; environmental transparency is the first vital step towards a net-zero and nature-positive future. In a year of ever-increasing environmental concerns around the world – from extreme weather to unprecedented losses to nature – the need for transformational, urgent and collaborative change is more critical than ever. We must decarbonize half of global GHG emissions and eliminate deforestation by 2030, alongside achieving water security on the same timescale – there is no route to 1.5°C without nature. As CDP continues to raise the bar on what qualifies as climate, forests and water leadership, we hope to see the ambitions and actions of companies on the A List – and those wanting a place on it – do the same.”

• Dexter Galvin, Global Director of Corporations and Supply Chains at CDP

CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2022, over 680 investors with over US$130 trillion in assets and 280 major purchasers with US$6.4 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. A record-breaking 18,700 companies responded.

A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient information are scored an F.

The full list of companies that made this year’s CDP A List is available here, along with other publicly available company scores: https://www.cdp.net/en/companies/companies-scores

More information about CN’s CDP response is available online: www.cn.ca/delivering-responsibly.

About the CDP CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 590 investors with over $110 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.

About CNCN 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. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 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.

Forward-Looking StatementsCertain statements 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 are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, expectations, estimates, projections and assumptions relating to: CN’s fuel efficiency ; the Company’s ability to implement certain initiatives, including relating to emissions targets, scenario analyses, risk mitigation strategies, changes to enterprise risk management, future investments in and the availability of carbon emissions-reduction tools and technologies including through CN’s fleet upgrades; the future availability of biofuels at commercially reasonable cost and in sufficient volumes; the impacts of existing and planned capital investments; North American and global economic growth; applicable laws, rules, regulations and government policies; the availability and cost of labour on the timelines anticipated and with the capabilities required, as well as the availability and cost of services and infrastructure; and capital investments and technology developments by third parties. Reference should also 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 relating to CN.

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.

Contacts:

Media	Investment Community
Jonathan Abecassis	Paul Butcher
Senior Manager	Vice-President
Media Relations	Investor Relations
(438) 455-3692media@cn.ca	(514) 399-0052investor.relations@cn.ca