CN Statement on STB Rejection of Incomplete UP–NS Merger Application

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HOMEWOOD, Ill., Jan. 16, 2026 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today issued the following statement in response to the Surface Transportation Board’s decision rejecting the UP–NS merger application as incomplete:

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“Today the Surface Transportation Board rightly rejected the UP–NS merger application as incomplete. UP and NS failed to meet the basic requirements when it came to providing all the necessary information in their initial filing. Simply put this application is missing the last mile. This decision reinforces that a merger of this scale cannot be assessed on omissions or partial disclosure and must be evaluated on a full and transparent record, as required by the heightened standards under the new merger rules.

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A stronger record will allow the Board to determine whether the proposed transaction is in the public-interest and whether the time and scope limited measures offered by the applicants satisfy the requirement to enhance competition. As noted earlier, applicants had refused information critical to understand their perspective on anticipated competitive harms and inform the Board’s public-interest and competition analyses. The Board rightly found that applicants needed to provide that information. CN looks forward to participating robustly once UP-NS have submitted a complete application and encourages customers to file their notices of intent to participate so they can stay informed and continue to participate in the STB’s process.

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CN appreciates the hard work of the Surface Transportation Board members and their staff for their thorough and fair review of the application compared to the regulatory requirements.”

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CN Forward-Looking Statements
Certain statements by CN 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 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.

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About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

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