ACQUISITION OF COMMON SHARES OF CANADIAN NATIONAL RAILWAY COMPANY

VANCOUVER, Feb. 23 /CNW/ - On 23 February, 2011, Cascade Investment, L.L.C. ("Cascade"), a limited liability company organized under the laws of the State of Washington, acquired 35,784 Common Shares ("Shares"), of Canadian National Railway Company (the "Company") representing .008% of the outstanding Shares.  As the sole member of Cascade, William H. Gates, III is deemed to have beneficial ownership of the Shares owned by Cascade. Together with the Shares already held by Cascade, Cascade now holds 37,392,378 Shares, representing approximately 8.14% of the outstanding Shares.  The Shares were acquired through the facilities of the New York Stock Exchange and electronic communication networks for an aggregate price equal to the Canadian dollar equivalent of $2,489,626.  Cascade may increase or decrease its ownership of securities of the Company depending upon future market conditions.

In addition, Bill & Melinda Gates Foundation Trust (the "Trust"), a charitable trust for which Mr. Gates serves as a co-trustee, owns 8,563,437 Shares of the Company representing 1.86% of the outstanding Shares. As a co-trustee of the Trust, Mr. Gates is deemed to have control or direction over the Shares owned by the Trust.  Mr. Gates does not have an economic interest in the Shares owned by the Trust.  The Trust may increase or decrease its ownership of securities of the Company depending upon future market conditions. As the sole member of Cascade and a co-trustee of the Trust, Mr. Gates is deemed to have beneficial ownership of and/or control or direction over 45,955,815 of the Shares, representing approximately 10.0% of the outstanding Shares.   

All shares acquired and/or held by Cascade and the Trust were acquired for investment purposes.

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.

   

SOURCE William H. Gates, III

For further information:

(425) 889-7900

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William H. Gates, III

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