Increase in Security Holding Percentage of Canadian National Railway Company

KIRKLAND, WA, Sept. 14, 2015 /CNW/ - As a result of repurchases by the Canadian National Railway Company (the "Company") of outstanding Common Shares ("Shares") of the Company up to and including September 10, 2015, the security holding percentage of Cascade Investment, L.L.C. ("Cascade"), a limited liability company organized under the laws of the State of Washington, and the Bill and Melinda Gates Foundation Trust (the "Trust") has increased. The security holding percentage of Cascade also has increased as a result of the acquisition by Cascade of additional Shares prior to the reduction in the number of outstanding Shares giving rise to the issuance of this press release.

As the sole member of Cascade, William H. Gates III is deemed to have beneficial ownership of the Shares owned by Cascade.  As co-trustee of the Trust, William H. Gates III has shared control and direction over the Shares owned by the Trust. Mr. Gates does not have an economic interest in the Shares owned by the Trust.

Based on 795,727,561 Shares outstanding as at September 10, 2015 (as reported on, the 94,298,811 Shares beneficially owned by Cascade represent approximately 11.85% of the outstanding Shares and the 17,126,874 Shares owned by the Trust represent approximately 2.15% of the outstanding Shares. In the aggregate, Mr. Gates is deemed to have beneficial ownership of and/or control or direction over 111,425,685 Shares, representing approximately 14% of the outstanding Shares.

The Shares owned by Cascade and the Trust were acquired for investment purposes. Either or both of Cascade and the Trust may increase or decrease their respective ownership of the Company's securities depending on future market conditions.

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 Cascade Investment, L.L.C.

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Cascade Investment, L.L.C.

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