<div id="readability-page-1"><article><p>MONTREAL, Dec.  19, 2025  (GLOBE NEWSWIRE) -- The application filed this morning by Union Pacific and Norfolk Southern fails to demonstrate that the merger would enhance competition or generate significant public benefits that would require a merger. It falls well below both the 2001 and old merger rules set out by the Surface Transportation Board (STB).</p> <p>Protecting competition is not optional, it is essential to keep costs down and the economy sound. The fact is that this merger would reduce rail transportation options for customers while creating a single entity that controls more than 40% of the US freight rail market. Without real railroad competition, prices go up and consumers lose.</p> <p>CN will be actively participating in the STB process and encourages all stakeholders to participate to ensure all voices are heard and that competition is enhanced.</p> <p><strong>About CN</strong><br/>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.</p> <table><tbody><tr><td><strong><em><u>Contacts: </u><br/></em></strong></td><td> </td></tr><tr><td><strong><em><u>Media</u></em></strong></td><td><strong><em><u>Investment Community</u></em></strong></td></tr><tr><td>Jonathan Abecassis</td><td>Stacy Alderson</td></tr><tr><td>Director</td><td>Assistant Vice-President</td></tr><tr><td>Media Relations</td><td>Investor Relations</td></tr><tr><td>(438) 455-3692<br/>media@cn.ca</td><td>(514) 399-0052<br/>investor.relations@cn.ca</td></tr></tbody></table><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05UUXdPQ00zTXpNeE16QXpJekl3TURZMU5ETT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05UUXdPQ00zTXpNeE16QXpJekl3TURZMU5ETT0"/> <br/><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/NzRiYjMwMjYtNDc2Ni00ZTYxLTgwMTUtNDRlZmZiMDY1NjZkLTEwMTgxMTYtMjAyNS0xMi0xOS1lbg==/tiny/Canadian-National-Railway.png"/></article></div>

<p>CN criticizes the Union Pacific and Norfolk Southern merger application, stating it fails to enhance competition and public benefits. CN argues the merger would reduce rail options and increase prices, controlling over 40% of the US freight rail market. CN will participate in the STB process to ensure competition is maintained.</p>

CN Statement on UP-NS STB Filing | CNI Stock News