<p><strong>不完整的申请阻碍受影响者评估竞争损害</strong></p>
<p>伊利诺伊州霍姆伍德，2026 年 1 月 12 日（全球新闻稿）——CN（多伦多证券交易所：CNR）（纽约证券交易所：CNI）今天宣布已向表面运输委员会（STB）提交动议，要求提供与联合太平洋（UP）和诺福克南方（NS）之间拟议合并协议相关的更多信息。CN 的动议显示，申请者在评估中并未坦诚，未能全面概述合并所造成的竞争损害，这是申请中的众多问题之一。</p>
<p>“考虑到拟议合并的规模和利害关系，申请者必须达到最高的透明度和合规标准。申请者拒绝披露的信息对于理解他们对预期竞争损害的看法以及为委员会的公共利益和竞争分析提供信息至关重要。申请者不应躲在不恰当的法律论点后面，而应欢迎就合并对竞争影响进行透明和全面的讨论。申请者不应试图说服大家 ‘这里没有什么可看’，而应专注于满足新合并规则所要求的严格和提高的标准。”</p>
<ul>
<li>奥利维尔·舒克，CN 高级副总裁兼首席法律官</li>
</ul>
<p><strong>原申请中发现的几个缺陷：</strong></p>
<p>CN 最新的动议建立在之前关于完整性的申请基础上。申请中包含了一些其他缺陷：</p>
<ul>
<li><strong>市场分析不完整：</strong> 申请者既未披露其声称仅存在三家 2 对 1 货主的依据和数据，也未提供 STB 要求的 2 对 1 和 3 对 2 点的完整列表。</li>
<li><strong>缺失的收入和交通量市场份额预测：</strong> 申请者未提供所需的市场份额预测，并在其分析中遗漏了关键的交通数据，削弱了其运营计划的交通输入。</li>
<li><strong>网络地图不完整：</strong> 申请者的地图未能描绘某些轨道和运输权，包括显示在流域州中直接平行或重叠线路的部分，这似乎是为了错误描绘交易为 “端到端”，并剥夺委员会和各方必要的竞争背景。申请者已承认其错误并提交了新地图。</li>
<li><strong>未能提出竞争增强措施</strong> – 申请者声称此问题应在实质阶段处理。虽然提议补救措施的充分性可能是实质性问题，但未能满足基本监管要求则是完整性问题。申请者未提供任何增强竞争的措施，其申请应被视为不完整。</li>
</ul>
<p><strong>CN 前瞻性声明</strong></p>
<p>CN 在本新闻稿中包含的某些声明构成 1995 年美国私人证券诉讼改革法案和加拿大证券法下的 “前瞻性声明”。根据其性质，前瞻性声明涉及风险、不确定性和假设。CN 警告其假设可能无法实现，当前经济条件使得这些假设虽然在作出时合理，但面临更大的不确定性。前瞻性声明可能通过使用 “相信”、“期望”、“预期”、“假设”、“展望”、“计划”、“目标” 或其他类似词汇来识别。前瞻性声明反映的是作出声明时的信息。除非适用的证券法要求，CN 不承担更新或修订前瞻性声明以反映未来事件、情况变化或信念变化的义务。如果 CN 更新任何前瞻性声明，不应推断 CN 将对该声明、相关事项或任何其他前瞻性声明进行额外更新。</p>
<p><strong>关于 CN</strong></p>
<p>CN 通过安全运输每年为其客户在北美运输超过 3 亿吨的自然资源、制造产品和成品，推动经济发展。凭借近 20,000 英里的铁路网络和相关运输服务，CN 将加拿大东部和西部海岸与美国中西部和美国墨西哥湾沿岸连接，自 1919 年以来为可持续贸易和其运营社区的繁荣做出贡献。</p>
<p><strong><em>联系方式</em></strong> <strong><em>:</em></strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>媒体</em></strong></td>
<td><strong><em>投资者关系</em></strong></td>
</tr>
<tr>
<td>阿什莉·米赫诺夫斯基</td>
<td>斯泰西·阿尔德森</td>
</tr>
<tr>
<td>高级经理</td>
<td>助理副总裁</td>
</tr>
<tr>
<td>媒体关系</td>
<td>投资者关系</td>
</tr>
<tr>
<td>(438) 596-4329<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZeU16ZzBPU00zTXpVMU9UZ3lJekl3TURZMU5ETT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZeU16ZzBPU00zTXpVMU9UZ3lJekl3TURZMU5ETT0"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/M2I3OTFmMDktMTZmMi00MDg1LWJhYzQtOGUzMzJmNjY2YTA2LTEwMTgxMTYtMjAyNi0wMS0xMi1lbg==/tiny/Canadian-National-Railway.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/M2I3OTFmMDktMTZmMi00MDg1LWJhYzQtOGUzMzJmNjY2YTA2LTEwMTgxMTYtMjAyNi0wMS0xMi1lbg==/tiny/Canadian-National-Railway.png"/></p>

诺福克南方

联合太平洋

<p>CN 已向表面运输委员会提交动议，要求联合太平洋和诺福克南方披露有关其拟议合并的更多信息。CN 认为，申请方未能充分评估竞争损害，并未提供必要的市场分析、预测和完整的网络图。该动议强调了透明度和遵守新合并规则的必要性，以确保进行全面的公共利益和竞争分析</p>

<p><strong>Incomplete Application Prevents Those Impacted from Assessing Competition Harms</strong></p>
<div class="lb-trans"><p><strong>不完整的申请阻碍受影响者评估竞争损害</strong></p>
</div><p>HOMEWOOD, Ill., Jan. 12, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced that it has filed a motion with the Surface Transportation Board (STB) to compel additional information in relation to the proposed merger agreement between Union Pacific (UP) and Norfolk Southern (NS). CN’s motion shows that the applicants have not been upfront with their assessment, failing to outline the full extent of competitive harms as a result of the merger, one of many problems with the application.</p>
<div class="lb-trans"><p>伊利诺伊州霍姆伍德，2026 年 1 月 12 日（全球新闻稿）——CN（多伦多证券交易所：CNR）（纽约证券交易所：CNI）今天宣布已向表面运输委员会（STB）提交动议，要求提供与联合太平洋（UP）和诺福克南方（NS）之间拟议合并协议相关的更多信息。CN 的动议显示，申请者在评估中并未坦诚，未能全面概述合并所造成的竞争损害，这是申请中的众多问题之一。</p>
</div><p>“Given the scale and stakes of the proposed combination, the applicants must meet the highest standard of transparency and compliance. The information the applicants refuse to disclose is critical to understand their perspective on anticipated competitive harms and inform the Board’s public-interest and competition analyses. Rather than hide behind an inapt legal argument, the applicants should welcome the opportunity for a transparent and fulsome discussion about the merger’s impact on competition. Rather than trying to convince everyone that there is ‘nothing to see here’, the applicants should instead be focused on meeting the rigorous and heightened standard called for by the new merger rules.”</p>
<div class="lb-trans"><p>“考虑到拟议合并的规模和利害关系，申请者必须达到最高的透明度和合规标准。申请者拒绝披露的信息对于理解他们对预期竞争损害的看法以及为委员会的公共利益和竞争分析提供信息至关重要。申请者不应躲在不恰当的法律论点后面，而应欢迎就合并对竞争影响进行透明和全面的讨论。申请者不应试图说服大家 ‘这里没有什么可看’，而应专注于满足新合并规则所要求的严格和提高的标准。”</p>
</div><ul>
<li>Olivier Chouc, Senior Vice-President and Chief Legal Officer, CN</li>
</ul>
<div class="lb-trans"><ul>
<li>奥利维尔·舒克，CN 高级副总裁兼首席法律官</li>
</ul>
</div><p><strong>Several Gaps Identified in the Original Application:</strong></p>
<div class="lb-trans"><p><strong>原申请中发现的几个缺陷：</strong></p>
</div><p>CN’s latest motion builds on earlier filings on completeness. The application included a number of other shortcomings :</p>
<div class="lb-trans"><p>CN 最新的动议建立在之前关于完整性的申请基础上。申请中包含了一些其他缺陷：</p>
</div><ul>
<li><strong>Incomplete market analyses:</strong> Applicants neither disclosed the methodology and data underlying their claim that only three 2‑to‑1 shippers exist nor provided the full lists of 2‑to‑1 and 3‑to‑2 points as stated in the STB’s requirements.</li>
<li><strong>Missing projections for market shares by revenues and traffic volumes:</strong> Applicants did not provide required market share projections and omitted key traffic data in their analyses, undermining the traffic inputs for their Operating Plans.</li>
<li><strong>Incomplete network map</strong>: Applicants maps failed to depict certain trackage and haulage rights, including segments showing direct parallel or overlapping lines in watershed states, in what appears to be an effort to misportray the transaction as “end-to-end” and deprive the Board and parties of essential competitive context. Applicants have since conceded their error and have filed a new map.</li>
<li><strong>Failure to propose competitive enhancements</strong> – Applicants claim this issue should be dealt with at the merits stage. While adequacy of proposed remedies might be a merits issue, the failure to meet a basic regulatory requirement is a completeness issue. Applicants offer nothing to enhance competition and their application should be deemed incomplete.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>市场分析不完整：</strong> 申请者既未披露其声称仅存在三家 2 对 1 货主的依据和数据，也未提供 STB 要求的 2 对 1 和 3 对 2 点的完整列表。</li>
<li><strong>缺失的收入和交通量市场份额预测：</strong> 申请者未提供所需的市场份额预测，并在其分析中遗漏了关键的交通数据，削弱了其运营计划的交通输入。</li>
<li><strong>网络地图不完整：</strong> 申请者的地图未能描绘某些轨道和运输权，包括显示在流域州中直接平行或重叠线路的部分，这似乎是为了错误描绘交易为 “端到端”，并剥夺委员会和各方必要的竞争背景。申请者已承认其错误并提交了新地图。</li>
<li><strong>未能提出竞争增强措施</strong> – 申请者声称此问题应在实质阶段处理。虽然提议补救措施的充分性可能是实质性问题，但未能满足基本监管要求则是完整性问题。申请者未提供任何增强竞争的措施，其申请应被视为不完整。</li>
</ul>
</div><p><strong>CN Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>CN 前瞻性声明</strong></p>
</div><p>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.</p>
<div class="lb-trans"><p>CN 在本新闻稿中包含的某些声明构成 1995 年美国私人证券诉讼改革法案和加拿大证券法下的 “前瞻性声明”。根据其性质，前瞻性声明涉及风险、不确定性和假设。CN 警告其假设可能无法实现，当前经济条件使得这些假设虽然在作出时合理，但面临更大的不确定性。前瞻性声明可能通过使用 “相信”、“期望”、“预期”、“假设”、“展望”、“计划”、“目标” 或其他类似词汇来识别。前瞻性声明反映的是作出声明时的信息。除非适用的证券法要求，CN 不承担更新或修订前瞻性声明以反映未来事件、情况变化或信念变化的义务。如果 CN 更新任何前瞻性声明，不应推断 CN 将对该声明、相关事项或任何其他前瞻性声明进行额外更新。</p>
</div><p><strong>About CN</strong></p>
<div class="lb-trans"><p><strong>关于 CN</strong></p>
</div><p>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>
<div class="lb-trans"><p>CN 通过安全运输每年为其客户在北美运输超过 3 亿吨的自然资源、制造产品和成品，推动经济发展。凭借近 20,000 英里的铁路网络和相关运输服务，CN 将加拿大东部和西部海岸与美国中西部和美国墨西哥湾沿岸连接，自 1919 年以来为可持续贸易和其运营社区的繁荣做出贡献。</p>
</div><p><strong><em>Contacts</em></strong> <strong><em>:</em></strong></p>
<div class="lb-trans"><p><strong><em>联系方式</em></strong> <strong><em>:</em></strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>Media</em></strong></td>
<td><strong><em>Investment Community</em></strong></td>
</tr>
<tr>
<td>Ashley Michnowski</td>
<td>Stacy Alderson</td>
</tr>
<tr>
<td>Senior Manager</td>
<td>Assistant Vice-President</td>
</tr>
<tr>
<td>Media Relations</td>
<td>Investor Relations</td>
</tr>
<tr>
<td>(438) 596-4329<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>媒体</em></strong></td>
<td><strong><em>投资者关系</em></strong></td>
</tr>
<tr>
<td>阿什莉·米赫诺夫斯基</td>
<td>斯泰西·阿尔德森</td>
</tr>
<tr>
<td>高级经理</td>
<td>助理副总裁</td>
</tr>
<tr>
<td>媒体关系</td>
<td>投资者关系</td>
</tr>
<tr>
<td>(438) 596-4329<br/>media@cn.ca</td>
<td>(514) 399-0052<br/>investor.relations@cn.ca</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZeU16ZzBPU00zTXpVMU9UZ3lJekl3TURZMU5ETT0" alt="" original-src="https://www.globenewswire.com/newsroom/ti?nf=OTYyMzg0OSM3MzU1OTgyIzIwMDY1NDM="/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/M2I3OTFmMDktMTZmMi00MDg1LWJhYzQtOGUzMzJmNjY2YTA2LTEwMTgxMTYtMjAyNi0wMS0xMi1lbg==/tiny/Canadian-National-Railway.png" alt="" original-src="https://ml.globenewswire.com/media/M2I3OTFmMDktMTZmMi00MDg1LWJhYzQtOGUzMzJmNjY2YTA2LTEwMTgxMTYtMjAyNi0wMS0xMi1lbg==/tiny/Canadian-National-Railway.png"/></p>

加拿大国家铁路公司在联合太平洋与诺福克南方合并审查中提出强制披露动议 | CNI 股票新闻