<p><strong>不完整的申請阻礙受影響者評估競爭損害</strong></p>
<p>伊利諾伊州霍姆伍德，2026 年 1 月 12 日（全球新聞稿）——CN（多倫多證券交易所：CNR）（紐約證券交易所：CNI）今天宣佈已向表面運輸委員會（STB）提交動議，要求提供與聯合太平洋（UP）和諾福克南方（NS）之間擬議合併協議相關的更多信息。CN 的動議顯示，申請者在評估中並未坦誠，未能全面概述合併所造成的競爭損害，這是申請中的眾多問題之一。</p>
<p>“考慮到擬議合併的規模和利害關係，申請者必須達到最高的透明度和合規標準。申請者拒絕披露的信息對於理解他們對預期競爭損害的看法以及為委員會的公共利益和競爭分析提供信息至關重要。申請者不應躲在不恰當的法律論點後面，而應歡迎就合併對競爭影響進行透明和全面的討論。申請者不應試圖説服大家 ‘這裏沒有什麼可看’，而應專注於滿足新合併規則所要求的嚴格和提高的標準。”</p>
<ul>
<li>奧利維爾·舒克，CN 高級副總裁兼首席法律官</li>
</ul>
<p><strong>原申請中發現的幾個缺陷：</strong></p>
<p>CN 最新的動議建立在之前關於完整性的申請基礎上。申請中包含了一些其他缺陷：</p>
<ul>
<li><strong>市場分析不完整：</strong> 申請者既未披露其聲稱僅存在三家 2 對 1 貨主的依據和數據，也未提供 STB 要求的 2 對 1 和 3 對 2 點的完整列表。</li>
<li><strong>缺失的收入和交通量市場份額預測：</strong> 申請者未提供所需的市場份額預測，並在其分析中遺漏了關鍵的交通數據，削弱了其運營計劃的交通輸入。</li>
<li><strong>網絡地圖不完整：</strong> 申請者的地圖未能描繪某些軌道和運輸權，包括顯示在流域州中直接平行或重疊線路的部分，這似乎是為了錯誤描繪交易為 “端到端”，並剝奪委員會和各方必要的競爭背景。申請者已承認其錯誤並提交了新地圖。</li>
<li><strong>未能提出競爭增強措施</strong> – 申請者聲稱此問題應在實質階段處理。雖然提議補救措施的充分性可能是實質性問題，但未能滿足基本監管要求則是完整性問題。申請者未提供任何增強競爭的措施，其申請應被視為不完整。</li>
</ul>
<p><strong>CN 前瞻性聲明</strong></p>
<p>CN 在本新聞稿中包含的某些聲明構成 1995 年美國私人證券訴訟改革法案和加拿大證券法下的 “前瞻性聲明”。根據其性質，前瞻性聲明涉及風險、不確定性和假設。CN 警告其假設可能無法實現，當前經濟條件使得這些假設雖然在作出時合理，但面臨更大的不確定性。前瞻性聲明可能通過使用 “相信”、“期望”、“預期”、“假設”、“展望”、“計劃”、“目標” 或其他類似詞彙來識別。前瞻性聲明反映的是作出聲明時的信息。除非適用的證券法要求，CN 不承擔更新或修訂前瞻性聲明以反映未來事件、情況變化或信念變化的義務。如果 CN 更新任何前瞻性聲明，不應推斷 CN 將對該聲明、相關事項或任何其他前瞻性聲明進行額外更新。</p>
<p><strong>關於 CN</strong></p>
<p>CN 通過安全運輸每年為其客户在北美運輸超過 3 億噸的自然資源、製造產品和成品，推動經濟發展。憑藉近 20,000 英里的鐵路網絡和相關運輸服務，CN 將加拿大東部和西部海岸與美國中西部和美國墨西哥灣沿岸連接，自 1919 年以來為可持續貿易和其運營社區的繁榮做出貢獻。</p>
<p><strong><em>聯繫方式</em></strong> <strong><em>:</em></strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>媒體</em></strong></td>
<td><strong><em>投資者關係</em></strong></td>
</tr>
<tr>
<td>阿什莉·米赫諾夫斯基</td>
<td>斯泰西·阿爾德森</td>
</tr>
<tr>
<td>高級經理</td>
<td>助理副總裁</td>
</tr>
<tr>
<td>媒體關係</td>
<td>投資者關係</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>

諾福克南方

聯合太平洋

<p>CN 已向表面運輸委員會提交動議，要求聯合太平洋和諾福克南方披露有關其擬議合併的更多信息。CN 認為，申請方未能充分評估競爭損害，並未提供必要的市場分析、預測和完整的網絡圖。該動議強調了透明度和遵守新合併規則的必要性，以確保進行全面的公共利益和競爭分析</p>

<p><strong>Incomplete Application Prevents Those Impacted from Assessing Competition Harms</strong></p>
<div class="lb-trans"><p><strong>不完整的申請阻礙受影響者評估競爭損害</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>伊利諾伊州霍姆伍德，2026 年 1 月 12 日（全球新聞稿）——CN（多倫多證券交易所：CNR）（紐約證券交易所：CNI）今天宣佈已向表面運輸委員會（STB）提交動議，要求提供與聯合太平洋（UP）和諾福克南方（NS）之間擬議合併協議相關的更多信息。CN 的動議顯示，申請者在評估中並未坦誠，未能全面概述合併所造成的競爭損害，這是申請中的眾多問題之一。</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>“考慮到擬議合併的規模和利害關係，申請者必須達到最高的透明度和合規標準。申請者拒絕披露的信息對於理解他們對預期競爭損害的看法以及為委員會的公共利益和競爭分析提供信息至關重要。申請者不應躲在不恰當的法律論點後面，而應歡迎就合併對競爭影響進行透明和全面的討論。申請者不應試圖説服大家 ‘這裏沒有什麼可看’，而應專注於滿足新合併規則所要求的嚴格和提高的標準。”</p>
</div><ul>
<li>Olivier Chouc, Senior Vice-President and Chief Legal Officer, CN</li>
</ul>
<div class="lb-trans"><ul>
<li>奧利維爾·舒克，CN 高級副總裁兼首席法律官</li>
</ul>
</div><p><strong>Several Gaps Identified in the Original Application:</strong></p>
<div class="lb-trans"><p><strong>原申請中發現的幾個缺陷：</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 最新的動議建立在之前關於完整性的申請基礎上。申請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>市場分析不完整：</strong> 申請者既未披露其聲稱僅存在三家 2 對 1 貨主的依據和數據，也未提供 STB 要求的 2 對 1 和 3 對 2 點的完整列表。</li>
<li><strong>缺失的收入和交通量市場份額預測：</strong> 申請者未提供所需的市場份額預測，並在其分析中遺漏了關鍵的交通數據，削弱了其運營計劃的交通輸入。</li>
<li><strong>網絡地圖不完整：</strong> 申請者的地圖未能描繪某些軌道和運輸權，包括顯示在流域州中直接平行或重疊線路的部分，這似乎是為了錯誤描繪交易為 “端到端”，並剝奪委員會和各方必要的競爭背景。申請者已承認其錯誤並提交了新地圖。</li>
<li><strong>未能提出競爭增強措施</strong> – 申請者聲稱此問題應在實質階段處理。雖然提議補救措施的充分性可能是實質性問題，但未能滿足基本監管要求則是完整性問題。申請者未提供任何增強競爭的措施，其申請應被視為不完整。</li>
</ul>
</div><p><strong>CN Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>CN 前瞻性聲明</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 在本新聞稿中包含的某些聲明構成 1995 年美國私人證券訴訟改革法案和加拿大證券法下的 “前瞻性聲明”。根據其性質，前瞻性聲明涉及風險、不確定性和假設。CN 警告其假設可能無法實現，當前經濟條件使得這些假設雖然在作出時合理，但面臨更大的不確定性。前瞻性聲明可能通過使用 “相信”、“期望”、“預期”、“假設”、“展望”、“計劃”、“目標” 或其他類似詞彙來識別。前瞻性聲明反映的是作出聲明時的信息。除非適用的證券法要求，CN 不承擔更新或修訂前瞻性聲明以反映未來事件、情況變化或信念變化的義務。如果 CN 更新任何前瞻性聲明，不應推斷 CN 將對該聲明、相關事項或任何其他前瞻性聲明進行額外更新。</p>
</div><p><strong>About CN</strong></p>
<div class="lb-trans"><p><strong>關於 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 通過安全運輸每年為其客户在北美運輸超過 3 億噸的自然資源、製造產品和成品，推動經濟發展。憑藉近 20,000 英里的鐵路網絡和相關運輸服務，CN 將加拿大東部和西部海岸與美國中西部和美國墨西哥灣沿岸連接，自 1919 年以來為可持續貿易和其運營社區的繁榮做出貢獻。</p>
</div><p><strong><em>Contacts</em></strong> <strong><em>:</em></strong></p>
<div class="lb-trans"><p><strong><em>聯繫方式</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>媒體</em></strong></td>
<td><strong><em>投資者關係</em></strong></td>
</tr>
<tr>
<td>阿什莉·米赫諾夫斯基</td>
<td>斯泰西·阿爾德森</td>
</tr>
<tr>
<td>高級經理</td>
<td>助理副總裁</td>
</tr>
<tr>
<td>媒體關係</td>
<td>投資者關係</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>

加拿大國家鐵路公司在聯合太平洋與諾福克南方合併審查中提出強制披露動議 | CNI 股票新聞