Canadian National Railway Company · TSX:CNR
Canadian National Railway — Investor Presentation (2025)
30 slides from Canadian National Railway's investor presentation, 2025
Slide 1: Charting the course: The growth ahead for CN
PRINCE Charting the course: The growth ahead for CN ~
Slide 2: Forward-looking Statements
INTRODUCTION Forward-looking Statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management's ass
Slide 3: Presentations from Our Leadership Team
INTRODUCTION Presentations from Our Leadership Team Remi G. Lalonde Executive Vice-President and Chief Commercial Officer Dan Bresolin Vice-President Intermodal Patrick Whitehead Executive Vice-President and Chief Network Operating Officer Sandra Ellis Vice-President Bulk Buck Rogers Vice-President
Slide 4: Remi G. Lalonde
Remi G. Lalonde Executive Vice-President and Chief Commercial Officer CHARTING THE COURSE: THE GROWTH AHEAD FOR CN
Slide 5: Purpose-built service to deliver
Dan Bresolin = Vice-President, Intermodal to) CMA PURPOSE-BUILT SERVICE TO DELIVER
Slide 6: Blessed with Geography
INTERMODAL Blessed with Geography CLOSEST NORTH AMERICAN PORT TO ASIA LOWEST GRADES THROUGH THE ROCKIES ce Rupert Tour 2025 CN | Prins
Slide 7: New Expanded Logistics Ecosystem
INTERMODAL New Expanded Logistics Ecosystem Ongoing supply chain partner investments in near-dock transloading capacity CANXPORT * Targeting 2027 for operational start-up * Enables transloading of export goods from railcars to ocean liner containers IntermodeX * Targeting 2027 for operational start-
Slide 8: Longstanding, Collaborative Partnerships
Longstanding, Collaborative Partnerships PRINCE w( RUPERT Building the Framework for Tomorrow's Growth — DP WORLD Strategic Global Partner Driving Growth Enabling the Flow of Trade across the Transpacific Market Orchestrating Seamless Intermodal Connectivity Driving Velocity Through Strategic Rail I
Slide 9: A Great Mix of Ocean Carriers
INTERMODAL A Great Mix of Ocean Carriers GEMINI COOPERATION £" MAERSK €€ Hapag-Lloyd Most ocean carriers are calling on Rupert today OCEAN ALLIANCE 47 Smerme OOCL ce Rupert Tour 2025 CN | Prins
Slide 10: Investments in Inland Capacity
Investments in Inland Capacity Milton Logistics Hub Chicago Logistics Hub On track for 2027 opening Targeting 2028 = Enhancing CN’'s Presence in Chicago's Creating Scalable, Resilient Capacity in a Expanding Distribution Zone Rapidly Growing Market y ae 9 fi coon === toga ran) CN | Prince Rupert Tou
Slide 11: Building Intermodal Momentum
LOOKING AHEAD Building Intermodal Momentum Growth at Rupert anchored on end-to-end service and cost advantages Terminal has capacity to support increased volumes * Current capacity is 16M TEU, with another 200K shovel-ready Expanding logistics ecosystem to enable export loads and empties, creating m
Slide 12: Sustainable growth for CN's bulk franchise
Sandra Ellis Vice President, Bulk SUSTAINABLE GROWTH FOR CN’S BULK FRANCHISE
Slide 13: Increasing Global Demand for Bulk Products
Increasing Global Demand for Bulk Products Canada remains a leader in global mining and grain production * Precision agriculture practices driving 1-1.5% grain yield improvements over the long term * Increased met coal mining capability Prince Rupert: A natural gateway for Canadian resources * Highl
Slide 14: Stable Grain Volumes
LOOKING AHEAD Prince Rupert Growth Potential Sarloads in thousands Stable Grain Volumes CAGR flat Increasing yield trendlines mean more -° grain exports * Global demand for high quality Canadian grain 40 expected to rise Prince Rupert offers vessel and rail fluidity 30 * Prince Rupert Grain Terminal
Slide 15: Steady Coal Growth
LOOKING AHEAD Steady Coal Growth Continued investment in metallurgical mining in northern BC * Increasing global industrial demand for non- thermal coal applications * Quinette mine restarted in September 2024 Trigon Pacific is the primary terminal for many of CN's customers * Handles northern BC me
Slide 16: Enabling Canada's Energy Exports
Buck Rogers Vice-President Petroleum and Chemicals ENABLING CANADA'S ENERGY EXPORTS
Slide 17: Natural Gas Drilling Driving Liquids Production
NATURAL GAS LIQUIDS Natural Gas Drilling Driving Liquids Production Montney Shale formation is one of the most prolific active resource plays in North America Extracted gas will move by pipeline to the LNG Canada facility near Kitimat * Phase 1 expected to be operational in July with a capacity of 1
Slide 18: Fractionation Capacity Expanding
Fractionation Capacity Expanding Fractionation plants in AB and BC separate natural gas liquids (NGLs) from gas * Gas moves via pipe, but rail key to handling NGLs * A total of 9 key fractionator/liquids separation sites on CN's lines in AB and BC today New fractionators expected to come online in 2
Slide 19: Prince Rupert is a Key Gateway for NGL Exports
AltaGas, Ridley Island NATURAL GAS LIQUIDS Prince Rupert is a Key Gateway for NGL Exports Ridley Island Propane Export Terminal - AltaGas * Increased railcar unloading capability from 60 cars/day to 120 cars/day from 3 years ago * Consistently loading 4 vessels/month — moving towards one extra vesse
Slide 20: Rising Propane Exports
LOOKING AHEAD Rising Propane Exports Natural gas drilling activity will feed LNG Canada's export facility, with increased NGLs as a byproduct of gas production Rail is the primary mode of transport for NGLs Abundant supply of Western Canadian propane driving new terminal capacity at Prince Rupert Po
Slide 21: Ramping Up Plastic Pellets Production
PLASTICS Ramping Up Plastic Pellets Production Alberta production is ramping up plastics exports + Additional 15-20 railcars/day expected to directed to offshore markets in H2 2025 Dow Fort Saskatchewan Dow's Path2Zero project in Alberta, aimed at producing low-carbon polyethylene, on track for 2028
Slide 22: Long-term Export Plastics Growth
LOOKING AHEAD Carloads in thousands Long-term Export Plastics Growth CAGR ~35% Dow has significant growth ambitions for its Fort Saskatchewan AB plant, centered around its Path2Zero project Expanded Ray-Mont facility to be built at the new CANXPORT site 4 * Transloading large railcar blocks and even
Slide 23: Keeping Pace with Growth
A a Patrick Whitehead Executive Vice President Chief Network Operating Officer KEEPING PACE WITH GROWTH
Slide 24: Enhancing Prince Rupert Gateway Capacity
NETWORK OPERATIONS Enhancing Prince Rupert Gateway Capacity Steady investments since 2017 to ensure fluidity * 7 new long sidings and 2 siding extensions Prince Rupert * Over 12 miles of new double track Q Prince Rupert projects are key to supporting gateway growth * Kaien triple track instrumental
Slide 25: Western Canada Capacity Enhancements Since 2017
NETWORK OPERATIONS Western Canada Capacity Enhancements Since 2017 Tour Enhancing the network to drive shareholder return Hoy Ri _ Pouble track vy River A Siding * Significant growth in Western Canada Fort Nelson over the last decade Prince Rupert * Capacity enhancements improve fluidity a Fort McMu
Slide 26: Double Click on Zanardi Bridge
Double Click on Zanardi Bridge CN | Prince Rupert Tour
Slide 27: Future Capacity — Ready for Growth
NETWORK OPERATIONS Future Capacity — Ready for Growth Zanardi project unlocks next level of Prince Rupert capacity * Project includes a new bridge, double track through Port Edward, causeway improvements to support Ridley Island industrial developments + Leverages federal infrastructure funding, com
Slide 28: Remi G. Lalonde
Remi G. Lalonde Executive Vice-President and Chief Commercial Officer CHARTING THE COURSE: THE GROWTH AHEAD FOR CN
Slide 29: Prince Rupert - Charting the Course for Growth
LOOKING AHEAD Prince Rupert - Charting the Course for Growth Multiple near- and long-term potential volume growth opportunities Expanding port and terminal footprint enabling diversity of exports Creating a reliable supply chain with distinct advantages for customers Driving tangible opportunities t
Slide 30: Wrap-up: Q&A Session
WRAP-UP Q&A Session CN | Prince Rupert Tour 2025,
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