Canadian National Railway Company ($CNR)

Welcome to CN's Annual General Meeting. My name is Shauneen Bruder, and I'm the Chair of the Board of CN. [Foreign Language] I would like to introduce the senior officers of CN [indiscernible] this morning, Tracy Robinson, President and Chief Executive Officer; Ghislain Houle, Executive Vice President and Chief Financial Officer; and Cristina Circelli, Vice President, Corporate Secretary and General Counsel. I will act as Chair of the meeting, and Cristina will act as Secretary of the meeting. Before we continue, I would invite Cristina to address introductory remarks, a safety moment and forward-looking statements.

Thank you, Madam Chair. [Foreign Language] In the context of CN reconciliation, it's important for you to recognize that our railway has been built and continues to be used on many traditional territories that are under it with indigenous people. 13,200 miles across Canada and operates within or adjacent to more than 220 reserve lands of nearly 130 First Nations and Metis communities. [Foreign Language] It's grateful to have the privilege of working and living understand, we acknowledge and honor the first people who continue to be these traditional custodians of land. I would now like to draw your attention to the forward-looking statements and additional legal information available at the beginning of the presentation. Today's meeting contains certain forward-looking statements within the meaning of U.S. and Canadian securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. At CN, every work assignment begins with a safety moment. Today is no different. [Foreign Language] Just the corner behind of us are probably planning road trips with family and friends, in addition to the importance of staying alert and observing road signs while driving operation life savor offers advice on safety around railway tracks and trains do not go on to the railway tracks, trains travel faster than you might think. You will not hear or you will not feel the train approaching. And by the time you realize it's close to you, it might be too late. Use railway crossings. They are designed to allow you to cross the tracks safely at crossings, stay at least 5 meters away from the tracks when a train is passing, will be the signs there are many railway signs and signals that indicate when a train is approaching. And where and when you can cross the tracks. Following these instructions ensures your safety. Be careful and key to our distance. At train stations, stay away from the edge of the platform or the safety side. The best way to avoid being hit by a train is to stay out of the path.

Thank you, Cristina. It's an honor to preside over a meeting of shareholders. [Foreign Language] I want to thank the staff, my colleagues, our clients, our shareholders as well as the communities where we work in -- for continued support. Our railroaders are driven by our purpose to power the economy and the safety delivers essential goods across North America. In 2025, we demonstrated the resilience of our network amid a challenging macroeconomic environment. By focusing on operational efficiency, service consistency, cost discipline and capital allocation, we delivered strong performance and positioned ourselves well for 2026 and beyond. As a Board, we continue to exercise oversight of CN's strategy with a view to ensuring that management is driven effectively leveraging our network advantages, navigating market uncertainty and pursuing opportunities aimed at driving strong business performance and growth. We are confident in the company's direction. Moreover, the Board and management remain focused on collaboration and believe that competition is imperative and in the best interest of our customers, our shareholders and the economy. Safety is our core value and foremost priority. CN is providing the leadership, training and resources necessary for our continuous improvement in safety as we work toward our ambitious safety objectives. In 2025, we proactively trained more than 5,000 first responders on rail safety and emergency incident response, and our annual emergency preparedness exercise in British Columbia was recognized with an award from the Railway Association of Canada. CN is charting a course for a sustainable future by delivering responsibly. We act responsibly for the environment. We attract and develop top talent, and we help build safer, stronger communities. We do all of this while upholding the highest standards of governance and creating value for shareholders. Sustainability is the heart of our business strategy. [Foreign Language] CN's continued success is driven by our teams of experienced rate holders, total development and succession planning, the Board ensures that we have the necessity necessary leadership, rather, capabilities to achieve CN's long-term strategic goals. We are also deepening engagement with stakeholders across our network. Of note, in 2025, CN made meaningful progress in the first year of our indigenous Reconciliation Action Plan, which provides a strong foundation for our ongoing efforts to support and honor indigenous communities in Canada. In addition, the Board continues to listen directly to customers and maintains open dialogue with key stakeholders in order to capture valuable opportunities today and in the future. Finally, the Board remains steadfast in our commitment to ensure the highest standards of corporate governance. Good governance means good business. [Foreign Language] I would like to take this opportunity to welcome Ms. Madeleine Paquin who joined our Board of Directors last fall, and extend heartfelt thanks to Ms. Margaret McKenzie, who is retiring this year as a Director of CN. To our shareholders, we appreciate the trust each of you places in our company and our leadership. We are focused on driving sustainable growth as we work toward our purpose to power the economy. I would now ask Tracy Robinson, our President and Chief Executive Officer, to address the meeting to share with us the highlights of 2025 and give us her perspective on what lies ahead in the coming months. But before, let's watch a short video on CN's purpose and corporate strategy. [Presentation]

[Foreign Language] Good morning. Thank you for being here at our Annual Meeting of Shareholders. [Foreign Language] First of all, I am extremely proud of our rate rollers of work that we've done in 2025. I'm very proud of how the results were updated with discipline, with team spirit and continuous commitment towards excellence. At CN, we're driven to create value customers and our shareholders through all economic cycles. And I'm optimistic about what we'll continue to accomplish together. [Foreign Language] 2025 was not an easy year. Commune was volatile. We rose to the challenge by focusing our efforts on what we could control, efficient network operations, liable and consistent service, disciplined cost management and a high degree of agility in servicing our customers. It helped us navigate uncertainty and market headwinds. And once again, our people and our network proved to be resilient. The actions we took in 2025 leave us well positioned for this year and for stronger growth as volumes and economic conditions strengthen. Now let me start where we always should with safety. Safety is our core value and it's what matters most. [Foreign Language] In 2025, CN recorded its lowest injury rate in its history. This is a powerful testament to the work of our teams. I commend them for their vigilance and their commitment to doing a job right. Our priority is simple to ensure that every railroader gets home safely every day. We're continuing to strengthen our safety culture through better training, strong leadership and new technology. We're changing how we manage risk and prevent incidents, including the development of a mobile app that uses AI-driven analytics to help leaders improve safety performance. Our people also feel empowered to speak up and act because safety isn't someone else's job. It's a responsibility we share every shift, every day. Delivering responsibly is central to how we run our business and how we build for the future. [Foreign Language] CN is already one of the most efficient railroads on the continent. Our goal is to continue providing our customers with a more sustainable transport solutions. Last year, nearly 12% of the fuel used in our locomotive fleet came from renewable sources. We're expanding renewable fuel blends working closely with industry partners and continuing to explore a hybrid electric locomotive pilot. [Foreign Language] We need to make the right choices ourselves and our customers. Our scheduled operating model continues to deliver results. [Foreign Language] We are improving the reliability of our service. We are increasing the speed of our trains. This enables us to consistently be there for our customers. Over the past 3 years, our teams have built real discipline around that plan, and it shows in our operating metrics. Our adjusted operating ratio improved by 1.2 points to 61.7% and operating expenses per GTM came down by 2%. And we're not stopping here. We are optimizing our locomotives and terminals to improve productivity and reduce costs. We are also managing our investment projects more efficiently. We're also investing in strategic parts of the network, projects like the Zernardi Bridge expansion in Prince Rupert, double tracking on the Edson Subdivision in Alberta, and upgrades on Iowa's Osage subdivision to handle heavier loads. These investments enable us to operate a more fluid network offering us the flexibility to grow, thanks to the capacity that we have built. We have a strong franchise, and it's well positioned for the long term. We move commodities, the world needs, grain, potash, critical minerals, refined fuels and natural gas liquids. These are products that tend to hold up better through economic cycles. We also have an unparalleled port network that provides access to all major global markets. As trade patterns continue to change, that gives us a real advantage and a clear path to grow with our customers. Every day, our sales team is out on the field. They seek out new business opportunities and provide solutions to customers targeting new markets. In Northeast British Columbia, our investments are enabling more frac sand and NGL movements. In the U.S., we're growing our agricultural franchise. We're facilitating more opportunities by enabling heavier loads and strengthening connections between Midwest markets and the rest of our North American network. None of this works without our dedicated railroaders. CN future depends on dedicated skill teams, and our leaders at every level. Last year, we launched a new leadership program to support our frontline supervisors in their critical roles. We're also continuing to develop our future leaders by investing in talent and succession planning. At the same time, we're focused on a stronger workplace culture, making sure our railroaders understand our priorities, feel heard and empowered to contribute. We're listening to feedback and we're acting on it. We're moving confidently into 2026. Our network is strong. Our plan is clear. And our teams are delivering what is expected of them. We are managing costs with discipline. We are making the right investments and taking a proactive approach. We're ready for what's ahead as uncertainty hasn't disappeared. There's still plenty of noise out there. But our focus hasn't changed, execute with discipline, stay close to our customers, keep the commercial intensity high, control what we can control and how we show up, and be really good at it. We're fit, we're nimble, and we can adapt to whatever environment we're in. We will continue to meet our customers' expectations and build long-term value for our shareholders. Across the industry, we also remain focused on collaboration. We think the competition is essential to keep costs down and the economy is sound. So to all CN employees, thank you very much for your commitment to operating our rail world safety and reliably every day. And to our shareholders, thank you for your continued trust and support. Together, we're ready to move forward and continue to power the economy.

Thank you, Tracy. Now on behalf of CN's Board of Directors, I am pleased to call this meeting to order. Before we continue, I will ask Cristina to review the process for the vote on today's motions as well as the question-and-answer session that will follow the vote. .

Your participation in the affairs of CN is important to us. So we are pleased to provide close captioning and we will proceed in both of Canada's official languages. Shareholders are now invited you to interact with us in French or in English. CN is also providing toll free conference call numbers for shareholders and duly appointed proxy holders who do not have Internet access to participate virtually or prefer to use the phone. Voting during this meeting can only be done through our online voting platform on the webcast. You will not be able to vote your shares over the phone. If you have voted in advance of the meeting, you do not need to do anything more, and we thank you for your participation. Shareholders participating in the online webcast can put their questions in writing or ask a question using our voice or video features via the webcast. Shareholders attending by phone can ask questions orally. Selectiveness of the methods, the meeting operator will manage the order of questions and connect you with you when it is your turn. We will provide more details on how to vote and ask questions during the meeting. For the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot to provide our shareholders with ample time to vote. Voting will commence when we introduce the first motion, and the poll will stay open until all motions have been presented. You will be asked to vote today on: one, the election of directors; two, the nomination of auditors; three, the nonbinding advisory resolution on the company's approach to executive compensation; and four, the nonbinding advisory resolution on the company's climate action plan. Throughout this meeting, all registered shareholders and duly appointed proxy holders including unregistered shareholders who have appointed themselves as proxy holders will be able to vote online and only online. When we introduce the first motion, if you already have voted prior to the meeting, thank you. And you do not need to vote again once opening once voting opens, unless you wish to change your vote. If you choose to recast your vote at the meeting, your votes submitted today will override your votes submitted prior to the meeting. During the meeting, the Chair will entertain questions relating to a specific motion after that motion has been moved and seconded. Any questions not relating to a specific motion will be addressed during the question-and-answer session at the end of this meeting. Shareholders may submit a question at any time during the meeting as follows. One in writing by typing your question in the messaging field at the top of the webcast screen and clicking the send arrow. Two, verbally directly through the live webcast by clicking on the request to speak button in the broadcast tab and clicking on the green checkmark. You may need to scroll down to the bottom of the broadcast tab on your browser to access the green checkmark. Or three, by calling by phone, the numbers shown on the screen. To request to speak, you will need to press Star 1 and our operator will greet you. In all cases, you will need your control number found either on your proxy form or voting instruction form as applicable in order to ask your question at the meeting. Your question will be placed in the queue by our meeting operator. If you wish to ask a question on a specific motion, either verbally through the webcast platform or by pressing star 1 by phone, we strongly recommend that you submit your request long before the motion question is presented in order to give our operator time to place you in the queue. The operator will open the web or the web or phone line at the appropriate time during the motion so that you can ask your question. If time permits subject to compliance with the rules of conduct of the meeting available on our website, we will answer all questions submitted in line by phone or through the webcast platform. Relevant questions that cannot be answered during the meeting due to time constraints will be posted online on CN's website along with our answers. The questions and answers will be available shortly after the meeting and will remain online for 1 week after they are hosted. All questions submitted in accordance with our meeting rules of conduct will generally be addressed in the order they are received. When asking a question verbally over the phone or via our live webcast please state your full name, whether you are a shareholder or duly appointed proxy holder and the name of the city and province or state where you live. For technical assistance, you may contact the meeting support team by e-mail at [email protected] at any time during the meeting. To keep the meeting efficient, certain shareholders have already agreed to move and second formal motions, and I will call on them at the appropriate times. Back to you, Madam Chair.

Thank you, Cristina. The business matters to be conducted at the meeting are set out in the management information circular of the company dated March 9, 2026. As permitted under Canadian securities rules, the company has used the notice and access regime to make available its meeting materials and sent to notice on March 25, 2026 with all relevant information in that regard to holders of common shares at the close of business on March 6, 2026, the record date. A copy of the confirmation of mailing of such documents has been filed with the Corporate Secretary for inclusion with the minutes of the meeting. I would now like to appoint Steve Gilbert and Vlad Telisa of Computershare to act as scrutineers at the meeting. I have received the preliminary scrutineers' report, and based on the proxies received prior to the meeting and the shareholders and proxy holders attending this meeting via live webcast and conference call, there is a quorum for the meeting. I therefore declare that the meeting has been regularly called and properly constituted. The next item of business is the submission of the financial statements of the company. There is no formal action or resolution required with regard to this item on the agenda. I will take this opportunity to ask our Chief Financial Officer, to present the company's financial performance in 2025 and the Q1 2026 results. Ghislain?

Thank you, Madam Chair. Our disciplined execution of scheduled railroading supported by an energized commercial focus and enabled us to navigate a challenging market in 2025. We also took deliberate action to align our cost structure with volumes and drove meaningful efficiencies across the business. Together, these efforts delivered strong EPS growth and highlighted the resilience of our operating model going into 2026. CN's diluted earnings per share increased by 8% to $7.57. Adjusted diluted earnings per share, which excludes items that affect the company's CN's financial results increased 7% to $7.63. Despite the weaker macroeconomic environment and the impact of tariffs that weighed on traffic levels, the commercial teams stay close to customers, helping to identify and enable new opportunities and support demand. Volumes measured in revenue ton miles increased by 1% despite these challenges. 2025 revenues were up 2% to reach $17.3 billion, an increase of approximately $250 million compared to 2024, driven by higher volumes and with rate increases, partially offset by the elimination of the Canadian federal carbon tax program. During 2025, the operating ratio, defined as operating expenses as a percentage of operating revenue was 61.9%, an improvement of 1.5 percentage points. The adjusted operating ratio in 2025 was 61.7%, an improvement of 1.2 percentage points compared to previous year. For investors, the adjusted operating ratio serves as a key performance indicator for cost management and overall operational efficiency, as it shows the extent to which management is effectively controlling costs relative to tool operating revenue, excluding exceptional and nonrecurring items. CN generated over $3.3 billion in free cash flow, an increase of almost $250 million from the prior year due to higher net cash from operating activities in 2025. With a number of significant infrastructure and equipment programs now behind us, our capital requirements will ease in the coming years. These investments have reinforced the safety and efficiency of our operations and position our network with the capacity needed to support future growth. In 2025, CN invested $3.3 billion, net of customer refunds in 2026. The company expects to invest about $2.8 billion in its capital program, net of amounts reimbursed by customers to improve the safety, the efficiency and integrity of its network. From a financial management perspective, CN has constantly taken a prudent approach. We take pride in the strength of our balance sheet, which gives us the final flexibility -- financial flexibility rather to quickly respond to changing circumstances. Capital allocation priorities have been consistent over many years. We continue to reinvest in safe, efficient operation while maintaining our strong commitment to returning capital to shareholders. CN has delivered dividend growth year in, year out since the company was privatized in 1995. Our strong track record of dividend growth continues into 2026 with our Board of Directors' approval last January of a 3% increase in the dividend. The share repurchases as a flexible lever to achieve a targeted leverage. Our cash flow generation has enabled cumulative share repurchases of over $50 billion in the last 5 years, while maintaining our strong investment grade credit rating. So on a combined basis, we have returned over $25 billion to shareholders in the last 5 years. Our current share repurchase program stated to continue until February 2027 provides for a repurchase of up to 24 million shares. First quarter performance. We are greatly confident in our planned operating model, which includes resilience and recovery capabilities and maintain excellent service for our customers. Q1 reported diluted EPS of $1.87 for the quarter was up 1% with a 3% increase in volumes in terms of RTMs, solid operational execution and continued boots on the ground commercial approach. Back to you, Madam Chair.

Thank you, Ghislain. Note, we will take questions on CN's financial performance in 2025 during the question period following the end of the formal meeting. We will now proceed with the election of directors. According to the resolution of the Board and in accordance with the Board's governance policies, 11 directors are to be elected. Information regarding the nominees is set out in the Management Information Circular. All of the nominees for election to the Board at the meeting are currently directors of the company. I will now turn it over to Cristina, who will read the names of those nominated for election as directors.

Here are the candidates, positions of directors or the CN Rail Company. Shauneen Bruder, Jo-ann dePass Olsovsky, David Freeman, Denise Gray, Justin Howell, Susan Jones, Robert Knight, Michel Letellier, Al Monaco, Madeleine Paquin and Tracy Robinson.

Thank you, Cristina. I would Patricia D'Tario to move the motion to nominate the directors.

Madam Chair, my name is Patricia D'Tario. I am a shareholder of the company, and I am pleased to nominate each of the persons named by the Secretary to be elected as a director to hold office until the next Annual Meeting of Shareholders or until his or her successor is duly elected or appointed.

Thank you, Patricia. Heidi McFall, will you second the nominations?

Madam President, I'm Heidi McFall, and I am a shareholder of the company, and I support these nominations.

We will now entertain questions from shareholders relating to the nomination of directors. Cristina, are there any questions relevant to the election of directors?

Madam Chair, there are none.

Cristina. Pursuant to a resolution adopted by the Board of Directors, 11 directors are to be elected and 11 eligible candidates have been nominated. The poll on all resolutions is now open, and you may vote at your convenience by choosing your preferred voting option being for, against or withhold each motion as applicable. You may change your vote at any time throughout the meeting until polling closes. The poll will close after the last item that business is presented, at which point your vote will automatically be submitted. For this motion, you are prompted to click the for, or against button below the motion with respect to the election of each director. The Board of Directors and management recommend voting for the election of each director nominee. The next item of business is the appointment of the company's auditors. I would now like to call on Patricia D'Tario to present the motion to appoint KPMG LLP as auditors of the company.

Madam Chair, my name is Patricia D'Tario, and I'm a shareholder of the company. I move that KPMG LLP be appointed auditors of the company to hold office for the fiscal year 2026 or until the close of the next Annual Meeting of Shareholders.

Thank you, Patricia. Heidi McFall, would you please second the motion?

Madam Chair, my name is Heidi McFall. I am a shareholder of the company, and I support the motion.

We will now entertain questions from shareholders relating to the appointment of the company's auditors. Cristina, are there any questions relevant to the appointment of auditors?

Madam Chair, there are none.

Thank you, Cristina. For this item business, you are prompted to click the for or withhold buttons below the motion with respect to the appointment of KPMG LLP as the company's auditors. The Board of Directors and company management recommend voting for the motion. The next item on the agenda is consideration of the nonbinding advisory resolution on the company's approach to executive compensation. The statement of executive compensation contained in the company's Management Information Circular discloses such approach in detail. The results of the vote will not be binding on the Board. However, the Board will take into account the results of the vote, together with other relevant information or comments from shareholders when considering the company's approach to executive compensation. I will now call on Patricia D'Tario to move the motion.

Madam Chair, my name is Patricia D'Tario. I am a shareholder of company. I move that the nonbinding advisory resolution on the company's approach to executive compensation as set out in the management information circular be approved. .

Thank you, Patricia. Heidi McFall, will you second the motion?

Madam Chair, my name is Heidi McFall. I am a shareholder of the company, and I support the motion.

We will now entertain questions from shareholders relating to the motion on the company's approach to executive compensation. Cristina, are there any questions relevant to the nonbinding advisory resolution on the company's approach to executive compensation?

Madam Chair, there are none.

Thank you, Cristina. For this item of business, you are prompted to vote for or against the motion. The Board of Directors and company management recommend voting for the motion. The next item on the agenda is the consideration of the nonbinding advisory resolution on the company's climate action plan. The results of the vote will not be binding on the Board. However, the Board will take into account the results of the vote, together with other relevant information or comments from shareholders. I will now ask Ghislain Houle to present key highlights of our climate action plan.

Thank you, Madam Chair. The advisory vote on CN's action complements the detailed and comprehensive climate-related information that CN has long provided. The information covers our governance, our actions and targets, our strategy and our risk management practices. A detailed plan is contained in the company's management information circular, as well as our annual CDP report, which includes a TCFD index. CN has been making a positive contribution in the fight against climate change by offering efficient transportation solutions to our customers. In locomotive fuel efficiency among North America Class 1 railroads using approximately 15% less fuel per gross ton mile than the industry average. And we are actively working with some of our customers to help them reduce the carbon intensity of their supply chains by leveraging rail for long-haul and tracking over short-term distance. We want to be more efficient. So this is also for short distances. CN has science-based targets in place and is committed to reducing Scope 1 and 2 emissions intensity by 43% by 2030 and its Scope 3 emissions intensity from fuel and energy-related activities by 40% by 2030, both from a 2019 base year. CN remains on track to meet its 2030 targets as validated by the science base targets initiative SBTi. We have progressed 27% towards our Scope 1 and 2 target and 44% towards our Scope 3 target. We are currently in the midst of calculating our 2025 performance. Overall, achieving our 2030 target is dependent on the availability of sufficient volumes of cost competitive renewable fuels, which will require collaboration between locomotive manufacturers, fuel producers and governments. This ecosystem of collaboration is a key area of focus and potential risk. Those were my remarks, Madam Chair.

Thank you, Ghislain. I will now call on Patricia D'Tario to move the motion.

Madam Chair, my name is Patricia D'Tario. I am a shareholder of the company. I move that the nonbinding advisory resolution on the company's climate action plan as set out in the Management Information Circular be approved.

Thank you, Patricia. Heidi McFall, will you second the motion? .

Ms. Chair, my name is Heidi McFall. I am a shareholder of the company, and I support this motion.

We will now entertain questions from shareholders wishing to ask a question relating to the motion on the Climate Action Plan. Cristina, are there any questions relevant to the nonbinding advisory resolution on the company's climate action plan?

Madam Chair, there are none.

All voting items have now been presented to the meeting. If you have not yet made your voting selection, please do so now. Polling will close in a few moments. As a reminder, the voting items for the meeting are as follows: a, the election of 11 directors to sit on the Board of Directors of the company, b, the appointment of the auditors of the company, c, the nonbinding advisory resolution on the company's approach to executive compensation; and d, nonbinding advisory resolution on the company's climate action plan. The 4 resolutions are displayed on your screen. To cast your vote, simply select your desired voting option either for or withhold or against as the case may be for each resolution. Your voting selections will be highlighted on your screen. Once polling closes in a few minutes, your votes will automatically be submitted and a confirmation message will appear on your screen to show that your vote has been received. We will provide shareholders approximately 1 more minute to complete the electronic voting. Once voting is completed, I would ask that the scrutineers compile the report regarding the results of voting on all business matters. [Voting]

Thank you. Voting is now closed. We have now received the report of the scrutineers. According to the proxies received and the results of the electronic voting, each director nominee received 50% or more in favor of their election of the total votes cast for or against and on average, in excess of 94% of votes in favor. I therefore declare that the 11 nominees have been duly elected as directors of the company to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected or appointed. I declare the appointment of KPMG LLP as the director -- as the auditors of the company has been approved by 89% of holders of common shares represented at this meeting. I declare that the nonbinding advisory say on pay resolution on the company's approach to executive compensation has been approved by 91% of the holders of common shares represented at this meeting. I declare that the nonbinding advisory resolution on the company's climate action plan has been approved by 96% of holders of common shares represented at this meeting. I would now like to congratulate the members of your Board of Directors on their election. They're a talented group from all over North America who make every effort to bring value to shareholders of this company. Jo-ann dePass Olsovsky, David Freeman, Denise Gray, Justin Howell, Susan Jones, Robert Knight, Michel Letellier, Al Monaco, Madeleine Paquin, Tracy Robinson and myself, Shauneen Bruder. Thank you to our shareholders for your continued support. As we have now completed all the business before this meeting, I will entertain a motion to conclude the formal part of this meeting. Heidi, would you please move the motion?

Madam Chair, I'm Heidi McFall, I am shareholder of the company, and I move to adjourn the formal portion of the meeting.

Patricia D'Tario, will you second the motion?

Madam Chair, my name is Patricia D'Tario, and I am a shareholder of the company. I second the motion. .

Thank you, Patricia. We will now proceed with the question-and-answer session. Cristina?

[Operator Instructions] Over to you, Madam Chair.

Yes, Cristina. We will now begin the question-and-answer session. Cristina, could you please direct us to the first question?

Madam Chair, we have a question from both James, Michel and Jean-Philippe Bold as follows: Can you offer some thoughts on possible conditions to the STB merger approval that could better CN's performance, such as granting CN haulage rights to reach deeper into the Southeast U.S. markets, or perhaps direct access to Mexican markets to compete with CPKC.

Thank you, Cristina. Tracy, would you address that question?

Certainly UP and have filed a new application that's designed to address the significant deficiencies in their original filing, and we will reserve detailed comments until we finished our final analysis. But based on our preliminary review, we remain concerned that the merger fails to meet the regulatory standard and weaken competition. Now under current STB rules, proponents of a Class 1 merger must demonstrate that the transaction is in the public interest, not only remedying any loss of competition, but actively enhancing it. And we believe that this merger raises significant competition issues requiring strong remedies, which could include improved gateway conditions, access to markets at risk of losing competitive options through trackage or haulage rights and elimination of contractual restrictions that limit interchange with short-line railways. At CN, we believe we're well positioned to address some of these issues and protect optionality for our customers, and we look forward to sharing our views in due course. I want to thank you for your question.

Thank you. We'll now proceed with the next question.

Madam Chair, we have a question in writing from Daniel Nagel as follows: since my home state of Iowa which is arguably one of the biggest producing areas of meat and meat products in the entire United States. I'd like to know why CN hasn't reintroduced intermodal services to the Iowa division in line to tap this rich market.

Thank you, Cristina. Tracy?

Thank you for your specific comments on Iowa. We are very proud to serve your state. And with CN, we regularly assess our ability to serve specific markets and I will follow up with Janet Drysdale, our Chief Commercial Officer and the intermodal team to have someone reach out to you directly. Thank you. .

Cristina, next question please.

Next question is in writing from Ali Gina as follows. Any comments or thoughts on upcoming Cosma negotiations? And how this will impact the firm?

Tracy, could you respond? .

Over the past year, we have all been watching closely the negotiations around the renewal -- the review and renewal of the CMSA agreement. This remains an important part of our business. So we're watching it very closely with our impacted customers. And we believe that fair trade, including the removal of trade barriers, whether they be national or international contributes to a stronger economy for all of us. So here at the CN, we continue to invest in the fluidity and the capacity of our network to support the needs of our customers no matter how the trade flows emerge over time. .

Thank you. We'll now proceed with our next question. Cristina?

Madam Chair, we have a question from Daniel Nagel. As I'm sure you're aware, there are several passenger rail proposals currently under review, some of which could involve using CN's Iowa division mainline, specifically West of Rockford, Illinois, to Dubuque Iowa and possibly 2 Waterloo, Iowa. Why has CN been reluctant to entertain Amtrak or another operator as a tenant.

Thank you, Cristina. Tracy, could you respond?

We work very closely with Amtrak on patent providing passenger service at various parts of the United States. I don't know the answer to your specific question, but I will ask our passenger services team to get back to you on this question as well. However, I can tell you that we balance capacity on our network. So we have to be very careful dealing with our partners on the passenger side to ensure that both passenger services and our freight operations operate effectively. .

Thank you. Next question, Cristina.

Madam Chair, we have a question on the English phone line. Operator, would you please open the line for Madison Crecer of NorthStar Asset Management.

My name is Madison Kreger with NorthStar Asset Management in Boston. My question is on March 4. CN Rail released its indigenous Reconciliation Action Plan, Annual Report for 2025. We recognize the progress the company has made to advance indigenous reconciliation to meet the Truth and Reconciliation Commission Call to Action 92. However, we are concerned that CN's indigenous Reconciliation Action Plan may not completely reflect the report provided by the Indigenous Advisory Council, all of whom resigned in 2023 and respond to the council's recommendations. Can you provide shareholders with more information on how the Indigenous Advisory Council report and recommendations shapes the commitments contained within the indigenous Reconciliation Action Plan and any other related indigenous reconciliation commitments. Additionally, we recognize the external indigenous advisory councils play a crucial role in supporting and monitoring the progress of a company's indigenous reconciliation commitments and strategies by providing guidance, strategic visioning and advice for effective implementation of the company's reconciliation commitments and goals. CN recognized the relevancy and importance of such a counsel before its members are resigned in 2023. Can you speak to CN's plans to reconstitute an indigenous advisory council to support the implementation of its indigenous reconciliation action plan and related reconciliation commitments?

Madison, thank you for your question. I will invite Olivier Chouc to respond. Olivier?

Thank you for your question, Madison. Our reconciliation action plan was informed by many sources, starting with the input from the communities themselves both through our regular engagement and through the specific consultation we carried out on our reconciliation action plan. We also take into account the indigenous Advisory Council's perspective. Our reconciliation action plan evidences our genuine desire to build stronger mutually beneficial relationship with indigenous communities. It is a living document that will continue to evolve based on the feedback we received from communities and our lived experience. While we are grateful for the wisdom our counsel shared with us, we do not intend to reconstitute a new council at least for the time being. Thank you.

Thank you, Olivier, and thank you for the question. Cristina, next question please.

Madam Chair, there are no further questions. This concludes the question-and-answer portion of the meeting. I will now turn the meeting back to the Chair of the Board, Ms. Bruder, over to you.

Thank you, Cristina. In closing, I want to thank everyone who made today's event possible, including all of those who work so hard behind the scenes to ensure our shareholders were able to participate in the meeting online and over the phone. Thank you so much for your participation at the meeting and for your continued support, and good health to all. Thank you so much until next year. Goodbye.