CN Purchases Two Northern Alberta Shortlines
(MKNR, LWR and CWR )

January 19, 2006.

CN has announced that it is purchasing two Northern Alberta short-line railways from RailAmerica, Inc.

CN is buying the Mackenzie Northern Railway (MKNR) and the Lakeland & Waterways Railway (LWR), both located north of Edmonton. Included in the transaction is the Central Western Railway (CWR), a small 21-mile railway in east-central Alberta that carries a small amount of agricultural traffic.

CN states that these feeder lines are a good fit for CN and their customers at a time of major energy project development in northern Alberta. CN plans to upgrade the MKNR and the LWR to maximize the potential for hauling larger volumes of oil and gas infrastructure building materials, oil sands by-products, minerals, and forest and grain products. The upgrades will also improve transit times and service levels and will be an important plus in the future economic development of the region.

The integration of the properties into CN is expected to take less than six months with minimal impact on the day-to-day business of those customers concerned.

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Press release