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Late last month, Cascade Investment L.L.C. — which is solely owned by billionaire Bill Gates — acquired 35,784 common shares of CN for more than $2.4 million. The number of shares represented less than one hundredth of one percent of outstanding shares.

Cascade Investment now holds 37.4 million shares of CN, or about 8.1 percent of outstanding shares. The Bill & Melinda Gates Foundation Trust, for which Gates serves as a co-trustee, also owns 8.56 million CN shares representing 1.9 percent of outstanding shares.

As the sole member of Cascade and co-trustee of the trust, Gates now retains beneficial ownership of and/or control or direction over nearly 46 million CN shares, or 10 percent of outstanding shares.