SCHEDULE 13D/A 0000902664-21-004063 0001647251 XXXXXXXX LIVE 10 Common Shares, No Par Value 04/28/2025 false 0000016868 136375102 CANADIAN NATIONAL RAILWAY CO

935 DE LA GAUCHETIERE ST W MONTREAL QUEBEC CANADA, QUEBEC A8 H3B 2M9

Mr. Christopher Hohn 44 20 7440 2330 TCI Fund Management Limited 7 Clifford St London X0 W1S 2FT Eleazer Klein, Esq. (212) 756-2000 Schulte Roth & Zabel LLP 919 Third Avenue New York NY 10022 0001647251 N TCI Fund Management Limited AF N X0 0.00 26166798.00 0.00 26166798.00 26166798.00 N 4.2 CO 0001440704 N Christopher Hohn AF N X0 0.00 26166798.00 0.00 26166798.00 26166798.00 N 4.2 IN Common Shares, No Par Value CANADIAN NATIONAL RAILWAY CO 935 DE LA GAUCHETIERE ST W MONTREAL QUEBEC CANADA, QUEBEC A8 H3B 2M9 The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned ("Amendment No. 10"). This Amendment No. 10 amends and restates Items 3 and 5 of the Schedule 13D as set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 10 have the meanings set forth in the Schedule 13D. The 26,166,798 Shares reported herein as beneficially owned by the Reporting Persons were purchased using working capital of the TCI Funds and Accounts at an aggregate cost of approximately $2,716,968,911, excluding brokerage commissions. The aggregate percentage of Shares reported to be beneficially owned by the Reporting Persons is based upon 628,450,886 Shares outstanding which is the number of Shares reported to be outstanding as of March 7, 2025, as reported in Exhibit 99.3 attached to the Company's Report of Foreign Private Issuer on Form 6-K filed with the SEC on March 26, 2025. As of the close of business on April 29, 2025, the Reporting Persons may be deemed to beneficially own 26,166,798 Shares, representing approximately 4.2% of the Shares outstanding. TCIF UK is the investment manager of the TCI Funds and Accounts. Christopher Hohn is the Managing Director of TCIF UK. By reason of the provisions of Rule 13d-3 of the Act, Mr. Hohn may be deemed to beneficially own the Shares held by the TCI Funds and Accounts. The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Shares reported herein. The Reporting Persons have shared voting and dispositive power over 26,166,798 Shares. Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty days is set forth in Schedule A hereto and is incorporated herein by reference. All of the transactions in Shares listed hereto were effected in the open market through various brokerage entities. December 11, 2024. TCI Fund Management Limited /s/ Christopher Hohn 04/30/2025 Christopher Hohn /s/ Christopher Hohn 04/30/2025