CN Pension Trust Fund Acquires More Units of Freehold Royalty Trust

Business Wire, Jan 14, 2000

Business Editors

MONTREAL--(BUSINESS WIRE)--Jan. 14, 2000

(TSE:CNR.) (NYSE:CNI)

Canadian National Railway Company, administrator of the CN Pension Trust Fund (the "Fund"), announced today that the Fund acquired 631,800 units of Freehold Royalty Trust ("Freehold") between Dec. 18, 1998, and Jan. 13, 2000, through the facilities of the Toronto Stock Exchange and Montreal Exchange.

The Fund now holds 7,127,800 units representing 26.7 per cent of the outstanding units of Freehold. The purchases were made for investment purposes.

Rife Resources Management Ltd. ("Rife"), a subsidiary of the Fund and the manager of Freehold, has, pursuant to a management agreement, acquired a total of 248,000 units of Freehold.

Rife has the right to receive, as a quarterly management fee, an additional 152,000 units over the next 26 months and holds options to acquire one million Freehold units at $10 per unit.

Canadian National Railway Company spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America.