Mr. Jonathan Abecassis reports

CN ANNOUNCES C$1.75 BILLION DEBT OFFERING

Canadian National Railway Company has arranged a public debt offering of $550-million of 4.15 per cent notes due 2030, $400-million of 4.40 per cent notes due 2033 and $800-million of 4.70 per cent notes due 2053. CN expects to close the offering on May 10, 2023, subject to customary closing conditions.

CN plans to use the net proceeds from the offering for general corporate purposes, which may include the redemption and refinancing of outstanding indebtedness, share repurchases, acquisitions, and other business opportunities.

The debt offering is being made in Canada under CN's base shelf prospectus dated May 4, 2022.

About Canadian National Railway Company

CN is a world-class transportation leader and trade enabler. Essential to the economy, to the customers and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products and finished goods throughout North America every year. CN's railroad connects Canada's Eastern and Western coasts with the United States South through an 18,600-mile rail network. CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.