Mr. Jonathan Abecassis reports

CN ANNOUNCES US$600 MILLION DEBT OFFERING

Canadian National Railway Company has arranged a public debt offering of $600-million (U.S.) composed of $300-million (U.S.) in 5.850 per cent notes due 2033 and $300-million (U.S.) in 6.125 per cent notes due 2053. CN Rail expects to close the offering on Nov. 1, 2023, subject to customary closing conditions.

CN Rail 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 the United States under an effective shelf registration statement dated May 4, 2022.

The joint book-running managers of the debt offering are: Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and BNP Paribas Securities Corp. The senior co-managers of the debt offering are: BofA Securities Inc., BMO Capital Markets Corp., RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC. The co-managers of the debt offering are: CIBC World Markets Corp., Desjardin Securities Inc. and SMBC Nikko Securities America Inc.

A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting: Citigroup Global Markets Inc., care of Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, attention: prospectus department, toll-free: 1-800-831-9146, e-mail: prospectus@citi.com; J.P. Morgan Securities, care of Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, attention: prospectus department, or by calling 1-866-803-9204; U.S. Bancorp Investments, 214 North Tryon St., 26th floor, Charlotte, N.C., 28202, or by telephone at 1-877-558-2607; or BNP Paribas Securities, 787 7th Ave., New York, N.Y., 10019, or by calling 1-800-854-5674.

About Canadian National Railway Company

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

We seek Safe Harbor.