Mr. Jonathan Abecassis reports

CN ANNOUNCES $1.25 BILLION DEBT OFFERING

Canadian National Railway Company has arranged a public debt offering of $700-million in 4.60 per cent notes due 2029 and $550-million in 5.10 per cent notes due 2054. CN Rail expects to close the offering on May 2, 2024, 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 Canada under CN Rail's base shelf prospectus dated April 2, 2024.

Access to the prospectus supplement and the corresponding base shelf prospectus and any amendment thereto in connection with this offering are provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering will be accessible within two business days at SEDAR+.

An electronic or paper copy of the prospectus supplement, the corresponding base shelf prospectus and any amendment thereto may be obtained from any one of the joint bookrunners, without charge, by contacting BMO Nesbitt Burns Inc. by e-mail at DCMCADSyndicateDesk@bmo.com, RBC Dominion Securities Inc. by e-mail at torontosyndicate@rbccm.com, Scotia Capital Inc. by e-mail at syndicate.toronto@scotiabank.com or TD Securities Inc. by e-mail at tdcan-syndicate@tdsecurities.com, and by providing the contact with an e-mail address or mailing address, as applicable.

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 18,800-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.