CN announces 10 per cent increase in quarterly cash dividend

MONTREAL, Jan. 22, 2008 — CN (TSX:CNR)(NYSE:CNI) announced today that its Board of Directors has approved a 10 per cent increase in the Company's quarterly cash dividend.

A quarterly dividend of 23 cents (C$0.23) per common share will be paid on March 31, 2008, to shareholders of record at the close of business on March 10, 2008.

Including today's announcement, CN has increased its cash dividend 12 consecutive times since the Company's initial public offering of shares in 1995.

About CN

CN – Canadian National Railway Company and its operating railway subsidiaries – 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 metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca/about/en_about.shtml .

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Mark Hallman
Director
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Phone: 905-669-3384
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Robert Noorigian
Vice-president
Investor Relations
Phone: 514-399-0052
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