CN announces 29 per cent increase in quarterly cash dividend

MONTREAL, Jan. 23, 2007 — CN announced today that its Board of Directors has approved a 29 per cent increase in the company's quarterly cash dividend.

A quarterly cash dividend of 21 cents (C$0.21) per common share will be paid on March 30, 2007, to shareholders of record at the close of business on March 9, 2007.

Including today's announcement, CN has increased its cash dividend 11 consecutive times since the company's initial public offering of shares in 1995, for an average annual increase of 18 per cent.

About CN

CN – 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, 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.

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