CN declares second-quarter 2007 dividend

MONTREAL, April 23, 2007 — CN announced today that its Board of Directors has approved a second-quarter 2007 dividend on the Company's common shares outstanding. A quarterly dividend of twenty-one cents (C$0.21) per common share will be paid on June 29, 2007, to shareholders of record at the close of business on June 8, 2007.

CN's Q1 2007 dividend is designated as an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart. For U.S. shareholders, CN is a "qualified foreign corporation" for U.S. federal income tax purposes and its dividends are therefore generally eligible for "qualified dividend" treatment.

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.

Contacts

Media

Mark Hallman
System Director, Media Relations
(905) 669-3384

Investment Community

Robert Noorigian
Vice-President, Investor Relations
(514) 399-0052