CN to confirm 2010 Vision financial targets at Toronto analyst meeting

TORONTO, May 23, 2007 — CN (TSX:CNR)(NYSE:CNI) said today it will confirm its 2010 Vision financial targets over the course of its two-day analyst meeting here today and tomorrow.

CN invites investors and other interested parties to listen to webcast presentations by senior officers on company initiatives and projects that will help the company attain these financial targets, first established in November 2005.

E. Hunter Harrison, president and chief executive officer, will start the presentations with an address to analysts and investors at 5 p.m. Eastern time (ET) today.

CN will webcast Harrison's presentation and supply slides supporting his remarks via the Investors section of the company's website. The slides will be available at 4.15 p.m. ET today.

Starting at 8 a.m. (ET) tomorrow, May 24, CN will webcast presentations by James Foote, executive vice-president, Sales and Marketing; Stan Jablonski, senior vice-president, Sales; Jean-Jacques Ruest, senior vice-president, Marketing; Paul Waite, vice-president, IMX (Intermodal Excellence); Keith Creel, executive vice-president, Operations; Paul Miller, vice-president and chief safety officer; Sameh Fahmy, senior vice-president, Supply Management/Engineering/Mechanical; Peter Marshall, senior vice-president, Western Region; Anita Ernesaks, managing director, CN WorldWide -- International; Gordon Trafton, senior vice-president, Southern Region; and Claude Mongeau, executive vice-president and chief financial officer.

Slides for the second day's presentations will be available on CN's website at 7.30 a.m. tomorrow.

All presentation materials will be archived on CN's website until June 15, 2007.

This news release contains forward-looking statements. CN cautions that, by their nature, forward-looking statements involve risk and uncertainties, including the assumption that, while CN expects a moderate slowdown in the North American economy in the near term, positive economic conditions in North America and globally will continue, and that its results could differ materially from those expressed or implied in such statements. Important factors that could cause such differences include, but are not limited to, industry competition, legislative and/or regulatory developments, compliance with environmental laws and regulations, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, the effects of adverse general economic and business conditions, inflation, currency fluctuations, changes in fuel prices, labour disruptions, environmental claims, investigations or proceedings, other types of claims and litigation, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to CN's most recent Form 40-F filed with the United States Securities and Exchange Commission, its Annual Information Form filed with the Canadian securities regulators, and its 2006 Annual Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis (MD&A), for a summary of major risks.