CN and Homburg announce closing of sale of Central Station Complex in Montreal to Homburg

MONTREAL, Nov. 30, 2007 — CN (TSX: CNR)(NYSE: CNI) and Homburg Invest Inc. (TSX: HII.A & HII.B and AEX: HII) announced today that they have closed the sale of the Central Station Complex (CSC) in Montreal including the Central Station railway passenger facilities and the CN corporate headquarters building. The transaction was previously announced on September 19, 2007, when CN and Homburg entered into an agreement under which Homburg Invest agreed to purchase the CSC facilities from CN for a purchase price of C$355 million.

Under the agreement with Homburg Invest, CN will lease back its 17-storey office headquarters building and Central Station railway passenger facilities on a long-term basis. Central Station includes the Grand Hall, train platforms and portions of the sub-track level.

CN and Homburg structured the sale-and-leaseback transaction to reflect the long-term presence of CN's corporate headquarters in Montreal and to ensure continued operation of Central Station for use by VIA Rail Canada Inc., and l'Agence métropolitaine de transport, and AMTRAK.

The transaction has received the necessary regulatory approvals, including federal government approval of an agreement to protect the heritage features of Central Station.

This news release contains forward-looking statements. CN cautions that, by their nature, forward-looking statements involve risk, uncertainties and assumptions, and while there may be a risk of recession in the United States economy, the Company's assumption is that positive economic conditions in North America and globally will continue, which assumption may not materialize, 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), as well as its 2007 quarterly consolidated financial statements and MD&A, for a summary of major risks.

For Homburg Invest Inc., this news release may contain statements that are forward looking regarding expectations with respect to market conditions, acquisitions, occupancy rates, capital requirements, sources of funds, expense levels, operating performance and other matters. These assumptions and statements are subject to various factors, unknown risks and uncertainties, including general economic conditions, local market factors, performance of other third parties, environmental concerns, and interest rates, any of which may cause actual results to differ from the Company's current expectations. Information and statements in this document, other than historical information, should be considered forward-looking and reflect management's current views of future events and financial performance that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions and developments within the real estate industry, competition and the management of growth. The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.