CN announces 10 per cent increase in quarterly cash dividend

MONTREAL, Jan. 22, 2009 — 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 25.25 cents (C$0.2525) per common share will be paid on March 31, 2009, to shareholders of record at the close of business on March 10, 2009.

Including today's announcement, CN has declared double-digit increases in its cash dividend 13 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, and Jackson, Miss., with connections to all points in North America.

Contacts

Media

Bryan Tucker
Senior Manager
Public Affairs and Media Relations
Phone: 514-399-6450

Media

Mark Hallman
Director
Communications & Public Affairs
Phone: 905-669-3384

Investment Community

Robert Noorigian
Vice-president
Investor Relations
Phone: 514-399-0052