CNR Canadian National Railway Company

MONTREAL, QUEBEC (NYSE: CNI) announced today that it intends to purchase for cancellation up to five million of its common shares outstanding, or approximately one per cent of its common share outstanding at Nov. 30, 2007, pursuant to private agreements between CN and an arm's-length third-party seller. The purchase(s) will form part of CN's 33-million share repurchase program announced on July 23, 2007.

Such purchase(s) will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place by way of one or several purchases before the end of February 2008. The price that CN will pay for the common shares purchased by it under such agreements will be negotiated by CN and the seller, provided that in no circumstances will the price paid for the shares be greater than the closing market price of CN's common shares on the Toronto Stock Exchange on the date of the purchase.

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.

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, 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.

www.cn.ca

Contacts: CN Mark Hallman (Media) Director, Communications, Media & Eastern Region (905) 669-3384 CN Robert Noorigian (Investment Community) Vice-President, Investor Relations (514) 399-0052

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