Ms. Ashley Michnowski reports

CN ANNOUNCES US$700 MILLION DEBT OFFERING

Canadian National Railway Company has arranged a public debt offering of $700-million (U.S.) composed of $300-million (U.S.) aggregate principal amount of 4.200 per cent notes due 2031 and $400-million (U.S.) aggregate principal amount of 4.750 per cent notes due 2035. CN expects to close the offering on Nov. 12, 2025, subject to the satisfaction of customary closing conditions.

CN plans to use the net proceeds from the offering to repay at maturity all $500-million (U.S.) principal amount of its 2.75 per cent notes due in March, 2026, and for general corporate purposes, including the repayment of commercial paper.

The debt offering is being made in the United States under an effective shelf registration statement dated April 2, 2024.

The joint bookrunners of the debt offering are: BofA Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC, together with a syndicate that includes BMO Capital Markets Corp., BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., CIBC World Markets Corp., Desjardins Securities Inc., Morgan Stanley & Co. LLC, and TD Securities (USA) LLC.

A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting: BofA Securities, NC1-022-02-25, 201 North Tryon St., Charlotte, N.C., 28255-0001, attention: prospectus department, telephone: 1-800-294-1322, e-mail: dg.prospectus_requests@bofa.com; J.P. Morgan Securities care of Broadridge Solutions, 1155 Long Island Ave., Edgewood, New York, N.Y., 11717, telephone: 1-212-834-4533, e-mail: prospectus-eq_fi@jpmchase.com or postsalemanualrequests@broadridge.com; RBC Capital Markets, Brookfield Place, 200 Vesey St., eighth floor, New York, N.Y., 10281, attention: DCM transaction management, telephone: 212-618-7706, e-mail: TMGUS@rbccm.com; or Wells Fargo Securities, 608 2nd Ave. South, Suite 1000, Minneapolis, Minn., 55402, attention: WFS customer service, telephone: 1-800-645-3751, e-mail: wfscustomerservice@wellsfargo.com.

About Canadian National Railway Company

CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada's eastern and western coasts with the U.S. Midwest and the U.S. Gulf coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

We seek Safe Harbor.