Mr. Ghislain Houle reports

CN ANNOUNCES NEW NORMAL COURSE ISSUER BID FOR SHARE REPURCHASE AND 3% DIVIDEND INCREASE3

Canadian National Railway Company's board of directors has approved a 3-per-cent increase in the 2026 dividend on the company's outstanding common shares as well as the repurchase of its shares under a new normal course issuer bid.

"These actions reflect CN's strong cash flow and our disciplined approach to managing capital. We are investing in the business, returning capital to shareholders and maintaining a strong balance sheet to support long-term performance," stated Ghislain Houle, executive vice-president and chief financial officer of CN.

The bid permits CN to purchase, for cancellation, over a 12-month period up to 24 million common shares, representing 3.9 per cent of the 613,523,348 common shares issued and outstanding of the company on Jan. 22, 2026. On that date, 613,155,320 common shares not held by insiders were issued and outstanding.

The bid will be conducted between Feb. 4, 2026, and Feb. 3, 2027, through a combination of discretionary transactions and automatic repurchase plans at market prices prevailing at the time of purchase, through the facilities of the Toronto Stock Exchange and the New York Stock Exchange or alternative trading systems in Canada and in the United States, if eligible, and will conform to their regulations. Purchases may also be conducted using derivative-based programs, accelerated share repurchase transactions or other methods of acquiring shares, subject to any required regulatory and stock exchange approvals and on such terms and at such times as shall be permitted by applicable laws.

The decisions regarding the timing and size of future purchases of common shares under the bid are subject to management's discretion and are based on a variety of factors, including market conditions. The new bid was approved by the TSX on Jan. 29, 2026. TSX rules permit CN to purchase daily, through TSX facilities, a maximum of 395,423 common shares under the bid.

CN believes that the repurchase of its shares represents an appropriate and beneficial use of the company's funds.

CN's current normal course issuer bid, announced in January, 2025, for the purchase of up to 20 million common shares, expires on Feb. 3, 2026. As at the close of trading on Jan. 22, 2026, CN had repurchased 15,250,222 common shares at a weighted average price of $134.44 per share, excluding brokerage fees, returning $2.05-billion to its shareholders. Purchases were made through the facilities of the TSX and alternative trading systems.

CN's board of directors also approved a first quarter 2026 dividend on the company's outstanding common shares. A quarterly dividend of 91.5 cents per common share will be paid on March 31, 2026, to shareholders of record at the close of business on March 10, 2026.

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.

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