CN announces 10 per cent increase in quarterly cash dividend

MONTREAL, QUEBEC, Jan 22 (MARKET WIRE) --
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 23 cents (C$0.23) per common share will be paid
on March 31, 2008, to shareholders of record at the close of business on
March 10, 2008.

Including today's announcement, CN has increased its cash dividend 12
consecutive times since the Company's initial public offering of shares
in 1995.

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.

Contacts:
CN
Mark Hallman (Media)
Director, Communications, Media
(905) 669-3384

CN
Robert Noorigian (Investment Community)
Vice-President, Investor Relations
(514) 399-0052

Copyright 2008, Market Wire, All rights reserved.

-0-