CN announces 10 per cent increase in quarterly cash dividend

    MONTREAL, Jan. 22 /CNW Telbec/ - 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

    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

For further information:

For further information: Mark Hallman (Media), Director, Communications,
Media, CN, (905) 669-3384; Robert Noorigian (Investment Community),
Vice-President, Investor Relations, CN, (514) 399-0052

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