CN announces retirement of Tullio Cedraschi after distinguished career as head of CN Investment Division

    Russell Hiscock to succeed Cedraschi as president and CEO

    MONTREAL, Feb. 4 /CNW Telbec/ - CN (TSX:CNR) (NYSE:  CNI) announced today
the retirement of Tullio Cedraschi as president and chief executive officer of
the CN Investment Division.
    David G. A. McLean, chairman of CN's board of directors, said: "Tullio
has been one of the most successful pension fund managers in Canada. Under his
leadership, the division that manages the Canadian pension fund assets of CN
generated consistently superior returns over the years, benefiting thousands
of pensioned and current employees. It's a great accomplishment, one that
Tullio and his team achieved in their own quiet way: investing wisely for the
long term, and letting the Investment Division's strong performance speak for
    "On behalf of the board of directors and CN management team, we extend
our gratitude to Tullio and wish him a prosperous and fulfilling retirement."
    The Canadian pension fund assets of CN have a market value of
approximately C$15.5 billion. Various asset classes include domestic and
foreign equities, fixed income, real estate, oil and gas, hedge funds and
private equity. The CN Investment Division has approximately 65 employees,
including 25 investment professionals.
    Cedraschi joined the CN Investment Division in 1968 as a financial
analyst. He was subsequently appointed investment officer, manager, and
general manager. He was appointed president and chief executive officer in
November 1977.
    Cedraschi is a director of the Toronto Stock Exchange and a number of
other companies. He is a governor emeritus of McGill University, from which he
holds an MBA degree.
    Cedraschi's successor is Russell Hiscock, 56, most recently general
manager of the CN Investment Division. As general manager, Hiscock's
responsibilities were equivalent to those of individuals with the title of
chief investment officer and chief operating officer, including investment
policy, asset allocation, oversight of portfolio managers, finance and
administration, accounting, performance measurement, information technology
and human resources management.
    McLean said: "Russell Hiscock is a seasoned investment professional, and
we look forward to continuing solid performance of the Investment Division in
the years ahead."
    Hiscock obtained a B. Math. Degree (University of Waterloo) in 1975, an
MA - Economics (University of Western Ontario) in 1976, an MBA (University of
Toronto) in 1977, the Chartered Financial Analyst (CFA) certification in 1983,
and the Certified Management Accountant (CMA) designation in 1986.
    He is a member of the Royal Victoria Hospital Foundation and the Loyola
High School Foundation Investment Committees, and is past chairman of the
Pension Investment Association of Canada (PIAC).

    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: Bryan Tucker (Media), Senior Manager, Public
Affairs and Media Relations, CN, (514) 399-6450 Robert; Noorigian (Investment
Community), Vice-President, Investor Relations, CN, (514) 399-0052

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