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CN Announces US$500-million Debt Offering

MONTREAL, Nov. 8, 2012 /PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) today announced a public two-tranche debt offering of US$500 million, comprised of US$250 million 2.25% Notes due 2022, and US$250 million 3.50% Notes due 2042. CN expects to close the offering on Nov. 20, 2012, subject to customary closing conditions.

CN plans to use the net proceeds from the offering for general corporate purposes, including the redemption and refinancing of outstanding indebtedness.

The debt offering is being made in the United States under an effective shelf registration statement CN filed on Nov. 4, 2011. The joint book-running managers of the debt offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and Wells Fargo Securities, LLC. The co-managers of the debt offering are J.P. Morgan, BNP PARIBAS, BMO Capital Markets, Citigroup, Scotiabank, TD Securities, US Bancorp.

A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11 th Floor, New York, New York 10038, Attention: Prospectus Department, toll free: (800) 294-1322, e-mail: dg.prospectus_requests@baml.com; RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, New York, New York 10281, Attention: Debt Capital Markets, toll free: (866) 375-6829, email: usdebtcapitalmarkets@rbccm.com; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Client Support, toll free: (800) 326-5897, email: cmclientsupport@wellsfargo.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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