CN (TSX: CNR) (NYSE: CNI) has been recognized for leadership in corporate governance, ranking first in the Globe and Mail’s Report on Business’ annual comprehensive assessment of 220 S&P/TSX Composite Index Members.

CN was given a score of 98 out of 100 points. Companies were ranked on 38 questions as well as sub questions on a multitude of subjects including ESG, sustainability, board composition, shareholding and compensation, shareholder rights, and disclosure. Details of the ranking and methodology available are available here.

“I am proud that CN’s board has been recognized as a leader on corporate governance amongst its peers as the company continues to power sustainable growth for its customers, people, communities, and shareholders. I would like to thank CN employees for their dedication to implementing our strategic plan and maintaining the highest standards of corporate governance.”

- Robert Pace, Chair of the Board of CN.

About CNCN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Forward-Looking StatementsCertain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, expectations, estimates, projections and assumptions relating to: CN’s fuel efficiency ; the Company’s ability to implement certain initiatives, including emissions targets, scenario analyses, risk mitigation strategies, changes to enterprise risk management, future investments in and the availability of carbon emissions-reduction tools and technologies including through CN’s fleet upgrades; the impacts of existing and planned capital investments; North American and global economic growth; applicable laws, rules, regulations and government policies; the availability and cost of labour on the timelines anticipated and with the capabilities required, as well as the availability and cost of services and infrastructure; and capital investments and technology developments by third parties. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward- looking statement.

Contacts:

Media Investment Community
Mathieu Gaudreault Paul Butcher
Senior Advisor Vice-President
Media Relations Investor Relations
(514) 249-4735media@cn.ca (514) 399-0052investor.relations@cn.ca
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