Last updated on April 16, 2014 at 17:34 EDT

CN announces 15 per cent increase in quarterly cash dividend

January 22, 2013

MONTREAL, Jan. 22, 2013 /PRNewswire/ – CN (TSX: CNR) (NYSE: CNI)
announced today that its Board of Directors has approved a 15 per cent
increase in the Company’s quarterly cash dividend.

A quarterly dividend of forty-three cents (C$0.43) per common share will
be paid on March 28, 2013, to shareholders of record at the close of
business on March 7, 2013.

Luc Jobin, CN executive vice-president and chief financial officer,
said: “We are pleased to reward our shareholders with another dividend
increase, which underscores our confidence in CN’s growth prospects and
capacity to generate solid free cash flow consistently throughout
business cycles.”

Including today’s announcement, CN has declared increases in its cash
dividend 17 consecutive times since the Company’s initial public
offering of shares in 1995.

Forward-Looking Statements
Certain information included in this news release constitutes
“forward-looking statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and under Canadian
securities laws. CN cautions that, by their nature, these
forward-looking statements involve risks, uncertainties and assumptions
and are subject to our board’s discretion in respect of the declaration
of dividends. The Company 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. Such forward-looking statements are not guarantees
of future performance and involve known and unknown risks,
uncertainties and other factors which may cause the actual results or
performance of the Company or the rail industry to be materially
different from the outlook or any future results or performance implied
by such statements.

Important risk factors that could affect the above forward-looking
statements include, but are not limited to, the effects of general
economic and business conditions, industry competition, inflation,
currency and interest rate fluctuations, changes in fuel prices,
legislative and/or regulatory developments, compliance with
environmental laws and regulations, actions by regulators, various
events which could disrupt operations, including natural events such as
severe weather, droughts, floods and earthquakes, labor negotiations
and disruptions, environmental claims, uncertainties of investigations,
proceedings or other types of claims and litigation, risks and
liabilities arising from derailments, and other risks and assumptions
detailed from time to time in reports filed by CN with securities
regulators in Canada and the United States. Reference should 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, available on CN’s website, for a summary of
major risks and assumptions.

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 Canadian 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.

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, 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.


Source: PR Newswire