CN Announces’s C$1.25 Billion Bond Issuance

The prospectus supplement, corresponding base shelf prospectus and any amendments related to the offering will be available via SEDAR+ within two business days

MONTREAL, April 30, 2024 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today announced the public offering of $700 million in notes due 2029 with an annual interest rate of 4.60%. and C$550 million in 5.10% notes due 2054.

CN plans to use the net proceeds from the offering for general corporate purposes, which may include the redemption and refinancing of outstanding debt, stock repurchases, acquisitions and other business opportunities.
The bond offering was conducted in Canada pursuant to CN's base prospectus dated April 2, 2024.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall 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. conduct under the securities laws of any such jurisdiction.

The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons without an applicable exemption from registration requirements.

Access to the prospectus supplement and the corresponding base frame prospectus and any amendments thereto in connection with the offering is provided under securities legislation in relation to the procedure for furnishing ready prospectus supplements, base frame prospectuses and any amendments thereto . The prospectus supplement, the corresponding base shelf prospectus and any amendments related to the offering will be available at within two business days.

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Electronic or paper copies of the prospectus supplement, the corresponding base shelf prospectus and any amendments thereto may be obtained from any of the joint bookrunners by contacting BMO Nesbitt Burns Inc. by email at, RBC Get it for free. Contact information email address or mailing address (if applicable).

forward-looking statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including, but not limited to, statements relating to potential debt refinancings and the timing and completion of the proposed debt issuance. conditions, subject to customary termination rights and closing conditions, and the availability of the prospectus supplement. 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 when made, subject to greater uncertainty. Forward-looking statements can be identified by the use of terms such as believe, expect, anticipate, assume, outlook, plan, target or other similar terms.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause CN's actual results, performance or achievements to be materially different from the prospects or any future results, performance or achievements implied by such statements. Therefore, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that may affect forward-looking statements include, but are not limited to, general economic and business conditions, including factors affecting global supply chains, such as epidemics, geopolitical conflicts and tensions; industry competition; inflation, currency and interest rate fluctuations; fuels changes in prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increased maintenance and operating costs; security threats; reliance on technology and associated cybersecurity risks; trade restrictions or international trade arrangements Other changes; Transportation of dangerous goods; Events that may disrupt operations, including illegal blockades of the rail network and natural events such as severe weather, drought, fire, floods and earthquakes; Climate change; Labor negotiations and disruptions; Environmental claims; Investigations, litigation and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; availability and cost competitiveness of renewable fuels and the development of new locomotive propulsion technologies; reputational risks; suppliers concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports CN files with Canadian and U.S. securities regulators. Reference should also be made to the 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 review of key matters relevant to CN risk factors. Information contained on or accessed through our website is not incorporated by reference into this release.

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

About China
CN is a world-class transportation leader and trade enabler. CN is critical to the economy, customers and the communities it serves, safely transporting more than 300 million tons of natural resources, manufactured goods and manufactured goods across North America each year. CN's network connects Canada's eastern and western coasts to the southern United States through 18,800 miles of rail network. CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919.

contact method:

media investment community
Jonathan Abekasis Stacey Alderson
director Assistant to the Vice President
Public Affairs and Media Relations investor relations
(514) 399-0052

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