CN Announces New Share Repurchase Program

MONTREAL — CN announced that its Board of Directors has authorized a normal-course-issuer bid to purchase, for cancellation, up to 16.5 million, or 3.6 per cent, of the common shares issued and outstanding of the Company on Jan. 17, 2011. Approximately 459.6 million CN common shares were issued and outstanding on that date.

The price to be paid by CN for any common shares will be the market price at the time of acquisition, plus brokerage fees, or such other price as the Toronto Stock Exchange (TSX) may permit.

CN recently completed a share repurchase program announced in January 2010, under which it repurchased 15 million common shares at a weighted-average price of C$60.85 per share, excluding brokerage fees.