FOR IMMEDIATE RELEASE

CN AND TCRC AGREE TO DELAY RIGHT TO ISSUE STRIKE/LOCKOUT NOTICES UNTIL MID-MAY IN HOPES OF REACHING SETTLEMENT

MONTREAL, March 15, 2005 — CN and the Teamsters Canada Rail Conference (TCRC) signed an agreement today extending the date on which either party can issue a 72-hour strike or lockout notice to May 12, 2005. The TCRC represents 1,750 locomotive engineers at CN.

Gilles Hallé, president of the TCRC, said: “The union and company are serious about resolving outstanding issues without labour disruption. This additional period will give the parties time to schedule meaningful negotiations aimed at reaching an agreement.”

E. Hunter Harrison, president and chief executive officer of CN, said: “We remain optimistic that further face-to-face negotiations over the coming weeks will allow CN and the TCRC to successfully resolve the issues still on the bargaining table.”

Canadian National Railway Company 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 cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America.

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For CN:
Media
Mark Hallman
(905) 669-3384

For TCRC:
Gilles Hallé
(613) 235-1828

Investors
Robert Noorigian
(514) 399-0052