2016 Update Investor Fact Book BUILDING FOR THE FUTURE

Ticker symbols CNR Toronto Stock Exchange CNI New York Stock Exchange As used herein, the word “Company” or “CN” means, as the context requires, Canadian National Railway Company and/or its subsidiaries. Except where otherwise indicated, all financial information reflected in this document is expressed in Canadian dollars and determined on the basis of United States generally accepted accounting principles (U.S. GAAP). The reader is advised to read all information provided in this document in conjunction with the Company’s audited annual and unaudited interim Consolidated Financial Statements and Notes thereto as well as Management’s Discussion and Analysis filed on SEDAR and EDGAR and posted on the Company’s website (www.cn.ca). This document contains forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions 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. 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. 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 law. In the event that 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. For the most up-to-date information, please visit www.cn.ca/en/investors. A variety of informative documents is available, including annual reports, proxy statements, quarterly earnings, press releases, company presentations and weekly performance metrics. 2 0 1 6 C N I F B U P D AT E | 1

 F I N A N C I A L & O P E R A TIONAL MEASURES Financial measures 2011 2012 2013 2014 2015 Key financial performance indicators Total revenues ($ millions) 9,028 9,920 10,575 12,134 12,611 Rail freight revenues ($ millions) 8,450 9,306 9,951 11,455 11,905 Operating income ($ millions) 3,296 3,685 3,873 4,624 5,266 Adjusted diluted earnings per share ($) (1) 2.41 2.81 3.06 3.76 4.44 Free cash flow ($ millions) (1) 1,746 1,661 1,623 2,220 2,373 Gross property additions ($ millions) 1,712 1,825 2,017 2,297 2,706 Share repurchases ($ millions) 1,420 1,400 1,400 1,505 1,750 Dividends per share ($) 0.65 0.75 0.86 1.00 1.25 Financial position Total assets ($ millions) (2) 25,945 26,579 29,988 31,687 36,402 Total liabilities ($ millions) (2) 15,265 15,561 17,035 18,217 21,452 Shareholders’ equity ($ millions) 10,680 11,018 12,953 13,470 14,950 Financial ratios Operating ratio (%) 63.5 62.9 63.4 61.9 58.2 Adjusted debt-to-total capitalization ratio (%) (1) (2) 39.9 40.2 39.3 40.0 42.5 Adjusted debt-to-adjusted EBITDA multiple (times) (1) (2) 1.68 1.60 1.72 1.57 1.71 (1) A reconciliation and/or explanation of these non-GAAP measures is provided on pages 17 - 18. (2) As a result of the retrospective adoption of a new accounting standard in the fourth quarter of 2015, prior year balances have been adjusted and the related financial ratios have been restated. See Note 2 - Recent accounting pronouncements to the Company’s 2015 Annual Consolidated Financial Statements for additional information. 2 0 1 6 C N I F B U P D AT E | 2

 F I N A N C I A L & O P E R A TIONAL MEASURES Operational measures (1) 2011 2012 2013 2014 2015 Statistical operating data Gross ton miles (GTMs) (billions) 357.9 383.8 401.4 448.8 442.1 Revenue ton miles (RTMs) (billions) 187.8 201.5 210.1 232.1 224.7 Carloads (thousands) 4,873 5,059 5,190 5,625 5,485 Route miles (includes Canada and the U.S.) 20,000 20,100 20,000 19,600 19,600 Employees (end of period) 23,339 23,430 23,721 25,530 23,172 Employees (average for the period) 23,079 23,466 23,705 24,635 24,575 Key operating measures Rail freight revenue per RTM (cents) 4.50 4.62 4.74 4.93 5.30 Rail freight revenue per carload ($) 1,734 1,839 1,917 2,036 2,170 GTMs per average number of employees (thousands) 15,509 16,354 16,933 18,217 17,989 Operating expenses per GTM (cents) 1.60 1.62 1.67 1.67 1.66 Labor and fringe benefits expense per GTM (cents) 0.51 0.51 0.54 0.52 0.54 Diesel fuel consumed (US gallons in millions) 367.7 388.7 403.7 440.5 425.0 Average fuel price ($/US gallon) 3.39 3.47 3.55 3.72 2.68 GTMs per US gallon of fuel consumed 973 987 994 1,019 1,040 CN-owned rolling stock Diesel locomotives (end of period) 1,880 1,913 2,029 2,087 2,180 Freight cars (end of period) 67,796 68,006 67,103 68,432 63,913 (1) Statistical operating data, key operating measures and rolling stock information are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. Definitions of these indicators are provided on our website, www.cn.ca/glossary. 2 0 1 6 C N I F B U P D AT E | 3

 OPERAT I N G M E T R I C S Car velocity car miles per day 197 205 205 199 224 2011 2012 2013 2014 2015 Yard productivity cars per yard switching hour 36 38 42 44 48 2011 2012 2013 2014 2015 Locomotive utilization trailing GTMs per total horsepower 203 204 205 212 219 2011 2012 2013 2014 2015 Train productivity GTMs per train mile 8,199 8,324 8,438 8,625 8,739 2011 2012 2013 2014 2015 AAR Terminal dwell time total system hours 16.5 15.6 15.8 16.9 15.0 2011 2012 2013 2014 2015 AAR Train velocity miles per hour 27.3 27.2 26.6 25.7 26.3 2011 2012 2013 2014 2015 AAR Terminal dwell time* – 2015 hours in major yards 15.0 22.6 25.7 25.8 29.3 CN KCS NS CSX UP AAR Train velocity* – 2015 miles per hour 26.3 26.5 25.4 21.5 20.5 CN KCS UP NS CSX * CP omitted because its definition is not consistent with the AAR definition adopted by all other Class I railroads. 2 0 1 6 C N I F B U P D AT E | 4

BUSINESS U N I T O VERVIEW Revenues Carloads $ millions thousands 2015 2014 Change 2015 2014 Change Petroleum & chemicals 2,442 2,354 4% 640 655 (2%) Metals & minerals 1,437 1,484 (3%) 886 1,063 (17%) Forest products 1,728 1,523 13% 441 433 2% Coal 612 740 (17%) 438 519 (16%) Grain & fertilizers 2,071 1,986 4% 607 640 (5%) Intermodal 2,896 2,748 5% 2,232 2,086 7% Automotive 719 620 16% 241 229 5% Total rail freight 11,905 11,455 4% 5,485 5,625 (2%) Other 706 679 4% Total 12,611 12,134 4% RTMs Rail freight revenue/RTM millions cents 2015 2014 Change 2015 2014 Change Petroleum & chemicals 51,103 53,169 (4%) 4.78 4.43 8% Metals & minerals 21,828 24,686 (12%) 6.58 6.01 9% Forest products 30,097 29,070 4% 5.74 5.24 10% Coal 15,956 21,147 (25%) 3.84 3.50 10% Grain & fertilizers 50,001 51,326 (3%) 4.14 3.87 7% Intermodal 52,144 49,581 5% 5.55 5.54 - Automotive 3,581 3,159 13% 20.08 19.63 2% Total rail freight 224,710 232,138 (3%) 5.30 4.93 8% 2 0 1 6 C N I F B U P D AT E | 5

A W E L L - D I V E R S I F I E D F R A N C H I S E Total revenues Total rail freight revenues $12,611M 2015 Diversified traffic portfolio % of revenues 23 Intermodal 19 Petroleum & chemicals 16 Grain & fertilizers 14 Forest products 11 Metals & minerals 6 Automotive 5 Coal 6 Other revenues 2015 Geographic distribution % of freight revenues 33 Transborder traffic 31 Overseas traffic 18 Canadian domestic traffic 18 U.S. domestic traffic $11,905M CN average length of haul miles 618 654 681 692 727 2011 2012 2013 2014 2015 2015 Average length of haul miles Petroleum & chemicals 897 Metals & minerals 307 Forest products 810 Coal 317 Grain & fertilizers 831 Intermodal 1,822 Automotive 766 Average 727 2 0 1 6 C N I F B U P D AT E | 6

 PETROLEUM & C H E M I C A L S $2,442M 2015 Commodity breakdown % of revenues 40 Chemicals and plastics 29 Refined petroleum products 25 Crude and condensate 6 Sulfur Carloads thousands -2%* 560 594 611 655 640 2011 2012 2013 2014 2015 Crude carloads -23%* 5,333 34,077 73,027 127,467 98,424 2011 2012 2013 2014 2015 META L S & MINERALS 2015 Commodity breakdown % of revenues 29 Metals 28 Energy materials 27 Minerals 16 Iron ore $1,437M Carloads thousands -17%* 1,013 1,024 1,048 1,063 886 2011 2012 2013 2014 2015 Frac sand carloads -14%* 32,583 41,423 57,502 88,914 76,630 2011 2012 2013 2014 2015 FOREST PRODUCTS $1,728M 2015 Commodity breakdown % of revenues 50 Pulp and paper 50 Lumber and panels Carloads thousands 2%* 443 445 446 433 441 2011 2012 2013 2014 2015 * 2015 vs 2014 2 0 1 6 C N I F B U P D AT E | 7

 COA L 2015 Commodity breakdown % of revenues 85 Coal 15 Petroleum coke $612M Carloads thousands -16%* 464 435 416 519 438 2011 2012 2013 2014 2015 2015 Coal shipment composition % of CN coal revenues 24 Canadian-originating coal 16 Metallurgical coal (export) 8 Thermal coal (export) 76 U.S.-originating coal 45 Thermal coal (domestic) 31 Thermal coal (export)  G R A I N & F E R T I L I Z E R S 2015 Commodity breakdown % of revenues 31 Oilseeds 27 Food grains 22 Feed grains 10 Potash 10 Fertlizers $2,071M Carloads thousands -5%* 592 597 572 640 607 2011 2012 2013 2014 2015 66% GRAIN TRAFFIC ORIGINATING IN CANADA % of 2015 CN grain revenues 73% REGULATED CANADIAN GRAIN TRAFFIC % of 2015 CN Canadian-originating grain revenues  INTERMODA L 2015 Market breakdown % of revenues 64 International 36 Domestic $2,896M Carloads thousands 7%* 1,584 1,742 1,875 2,086 2,232 2011 2012 2013 2014 2015 * 2015 vs 2014 2 0 1 6 C N I F B U P D AT E | 8

 AUTOMOT I V E 2015 Commodity breakdown % of revenues 93 Finished vehicles 7 Auto parts $719M Carloads thousands 5%* 217 222 222 229 241 2011 2012 2013 2014 2015 * 2015 vs 2014 R E I N V E S T I N G I N T H E B U S I N E SS Capital expenditures % of total (including capital leases) 2012 2013 2014 2015 2016 forecast Track and roadway Rolling stock Information technology and systems Other Capital expenditures $ in millions (including capital leases) 1,718 1,712 1,825 2,017 2,297 2,706 2,900 2010 2011 2012 2013 2014 2015 2016 forecast 2 0 1 6 C N I F B U P D AT E | 9

Adjusted diluted earnings per share (1) in $ 2.41 2.81 3.06 3.76 4.44 2011 2012 2013 2014 2015 Debt-to-total capitalization ratio (2) in % 38.0 38.4 37.6 38.3 41.1 2011 2012 2013 2014 2015 Free cash flow (1) $ in millions 1,746 1,661 1,623 2,220 2,373 2011 2012 2013 2014 2015 Weighted-average diluted shares outstanding in millions 908.9 875.4 846.1 823.5 805.1 2011 2012 2013 2014 2015Annual dividend payout history $ per share 0.250 0.325 0.420 0.460 0.505 0.540 0.650 0.750 0.860 1.000 1.250 1.500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 planned(1) A reconciliation and/or explanation of these non-GAAP measures is provided on pages 17 - 18. (2) As a result of the retrospective adoption of a new accounting standard in the fourth quarter of 2015, the prior year debt balances have been adjusted and the related financial ratios have been restated. See Note 2 - Recent accounting pronouncements to the Company’s 2015 Annaul Consolidated Financial Statements for additional information. 2 0 1 6 C N I F B U P D AT E | 10

 CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED 2014 – 2015 2014 2015 $ millions, unless otherwise indicated Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Revenues 2,693 3,116 3,118 3,207 12,134 3,098 3,125 3,222 3,166 12,611 Operating expenses Labor and fringe benefits 587 560 580 592 2,319 668 542 588 608 2,406 Purchased services and material 388 390 378 442 1,598 457 434 401 437 1,729 Fuel 468 484 446 448 1,846 361 327 293 304 1,285 Depreciation and amortization 256 257 258 279 1,050 296 285 287 290 1,158 Equipment rents 77 84 83 85 329 94 83 93 103 373 Casualty and other 97 83 87 101 368 159 92 73 70 394 Total operating expenses 1,873 1,858 1,832 1,947 7,510 2,035 1,763 1,735 1,812 7,345 Operating income 820 1,258 1,286 1,260 4,624 1,063 1,362 1,487 1,354 5,266 Interest expense (92) (91) (94) (94) (371) (104) (105) (111) (119) (439) Other income 94 2 (2) 13 107 4 16 11 16 47 Income before income taxes 822 1,169 1,190 1,179 4,360 963 1,273 1,387 1,251 4,874 Income tax expense (199) (322) (337) (335) (1,193) (259) (387) (380) (310) (1,336) Net income 623 847 853 844 3,167 704 886 1,007 941 3,538 Operating ratio 69.6% 59.6% 58.8% 60.7% 61.9% 65.7% 56.4% 53.8% 57.2% 58.2% Earnings per share ($) Basic 0.75 1.03 1.04 1.04 3.86 0.87 1.10 1.26 1.19 4.42 Diluted 0.75 1.03 1.04 1.03 3.85 0.86 1.10 1.26 1.18 4.39 Weighted-average number of shares (millions) Basic 828.0 821.8 817.0 813.0 819.9 809.4 803.5 797.6 792.4 800.7 Diluted 831.3 825.3 820.9 816.9 823.5 814.3 808.0 801.9 796.3 805.1 2016 CN IFB UPDATE | 11

CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY CONSOLIDATED BALANCE SHEETS – UNAUDITED 2014 – 2015 2014 2015 $ millions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Assets Current assets Cash and cash equivalents 198 127 176 52 178 86 537 153 Restricted cash and cash equivalents 471 468 467 463 473 462 523 523 Accounts receivable 899 925 939 928 924 910 938 878 Material and supplies 331 355 372 335 429 463 427 355 Other 198 88 77 215 216 162 186 244 Total current assets 2,097 1,963 2,031 1,993 2,220 2,083 2,611 2,153 Properties 26,643 26,478 27,410 28,514 29,857 30,053 31,686 32,624 Pension Asset 1,784 1,827 1,867 882 1,010 1,070 1,127 1,305 Intangible and other assets (1) 255 256 258 298 305 292 304 320 Total assets 30,779 30,524 31,566 31,687 33,392 33,498 35,728 36,402 Liabilities and shareholders’ equity Current liabilities Accounts payable and other 1,547 1,601 1,718 1,657 1,738 1,596 1,757 1,556 Current portion of long-term debt 912 621 485 544 1,083 1,502 1,305 1,442 Total current liabilities 2,459 2,222 2,203 2,201 2,821 3,098 3,062 2,998 Deferred income taxes (1) 6,672 6,635 6,848 6,834 7,200 7,312 7,697 8,105 Other liabilities and deferred credits 757 776 893 704 678 662 676 644 Pension and other postretirement benefits 546 544 554 650 666 666 683 720 Long-term debt (1) 7,249 7,004 7,321 7,828 8,283 7,806 9,143 8,985 Shareholders’ equity Common shares 3,773 3,752 3,740 3,718 3,706 3,687 3,671 3,705 Common shares in Share Trusts - - - - - (44) (100) (100) Additional paid-in capital 221 223 225 439 452 461 470 475 Accumulated other comprehensive loss (1,768) (1,806) (1,699) (2,427) (2,201) (2,192) (1,983) (1,767) Retained earnings 10,870 11,174 11,481 11,740 11,787 12,042 12,409 12,637 Total shareholders’ equity 13,096 13,343 13,747 13,470 13,744 13,954 14,467 14,950 Total liabilites and shareholders’ equity 30,779 30,524 31,566 31,687 33,392 33,498 35,728 36,402 (1) As a result of the retrospective adoption of new accounting standards in the fourth quarter of 2015, prior period balances have been adjusted. Debt issuance costs have been reclassified from assets to Long-term debt and the current deferred income tax asset was reclassified as noncurrent and netted against the related noncurrent deferred income tax liability. See Note 2 - Recent accounting pronouncements to the Company’s 2015 Annual Consolidated Financial Statements for additional information. 2016 CN IFB UPDATE | 12

CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED 2014 – 2015 2014 2015 $ millions Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Operating activities Net income 623 847 853 844 3,167 704 886 1,007 941 3,538 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 256 257 258 279 1,050 296 285 287 290 1,158 Deferred income taxes 95 53 67 201 416 70 147 146 237 600 Gain on disposal of property (80) - - - (80) - - - - - Changes in operating assets and liabilities: Accounts receivable (52) (47) 26 14 (59) 71 5 19 93 188 Material and supplies (54) (27) (11) 41 (51) (84) (35) 46 77 4 Accounts payable and other (47) 143 100 (196) - 21 (91) 136 (348) (282) Other current assets (13) 24 13 (19) 5 (17) 10 8 45 46 Pensions and other, net (83) 23 22 (29) (67) (69) (4) 3 (42) (112) Net cash provided by operating activities 645 1,273 1,328 1,135 4,381 992 1,203 1,652 1,293 5,140 Investing activities Property additions (248) (482) (620) (947) (2,297) (468) (659) (937) (642) (2,706) Disposal of property 97 - 76 - 173 - - - - - Change in restricted cash and cash equivalents (23) 3 1 4 (15) (10) 11 (61) - (60) Other, net - (15) (9) (13) (37) (3) (14) (25) (19) (61) Net cash used in investing activities (174) (494) (552) (956) (2,176) (481) (662) (1,023) (661) (2,827) 2016 CN IFB UPDATE | 13

CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED 2014 – 2015 CONTINUED 2014 2015 $ millions Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Financing activities Issuance of debt 347 - - 675 1,022 - - 841 - 841 Repayment of debt (456) (117) (222) (27) (822) (47) (9) (60) (636) (752) Net issuance (repayment) of commercial paper 189 (180) 64 (350) (277) 310 69 (234) 306 451 Common shares issued for stock options exercised, excess tax benefits, and other 7 6 11 6 30 10 3 6 56 75 Repurchase of common shares (365) (347) (383) (410) (1,505) (410) (402) (432) (498) (1,742) Purchase of common shares by Share Trusts - - - - - - (44) (56) - (100) Dividends paid (206) (206) (204) (202) (818) (252) (250) (248) (246) (996) Net cash used in financing activities (484) (844) (734) (308) (2,370) (389) (633) (183) (1,018) (2,223) Effect of foreign exchange fluctuations on US dollar-denominated cash and cash equivalents (3) (6) 7 5 3 4 - 5 2 11 Net increase (decrease) in cash and cash equivalents (16) (71) 49 (124) (162) 126 (92) 451 (384) 101 Cash and cash equivalents, beginning of period 214 198 127 176 214 52 178 86 537 52 Cash and cash equivalents, end of period 198 127 176 52 52 178 86 537 153 153 Supplemental cash flow information Net cash receipts from customers and other 2,672 3,060 3,213 3,084 12,029 3,212 3,083 3,227 3,192 12,714 Net cash payments for: Employee services, suppliers and other expenses (1,684) (1,512) (1,561) (1,576) (6,333) (1,800) (1,564) (1,286) (1,582) (6,232) Interest (105) (105) (87) (112) (409) (91) (111) (97) (133) (432) Personal injury and other claims (13) (11) (14) (19) (57) (15) (13) (16) (15) (59) Pensions (93) (7) (6) (21) (127) (86) (6) (9) (25) (126) Income taxes (132) (152) (217) (221) (722) (228) (186) (167) (144) (725) Net cash provided by operating activities 645 1,273 1,328 1,135 4,381 992 1,203 1,652 1,293 5,140 2016 CN IFB UPDATE | 14

CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY FINANCIAL & STATISTICAL DATA – UNAUDITED 2014 – 2015 2014 2015 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Revenues ($ millions) Petroleum and chemicals 568 564 594 628 2,354 643 586 609 604 2,442 Metals and minerals 308 370 388 418 1,484 377 351 377 332 1,437 Forest products 339 393 393 398 1,523 418 424 441 445 1,728 Coal 182 201 185 172 740 159 148 161 144 612 Grain and fertilizers 431 526 469 560 1,986 535 489 479 568 2,071 Intermodal 621 716 731 680 2,748 689 728 764 715 2,896 Automotive 129 172 160 159 620 159 201 180 179 719 Total rail freight revenues 2,578 2,942 2,920 3,015 11,455 2,980 2,927 3,011 2,987 11,905 Other revenues 115 174 198 192 679 118 198 211 179 706 Total revenues 2,693 3,116 3,118 3,207 12,134 3,098 3,125 3,222 3,166 12,611 Statistical operating data Gross ton miles (GTMs) (millions) 101,476 116,243 115,348 115,698 448,765 111,390 110,709 109,740 110,245 442,084 Revenue ton miles (RTMs) (millions) 53,334 60,081 58,946 59,777 232,138 57,129 55,713 55,334 56,534 224,710 Carloads (thousands) 1,239 1,463 1,475 1,448 5,625 1,353 1,414 1,393 1,325 5,485 Route miles (includes Canada and the U.S.) 19,800 19,800 19,600 19,600 19,600 19,600 19,500 19,600 19,600 19,600 Employees (end of period) 23,992 24,875 25,032 25,530 25,530 25,486 24,761 23,929 23,172 23,172 Employees (average for the period) 23,756 24,565 24,915 25,304 24,635 25,235 25,177 24,305 25,583 24,575 Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. Definitions of these indicators are provided on our website, www.cn.ca/glossary. 2016 CN IFB UPDATE | 15

CANADIAN NATIONAL RAILWAY COMPANY QUARTERLY FINANCIAL & STATISTICAL DATA – UNAUDITED 2014 – 2015 CONTINUED 2014 2015 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Key operating measures Rail freight revenue per RTM (cents) 4.83 4.90 4.95 5.04 4.93 5.22 5.25 5.44 5.28 5.30 Rail freight revenue per carload ($) 2,081 2,011 1,980 2,082 2,036 2,203 2,070 2,162 2,254 2,170 GTMs per average number of employees (thousands) 4,272 4,732 4,630 4,572 18,217 4,414 4,397 4,515 4,675 17,989 Operating expenses per GTM (cents) 1.85 1.60 1.59 1.68 1.67 1.83 1.59 1.58 1.64 1.66 Labor and fringe benefits expense per GTM (cents) 0.58 0.48 0.50 0.51 0.52 0.60 0.49 0.54 0.55 0.54 Diesel fuel consumed (US gallons in millions) 106.9 112.3 108.1 113.2 440.5 114.3 106.0 98.8 105.9 425.0 Average fuel price ($/US gallon) 3.95 3.84 3.62 3.48 3.72 2.84 2.73 2.58 2.54 2.68 GTMs per US gallon of fuel consumed 949 1,035 1,067 1,022 1,019 975 1,044 1,111 1,041 1,040 Safety indicators (1) Injury frequency rate (per 200,000 person hours) 2.09 1.47 2.15 1.55 1.81 1.64 1.46 1.90 1.55 1.63 Accident rate (per million train miles) 2.39 2.42 3.24 2.83 2.73 2.47 2.49 1.79 1.48 2.06 Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. Definitions of these indicators are provided on our website, www.cn.ca/glossary. (1) Based on Federal Railroad Administration (FRA) reporting criteria. 2016 CN IFB UPDATE | 16

CANADIAN NATIONAL RAILWAY COMPANY NON-GAAP MEASURES – UNAUDITED 2011 – 2015 The Company makes reference to non-GAAP measures in this document that do not have any standardized meaning prescribed by U.S. GAAP and, therefore, may not be comparable to similar measures presented by other companies. Adjusted performance measures Management believes that non-GAAP measures such as adjusted net income and adjusted earnings per share are useful measures of performance that can facilitate period-toperiod comparisons, as they exclude items that do not necessarily arise as part of the normal day-to-day operations of the Company and could distort the analysis of trends in business performance. The exclusion of such items in adjusted net income and adjusted earnings per share does not, however, imply that such items are necessarily non-recurring. $ millions, except per share data Year ended December 31, 2011 2012 2013 2014 2015 Net income as reported 2,457 2,680 2,612 3,167 3,538 Adjustments: Other income (348) (281) (69) (80) - Income tax expense 85 57 39 8 42 Adjusted net income 2,194 2,456 2,582 3,095 3,580 Basic earnings per share as reported 2.72 3.08 3.10 3.86 4.42 Impact of adjustments, per share (0.29) (0.26) (0.03) (0.09) 0.05 Adjusted basic earnings per share 2.43 2.82 3.07 3.77 4.47 Diluted earnings per share as reported 2.70 3.06 3.09 3.85 4.39 Impact of adjustments, per share (0.29) (0.25) (0.03) (0.09) 0.05 Adjusted diluted earnings per share 2.41 2.81 3.06 3.76 4.44 For the year ended December 31, 2011, the Company reported adjusted net income of $2,194 million, or $2.41 per diluted share. The adjusted figures for the year ended December 31, 2011 exclude a gain on disposal of a segment of the Kingston subdivision, together with the rail fixtures and certain passenger agreements, of $288 million, or $254 million after-tax ($0.28 per diluted share); and a gain on disposal of substantially all of the assets of IC RailMarine Terminal Company of $60 million, or $38 million after-tax ($0.04 per diluted share). The adjusted figures also exclude a net deferred income tax expense of $40 million ($0.04 per diluted share) resulting from the enactment of state corporate income tax rate changes and other legislated state tax revisions; and an income tax recovery of $11 million ($0.01 per diluted share) relating to certain fuel costs attributed to various wholly owned subsidiaries in prior periods. For the year ended December 31, 2012, the Company reported adjusted net income of $2,456 million, or $2.81 per diluted share. The adjusted figures for the year ended December 31, 2012 exclude a gain on disposal of a segment of the Bala and a segment of the Oakville subdivisions, together with the rail fixtures and certain passenger agreements, of $281 million, or $252 million after-tax ($0.29 per basic share or $0.28 per diluted share); and a net income tax expense of $28 million ($0.03 per diluted share) consisting of a $35 million income tax expense resulting from the enactment of higher provincial corporate income tax rates that was partly offset by a $7 million income tax recovery resulting from the recapitalization of a foreign investment. For the year ended December 31, 2013, the Company reported adjusted net income of $2,582 million, or $3.06 per diluted share. The adjusted figures for the year ended December 31, 2013 exclude a gain on exchange of perpetual railroad operating easements including the track and roadway assets on specific rail lines, of $29 million, or $18 million after-tax ($0.02 per diluted share) and a gain on disposal of a segment of the Oakville subdivision, together with the rail fixtures and certain passenger agreements, of $40 million, or $36 million after-tax ($0.04 per diluted share). The adjusted figures also exclude a $24 million ($0.03 per diluted share) income tax expense from the enactment of higher provincial corporate income tax rates. For the year ended December 31, 2014, the Company reported adjusted net income of $3,095 million, or $3.76 per diluted share. The adjusted figures for the year ended December 31, 2014 exclude a gain on disposal of the Deux-Montagnes subdivision, including the Mont-Royal tunnel, together with the rail fixtures, of $80 million, or $72 million after-tax ($0.09 per diluted share). For the year ended December 31, 2015, the Company reported adjusted net income of $3,580 million, or $4.44 per diluted share. The adjusted figures for the year ended December 31, 2015 exclude a deferred income tax expense of $42 million ($0.05 per diluted share) resulting from the enactment of a higher provincial corporate income tax rate. 2016 CN IFB UPDATE | 17

CANADIAN NATIONAL RAILWAY COMPANY NON-GAAP MEASURES – UNAUDITED 2011 – 2015 CONTINUED Free cash flow Management believes that free cash flow is a useful measure of performance as it demonstrates the Company’s ability to generate cash for debt obligations and for discretionary uses such as payment of dividends and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities; adjusted for changes in restricted cash and cash equivalents and the impact of major acquisitions, if any. $ millions Year ended December 31, 2011 2012 2013 2014 2015 Net cash provided by operating activities 2,976 3,060 3,548 4,381 5,140 Net cash used in investing activities (1,729) (1,421) (1,852) (2,176) (2,827) Net cash provided before financing activities 1,247 1,639 1,696 2,205 2,313 Adjustment: Change in restricted cash and cash equivalents 499 22 (73) 15 60 Free cash flow 1,746 1,661 1,623 2,220 2,373 Credit measures Management believes that the adjusted debt-to-total capitalization ratio is a useful credit measure that aims to show the true leverage of the Company. Similarly, the adjusted debt-to-adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) multiple is another useful credit measure because it reflects the Company’s ability to service its debt. The Company excludes Other income in the calculation of EBITDA. Adjusted debt-to-total capitalization ratio in % December 31, 2011 2012 2013 2014 2015 Debt-to-total capitalization ratio (1) (2) 38.0 38.4 37.6 38.3 41.1 Add: Impact of present value of operating lease commitments (3) 1.9 1.8 1.7 1.7 1.4 Adjusted debt-to-total capitalization ratio 39.9 40.2 39.3 40.0 42.5 Adjusted debt-to-adjusted EBITDA multiple $ millions, unless otherwise indicated Twelve months ended December 31, 2011 2012 2013 2014 2015 Debt (2) 6,541 6,863 7,802 8,372 10,427 Add: Present value of operating lease commitments (3) 542 559 570 607 607 Adjusted debt 7,083 7,422 8,372 8,979 11,034 Operating income 3,296 3,685 3,873 4,624 5,266 Add: Depreciation and amortization 884 924 980 1,050 1,158 EBITDA (excluding Other income) 4,180 4,609 4,853 5,674 6,424 Add: Deemed interest on operating leases 30 29 28 28 29 Adjusted EBITDA 4,210 4,638 4,881 5,702 6,453 Adjusted debt-to-adjusted EBITDA multiple (times) 1.68 1.60 1.72 1.57 1.71 (1) Debt-to-total capitalization is calculated as total Long-term debt plus Current portion of long-term debt, divided by the sum of total debt plus Total shareholders’ equity. (2) As a result of the retrospective adoption of a new accounting standard in the fourth quarter of 2015, the prior year debt balances have been adjusted and the related financial ratios have been restated. See Note 2 - Recent accounting pronouncements to the Company’s 2015 Annual Consolidated Financial Statements for additional information. (3) The operating lease commitments have been discounted using the Company’s implicit interest rate for each of the periods presented. 2016 CN IFB UPDATE | 18

 INVESTOR FACT BOOK 2016 Update INVESTOR RELATIONS Sam Forgione Vice-President, Investor Relations Telephone: 514-399-0052 Paul Butcher Manager, Investor Relations Telephone: 514-399-4654 Email: investor.relations@cn.ca MAILING ADDRESS CN Investor Relations 935 de La Gauchetière St. W. Floor 16 Montreal, QC H3B 2M9 www.cn.ca/en/investors Stay connected with CN: facebook.com/CNrail linkedin.com/company/cn twitter.com/CN_Comm MARCH 2016