Tranche Update on Canadian National Railway Company's Equity Buyback Plan announced on October 21, 2014.

From October 21, 2014 to December 31, 2014, the company has repurchased 5,600,000 shares, representing 0.69% for CAD 410 million. With this, the company has completed the repurchase of 5,600,000 shares, representing 0.69% for CAD 410 million under the buyback announced on October 21, 2014.