# EDGAR Filing Document

**Accession Number:** 0000016868
**File Stem:** 0001104659-26-051066
**Filing Date:** 2026-4
**Character Count:** 86151
**Document Hash:** ae55377eae137ab05d0c5683ffe2e706
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-051066.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001104659-26-051066

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN NATIONAL RAILWAY CO
- **CENTRAL INDEX KEY:** 0000016868
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980018609
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295395
- **FILM NUMBER:** 26911215

**BUSINESS ADDRESS:**
- **STREET 1:** 935 DE LA GAUCHETIERE ST W
- **STREET 2:** MONTREAL QUEBEC
- **CITY:** CANADA
- **STATE:** A8
- **ZIP:** H3B 2M9
- **BUSINESS PHONE:** 5143996569

**MAIL ADDRESS:**
- **STREET 1:** 935 DE LA GAUCHETIERE ST WEST
- **STREET 2:** MONTREAL QUEBEC
- **CITY:** CANADA H3B 2M9
- **STATE:** A8
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on April 29, 2026**

**Registration No. 333-______**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-10

REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933

Canadian National Railway Company

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Canada** | **4011** | **98-0018609** |
| ‎(Province or other jurisdiction of incorporation or<br> organization)‎ | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |
|  | ‎**935 de La Gauchetière Street West <br> Montréal, Quebec<br> Canada H3B 2M9<br> (514) 399-7091**‎ |  |
| ‎(Address and telephone number of Registrant's principal executive offices)‎ | ‎(Address and telephone number of Registrant's principal executive offices)‎ | ‎(Address and telephone number of Registrant's principal executive offices)‎ |

---

---

| |
|:---|
| **CT Corporation System**<br> ‎**28 Liberty Street**<br> **New York, New York 10005**<br> ‎**(212) 894-8940**‎ |
| ‎(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)‎ |

---

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| | | |
|:---|:---|:---|
|  | ***Copies to:*** |  |
| **Olivier Chouc**<br> **Canadian National Railway Company**<br> ‎**935 de La Gauchetière Street West**<br> **Montréal, Quebec, Canada H3B 2M9**<br> ‎**(514) 399-7091**‎ |  | **John B. Meade**<br> **Davis Polk & Wardwell LLP**<br> ‎**450 Lexington Avenue**<br> **New York, New York 10017**<br> ‎**(212) 450-4000**‎ |
| **Province of Quebec, Canada** | **Province of Quebec, Canada** | **Province of Quebec, Canada** |
| ‎(Principal jurisdiction regulating this offering)  | ‎(Principal jurisdiction regulating this offering)  | ‎(Principal jurisdiction regulating this offering)  |

---

**Approximate date of commencement of proposed sale to the public:** At such time or times on or after the effective date of this Registration Statement as the Registrant shall ‎determine.‎

It is proposed that this filing shall become effective (check appropriate box):‎

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ◻ upon filing with the Commission pursuant to Rule 467(a) (if in connection with an offering being made ‎contemporaneously in the United States and Canada).‎

B.‎ ⌧ at some future date (check the appropriate box below):‎

‎‎1.‎ ◻ pursuant to Rule 467(b) on (date) at (time) (designate a time not sooner than 7 calendar days after filing).‎

‎‎2.‎ ◻ pursuant to Rule 467(b) on (date) at (time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (date).

‎‎3.‎x pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the ‎Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has ‎been issued with respect thereto.‎

‎‎4.‎ ◻ after the filing of the next amendment to this Form (if preliminary material is being filed).‎

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis ‎pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box.‎ ⌧

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registration Statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.**

**Part I**

**Information Required to be<br> Delivered to Offerees or Purchasers**

**SHORT FORM BASE SHELF PROSPECTUS**

*New Issue* April 29, 2026‎

![](tm2611327d1_f10img001.jpg)

**CANADIAN NATIONAL RAILWAY COMPANY<br> Debt Securities**

Canadian National Railway Company (the "Company") may offer and issue from time to time unsecured debt ‎securities (the "Securities") in one or more series under this short form base shelf prospectus during the 37-month ‎period that this prospectus, including any amendments thereto, remains valid.‎

This prospectus does not qualify the issuance of debt securities in respect of which the payment of principal and/or ‎interest may be determined, in whole or in part, by reference to one or more underlying interests including, for ‎example, an equity or debt security, a statistical measure of economic or financial performance including, but not ‎limited to, any currency, consumer price or mortgage index, or the price or value of one or more commodities, ‎indices or other items, or any other item or formula, or any combination or basket of the foregoing items.‎

The specific terms of any offering of Securities will be set forth in one or more prospectus supplements (each, a ‎‎"prospectus supplement") including, where applicable, the title of the Securities, any limit on the aggregate principal ‎amount of the Securities, the maturity date of the Securities, whether payment on the Securities will be senior or ‎subordinated to the Company's other liabilities and obligations, whether the Securities will bear interest, the interest ‎rate or method of determining the interest rate, whether any conversion or exchange rights attach to the Securities, ‎whether the Company may redeem the Securities at its option and any other specific terms. The Company reserves ‎the right to include in a prospectus supplement specific variable terms pertaining to the Securities that are not within ‎the descriptions set forth in this prospectus.‎

The Company has satisfied the requirements for filing a WKSI base shelf prospectus (as defined in Part 9B NI 44-102) in respect of its Securities qualified for distribution by this prospectus. See "Well-Known Seasoned Issuer". All shelf information permitted under ‎applicable laws, including under Part 9B of NI 44-102, to be omitted from this prospectus will be contained in ‎one or more prospectus supplements that will be delivered to purchasers together with this prospectus. Each ‎prospectus supplement will be incorporated by reference into this prospectus for the purposes of securities legislation ‎as of the date of the prospectus supplement and only for the purposes of the distribution of the Securities to which ‎the prospectus supplement pertains.‎

Unless otherwise specified in the applicable prospectus supplement, each issue of Securities will be a new issue of ‎Securities with no established trading market. **There is currently no market through which the Securities may be ‎sold and purchasers may not be able to resell the Securities purchased under this prospectus and the prospectus ‎supplement relating to such Securities. This may affect the pricing of such Securities in the secondary market, ‎the transparency and availability of trading prices, the liquidity of the Securities and the extent of issuer ‎regulation.‎**

In this prospectus, unless the context otherwise indicates, the "Company" refers to Canadian National Railway ‎Company and its subsidiaries.‎

All dollar amounts referred to in this prospectus are expressed in Canadian dollars and have been prepared in ‎accordance with United States generally accepted accounting principles (GAAP) unless otherwise specifically noted.‎

i

**The Company is a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by ‎the United States, to prepare this prospectus in accordance with the disclosure requirements of all the provinces ‎and territories of Canada. Prospective investors in the United States should be aware that such requirements ‎are different from those of the United States.‎**

**Prospective investors should be aware that the acquisition of the Securities may have tax consequences both in ‎the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United ‎States may not be fully described herein or in any applicable prospectus supplement.‎**

The enforcement by investors of civil liabilities under United States federal securities laws may be affected ‎adversely by the fact that the Company is a Canadian corporation, that a majority of its officers and directors ‎are residents of Canada, that the underwriters may be residents of Canada, that experts named in the ‎registration statement are residents of Canada and that a substantial portion of the assets of the Company and ‎said persons may be located outside the United States. See "Enforcement of Civil Liabilities under the U.S. ‎Federal Securities Laws".‎

**These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (the "SEC") or any U.S. state securities regulator nor has the SEC or any U.S. state securities regulator passed upon the accuracy or adequacy of this prospectus or any applicable prospectus supplement. Any representation to the contrary is a criminal offense.‎**

**An investment in Securities involves significant risks that should be carefully considered by prospective ‎investors before purchasing Securities. The risks outlined in this prospectus and in the documents incorporated ‎by reference herein, including the applicable prospectus supplement, should be carefully reviewed and ‎considered by prospective investors in connection with any investment in Securities. See "Risk Factors".‎**

The Company's head office is located at 935 de La Gauchetière Street West, Montréal, Quebec H3B 2M9.‎

ii

**table of contents**

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| | |
|:---|:---|
|  | <u>Page</u> |
| [Documents Incorporated by Reference](#a_001) | [1](#a_001) |
| [Available Information](#a_002) | [2](#a_002) |
| [Statement Regarding Forward-Looking Information](#a_003) | [3](#a_003) |
| [The Company](#a_004) | [4](#a_004) |
| [Use of Proceeds](#a_005) | [4](#a_005) |
| [Consolidated Capitalization](#a_006) | [5](#a_006) |
| [Earnings Coverage Ratio](#a_007) | [6](#a_007) |
| [Description of Securities](#a_008) | [7](#a_008) |
| [Risk Factors](#a_009) | [11](#a_009) |
| [Taxation](#a_010) | [11](#a_010) |
| [Legal Matters](#a_011) | [11](#a_011) |
| [Enforcement of Judgments Against Foreign Persons](#a_012) | [11](#a_012) |
| [Well-Known Seasoned Issuer](#a_013) | [12](#a_013) |
| [Independent Auditors](#a_014) | [12](#a_014) |
| [Enforceability of Civil Liabilities Under the U.S. Federal Securities Laws](#a_015) | [12](#a_015) |
| [Documents Filed as Part of the Registration Statement](#a_016) | [12](#a_016) |

---

iii

**Documents Incorporated by Reference**

**Information has been incorporated by reference into this prospectus from documents filed with securities ‎commissions or similar authorities in Canada.** The following documents, filed with the securities commission or ‎other similar authority in each of the provinces and territories of Canada, are incorporated by reference into, and ‎form an integral part of, this prospectus:‎

&nbsp;&nbsp;&nbsp;&nbsp;(1) [the Annual Information Form of the Company dated February 4, 2026 for the year ended December 31, 2025 (the "**AIF** ")](https://www.sec.gov/ix?doc=/Archives/edgar/data/16868/000110465926010352/tm261145d1_40f.htm) ;‎

&nbsp;&nbsp;&nbsp;&nbsp;(2) [the Company's audited consolidated financial statements as at and for the years ended December 31, 2025 and 2024 and the notes related thereto, together with the Report of Independent Registered Public Accounting Firm thereon and on the effectiveness of the Company's internal control over financial reporting as of December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/16868/000001686826000011/cni-20251231.htm) ;‎

&nbsp;&nbsp;&nbsp;&nbsp;(3) [the Company's Management's Discussion and Analysis related to the year ended December 31, 2025 (the "**2025 MD&A** ")](https://www.sec.gov/Archives/edgar/data/16868/000001686826000011/a2025annualstatsmda.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(4) [the Company's unaudited interim consolidated financial statements as at and for the three months ended March 31, 2026 and 2025 and the notes related thereto‎;](https://www.sec.gov/Archives/edgar/data/16868/000001686826000026/a2026q1fsnotes.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(5) [the Company's Management's Discussion and Analysis related to the three months ended March 31, 2026; and](https://www.sec.gov/Archives/edgar/data/16868/000001686826000026/a2026q1mda.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(6) [the Company's management information circular dated March 9, 2026 prepared in connection with the Company's annual meeting of shareholders to be held on May 1, 2026](https://www.sec.gov/Archives/edgar/data/16868/000110465926034550/tm263237d9_ex99-3.htm) .

Any document of the type referred to in the preceding paragraph or required to be incorporated by reference ‎herein pursuant to National Instrument 44-101 – *Short-Form Prospectus Distributions* (excluding confidential ‎material change reports, if any) filed by the Company with securities commissions or similar authorities in the ‎provinces and territories of Canada subsequent to the date of this prospectus and prior to the completion or ‎withdrawal of any offering under any prospectus supplement shall be deemed to be incorporated by reference into ‎this prospectus.‎

**Any statement contained herein or in a document incorporated or deemed to be incorporated by reference ‎herein shall be deemed to be modified or superseded, for purposes of this prospectus, to the extent that a ‎statement contained herein or in any other subsequently filed document which also is, or is deemed to be, ‎incorporated by reference herein modifies or supersedes such statement. The modifying or superseding ‎statement need not state that it has modified or superseded a prior statement or include any other information ‎set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement ‎shall not be deemed an admission for any purposes that the modified or superseded statement, when made, ‎constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact ‎that is required to be stated or that is necessary to make a statement not misleading in light of the ‎circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so ‎modified or superseded, to constitute a part of this prospectus.‎**

Upon a new annual information form and the related annual financial statements being filed by the Company ‎with, and, where required, accepted by, the applicable securities regulatory authorities during the currency of this ‎prospectus, the previous annual information form, the previous annual financial statements and all interim ‎financial statements, management's discussions and analysis and material change reports filed prior to the ‎commencement of the Company's fiscal year with respect to which the new annual information form is filed shall ‎be deemed no longer to be incorporated by reference into this prospectus for purposes of future offers and sales of ‎Securities hereunder. Upon interim financial statements and the accompanying management's discussion and ‎analysis being filed by the Company with the applicable securities regulatory authorities during the currency of this ‎prospectus, all interim financial statements and the accompanying management's discussion and analysis filed ‎prior to such new interim consolidated financial statements and accompanying management's discussion and ‎analysis shall be deemed no longer to be incorporated by reference into this prospectus for purposes of future offers ‎and sales of the Securities hereunder. In addition, upon a new management information circular for an annual ‎meeting of shareholders being filed by the Company with the applicable securities regulatory authorities during the ‎currency of this prospectus, the previous management information circular filed in respect of the prior annual ‎meeting of shareholders shall be deemed no longer to be incorporated by reference into this prospectus for purposes ‎of future offers and sales of the Securities hereunder.‎

A prospectus supplement containing the specific terms in respect of any Securities, updated disclosure of ‎earnings coverage ratios, if applicable, and other information in relation to the Securities will be delivered to ‎prospective purchasers of such Securities together with this prospectus and will be deemed to be incorporated by ‎reference into this prospectus as of the date of such prospectus supplement, but only for purposes of the offering of ‎such Securities covered by that prospectus supplement.‎

Copies of the documents incorporated herein by reference may be obtained on request without charge from the ‎Corporate Secretary, Canadian National Railway Company, 935 de La Gauchetière Street West, Montréal, Quebec, ‎H3B 2M9 (telephone: (514) 399-7091), and are also available electronically at www.sedarplus.ca.‎

**Available Information**

In addition to its continuous disclosure obligations under the securities laws of the provinces of Canada, the ‎Company is subject to the information requirements of the United States Securities Exchange Act of 1934, as ‎amended (the "Exchange Act"), and in accordance therewith files reports and other information with the SEC. ‎Under the multijurisdictional disclosure system adopted by the United States, such reports and other information ‎may be prepared in accordance with the disclosure requirements of Canada, which requirements are different from ‎those of the United States. The reports and other information that the Company files with or furnishes to the SEC ‎may be accessed at www.sec.gov.‎

The Company has filed with the SEC a Registration Statement on Form F-10 (the "Registration Statement") ‎under the United States Securities Act of 1933, as amended (the "Securities Act"), with respect to the Securities and ‎of which this prospectus is a part. This prospectus does not contain all of the information set forth in the ‎Registration Statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. ‎Reference is made to the Registration Statement and the exhibits thereto for further information with respect to the ‎Company and the Securities.‎

**Statement Regarding Forward-Looking Information**

Certain information included in this prospectus and the documents incorporated by reference herein are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. 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. These forward-looking statements include, but are not limited to, statements relating to revenue growth opportunities, including those referring to general economic and business conditions; statements relating to the Company's ability to meet debt repayments and future obligations in the foreseeable future, including income tax payments, and capital spending; and statements relating to pension contributions. Forward-looking statements may be identified by the use of terminology such as "believes", "expects", "anticipates", or "assumes", "outlook", "plans", "targets", "goals", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

Important risk factors that could affect the forward-looking statements include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts or tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada and the U.S., including its Annual Information Form and Form 40-F. See the section of this prospectus entitled "Risk Factors" and the documents incorporated by reference herein.

The Company has sustainability-related commitments and climate goals, and continues to assess the impact on its operations of related initiatives, plans and proposals that the Company and other stakeholders (including government, regulatory and other bodies) are pursuing in relation to climate change and carbon emissions. The achievement of the Company's climate goals is subject to several risks and uncertainties, including those disclosed in the section entitled *Business risks: Reputation* of the 2025 MD&A. The achievement of these goals is also subject to circumstances outside of the Company's control, including the availability and cost competitiveness of renewable fuels and the development and availability of new technologies, such as alternative propulsion locomotive technologies, and the cooperation of third parties such as suppliers, customers, supply chain partners and regulators. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements. If the Company is unable to achieve its climate goals or satisfy the expectations of its stakeholders, its brand and reputation could be materially and adversely affected.

Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable Canadian securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.‎

**The Company**

The Company is engaged in the rail and related transportation business and powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, the Company connects Canada's Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. The Company's freight revenues are derived from seven commodity groups representing a diversified and balanced portfolio of goods transported between a wide range of origins and destinations.

Additional information about the Company's business is included in the documents incorporated by reference into this prospectus.

The Company's registered and head office is located at 935 de La Gauchetière Street West, Montréal, Quebec, H3B 2M9, and its telephone number is 1-888-888-5909. The Company's common shares are listed for trading on the Toronto Stock Exchange under the symbol "CNR" and the New York Stock Exchange under the symbol "CNI".‎

**Use of Proceeds**

Except as may otherwise be set forth in a prospectus supplement, the net proceeds from the sale of Securities ‎will be used for general corporate purposes, which may include the redemption and refinancing of outstanding ‎indebtedness, share repurchases, acquisitions and other business opportunities.‎ ‎

**Consolidated Capitalization**

The following table sets forth the consolidated capitalization of the Company as at March 31, 2026. The consolidated capitalization of the Company does not give effect to the issuance of Securities that may be issued pursuant to this prospectus and any prospectus supplement, since the aggregate principal amounts and terms of such Securities are not presently known.

The data in the table below is derived from, and should be read in conjunction with, the Company's unaudited interim consolidated financial statements as at and for the three months ended March 31, 2026 and 2025 and the notes related thereto, incorporated by reference in this prospectus. There has been no material change in the share and loan capital of the Company since March 31, 2026.‎

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;‎ | **As at March ‎31,<br> 202‎6** |
| ‎ | **in millions‎** |
| Current portion of long-term debt | $1751 |
| Operating lease liabilities included within Accounts payable and other | 108 |
| Long-term debt‎‎ | 20448 |
| Operating lease liabilities‎‎ | 317 |
| Total debt | $22624 |
| Shareholders' equity |  |
| &nbsp;&nbsp;&nbsp;Common shares | 3465 |
| &nbsp;&nbsp;&nbsp;Common shares in Shares trusts | (150) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 407 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (960) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 18689 |
| Total shareholders' equity | 21451 |
| Total capitalization | $44075 |

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**Earnings Coverage Ratio**

The following earnings coverage ratio is calculated for the twelve-month period ended December 31, 2025 and March 31, 2026 and ‎gives effect to the issuance of all long-term debt of the Company and repayment or redemption thereof since the ‎beginning of such twelve-month period, respectively, as if such transactions had occurred on the first day of such twelve-month ‎period, respectively. This earnings coverage ratio does not give effect to the issuance of any Securities that may be issued ‎pursuant to this prospectus and any prospectus supplement, since the aggregate principal amounts and the terms of ‎such Securities are not presently known.‎

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| | | |
|:---|:---|:---|
|  | **Twelve months<br> ended<br> December 31, 2025** | **Twelve months<br> ended<br> March 31, 2026** |
| Earnings coverage ratio | 7.6 times | 7.8 times |

---

Earnings coverage ratio is equal to net income before interest and income taxes divided by interest expense on ‎all debt. This ratio does not purport to be indicative of earnings coverage ratios for any future period.‎

The Company's interest expense requirements would have amounted to approximately $939 million and $924 million for the twelve-month period ended December 31, 2025 and March 31, 2026, respectively. The Company's net income before interest and income taxes for the twelve-month period ended December 31, 2025 and March 31, 2026, was $7,177 million and $7,172 million, respectively, which is 7.6 times and 7.8 times the Company's interest expense requirements for the applicable period.

If the Company offers Securities having a term to maturity in excess of one year under this prospectus and a ‎prospectus supplement, the prospectus supplement will include earnings coverage ratios giving effect to the issuance ‎of such Securities and will reflect such other adjustments as may be required by applicable Canadian securities law ‎requirements.‎

**Description of Securities**

The following description sets forth certain general terms and provisions of the Securities. The Company may issue Securities either separately, or together with or upon the conversion of or in exchange for other securities. The particular terms and provisions of each series of Securities the Company may offer will be described in greater detail in the related prospectus supplement which may provide information that is different from this prospectus. The Company reserves the right to include in a prospectus supplement specific variable terms pertaining to the Securities that are not within the descriptions set forth in this prospectus. Senior Securities of the Company may be issued under a senior indenture dated as of July 12, 2013, between the Company and BNY Trust Company of Canada (now known as Computershare Advantage Trust of Canada), as trustee (the "Canadian Senior Indenture"), or under a senior indenture dated as of June 1, 1998, as amended and supplemented, between the Company and The Bank of New York Mellon, as trustee (the "U.S. Senior Indenture" and together with the Canadian Senior Indenture, the "Senior Indentures"). Senior Securities issued under the Canadian Senior Indenture will not be offered or sold to persons in the United States. Subordinated Securities may be issued under a subordinated indenture, dated as of June 23, 1999, as amended and supplemented, between the Company and BNY Trust Company of Canada (now known as Computershare Advantage Trust of Canada), as trustee (the "Subordinated Indenture"). Securities may also be issued under new indentures between the Company and a trustee or trustees as will be described in a prospectus supplement for such Securities. The Senior Indentures and the Subordinated Indenture are sometimes referred to collectively as the "indentures", and the trustees under the indentures are sometimes referred to collectively as the "trustees".

The following summary of certain provisions of the indentures and the Securities is not meant to be complete and is subject to and qualified in its entirety by the detailed provisions of the indentures. For more information, you should refer to the full text of the indentures and the Securities, including the definitions of certain terms not defined herein, and the related prospectus supplement. Prospective investors should rely on information in the prospectus supplement if it is different from the following information.‎

Unless otherwise indicated, references to the "Company" in this description of Securities are to Canadian ‎National Railway Company but not to any of its subsidiaries.‎

**General**

The indentures do not limit the aggregate principal amount of Securities the Company may issue and do not ‎limit the amount of other indebtedness the Company or any of its subsidiaries may incur. The Company may issue ‎Securities from time to time in separate series. Securities may also be issued pursuant to a medium-term note ‎program. Unless otherwise specified in a prospectus supplement,‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎Securities
 will be unsecured obligations of the Company;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎senior
 Securities will rank equally with all other unsecured and unsubordinated indebtedness of
 the Company; ‎and

&nbsp;&nbsp;&nbsp;&nbsp;· ‎subordinated
 Securities will be subordinate, in right of payment, to all senior indebtedness (as defined
 in the ‎Subordinated Indenture).‎

The Company conducts a substantial portion of its operations through its subsidiaries. Claims of creditors of ‎the Company's subsidiaries generally have priority with respect to the assets and earnings of those subsidiaries over ‎the claims of creditors of the Company, including holders of the Securities. The Securities therefore will effectively ‎be subordinated to creditors of the Company's subsidiaries. The Securities will also be subordinated to any liabilities ‎of the Company that are secured by any of the Company's assets including, without limitation, those under capital ‎leases.‎

A prospectus supplement will describe the terms of any series of Securities the Company may offer and may ‎include the following:‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 title of the Securities;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎any
 limit on the aggregate principal amount of Securities that may be issued;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 date(s) of maturity and the portion (if less than all of the principal amount) of the
 Securities to be payable ‎upon declaration of acceleration of maturity;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 ranking of the Securities relative to our other liabilities and obligations;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎whether
 the Securities are to be issued at an original issue discount;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 rate(s) of interest, if any, or the method of calculation, the date(s) interest
 will begin to accrue, the date(s) ‎interest will be payable and the regular record
 date(s) for interest payments or the method for determining such ‎date(s);‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 covenants applicable to the Securities;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎any
 mandatory or optional sinking fund or analogous provisions;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 date(s), if, any, and the price(s) at which the Company is obligated, pursuant to any
 special mandatory ‎redemption provisions or otherwise, to redeem, or at a holder's
 option to purchase, such series of Securities and ‎other related terms and provisions;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 currency or currencies of any payments to be made on the Securities;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 period(s) within which, the price(s) at which, and the terms upon which, the Securities
 may be redeemed, in ‎whole or in part, at the option of the Company;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎whether
 or not the Securities will be issued in global form, their terms and the depositary;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 terms upon which a global note may be exchanged in whole or in part for other Securities;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 terms, if any, under which the Securities are convertible into common shares or any other
 security of the ‎Company; and

&nbsp;&nbsp;&nbsp;&nbsp;· ‎any
 other terms of the series of Securities.‎

In addition to new issues of Securities, this prospectus may be used in connection with the remarketing of ‎outstanding Securities, in which case the terms of the remarketing and of the remarketed Securities will be set forth ‎in the prospectus supplement.‎

**Conversion or Exchange of Securities**

If applicable, the prospectus supplement will set forth the terms on which a series of Securities may be ‎converted into or exchanged for other securities of the Company. These terms will include whether conversion or ‎exchange is mandatory, or is at the option of the holder or of the Company. The Company will also describe in the ‎prospectus supplement how it will calculate the number of securities that holders of Securities would receive if they ‎convert or exchange their Securities.‎

**Events of Default**

Under the indentures, an "event of default" with respect to any series of Securities includes any of the ‎following:‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎failure
 to pay any principal or premium, when due;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎failure
 to pay any interest when due, and this failure continues for 30 days;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎failure
 to pay any sinking fund installment when due;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎failure
 to perform any covenant or agreement relating to the Securities or in the applicable indenture,
 and the ‎failure continues for 90 days (60 days in the case of series of Securities issued
 under the Subordinated Indenture) ‎after written notice by the trustee or by holders
 of at least 25% in aggregate principal amount outstanding;‎

&nbsp;&nbsp;&nbsp;&nbsp;· certain
 events of bankruptcy, insolvency or reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;· ‎any
 other event of default provided for that series of Securities.‎

If an event of default occurs and is continuing, either the trustee or the holders of at least 25% in principal ‎amount of the outstanding Securities of any series affected by the default, may notify the Company (and the ‎trustee, if notice is given by the holders) and declare that the unpaid principal is due and payable immediately. ‎However, subject to certain conditions, the holders of a majority in aggregate principal amount of the Securities of ‎the affected series can rescind and annul this declaration for accelerated payment. The Company will furnish the ‎trustees with an annual certificate as to compliance with certain covenants contained in the particular indenture.‎

No event of default with respect to any particular series of securities necessarily constitutes an event of default ‎with respect to any other series of securities. In particular, for each series of securities originally issued prior to ‎November 20, 2012 under the Senior Indentures, an "event of default" also includes the failure to pay principal ‎when due, or acceleration, of any indebtedness of the Company in an aggregate principal amount exceeding $75 ‎million, and such acceleration is not rescinded or annulled within 30 days after written notice by the trustee or ‎holders of at least 25% in aggregate principal amount outstanding. In addition, for each series of securities originally ‎issued prior to November 20, 2012, an event of default occurs upon the failure to perform any covenant or ‎agreement relating to the securities or in the applicable indenture if the failure continues for 60 days instead of the ‎‎90 days for the Securities.‎

**Subordinated Securities**

The terms of a series of subordinated Securities will be set forth in the relevant indenture and the prospectus ‎supplement. The subordinated Securities will be unsecured obligations of the Company and will be subordinate in ‎right of payment to Securities issued under the Senior Indentures and certain other indebtedness of the Company.‎

**Satisfaction and Discharge of Indentures**

The Company may terminate its obligation with respect to a series of Securities under the indentures if:‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎all
 the outstanding Securities of a series have been delivered to the trustee for cancellation;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 Company has paid all sums it is required to pay under the respective indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 Company deposits with the trustee, in trust, sufficient funds, or governmental securities,
 to cover payments ‎due on all Securities of such series for principal, premium, if any,
 and interest and any other sums due under the ‎applicable indenture to the stated maturity
 date or a redemption date of the Securities.‎

Such defeasance is subject to the Company meeting certain conditions set forth in the indentures.‎

**Modification and Waiver**

The Company and the trustees may modify or amend the indentures by obtaining approval by the holders of ‎at least a majority of the aggregate principal amount of the outstanding Securities of each series that is affected. ‎However, certain changes cannot be made without the consent of the holders of all outstanding Securities affected ‎by such changes. In particular, the holders of all outstanding Securities so affected must consent to changes in:‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 stated maturity date;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 principal, premium, or interest payments, if any;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 place or currency of any payment;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 rights of holders to enforce payment;‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎the
 percentage in principal amount of outstanding Securities of any series, the consent of whose
 holders is needed ‎to modify, amend or waive certain provisions of the indentures or
 certain defaults; or

&nbsp;&nbsp;&nbsp;&nbsp;· ‎if
 applicable, the subordination provisions.‎

Except as otherwise specified for a series of Securities, the holders of at least a majority in aggregate principal ‎amount of the outstanding Securities of any series issued can waive, or cause the trustees, on behalf of the holders ‎of the entire series, to waive compliance with certain provisions of the relevant indenture. In addition, holders of at ‎least a majority in principal amount of the outstanding Securities of a series can consent to, or cause the trustees to ‎waive any past default under the relevant indentures, except for the following:‎

&nbsp;&nbsp;&nbsp;&nbsp;· ‎a
 default in any payments due under the relevant indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;· ‎a
 default under an indenture provision that can be modified or amended only with the consent
 of each holder of ‎an outstanding series of Securities.‎

For each series of securities originally issued under the U.S. Senior Indenture prior to November 20, 2012, ‎consent of the holders of at least 662/3 in aggregate principal amount of the outstanding securities of that series is ‎required for modifications, amendments or waivers.‎

**Consolidation, Merger and Sale of Assets**

Each indenture provides that the Company may consolidate, amalgamate or merge with or into any other ‎corporation or sell, convey or lease all or substantially all of its property to any other corporation authorized to ‎acquire and operate the same; provided that upon any such consolidation, amalgamation, merger, sale, ‎conveyance or lease, (i) the successor entity (if other than the Company) is organized under the laws of a Canadian ‎or U.S. jurisdiction; (ii) the payment of the principal and premium, if any, and interest on all of the Securities ‎according to their terms, and the performance of all the covenants and conditions under that indenture to be ‎performed by the Company, shall be expressly assumed, by supplemental indenture satisfactory to the relevant ‎trustee, by the corporation (if other than the Company) formed by such consolidation or amalgamation, or into ‎which the Company shall have been merged, or by the corporation which shall have acquired or leased such ‎property; and (iii) no event of default or event that could give rise to an event of default will have occurred and be ‎continuing.‎

**Restrictions on Secured Debt**

The Company has covenanted in the Senior Indentures that it will not, nor will it permit a subsidiary to, create, ‎issue, incur, assume or guarantee, any indebtedness for money borrowed, or guarantees of such indebtedness, now ‎or hereafter existing which is secured by any mortgage, pledge, hypothec, lien, security interest, privilege, conditional ‎sale or other title retention agreement or similar encumbrance (a "Mortgage") on any present or future Railway ‎Properties of the Company or on any shares of stock of any Railroad Subsidiary ("Secured Debt"), without first ‎making effective provision whereby all outstanding Securities issued thereunder shall be secured by the Mortgage ‎equally and ratably with such other indebtedness or guarantee thereby secured unless, after giving effect to such ‎creation, issuance, incurrence, assumption or guarantee, the sum of the aggregate amount of all outstanding ‎Secured Debt of the Company and its subsidiaries would not exceed an amount equal to 10% of the Consolidated ‎Net Tangible Assets. For Secured Debt that provides for an amount less than the principal amount thereof to be due ‎and payable upon the acceleration of its final maturity, the principal amount of the Secured Debt at any time its ‎principal amount is measured shall be the principal amount due and payable on the Secured Debt if the Secured ‎Debt were to be accelerated at that time. The negative pledge covenant is also subject to certain exceptions. For ‎example, this restriction excludes any Mortgage upon Railway Properties existing or created at the time the Railway ‎Properties are acquired, or Mortgages existing on the shares or to secure indebtedness of a corporation at the time ‎such corporation becomes a subsidiary, and any extension, renewal or replacement of any such Mortgage. As used ‎in such covenant, the term "Railway Properties" means all main and branch lines of railway located in Canada or ‎the United States, including all real property used as the right of way for such lines; the term "Railroad Subsidiary" ‎means a subsidiary whose principal assets are Railway Properties; the term "subsidiary", subject to certain ‎exceptions, means a corporation a majority of the outstanding voting shares of which are owned, directly or ‎indirectly, by the Company or by one or more subsidiaries of the Company, or by the Company and one or more ‎subsidiaries of the Company; and the term "Consolidated Net Tangible Assets" means, at any date, the total ‎amount of assets of the Company determined on a consolidated basis after deducting all liabilities due within one ‎year, all goodwill, trade names, trademarks, patents, unamortized debt discount and expenses and other like ‎intangibles and all appropriate adjustments on account of minority interests of other persons holding stock of the ‎subsidiaries, as set forth or reflected on the most recent consolidated balance sheet of the Company. The 10% of ‎the Consolidated Net Tangible Assets exclusion does not apply in the case of series of securities originally issued ‎under the Senior Indentures prior to November 20, 2012.‎

**Risk Factors**

Investment in the Securities is subject to a number of risks. Before deciding whether to invest in any Securities, prospective investors should carefully consider the information contained in, or incorporated by reference in, this prospectus, including, without limitation, the risks identified and discussed under the headings "Business Risks" and "Financial Instruments" of the 2025 MD&A of the Company which are incorporated by reference in this prospectus and those described or incorporated by reference in a prospectus supplement relating to a specific offering of Securities.‎

**Taxation**

The applicable prospectus supplement will describe the material Canadian and United States federal income ‎tax consequences to an initial investor acquiring the Securities, including whether payments of principal, premium, ‎if any, and interest in respect of the Securities will be subject to Canadian non-resident withholding tax and any ‎such consequences relating to Securities payable in a currency other than United States dollars, Securities that are ‎issued at an original issue discount or subject to early redemption or other special terms.‎

**Legal Matters**

Unless otherwise specified in the prospectus supplement relating to a particular offering of Securities, certain ‎legal matters will be passed upon for the Company by Stikeman Elliott LLP. The validity of Securities governed by ‎New York law will be passed upon for the Company by Davis Polk & Wardwell LLP, New York, New York. Davis ‎Polk & Wardwell LLP may rely on the opinion of Stikeman Elliott LLP as to all matters of Canadian federal and ‎Quebec laws.‎

**Enforcement of Judgments Against Foreign Persons**

Jo-ann dePass Olsovsky, Denise Gray, Justin M. Howell, David Freeman and Robert Knight, directors of the ‎Company, reside outside of Canada. They have appointed Canadian National Railway Company, 935 de La ‎Gauchetière Street West, Montréal, Quebec H3B 2M9, attention Corporate Secretary, as agent for service of ‎process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments against ‎any person that resides outside of Canada, even if the party has appointed an agent for service of process.‎

**Well-Known Seasoned Issuer**

Effective November 28, 2025, the Canadian Securities Administrators implemented amendments to NI 44-102 and related policies to implement a permanent expedited shelf prospectus regime (the "**WKSI Rules**") in order to reduce regulatory burden for certain large, established reporting issuers with strong disclosure records. The WKSI Rules allow eligible "well-known seasoned issuers", or "WKSIs", to file a final short form base shelf prospectus as the first public step in an offering, and exempt qualifying issuers from certain disclosure requirements relating to such final short form base shelf prospectus under NI 44-101 and NI 44-102. As of the date hereof, the Company has determined that it meets the criteria to qualify as a "well-known seasoned issuer" pursuant to NI 44-102 by virtue of its "qualifying public debt" (as defined in Part 9B of NI 44-102) being $6,834 million as of April 1, 2026.

**Independent Auditors**

KPMG LLP, Montréal, Quebec, is the external auditor who prepared the Reports of Independent Registered Public Accounting Firm to the Shareholders and Board of Directors of the Company on the consolidated balance sheets of the Company as of December 31, 2025 and 2024 and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended December 31, 2025 and the related notes, and the effectiveness of internal control over financial reporting as of December 31, 2025, incorporated by reference in this prospectus. KPMG LLP have confirmed with respect to the Company that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation.‎

**Enforceability of Civil Liabilities Under the U.S. Federal Securities Laws**

The Company is a Canadian company and is governed by the laws of Canada. A substantial portion of its ‎assets are located outside the United States and a majority of its officers and directors and of the experts named ‎herein are residents of Canada. As a result, it may be difficult for investors to effect service within the United States ‎upon the Company and those directors, officers and experts, or to realize in the United States upon judgments of ‎courts of the United States predicated upon civil liability of the Company and such directors, officers or experts ‎under the United States federal securities laws. The Company has been advised by its Senior Vice-President and ‎Chief Legal Officer that there is doubt as to the enforceability in a Canadian court in original actions, or in actions ‎to enforce judgments of United States courts, of civil liabilities predicated upon United States federal securities laws.‎

**Documents Filed as Part of the Registration Statement**

The following documents have been filed with the SEC as part of the Registration Statement of which this ‎prospectus is a part: (i) the documents listed in the first paragraph under "Documents Incorporated by Reference"; ‎‎(ii) the consent of KPMG LLP, independent registered public accounting firm; (iii) powers of attorney from directors ‎and officers of the Company; (iv) the U.S. Senior Indenture, the Canadian Senior Indenture and the Subordinated ‎Indenture; and (v) Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of The Bank of New ‎York Mellon, as trustee under the U.S. Senior Indenture.‎

**PART II**

**INFORMATION NOT REQUIRED TO BE<br> DELIVERED TO OFFEREES OR PURCHASERS**

**Indemnification**

Under the *Canada Business Corporations Act* (the "CBCA"), a corporation may indemnify a present or former ‎director or officer of the corporation or another individual who acts or acted at the corporation's request as a ‎director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and ‎expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual ‎in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved ‎because of that association with the corporation or other entity. A corporation may advance moneys to a director, ‎officer or other individual for the costs, charges and expenses of a proceeding referred to above. A corporation may ‎not indemnify an individual as aforesaid unless the individual acted honestly and in good faith with a view to the ‎best interests of the corporation, or, as the case may be, to the best interests of the other entity for which the ‎individual acted as a director or officer or in a similar capacity at the corporation's request and, in the case of a ‎criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had ‎reasonable grounds for believing that the individual's conduct was lawful. If the individual does not fulfill the ‎aforesaid conditions, the individual shall repay the moneys advanced by the corporation. A corporation may, with ‎the approval of a court, indemnify or advance moneys as aforesaid in connection with a derivative action. A ‎present or former director or officer of the corporation or another individual who acts or acted at the corporation's ‎request as a director or officer, or an individual acting in a similar capacity, of another entity, is entitled to ‎indemnity from the corporation in respect of all costs, charges and expenses reasonably incurred by the individual ‎in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the ‎individual is subject, because of the individual's association with the corporation or other entity if the individual ‎seeking indemnity was not judged by the court or other competent authorities to have committed any fault or ‎omitted to do anything that the individual ought to have done and fulfills the conditions referred to above.‎

In accordance with the CBCA, the by-laws of the Company indemnify a director or officer of the Company, a ‎former director or officer of the Company or any person who acts or acted at the Company's request as a director ‎or officer or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, ‎including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect ‎of any civil, administrative, investigative or other proceeding in which the individual is involved because of that ‎association with the Company or other entity. The Company may extend the benefits of the foregoing ‎indemnification to other persons provided such persons are designated by way of a resolution of the board of ‎directors of the Company.‎

A policy of directors' and officers' liability insurance is maintained by the Company which insures its directors ‎and officers for losses as a result of claims based upon their acts or omissions as directors and officers of the ‎Company, and also reimburses the Company for amounts paid by the Company to indemnify its directors and ‎officers as a result of such claims.‎

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers ‎or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in ‎the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as ‎expressed in the Securities Act and is therefore unenforceable.‎

---

| | |
|:---|:---|
| **Exhibit** ‎**No.**‎ | **Description of Exhibit** |
| 4.1 | [Annual Information Form of the Company dated February 4, 2026 (incorporated by reference to Form ‎‎40-F filed with the Securities and Exchange Commission on February 4, 2026)‎](https://www.sec.gov/ix?doc=/Archives/edgar/data/16868/000110465926010352/tm261145d1_40f.htm) |
| 4.2 | [The audited consolidated financial statements of the Company for the years ended December 31, 2025 ‎and 2024 and related notes thereto, together with the Report of the Independent Registered Public ‎Accounting Firm thereon and on the effectiveness of the Company's internal controls over financial ‎reporting and Management's Discussion and Analysis of Financial Results of the Company, as contained ‎in the Annual Report of the Company for the year ended December 31, 2025 (incorporated by reference ‎to Form 6-K filed with the Securities and Exchange Commission on February 4, 2026)](https://www.sec.gov/Archives/edgar/data/16868/000001686826000011/cni-20251231.htm)‎ |
| 4.3 | [The Management Information Circular of the Company dated March 9, 2026 prepared in connection ‎with the Company's annual meeting of shareholders to be held on May 1, 2026 (incorporated by ‎reference to Form 6-K filed with the Securities and Exchange Commission on March 25, 2026)‎](https://www.sec.gov/Archives/edgar/data/16868/000110465926034550/tm263237d9_ex99-3.htm) |
| 4.4 | [The unaudited interim consolidated financial statements of the Company as at and for the three months ended March 31, 2026 and the notes related thereto](https://www.sec.gov/Archives/edgar/data/16868/000001686826000026/a2026q1fsnotes.htm), [and Management's Discussion and Analysis of Financial Results of the Company (incorporated by reference to Form 6-K filed with the Securities and Exchange Commission on April 29, 2026)](https://www.sec.gov/Archives/edgar/data/16868/000001686826000026/a2026q1mda.htm) |
| 5.1 | [Consent of KPMG LLP](tm2611327d1_ex5-1.htm) |
| 6.1 | [Powers of Attorney given by officers and directors signing this Registration Statement (set forth on the ‎signature page)‎](#sabaa_012) |
| 7.1 | [Indenture dated as of June 1, 1998 between the Company and The Bank of New York Mellon (formerly ‎known as The Bank of New York), as Trustee (incorporated by reference to Registration Statement (File ‎No. 333-236376) on Form F-10 filed February 11, 2020, Exhibit 7.1)](https://www.sec.gov/Archives/edgar/data/16868/000110465920016752/a20-7224_1ex7d1.htm).‎ |
| 7.2 | [Third Supplemental Indenture dated as of November 20, 2012 between the Company and The Bank of ‎New York Mellon (incorporated by reference to Form 6-K filed with the Securities and Exchange ‎Commission on November 20, 2012, Item 1)‎](https://www.sec.gov/Archives/edgar/data/16868/000095010312006245/dp34380_6k.htm) |
| 7.3 | [Sixth Supplemental Indenture dated as of November 7, 2018 between the Company and The Bank of ‎New York Mellon (incorporated by reference to Form 6-K filed with the Securities and Exchange ‎Commission on November 7, 2018, Item 1)‎](https://www.sec.gov/Archives/edgar/data/16868/000110465918066615/a18-39699_16k.htm) |
| 7.4 | [Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 as amended of The Bank of New ‎York Mellon (formerly known as The Bank of New York), as Trustee with respect to the indenture dated ‎as of June 1, 1998](tm2611327d1_ex7-4.htm)‎ |
| 7.5 | [Indenture dated as of July 12, 2013 between the Company and Computershare Advantage Trust of Canada (formerly BNY Trust Company of Canada), as ‎Trustee (incorporated by reference to Registration Statement (File No. 333-192522) on Form F-10 filed ‎November 25, 2013, Exhibit 7.4)‎](https://www.sec.gov/Archives/edgar/data/16868/000095010313006810/dp41978_ex0704.htm) |
| 7.6 | [Indenture dated as of June 23, 1999 between the Company and Computershare Advantage Trust of Canada ‎‎(formerly BNY Trust Company of Canada and The Trust Company of Bank of Montreal), as Trustee (incorporated by reference to Registration ‎Statement (File No. 333- 223014) on Form F-10 filed on February 13, 2018, Exhibit 7.5)‎](https://www.sec.gov/Archives/edgar/data/16868/000104746918000787/a2234503zex-7_5.htm) |
| 107 | [Filing Fee Tables](tm2611327d1_exfilingfees.htm) |

---

Additional exhibits to this Registration Statement may be subsequently filed in reports on Form 40-F or on ‎Form 6-K that specifically state that such materials are incorporated by reference as exhibits in Part II of this ‎Registration Statement.‎

**PART III**

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**Item 1. Undertaking**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries ‎made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, ‎information relating to the securities registered pursuant to Form F-10 or to transactions in said securities.‎

**Item 2. Consent to Service of Process**

Concurrently with the filing of this Registration Statement on Form F-10, the Registrant is filing with the ‎Commission a written irrevocable consent and power of attorney on Form F-X.‎

Concurrently with the filing of this Registration Statement on Form F-10, Computershare Advantage Trust of Canada (formerly BNY Trust Company of Canada) is ‎filing with the Commission a written irrevocable consent and power of attorney on Form F-X.‎

Any change to the name or address of the agent for service of the Registrant and Computershare Advantage Trust of Canada shall be communicated promptly to the Commission by amendment to Form F-X referencing the file ‎number of this Registration Statement.‎

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable ‎grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration ‎Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Montréal, ‎Province of Quebec, Country of Canada, on this 29<sup>th</sup> day of April, 2026.‎

---

| | | |
|:---|:---|:---|
| CANADIAN NATIONAL RAILWAY COMPANY | CANADIAN NATIONAL RAILWAY COMPANY | CANADIAN NATIONAL RAILWAY COMPANY |
| By: | /s/ Tracy Robinson | /s/ Tracy Robinson |
|  | Name: | Tracy Robinson |
|  | Title: | President and Chief Executive Officer |
| By: | ‎/s/ Olivier Chouc | ‎/s/ Olivier Chouc |
|  | Name: | Olivier Chouc |
|  | Title: | Senior Vice-President and Chief Legal Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below hereby authorizes any one of Tracy Robinson, Ghislain Houle, ‎Olivier Chouc or Étienne Bourgeois, with full power of substitution, to execute in the name of such person and to file any ‎amendment or post-effective amendment to this Registration Statement, making such changes in this Registration ‎Statement as the Registrant deems appropriate, and appoints any one of Tracy Robinson, Ghislain Houle, Olivier ‎Chouc or Étienne Bourgeois, with full power of substitution, attorney-in-fact to sign on his or her behalf individually and ‎in each capacity below and to file any amendment and post-effective amendment to this Registration Statement.‎

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form F-10 has been ‎signed below by the following persons in the capacities indicated below on this 29th day of April, 2026.‎

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ Tracy Robinson | Director, President and Chief Executive Officer ‎ |
| Tracy Robinson‎ | ‎(Principal Executive Officer)‎ |
| /s/ Ghislain Houle‎ | Executive Vice-President and Chief Financial Officer ‎ |
| Ghislain Houle‎ | ‎(Principal Financial Officer and Principal Accounting Officer)‎ |
| ‎/s/ Shauneen Bruder | Director and Chair of the Board |
| Shauneen Bruder‎ |  |
| /s/ Jo-ann dePass Olsovsky‎ | Director |
| Jo-ann dePass Olsovsky |  |
| ‎/s/ David Freeman | Director |
| David Freeman‎ |  |
| ‎/s/ Denise Gray | Director |
| Denise Gray‎ |  |
| ‎/s/ Justin M. Howell | Director |
| Justin M. Howell‎ |  |
| ‎/s/ Susan C. Jones | Director |
| Susan C. Jones |  |
| ‎/s/ Robert Knight | Director |
| Robert Knight‎ |  |
| /s/ Michel Letellier‎ | Director |
| Michel Letellier‎ |  |
| /s/ Margaret A. McKenzie‎ | Director |
| Margaret A. McKenzie‎ |  |
| /s/ Al Monaco | Director |
| Al Monaco‎ |  |
| /s/ Madeleine Paquin | Director |
| Madeleine Paquin |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this ‎Registration Statement on Form F-10, solely in the capacity of the duly authorized representative of Canadian ‎National Railway Company in the United States on this 29<sup>th</sup> day of April, 2026.‎

---

| | | |
|:---|:---|:---|
| By: | ‎/s/ Jody Evely | ‎/s/ Jody Evely |
|  | Name: | Jody Evely‎ |
|  | Title: | Authorized Representative in the United States |

---

## Exhibit 5.1

**Exhibit 5.1**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Canadian National Railway Company:

We consent to the use of our report dated February 4, 2026, on the consolidated financial statements of Canadian National Railway Company, which comprise the consolidated balance sheets as at December 31, 2025 and December 31, 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes, and our report dated February 4, 2026 on the effectiveness of internal control over financial reporting as of December 31, 2025 which are incorporated by reference herein.

/s/ KPMG LLP

April 29, 2026

Montreal, Canada

## Exhibit 7.4

**Exhibit 7.4**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY<br> UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br> CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE<br> ELIGIBILITY OF A TRUSTEE PURSUANT TO<br> SECTION 305(b)(2) ◻

THE BANK OF NEW YORK MELLON<br> (Exact name of trustee as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;New York<br> (Jurisdiction of incorporation<br> if not a U.S. national bank) | &nbsp;&nbsp;13-5160382<br> (I.R.S. employer<br> identification no.) |
| &nbsp;&nbsp;240 Greenwich Street, New York, N.Y.<br> (Address of principal executive offices) | &nbsp;&nbsp;10286<br> (Zip code) |

---

Canadian National Railway Company<br> (Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Canada<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;98-0018609<br> (I.R.S. employer<br> identification no.) |
| &nbsp;&nbsp;935 de La Gauchetière Street West<br> Montréal, Quebec<br> Canada H3B 2M9<br> (Address of principal executive offices)<br>| &nbsp;&nbsp; <br>(Zip code) |

---

Debt Securities<br> (Title of the indenture securities)

**1.** **General information. Furnish the following information as to the Trustee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| Name | Address |
| Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223 |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, NW<br> Washington, D.C. 20429 |
| The Clearing House Association L.L.C. | 100 Broad Street<br> New York, N.Y. 10004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2.** **Affiliations with Obligor.** 

**If the obligor is an affiliate of the trustee, describe each such affiliation.**

None.

**16.** **List of Exhibits.** 

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1
filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637,
Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-152735).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration
Statement No. 333-261533).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1
filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements
of its supervising or examining authority.

SIGNATURE

Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Houston, and State of Texas, on the 23rd day of April, 2026.

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Peggy Guel |
|  | Name: Peggy Guel |
|  | Title: As Agent |

---

**<u>EXHIBIT 7</u>**

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286<br> And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business December 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
| **ASSETS** | Dollar amounts in thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 4214000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 122567000 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 48093000 |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities | 101873000 |
| &nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values not held for trading | 0 |
| &nbsp;&nbsp;&nbsp;Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 25462000 |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment | 40704000 |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for credit losses on loans and leases | 224000 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment, net of allowance | 40480000 |
| Trading assets | 6629000 |
| Premises and fixed assets (including right-of-use assets) | 3248000 |
| Other real estate owned | 1000 |
| Investments in unconsolidated subsidiaries and associated companies | 2552000 |
| Direct and indirect investments in real estate ventures | 0 |
| Intangible assets | 7361000 |
| Other assets | 18517000 |
| Total assets | 380997000 |
| **LIABILITIES** |  |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | 220677000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 59544000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 161133000 |
| &nbsp;&nbsp;&nbsp;In foreign offices, Edge and Agreement subsidiaries, and IBFs | 111756000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 7405000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 104351000 |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 2657000 |
| Trading liabilities | 2771000 |
| Other borrowed money: |  |
| &nbsp;&nbsp;&nbsp;(includes mortgage indebtedness) | 4940000 |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | 0 |
| Other liabilities | 8374000 |
| Total liabilities | 351175000 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | 0 |
| Common stock | 1135000 |
| Surplus (exclude all surplus related to preferred stock) | 12943000 |
| Retained earnings | 17363000 |
| Accumulated other comprehensive income | -1619000 |
| Other equity capital components | 0 |
| Total bank equity capital | 29822000 |
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 |
| Total equity capital | 29822000 |
| Total liabilities and equity capital | 380997000 |

---

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh <br> Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

Robin A. Vince <br> Jeffrey A. Goldstein Directors <br> Joseph J. Echevarria

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-10**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CANADIAN NATIONAL RAILWAY CO**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule or Instruction**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| Fees to be Paid | 1 | Debt Securities | 457(o) | $3000000000.00 | 0.0001381 | $414300.00 |
| Fees Previously Paid |  |  |  |  |  |  |
|  |  | Total Offering Amounts: | Total Offering Amounts: | $3000000000.00  |  | $414300.00  |
|  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $414300.00  |
|  |  | Net Fee Due:  | Net Fee Due:  |  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The Debt Securities include such indeterminate amount of debt securities as may be issued upon conversion of or in exchange for any other debt securities that provide for conversion or exchange into other debt securities. For the purposes of the Maximum Aggregate Offering Price set forth above, such amount in U.S. dollars or the equivalent thereof in foreign currencies as shall result in an aggregate initial public offering price for all securities of $3,000,000,000 and, if any debt securities are issued at original issue discount, such greater amount as shall result in net proceeds of $3,000,000,000 to the Registrant. The Maximum Aggregate Offering Price is estimated solely for the purpose of computing the registration fee.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Filing Date | Fee Offset Claimed | Security Type Associated with Fee Offset Claimed | Security Title Associated with Fee Offset Claimed | Unsold Aggregate Offering Amount Associated with Fee Offset Claimed | Fee Paid with Fee Offset Source |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |
| **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | 1 | Canadian National Railway Co | F-10 | 333-278466 |  | $414300.00 | Debt | Debt Securities | $2964200000.00 |  |
| Fee Offset Sources | 2 | Canadian National Railway Co | F-10 | 333-278466 | 04/02/2024 |  |  |  |  | $267938.68 |
| Fee Offset Sources | 3 | Canadian National Railway Co | F-10 | 333-264684 | 05/05/2022 |  |  |  |  | $0.00 |
| Fee Offset Sources | 4 | Canadian National Railway Co | F-10 | 333-236376 | 02/11/2020 |  |  |  |  | $31439.42 |
| Fee Offset Sources | 5 | Canadian National Railway Co | F-10 | 333-223014 | 02/13/2018 |  |  |  |  | $138137.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rule 457(p) Statement of Withdrawal, Termination, or Completion:** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> As the total filing fee required for this Registration Statement is U.S. $414,300, taking into consideration the total available offset of U.S. $437,515.92, no additional amount is paid herewith. A total of U.S. $23,215.92 relating to the registration fees originally paid for the 2024 Registration Statement is available to offset against future registration fees. The Registrant has terminated or completed any offerings that included the unsold securities under the 2024 Registration Statement, the 2022 Registration Statement, the 2020 Registration Statement and the 2018 Registration Statement (each as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offset Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> The Registrant previously paid U.S. $651,535.92 in registration fees (the Registrant transferred funds of U.S. 399,006.45 and used the available offsets for the remainder of the fee) with respect to the registration statement on Form F-10 (File No. 333-278466) initially filed on April 2, 2024 and declared effective on April 4, 2024 (the "2024 Registration Statement"), pertaining to the registration of U.S. $4,414,200,000 of debt securities, U.S. $437,515.92 of which remained unutilized (U.S. $138,137.82 of which was originally paid as part of the payment for the 2018 Registration Statement and U.S. $31,439.42 of which was originally paid as part of the payment for the 2020 Registration Statement) and therefore available to offset against future registration fees pursuant to Rule 457(p) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> The Registrant previously paid U.S. $432,946.08 in registration fees (the Registrant used the available offsets from the 2018 Registration Statement and the 2020 Registration Statement for the fee, leaving a remainder of U.S. $14,253.39 in registration fees from the 2020 Registration Statement available for future offsets) with respect to the registration statement on Form F-10 (File No. 333-264684) initially filed on May 5, 2022 and declared effective on May 6, 2022 (the "2022 Registration Statement"), pertaining to the registration of U.S. $4,670,400,000 of debt securities, U.S. $238,276.08 of which remained unutilized (U.S. $205,710.81 of which was originally paid as part of the payment for the 2018 Registration Statement and U.S. $32,565.27 of which was originally paid as part of the payment for the 2020 Registration Statement) and therefore available to offset against future registration fees pursuant to Rule 457(p) under the Securities Act. Together with the U.S. $14,253.39 which was originally paid as part of the registration fees for the 2020 Registration Statement, a total of U.S. $46,818.66 relating to the registration fees originally paid for the 2020 Registration Statement is therefore available to offset against future registration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> The Registrant previously paid U.S. $584,723.04 in registration fees (the Registrant transferred funds of U.S. $84,687.74 and used the available offset for the remainder of the fee) with respect to the registration statement on Form F-10 (File No. 333-236376) initially filed on February 11, 2020 and declared effective on February 19, 2020 (the "2020 Registration Statement"), pertaining to the registration of U.S. $4,504,800,000 of debt securities aggregate initial offering price of securities of the Registrant, U.S. $447,199.47 of which remained unutilized (U.S. $373,755.20 of which was originally paid as part of the payment of the 2018 Registration Statement filing fees) and was used to offset the total filing fee required from the 2022 Registration Statement and the 2024 Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> The Registrant previously paid U.S. $592,744.50 in registration fees (the Registrant transferred funds of $432,039.50 and used the available offset for the remainder of the fee) with respect to the registration statement on Form F-10 (File No. 333-223014) initially filed on February 13, 2018 and declared effective on June 25, 2018, (the "2018 Registration Statement"), pertaining to the registration of U.S. $4,761,000,000 of debt securities, U.S. $373,775.20 of which remained unutilized and was used to offset the total filing fee required from the 2020 Registration Statement, the 2022 Registration Statement and the 2024 Registration Statement.