COMPETITION WATCH: CN to buy back through private agreements up to five million common shares

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MONTREAL, Que. — CN announced it intends to purchase for cancellation up to five million of its common shares outstanding, or approximately one per cent of its common shares outstanding at Sept. 20, 2007, pursuant to private agreements between CN and an arm’s-length third-party seller.

The purchase(s) will form part of CN’s 33-million share repurchase program announced on July 23, 2007.

Such purchase(s) will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place by way of one or several purchases before the end of October 2007. The price that the Company will pay for the common shares purchased by it under such agreements will be negotiated by the Company and the seller, provided that in no circumstances will the price paid for the shares be greater than the closing market price of CN’s common shares on the Toronto Stock Exchange on the date of the purchase.

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