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(The Canadian National Railway issued the following news release on July 7.)

MONTREAL — CN will report its second-quarter 2003 financial results at 8 a.m. Eastern time July 22, 2003. Senior CN executives will review the results with analysts and reporters in a presentation later that morning at 11 a.m. Eastern time.

Parties interested in listening to, and participating in, the earnings presentation can dial 1-888-575-8232 between 10.45 and 11 a.m. Eastern time on July 22. CN will also provide a live audio webcast of the presentation via its web site.

E. Hunter Harrison, CN s president and chief executive officer, will lead the presentation. He will be joined by Claude Mongeau, executive vice-president and chief financial officer; and James Foote, executive vice-president, sales and marketing. Analysts and reporters will be invited to ask questions following the presentation.

To access the webcast and the slides supporting the presentation, visit the Investors section of CN s web site at 10.45 a.m. Eastern time July 22, and select Analyst Presentations.

An audio replay of the presentation will be available by dialing 1-800-408-3053, pass code 1440450#, between 2 p.m. Eastern time July 22 and midnight July 25. An Internet replay will also be available during this period on CN s web site.

CN s results will be distributed by CCNMatthews and Business Wire.

Canadian National Railway Company spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America.