Filed Pursuant to Rule 433
File No. 333-147725
April 24, 2008
 
Canadian National Railway Company

   
4.95% Notes
 
5.55% Notes
         
Issuer:
 
Canadian National Railway Company
     
Security Type:
 
4.95% Notes due 2014
 
5.55% Notes due 2018
         
Size:
 
US$325,000,000
 
US$325,000,000
         
Maturity:
 
January 15, 2014
 
May 15, 2018
         
Coupon:
 
4.95% per annum, accruing from May 1, 2008
 
5.55% per annum, accruing from May 1, 2008
         
Price to Public:
 
99.571% of face amount
 
99.564% of face amount
         
Yield to maturity:
 
5.039%
 
5.607%
         
Spread to Benchmark Treasury:
 
+193 bp
 
+178 bp
         
Benchmark Treasury:
 
2.500% due March 31, 2013
 
3.500% due February 15, 2018
         
Benchmark Treasury Price and Yield:
 
97-7+   3.109%
 
97-11 3.827%
         
Interest Payment Dates:
 
January 15 and July 15, commencing July 15, 2008
 
May 15 and November 15, commencing November 15, 2008
         
Redemption:
 
At any time at a discount rate of Treasury plus 30 basis points
 
At any time at a discount rate of Treasury plus 30 basis points
         
Trade Date:
 
April 24, 2008
     
Settlement Date:
 
(T+5); May 1, 2008
     
Ratings:
 
A3 /A- /A (low)
     
Underwriters:
 
Banc of America Securities LLC
Wachovia Capital Markets, LLC
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.
RBC Capital Markets Corporation
Scotia Capital (USA) Inc.
 

 
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.   Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banc of America Securities LLC, toll free, at 1 800 294 1322 or Wachovia Capital Markets, LLC, toll free, at 1 800 326 5897.

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