CN Announces Share Repurchase Program, Declares Fourth-Quarter 2004 Dividend.MONTREAL -- CN (NYSE NYSE See: New York Stock Exchange :CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CNR See riser card. CNR - Communication and Network Riser ) announced today that its Board of Directors has authorized a normal course issuer bid to purchase for cancellation up to 14 million, or approximately five per cent, of the common shares outstanding of the Company not held by its insiders on Oct. 15, 2004. An aggregate total of approximately 286.5 million common shares was issued and outstanding on that date. The price CN will pay for any common shares will be the market price at the time of acquisition, plus brokerage fees. The share buy-back program - starting Nov. 1, 2004, and ending no later than Oct. 31, 2005 - will be conducted through the facilities of the Toronto and New York stock exchanges New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and will conform to their regulations. Claude Mongeau, executive vice-president and chief financial officer of CN, said: "CN's solid cash flow generation capacity has been enhanced by the acquisitions of the railroad and related holdings of Great Lakes Transportation Great Lakes Transportation LLC is a group of transportation related companies primarily consisting of rail and water carriers catering to the needs of the steel making industry centered around the Great Lakes of North America. and BC Rail earlier this year. With a strong balance sheet providing strategic flexibility, CN's management and directors believe that this share buy-back program is timely and will support shareholder value creation." CN also announced today that its Board of Directors has approved a fourth-quarter 2004 dividend on the Company's common shares outstanding. A quarterly dividend of nineteen and one-half cents (Cdn $0.195) will be paid on Dec. 31, 2004, to shareholders of record at the close of business on Dec. 10, 2004. This news release contains forward-looking statements. CN cautions that, by their nature, forward-looking statements involve risk and uncertainties and that its results could differ materially from those expressed or implied in such statements. References should be made to CN's most recent Form 40-F filed with the United States Securities and Exchange Commission, and the Annual Information Form filed with the Canadian securities regulators, for a summary of major risks. Canadian National Railway Company Canadian National Railway Company (NYSE: CNI, TSX: CNR) is a Canadian rail transportation company that operates the Canadian National Railway. It was created in December, 1918 as a Crown corporation of the Government of Canada to nationalize several bankrupt rail systems spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , 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. |
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