				Outstanding US dollar-denominated amount
								December 31,
In millions			Maturity					2011			2010
Debentures and notes: (A)

Canadian National series:
	6.38%	10-year notes (B)	Oct. 15, 2011	$	-	$	-		$	398
	4.40%	10-year notes (B)	Mar. 15, 2013		400		407			398
	4.95%	6-year notes (B)	Jan. 15, 2014		325		331			323
	5.80%	10-year notes (B)	June 1, 2016		250		254			249
	1.45%	5-year notes (B)	Dec. 15, 2016		300		305			-
	5.85%	10-year notes (B)	Nov. 15, 2017		250		254			249
	5.55%	10-year notes (B)	May 15, 2018		325		331			323
	6.80%	20-year notes (B)	July 15, 2018		200		203			199
	5.55%	10-year notes (B)	Mar. 1, 2019		550		559			547
	2.85%	10-year notes (B)	Dec. 15, 2021		400		407			-
	7.63%	30-year debentures	May 15, 2023		150		153			149
	6.90%	30-year notes (B)	July 15, 2028		475		483			472
	7.38%	30-year debentures (B)	Oct. 15, 2031		200		203			199
	6.25%	30-year notes (B)	Aug. 1, 2034		500		509			497
	6.20%	30-year notes (B)	June 1, 2036		450		458			448
	6.71%	Puttable Reset Securities PURS^SM(B)	July 15, 2036		250		254			249
	6.38%	30-year debentures (B)	Nov. 15, 2037		300		305			298

Illinois Central series:
	5.00%	99-year income debentures	Dec. 1, 2056		7		7			7
	7.70%	100-year debentures	Sep. 15, 2096		125		127			124

Total US dollar-denominated debentures and notes				$	5,457		5,550			5,129
BC Rail series:
	Non-interest bearing 90-year subordinated notes (C)		July 14, 2094				842			842
Total debentures and notes							6,392			5,971
Other:
	Commercial paper (G) (H)						82			-
	Capital lease obligations and other (D)						957			952
Total debt, gross							7,431			6,923
Less:
	Net unamortized discount						855			852
Total debt ⁽¹⁾ (E)							6,576			6,071

Less:
	Current portion of long-term debt (E)						135			540
Total long-term debt						$	6,441		$	5,531
(1)	See Note 18 - Financial Instruments, for the fair value of debt.				Footnotes to the tables follow on the next page

B. These debt securities are redeemable, in whole or in part, at the option of the Company, at any time, at the greater of par and a formula price based on interest rates prevailing at the time of redemption.

C. The Company records these notes as a discounted debt of $8 million, using an imputed interest rate of 5.75%. The discount of $834 million is included in the net unamortized discount.

D. During 2011, the Company recorded $87 million in assets it acquired through equipment leases ($132 million in 2010), for which an equivalent amount was recorded in debt.

Interest rates for capital lease obligations range from approximately 0.7% to 11.8% with maturity dates in the years 2012 through 2037. The imputed interest on these leases amounted to $299 million as at December 31, 2011 and $342 million as at December 31, 2010.

The capital lease obligations are secured by properties with a net carrying amount of $993 million as at December 31, 2011 and $1,036 million as at December 31, 2010.

E. Long-term debt maturities, including repurchase arrangements and capital lease repayments on debt outstanding as at December 31, 2011, for the next five years and thereafter, are as follows:

F. The aggregate amount of debt payable in US currency as at December 31, 2011 was US$6,295 million (C$6,402 million), including US$757 million relating to capital leases and other, and US$5,914 million (C$5,882 million), including US$757 million relating to capital leases and other, as at December 31, 2010.

G. In May 2011, the Company entered into a $800 million four-year revolving credit facility agreement with a consortium of lenders. The agreement allows for an increase in amount, up to a maximum of $500 million, as well as the option to extend the term by an additional year at each anniversary date, subject to the consent of individual lenders. The credit facility, containing customary terms and conditions, is available for general corporate purposes, including back-stopping the Company's commercial paper program, and provides for borrowings at various interest rates, including the Canadian prime rate, bankers' acceptance rates, the U.S. federal funds effective rate and the London Interbank Offer Rate, plus applicable margins. The credit facility agreement has one financial covenant, which limits debt as a percentage of total capitalization, and with which the Company is in compliance. This facility replaces the US$1 billion credit facility that was scheduled to expire in October 2011. As at December 31, 2011 and December 31, 2010, the Company had no outstanding borrowings under its revolving credit facility.

H. The Company has a commercial paper program, which is backed by its revolving credit facility, enabling it to issue commercial paper up to a maximum aggregate principal amount of $800 million, or the US dollar equivalent. As at December 31, 2011, the Company had borrowings of $82 million (US$81 million) of commercial paper (nil as at December 31, 2010) which were presented in Current portion of long-term debt on the Balance Sheet. The weighted-average interest rate on these borrowings was 0.20%.

I. In April 2011, the Company entered into a series of three-year bilateral letter of credit facility agreements with various banks to support its requirements to post letters of credit in the ordinary course of business. As at December 31, 2011, from a total committed amount of $520 million by the various banks, the Company had letters of credit drawn of $499 million ($436 million as at December 31, 2010, under its previous US$1 billion credit facility). Under these agreements, the Company has the option from time to time to pledge collateral in the form of cash or cash equivalents, for a minimum term of three months, equal to at least the face value of the letters of credit issued. As at December 31, 2011, cash and cash equivalents of $499 million were pledged as collateral and recorded as Restricted cash and cash equivalents.