FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of March 2018

Commission File Number: 001-02413

Canadian National Railway Company

(Translation of registrant’s name into English)

935 de la Gauchetiere Street West

Montreal, Quebec

Canada H3B 2M9

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  o Form 40-F   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  o No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  o No   x

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes  o No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

CANADIAN NATIONAL RAILWAY COMPANY

Table of Contents

Items	Description
1	2018 Investor Fact Book Update

Item 1

 Innovating Everywhere, Every Day 2018 INVESTOR FACT BOOK UPDATE

Geikie, AB CONTENTS 22 Non-GAPP Measures document is expressed in Canadian dollars and determined on the basis of PICTURED ABOVE: La Tuque, QC Photo by CN employee Olivier Blackburn. COVER: Photo by CN employee Tim Stevens. FORWARD-LOOKING STATEMENTS: As used herein, the terms “CN”, the “Company”, “we”, “our”, and “us” refer to Canadian National Railway Company and, as the context requires, its wholly-owned subsidiaries. Certain statements included in the 2018 CN Investor Fact Book Update constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes”, “expects”, “anticipates”, “assumes”, “outlook”,“plans”, “targets”, or other similar words. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website (www.cn.ca/investors), for a description of major risk factors. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Overview 01 2017 Highlights 02 Our Business at a Glance 04 Financial and Operating Measures Markets 06 Market Overview 09 Petroleum and Chemicals 10 Metals and Minerals 11 Forest Products 12 Coal 13 Grain and Fertilizers 14 Intermodal 15 Automotive Financials 16 Quarterly Consolidated Statements of Income 17 Quarterly Consolidated Balance Sheets 18 Quarterly Consolidated Statements of Cash Flows 20 Quarterly Financial and Statistical Data 25 Shareholder and Investor Information Except where otherwise indicated, all financial information reflected in this United States generally accepted accounting principles (GAAP).

289% (Index: Closing price on January 29, 2010 = 100) 350 SHARE PRICE RETURN SINCE S&P 500 250 CN’s share price on the TSX (CNR) has 2011 2012 2012 2013 2014 2015 2016 2017 Scale (in billions $) 76.0 2ND LARGEST INDUSTRIAL COMPANY 54.7 54.4 54.1 53.7 52.0 38.9 36.9 2017 Highlights CREATING VALUE FOR OUR SHAREHOLDERS TOTAL REVENUES OPERATING RATIO FREE CASH FLOW1) $13.0B 57.4% $2.8B DIVIDENDS PER SHARE DILUTED EARNINGS PER SHARE ADJUSTED DILUTED EARNINGS PER SHARE1) $1.65 $7.24 $4.99 1) See pages 22-24 for an explanation of these non-GAAP measures. CN’S STOCK PERFORMANCE (2010 – 2017) 1) 400CNR (TSX) CNI (NYSE) JANUARY 20101)300TSX CAD/USD $ increased at a compound annual growth 200 rate (CAGR) of 19% since our initial public 150 offering (IPO) in 1995. 100 50 0 1) As at December 29, 2017Source: Bloomberg MARKET CAPITALIZATION 1) 82.977.3 IN CANADA CN is the second largest Canadian non-bank company by market capitalization and the fifth largest firm traded on the TSX. CN’s market capitalization has increased over 30 times the value of our IPO in 1995. EnbridgeCN SuncorCanadianBCEBrookfield TransCanada Manulife Thomson Alimentation EnergyNatural AssetFinancialReuters Couche-Tard ResourcesManagement 1) List of Canadian corporations traded on the TSX, excluding banks – on December 29, 2017Source: Bloomberg CN | 2018 Investor Fact Book Update01

Canada and Mid-America, connecting ports on three We offer fully integrated rail and other transportation Calgary Vancouver Overview Our Business at a Glance A GREAT AND DIVERSIFIED FRANCHISE Hay River CN is a leading North American transportation and Fort Nelson logistics company, and our 19,500-mile network spans Prince Rupert coasts. Our resource-rich, manufacturing-intensive Fort McMurray network, along with our co-production agreements, Prince George routing protocols, marketing alliances and interline agreements, provide connections to consumers across Edmonton North America. Kamloops Saskatoon services, including intermodal, trucking, freight forwarding, warehousing and distribution. Serving exporters, importers, retailers and manufacturers, we move raw materials, intermediate goods and finished products to market, fostering the prosperity of the LEGEND markets we serve. CN main lines Secondary and feeder lines Shortline partners Ports served by CN Balanced and diverse portfolio Broad geographic exposure p 17% Grain and Fertilizers p 14% Forest Products p 6% Automotive p 6% Other Revenues 02CN | 2018 Investor Fact Book Update 2017 REVENUES BY COMMODIT Y GROUP (% of total revenues) p 24% Intermodal p 17% Petroleum and Chemicals p 12% Metals and Minerals p 4% Coal 2017 REVENUES BY GEOGRAPHIC FLOW (% of freight revenues) p 34% Overseas p 33% Transborder p 17% Canadian Domestic p 16% U.S. Domestic

Matane Duluth Chippewa FallsPoint Arcadia Bay du Lac Conneaut Toledo Omaha East Peoria Griffith Gulfport A true backbone of the economy1) ROUTE MILESCARLOADS 19,5005.7M VALUE OF GOODS HANDLEDCAPITAL INVESTMENTS $250B+ $2.7B ASSETS EMPLOYEES (as at December 31) $37.6B 23,945 1) 2017 figures Sept-Îles Baie-Comeau Regina Winnipeg Hearst Moncton Thunder BayQuebec Saint John Montreal Halifax Sault Ste. Marie Stevens Minneapolis/St. Paul Green Toronto Fond Sarnia Buffalo Detroit Sioux City Joliet Chicago Pittsburgh Springfield DecaturIndianapolis East St. Louis AND AROUND Memphis Jackson Mobile Baton Rouge New Orleans CN | 2018 Investor Fact Book Update03 Waukegan Leithton FASTEST RAIL ILLINOIS ROUTE IN CHICAGO Munger West Chicago Chicago South Chicago ChicagoMarkam Gary Outer BeltMatteson (CN)Joliet Chicago Heights Goose Lake INDIANA

 Overview Financial and Operating Measures Financial measures 20132014201520162017 1) See pages 22-24 for an explanation and reconciliation of these non-GAAP measures. 2017 VS. 2013 CAGR +5% +9% +24%2) -600bps* 12,13412,0375,266 5,312Earnings Per 2) In 2017, includes a deferred income tax recovery resulting from the enactment of a lower U.S. federal corporate income tax rate due to the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”). 04CN | 2018 Investor Fact Book Update TOTAL REVENUESOPERATING INCOME DILUTED EARNINGS PER SHARE2) OPERATING RATIO ($ millions)($ millions)($)(%) 12,61113,0415,558Adjusted Diluted 7.2463.4 57.4 4.39 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 * variance between 2017 and 2013 61.9 58.2 55.9 Share1) 4.67 3.85 3.09 4,624 3,873 10,575 KEY FINANCIAL PERFORMANCE INDICATORS Total revenues ($ millions) Rail freight revenues ($ millions) Operating income ($ millions) Net income ($ millions) Adjusted net income ($ millions) 1) Diluted earnings per share ($) Adjusted diluted earnings per share ($) 1) Free cash flow ($ millions) 1) Gross property additions ($ millions) Share repurchases ($ millions) Dividends per share ($) 10,57512,13412,61112,037 13,041 9,95111,45511,90511,326 12,293 3,8734,6245,2665,312 5,558 2,6123,1673,5383,640 5,484 2,5823,0953,5803,581 3,778 3.093.854.394.67 7.24 3.063.764.444.59 4.99 1,6232,2202,3732,520 2,778 2,0172,2972,7062,752 2,703 1,4001,5051,7502,000 2,000 0.861.001.251.50 1.65 FINANCIAL POSITION Total assets ($ millions) Total liabilities ($ millions) Shareholders’ equity ($ millions) 29,98831,68736,40237,057 37,629 17,03518,21721,45222,216 20,973 12,95313,47014,95014,841 16,656 FINANCIAL RATIOS Operating ratio (%) Adjusted debt-to-adjusted EBITDA multiple (times) 1) 63.461.958.255.9 57.4 1.721.571.711.75 1.65

 Operating measures 3) 20132014201520162017 3) Statistical operating data, key operating measures and rolling stock information are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of these indicators are provided on our website, www.cn.ca/glossary. 2017 VS. 2013 CAGR +4% +3% +5% +1% 448.8 442.19,31448224 CN | 2018 Investor Fact Book Update05 GROSS TON MILES (GTMs) TRAIN PRODUCTIVITY YARD PRODUCTIVITY CAR VELOCITY (billions)(GTMs per train mile)(cars per yard switching hour)(car miles per day) 469.29,4245151236 423.4 8,438 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 8,625 8,739 4244 211 205 199 401.4 STATISTICAL OPERATING DATA Gross ton miles (GTMs) (billions) Revenue ton miles (RTMs) (billions) Carloads (thousands) Route miles (includes Canada and the U.S.) Employees (end of year) Employees (average for the year) 401.4448.8442.1423.4 469.2 210.1232.1224.7214.3 237.1 5,1905,6255,4855,205 5,737 20,00019,60019,60019,600 19,500 23,72125,28823,06622,249 23,945 23,70524,52524,40622,322 23,074 KEY OPERATING MEASURES Rail freight revenue per RTM (cents) Rail freight revenue per carload ($) GTMs per average number of employees (thousands) Operating expenses per GTM (cents) Labor and fringe benefits expense per GTM (cents) Diesel fuel consumed (US gallons in millions) Average fuel price ($/US gallon) GTMs per US gallon of fuel consumed 4.744.935.305.28 5.18 1,9172,0362,1702,176 2,143 16,93318,29818,11418,969 20,335 1.671.671.661.59 1.59 0.540.520.540.50 0.47 403.7440.5425.0398.9 441.4 3.553.722.682.34 2.74 9941,0191,0401,061 1,063 OPERATING METRICS Car velocity (car miles per day) Yard productivity (cars per yard switching hour) Locomotive utilization (Trailing GTMs per total horsepower) Train productivity (GTMs per train mile) AAR Terminal dwell time (entire railroad, hours) AAR Train velocity (miles per hour) 205199224236 211 42444851 51 205212219230 225 8,4388,6258,7399,314 9,424 15.816.915.014.0 16.2 26.625.726.327.3 25.3 CN ROLLING STOCK Diesel locomotives (end of year) Freight cars (end of year) 2,0292,0872,1802,268 2,285 67,10368,43263,91363,442 65,019

6% INTERMODAL COAL MINERALS $13B GRAIN AND 17% 06CN | 2018 Investor Fact Book Update Business unit revenue mix 2017 REVENUES BY COMMODIT Y (% of total revenues) 6% 4% OTHER REVENUES 24% AUTOMOTIVE 12% METALS AND TOTAL REVENUES 14% 17% FOREST FERTILIZERS PRODUCTS PETROLEUM AND CHEMICALS

(Index 2010 = 100) 140 CN KSU 130 120 UNP 110 Market Overview CREATING VALUE FOR OUR CUSTOMERS CN’s freight revenues are derived from seven commodity groups representing a balanced and diversified portfolio of goods. This product diversity positions CN to better weather economic fluctuations and enhances our potential for growth opportunities. CN’s business model is based on continuous improvement and a supply chain mindset that allows us to view service the same way our customers do. This unique approach builds on our foundational strengths and fosters collaboration in every market. For example, CN has service level agreements with all our port terminal operators that focus on improving port dwell times. These agreements are one way to ensure loaded containers move quickly to their end destination. Many of our business segments, like Coal, Grain, Iron Ore and Auto Parts, are fully integrated into every step of their respective supply chains, from true origin to ultimate destination. All of our business units endeavour to work closely with their customers to understand their market cycles, anticipate future demand and ensure alignment to penetrate new markets and increase efficiency. Delivering on our growth agenda CN VOLUME PERFORMANCE RELATIVE TO INDUSTRY PEERS (RTMs) +32% CPINCREASE IN RTMs SINCE 2010 NSCCN’s objective is to grow our business faster CSXthan the overall North American economy. CN has demonstrated a strong track record of growth, outpacing the economy and our railroad industry peers. 100 90 80 20102011201220132014201520162017 CN | 2018 Investor Fact Book Update07

12,134 12,037 5,190 5,205 214.3 Markets Business Unit Performance RevenuesCarloads $ millionsthousands % % 20132014201520162017 Change1)20132014201520162017 Change1) RTMsAverage length of haul millionsmiles % % 20132014201520162017 Change1)20132014201520162017 Change1) 1) % change from 2016 to 2017. 224.7 855 p Grain and Fertilizersp Forest Productsp Automotive p Other 08CN | 2018 Investor Fact Book Update REVENUES CARLOADS RTMs AVERAGE LENGTH OF HAUL ($ millions)(thousands)(billions)(miles) 12,61113,0415,625 5,4855,737232.1237.11,848 10,575 802840 819 905 339 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172017 p Intermodal p Petroleum and Chemicalsp Metals and Mineralsp CoalAverage 435 210.1 Petroleum and Chemicals Metals and Minerals Forest Products Coal Grain and Fertilizers Intermodal Automotive 44,634 53,169 51,103 43,395 44,375 2% 825907897821 819 0% 21,342 24,686 21,828 20,233 27,938 38% 257291307313 339 8% 29,630 29,070 30,097 31,401 30,510 (3%) 784798810836 840 0% 22,315 21,147 15,956 11,032 14,539 32% 471354317292 435 49% 43,180 51,326 50,001 51,485 56,123 9% 764808831865 905 5% 46,291 49,581 52,144 53,056 59,356 12% 1,8021,7771,8221,841 1,848 0% 2,7413,1593,5813,725 4,257 14% 642712766730 802 10% 210,133 232,138 224,710 214,327 237,098 11% 681692727749 775 3% Petroleum and Chemicals Metals and Minerals Forest Products Coal Grain and Fertilizers Intermodal Automotive 1,9522,3542,4422,174 2,208 2% 611655640599 614 3% 1,2401,4841,4371,218 1,523 25% 1,0481,063886807 995 23% 1,4241,5231,7281,797 1,788 (1%) 446433441440 424 (4%) 713740612434 535 23% 416519438333 303 (9%) 1,6381,9862,0712,098 2,214 6% 572640607602 619 3% 2,4292,7482,8962,846 3,200 12% 1,8752,0862,2322,163 2,514 16% 555620719759 825 9% 222229241261 268 3% Total rail freight Other 9,951 11,455 11,905 11,326 12,293 9% 5,1905,6255,4855,205 5,737 10% 624679706711 748 5% Total 10,575 12,134 12,611 12,037 13,041 8%

p p 4% Sulfur Petroleum and Chemicals p 36% Refined Petroleum Products 15% Crude and Condensate • North American oil and gas production CHEMICALS AND PLASTICS• Investment by supply chain partners 611599 614 CN | 2018 Investor Fact Book Update09 Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 45% Chemicals and Plastics$2,208M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • CN is the only rail carrier servicingPETROLEUM PRODUCTS • North American industrial production three major petrochemical centers• Propane, butane, crude oil, in North America: the Alberta gasoline, diesel, fuel oil, lubricants, Heartland, the U.S. Gulf Coast and asphalt, condensate• Chemicals and plastics feedstock prices Southwestern Ontario • CN handles over 50% of all Canadian• Polyethylene, caustic soda, sulfuric chemicals production acid, pulp mill chemicals • Petroleum and chemicals shipmentsSULFUR move in customer-supplied private cars• Molten and dry sulfur Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 2,354 2,442655 64053.2 51.1907 897 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +3.1% +0.1% - 0.1% - 0.2% 825 821 819 44.6 43.4 44.4 2,174 2,208 1,952

p p Markets Metals and Minerals p 29% Metals 23% Minerals 16% Iron Ore • Government spending on • Energy development projects 995 10CN | 2018 Investor Fact Book Update Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 32% Energy Materials$1,523M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • CN serves 10 aluminum smelters,METALS AND MINERALS • Manufacturing production more than any other railroad in • Steel, non-ferrous ores and (e.g., automobiles, railcars, North Americabase metals, construction materials,heavy equipment, aerospace) • CN is the top mover of aluminum, machinery and large loads• Non-residential construction activity iron ore and base metal ore in ENERGY MATERIALS North America• Frac sand and pipe infrastructure projects IRON ORE • World demand for ores and metals Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 1,484 1,4371,5231,048 1,063 27.9339 291 20.2 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +5.3% -1. 3% +7. 0% +7. 2% 1,240 1,218 307 313 257 24.7 21.3 21.8 886 807

p p Forest Products p 30% Pulp 17% Paper 12% Panels 11,000 premium carspaper, logs, wood chips,tissue and packaging 29.1 30.1784 798 810 CN | 2018 Investor Fact Book Update11 Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 41% Lumber $1,788M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • Largest rail carrier of forest productsLUMBER & PANELSLUMBER & PANELS in North America• Lumber, oriented strand board • Residential construction and • Over 10% of total CN revenue tied panels, plywood and siding remodeling activity to housing market PULP & PAPER PULP & PAPER • Centrebeam fleet consists of over• Wood pulp, newsprint, printing • Global consumption of paper, wood pellets, clay Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 1,728 1,797 1,788446 433 441 440 42429.631.4 30.5836 840 1,424 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +5.9% -1. 3% +0.8% +1.7% 1,523

p 26% Petroleum Coke Markets Coal p 27% U.S. Coal – Export p 19% U.S. Coal – Domestic • Weather • Environmental regulations • Global supply/demand conditions 471 12CN | 2018 Investor Fact Book Update Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 28% Canadian Coal – Export$535M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • Canadian coal consists of both • Thermal grades of bituminous coal• Price of natural gas thermal and metallurgical coaland metallurgical coal • U.S. coal is 100% thermal coal• Petroleum coke • Overall, coal represents 4% of CN revenues Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 713 74051922.3 21.1 303 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR -6.9% -7. 6% -10.2% -2.0% 435 354 317 292 16.0 14.5 11.0 416 438 333 612 535 434

p p Grain and Fertilizers p 14% Canadian Grain – Commercial 20% U.S. Grain – Domestic 5% U.S. Grain – Exports p 10% Fertilizers – Other concentrated in Illinois, Iowa, and soybean productsof individual crops, international the Mississippi River in the U.S.phosphate fertilizers • Input prices, demand, government 2,071 2,098607 602 619831 865 764 CN | 2018 Investor Fact Book Update13 Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 39% Canadian Grain – Regulated $2,214M p 12% Fertilizers – Potash2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • Regulated Canadian grain accountsGRAIN GRAIN for roughly over 6% of CN’s • Wheat, oats, barley, peas, corn,• Weather conditions, seeded and total revenueethanol, dried distillers grain, canolaharvested acreage, mix of grain • CN’s U.S. grain franchise isseed and canola products, soybeanscrops and crop yield, size and quality Michigan and WisconsinFERTILIZER market conditions • CN competes directly with barges on • Potash, ammonia nitrate, urea,FERTILIZER policies, international competition Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 2,21464056.1905 50.0 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +7. 8% +2.0% +6.8% +4.3% 1,986 1,638 808 51.351.5 43.2 572

 Markets Intermodal p 34% Domestic • North American industrial trucking and logistics clients 1,802 1,777 1,822 1,841 1,848 46.3 14CN | 2018 Investor Fact Book Update Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 66% International$3,200M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • CNTL is one of Canada’s largestINTERNATIONAL • North American economy and trucking companies• Import and export containerized consumer spending • CargoCool® has one of Canada’straffic • Global trade patterns largest reefer fleets DOMESTIC • Only railroad provider of Mobile • Consumer products for large retailersproduction Transport Trays (MTT)• Raw materials, manufactured goods • Dedicated customer service deskand consumer products for wholesale Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 3,2002,51459.4 2,7482,0862,163 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +7.1% +7. 6% +6.4% +0.6% 53.1 49.6 52.1 2,232 1,875 2,896 2,846 2,429

229 222 Automotive p 6% Auto Parts • Auto parts 730 CN | 2018 Investor Fact Book Update15 Business unit overview 2017 COMMODIT Y BREAKDOWN (% of revenues) p 94% Finished Vehicles$825M 2017 REVENUES KEY FACTSCOMMODITIESMARKET DRIVERS • Over 2.4 million finished vehicles• Finished vehicles• Automotive production and sales handled annually in North America • 18 automotive compound facilities • Consumer confidence and • Serving 13 North American vehicledisposable income assembly plants• Average age of vehicles in • 5,700 multi-level railcars in CN’s fleet North America • Price of fuel Metrics REVENUESCARLOADSRTMs AVERAGE LENGTH ($ millions)(thousands)(billions)OF HAUL (miles) 825261 2684.3766802 719 2013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 20172013 2014 2015 2016 2017 2017 vs. 2013 CAGR +10.4% +4.8% +12.3% +5.7% 712 642 3.6 3.7 3.2 2.7 241 759 620 555

 Financials Quarterly Consolidated Statements of Income Unaudited ($ millions, unless otherwise indicated) 20162017 Q1Q2Q3Q4YearQ1Q2Q3Q4Year 16CN | 2018 Investor Fact Book Update REVENUES OPERATING EXPENSES Labor and fringe benefits Purchased services and material Fuel Depreciation and amortization Equipment rents Casualty and other 2,9642,8423,0143,21712,037 5904694955652,119 3,2063,3293,2213,28513,041 5805275255892,221 4083773794281,592 4404324244731,769 2352432613121,051 3423293123791,362 3072963123101,225 3233263163161,281 95929296375 101103107107418 1127268111363 11711778120432 Total operating expenses1,747 1,549 1,607 1,822 6,725 1,903 1,834 1,762 1,984 7,483 Operating income1,217 1,293 1,407 1,395 5,312 1,303 1,495 1,459 1,301 5,558 Interest expense Other income (loss) (123)(116)(118)(123)(480) (122)(123)(119)(117)(481) 5(1)–9195 215412 Income before income taxes1,099 1,176 1,289 1,363 4,927 1,183 1,373 1,345 1,188 5,089 Income tax recovery (expense)(307)(318)(317)(345)(1,287) (299)(342)(387)1,423395 Net income792 858 972 1,018 3,640 884 1,031 958 2,611 5,484 Operating ratio58.9% 54.5% 53.3% 56.6% 55.9% 59.4% 55.1% 54.7% 60.4% 57.4% EARNINGS PER SHARE ($) Basic1.011.101.261.334.69 1.161.361.283.507.28 Diluted1.001.101.251.324.67 1.161.361.273.487.24 WEIGHTED AVERAGE NUMBER OF SHARES (millions) Basic786.1778.9772.3766.7776.0 761.3756.1751.1746.2753.6 Diluted789.0782.0775.7770.1779.2 764.5759.7755.0750.0757.3 Dividends declared per share ($)0.37500.37500.37500.37501.5000 0.41250.41250.41250.41251.6500

 Quarterly Consolidated Balance Sheets Unaudited ($ millions) 20162017 Q1Q2Q3Q4Q1Q2Q3Q4 CN | 2018 Investor Fact Book Update17 ASSETS Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable Material and supplies Other current assets 188160215176 26513110970 522510500496 459461482483 861799863875 903899973984 432451405363 412453422424 237202186197 270213137229 Total current assets2,240 2,122 2,169 2,107 2,309 2,157 2,123 2,190 Properties Pension asset Intangible and other assets 31,81332,12032,95933,755 33,68633,65633,46034,189 1,4501,5591,651907 1,0611,1601,260994 300293289288 274272261256 Total assets35,803 36,094 37,068 37,057 37,330 37,245 37,104 37,629 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and other Current portion of long-term debt 1,5711,4881,6211,519 1,6431,7331,7531,903 9871,2386711,489 1,5631,8151,7232,080 Total current liabilities 2,558 2,726 2,292 3,008 3,206 3,548 3,476 3,983 Deferred income taxes Other liabilities and deferred credits Pension and other postretirement benefits Long-term debt SHAREHOLDERS’ EQUITY Common shares Common shares in Share Trusts Additional paid-in capital Accumulated other comprehensive loss Retained earnings 8,0298,1668,3748,473 8,5868,6308,6066,953 597602575593 605589568590 704703691694 690685678699 9,1419,08410,0229,448 9,3618,7428,6918,748 3,7313,7223,7343,730 3,7953,7853,7763,780 (77)(77)(77)(137) (113)(113)(113)(168) 396365358364 209222228242 (1,925)(1,913)(1,831)(2,358) (2,357)(2,416)(2,522)(2,784) 12,64912,71612,93013,242 13,34813,57313,71615,586 Total shareholders’ equity14,77414,81315,11414,841 14,88215,05115,08516,656 Total liabilities and shareholders’ equity 35,803 36,094 37,068 37,057 37,330 37,245 37,104 37,629

 Financials Quarterly Consolidated Statements of Cash Flows Unaudited ($ millions) 20162017 Q1Q2Q3Q4YearQ1Q2Q3Q4Year 18CN | 2018 Investor Fact Book Update OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain on disposal of property Changes in operating assets and liabilities: Accounts receivable Material and supplies Accounts payable and other Other current assets Pensions and other, net 7928589721,0183,640 8841,0319582,6115,484 3072963123101,225 3233263163161,281 155171138240704 145134129(1,603)(1,195) –––(76)(76) ––––– (27)66(47)5(3) (31)(6)(91)3(125) (86)(6)4644(2) (50)(44)26(2)(70) (8)(73)106(76)(51) 13910259118418 (6)2423(20)21 (71)448(61)(80) (62)(65)(62)(67)(256) (83)(42)(39)(33)(197) Net cash provided by operating activities1,065 1,271 1,488 1,378 5,202 1,256 1,505 1,406 1,349 5,516 INVESTING ACTIVITIES Property additions Disposal of property Other, net (469)(670)(890)(666)(2,695) (396)(675)(724)(878)(2,673) –––8585 ––––– (12)(16)(24)(20)(72) (12)(19)(20)(14)(65) Net cash used in investing activities(481) (686) (914) (601) (2,682) (408) (694) (744) (892) (2,738)

 Unaudited ($ millions) 20162017 Q1Q2Q3Q4YearQ1Q2Q3Q4Year CN | 2018 Investor Fact Book Update19 FINANCING ACTIVITIES Issuance of debt Repayment of debt Net issuance (repayment) of commercial paper Settlement of foreign exchange forward contracts on long-term debt Issuance of common shares for stock options exercised Withholding taxes remitted on the net settlement of equity settled awards Repurchase of common shares Purchase of common shares for settlement of equity settled awards Purchase of common shares by Share Trusts Dividends paid 677–832–1,509 ––493423916 (111)(387)(18)(439)(955) (10)(29)(25)(777)(841) (300)622(586)401137 89(112)(260)662379 (1)(23)9(6)(21) (3)7(34)15(15) 114311561 1313122058 (25)(11)(4)(4)(44) (52)–(3)(2)(57) (512)(532)(502)(446)(1,992) (499)(505)(539)(473)(2,016) –(10)(4)(1)(15) (19)(1)(2)(3)(25) –––(60)(60) –––(55)(55) (293)(291)(288)(287)(1,159) (313)(310)(309)(307)(1,239) Net cash used in financing activities(554) (628) (530) (827) (2,539) (794) (937) (667) (497) (2,895) Effect of foreign exchange fluctuations on US dollar-denominated cash, cash equivalents, restricted cash, and restricted cash equivalents431715 (2)(6)42(2) Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 34 (40) 45 (43) (4) 52 (132) (1) (38) (119) 676710670715676 672724592591672 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 710 670 715 672 672 724 592 591 553 553 Cash and cash equivalents, end of period Restricted cash and cash equivalents, end of period 188160215176176 2651311097070 522510500496496 459461482483483 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 710 670 715 672 672 724 592 591 553 553 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid(117)(119)(121)(113)(470) (134)(110)(129)(104)(477) Income taxes paid(236)(162)(168)(87)(653) (164)(169)(165)(214)(712)

 Financials Quarterly Financial and Statistical Data Unaudited 20162017 Q1Q2Q3Q4YearQ1Q2Q3Q4Year 20CN | 2018 Investor Fact Book Update REVENUES ($ millions) Petroleum and chemicals Metals and minerals Forest products Coal Grain and fertilizers Intermodal Automotive 5784925325722,174 5845495325432,208 3102923033131,218 3613893963771,523 4624394494471,797 4474644404371,788 9395110136434 129126135145535 5224324976472,098 6075304925852,214 6936977367202,846 7428158278163,200 187199186187759 205238194188825 Total rail freight revenues Other revenues 2,845 2,646 2,813 3,022 11,326 3,075 3,111 3,016 3,091 12,293 119196201195711 131218205194748 Total revenues 2,964 2,842 3,014 3,217 12,037 3,206 3,329 3,221 3,285 13,041 STATISTICAL OPERATING DATA Gross ton miles (GTMs) (millions) Revenue ton miles (RTMs) (millions) Carloads (thousands) Route miles (includes Canada and the U.S.) Employees (end of period) Employees (average for the period) 103,46899,999 105,535 114,424 423,426 116,235 117,195 118,171 117,599 469,200 52,25649,71753,44858,906 214,327 59,77658,78959,05659,477 237,098 1,2551,2491,3321,3695,205 1,3681,4241,4841,4615,737 19,60019,60019,60019,60019,600 19,60019,50019,50019,50019,500 22,63622,16222,16622,24922,249 22,54923,08923,42823,94523,945 22,69422,23022,13422,23122,322 22,39622,85823,18323,85923,074

 Unaudited 20162017 Q1Q2Q3Q4YearQ1Q2Q3Q4Year 1) Based on Federal Railroad Administration (FRA) reporting criteria. Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. As such, certain of the comparative data have been restated. Definitions of these indicators are provided on our website, www.cn.ca/glossary. CN | 2018 Investor Fact Book Update21 KEY OPERATING MEASURES Rail freight revenue per RTM (cents) Rail freight revenue per carload ($) GTMs per average number of employees (thousands) Operating expenses per GTM (cents) Labor and fringe benefits expense per GTM (cents) Diesel fuel consumed (US gallons in millions) Average fuel price ($/US gallon) GTMs per US gallon of fuel consumed 5.445.325.265.135.28 5.145.295.115.205.18 2,2672,1182,1122,2072,176 2,2482,1852,0322,1162,143 4,5594,4984,7685,14718,969 5,1905,1275,0974,92920,335 1.691.551.521.591.59 1.641.561.491.691.59 0.570.470.470.490.50 0.500.450.440.500.47 103.793.694.3107.3398.9 113.2108.9107.1112.2441.4 2.072.302.432.582.34 2.762.652.562.982.74 9981,0681,1191,0661,061 1,0271,0761,1031,0481,063 SAFETY INDICATORS1) Injury frequency rate (per 200,000 person hours) Accident rate (per million train miles) 1.661.481.911.751.70 1.891.541.722.161.83 1.111.571.311.711.42 1.541.612.032.181.83

management believes are not reflective per share, as reported for the periods net income and adjusted earnings per to set performance goals and as a means measures presented herein: that can facilitate period-to-period exclusion of items in adjusted net income that do not necessarily arise as part of not, however, imply that these items are distort the analysis of trends in business Financials Non-GAAP Measures This document makes reference to non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. From management’s perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company’s results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Adjusted performance measuresmeasures, which exclude certain incomeThe following table provides a Management believes that adjustedand expense items in its results that reconciliation of net income and earnings share are useful measures of performanceof CN’s underlying business operations,specified, to the adjusted performance comparisons, as they exclude itemsto measure CN’s performance. The CN’s day-to-day operations and couldand adjusted earnings per share does performance. Management uses thesenecessarily non-recurring. Unaudited ($ millions, except per share data) Year ended December 3120132014201520162017 For the year ended December 31, 2013, passenger agreements, of $40 million, The adjusted figures also exclude a the Company reported adjusted net or $36 million after-tax ($0.04 persecond quarter income tax expense of income of $2,582 million, or $3.06 perdiluted share) and a second quarter$5 million ($0.01 per diluted share) and diluted share. The adjusted figures for gain on exchange of perpetual railroada third quarter income tax expense of the year ended December 31, 2013 operating easements including the $19 million ($0.02 per diluted share), both exclude a first quarter gain on disposal of track and roadway assets on specificresulting from the enactment of higher a segment of the Oakville subdivision,rail lines, of $29 million, or $18 million provincial corporate income tax rates. together with the rail fixtures and certainafter-tax ($0.02 per diluted share). 22CN | 2018 Investor Fact Book Update Net income as reported Adjustments: Other income Income tax expense (recovery) 2,612 3,167 3,538 3,640 5,484 (69)(80)–(76) – 3984217 (1,706) Adjusted net income2,582 3,095 3,580 3,581 3,778 Basic earnings per share as reported Impact of adjustments, per share 3.10 3.86 4.42 4.69 7.28 (0.03)(0.09)0.05(0.08) (2.26) Adjusted basic earnings per share3.07 3.77 4.47 4.61 5.02 Diluted earnings per share as reported Impact of adjustments, per share 3.09 3.85 4.39 4.67 7.24 (0.03)(0.09)0.05(0.08) (2.25) Adjusted diluted earnings per share3.06 3.76 4.44 4.59 4.99

first quarter. corporate income tax rate; and the Company reported adjusted net • in the fourth quarter, a deferred of a higher provincial corporate income ($2.33 per diluted share) resulting between net cash provided by operating operating activities, as reported for the flow is a useful measure of liquidity as it activities; adjusted for the impact of major generate cash for debt obligations and for For the year ended December 31, 2014, Central Station, together with the rail• in the third quarter, a deferred the Company reported adjusted net fixtures, of $76 million, or $66 million income tax expense of $31 million income of $3,095 million, or $3.76 perafter-tax ($0.09 per diluted share) in the ($0.04 per diluted share) resulting diluted share, which excludes a gainfourth quarter, and a deferred income taxfrom the enactment of a higher state on disposal of the Deux-Montagnesexpense of $7 million ($0.01 per diluted corporate income tax rate; subdivision, including the Mont-Royalshare) in the second quarter, resulting• in the second quarter, a deferred tunnel, together with the rail fixtures,from the enactment of a higher provincialincome tax recovery of $18 million of $80 million, or $72 million after-tax corporate income tax rate.($0.02 per diluted share) resulting from ($0.09 per diluted share) in the For the year ended December 31, 2017, the enactment of a lower provincial For the year ended December 31, 2015, income of $3,778 million, or $4.99 • in the first quarter, a deferred the Company reported adjusted net per diluted share, which excludes aincome tax recovery of $5 million income of $3,580 million, or $4.44 pernet deferred income tax recovery of ($0.01 per diluted share) resulting diluted share, which excludes a deferred$1,706 million ($2.25 per diluted share)from the enactment of a lower income tax expense of $42 million consisting of the following: provincial corporate income tax rate. ($0.05 per diluted share) in the second quarter, resulting from the enactmentincome tax recovery of $1,764 million tax rate.from the enactment of the U.S. For the year ended December 31, 2016, Tax Reform and a deferred income the Company reported adjusted net tax expense of $50 million ($0.07 income of $3,581 million, or $4.59 perper diluted share) resulting from diluted share, which excludes a gain on the enactment of higher provincial disposal of track leading into Montreal’scorporate income tax rates; Free cash flow opportunities. The Company defines itsThe following table provides a Management believes that free cashfree cash flow measure as the differencereconciliation of net cash provided by demonstrates the Company’s ability to activities and net cash used in investingperiods specified, to free cash flow: discretionary uses such as payment of acquisitions, if any. dividends, share repurchases, and strategic Unaudited ($ millions) Year ended December 3120132014201520162017 CN | 2018 Investor Fact Book Update23 Net cash provided by operating activities Net cash used in investing activities 3,548 4,381 5,140 5,202 5,516 (1,925)(2,161)(2,767)(2,682) (2,738) Free cash flow 1,623 2,220 2,373 2,520 2,778

the adjusted debt-to-adjusted EBITDA below, which have been used to adjusted debt-to-adjusted earnings adjusted EBITDA. EBITDA multiple: depreciation and amortization (EBITDA) DESIGN: CAPSULE CREATIVE WWW.CAPSULECREATIVE.CA Financials Non-GAAP Measures (cont.) Adjusted debt-to-adjusted because it reflects the Company’s abilityThe following table provides a EBITDA multiple to service its debt and other long term reconciliation of debt and net income Management believes that the obligations. The Company calculatesto the adjusted measures presented before interest, income taxes,multiple as adjusted debt divided bycalculate the adjusted debt-to-adjusted multiple is a useful credit measure Unaudited ($ millions, unless otherwise indicated) As at and for the year ended December 3120132014201520162017 1) The operating lease commitments have been discounted using the Company’s implicit interest rate for each of the periods presented. 24CN | 2018 Investor Fact Book Update Debt Adjustment: Present value of operating lease commitments 1) 7,802 8,372 10,427 10,937 10,828 570607607533 478 Adjusted debt 8,372 8,979 11,034 11,470 11,306 Net income Interest expense Income tax expense (recovery) Depreciation and amortization 2,612 3,167 3,538 3,640 5,484 357371439480 481 9771,1931,3361,287 (395) 9801,0501,1581,225 1,281 EBITDA Adjustments: Other income Deemed interest on operating leases 4,926 5,781 6,471 6,632 6,851 (73)(107)(47)(95) (12) 28282924 22 Adjusted EBITDA Adjusted debt-to-adjusted EBITDA multiple (times) 4,881 5,702 6,453 6,561 6,861 1.72 1.57 1.71 1.75 1.65

Co-transfer agent Fax: 514-399-5985 Shareholder and Investor Information Transfer agent and registrar Investor relations Computershare Paul Butcher Trust Company of Canada Vice-President, Investor Relations Offices in:Telephone: 514-399-0052 Montreal, QC; Toronto, ON; Fax: 514-399-5985 Calgary, AB; Vancouver, BCEmail: investor.relations@cn.ca Telephone: 1-800-564-6253 Tony Yee www.investorcentre.com/service Senior Manager, Investor Relations Telephone: 514-399-4654 and co-registrarEmail: investor.relations@cn.ca Computershare Trust Company, N.A. Attn: Stock Transfer Department Mailing address Overnight mail delivery: CN Investor Relations 250 Royall Street 935 de La Gauchetière St. W., 16th Floor Canton, MA 02021 Montreal, QC H3B 2M9 Regular mail delivery: www.cn.ca/en/investors P.O. Box 43078 Providence, RI 02940-3078 Telephone: 303-262-0600 or 1-800-962-4284 Shareholder services Shareholders with questions concerning their shares should contact: Computershare Trust Company of Canada Shareholder Services 100 University Avenue, 8th Floor Toronto, ON M5J 2Y1 Telephone: 1-800-564-6253 www.computershare.com For the most up-to-date information, including financial results, regulatory filings, annual reports, company presentations, weekly performance metrics, and webcasts and events, please visit: w w w.cn.ca /investors CN | 2018 Investor Fact Book Update25

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Canadian National Railway Company
Date:March 22, 2018	By:	/s/ Cristina Circelli
		Name:	Cristina Circelli
		Title:	Deputy Corporate Secretary and General Counsel