31 October 2017 Railroads Canadian Rails F.•,oceeta atuirsitne Year End Dec 31 2016A 2017E 2018E 2119E 10 EPS 1.00 I.15A 1.17 - 20 EPS 1.11 I.33A 1.34 30 EPS 1.25 1.3IA 1.43 - 40 EPS 1.24 1.28 1.42 - FY EPS (CADI 4.60 5.07 5.34 5.90 OLD FY EPS (CA01 - - - % Change - - - - NE Is) 17.7 20.6 19.5 17.7 DPS (CADI 1.49 1.64 1.81 1.99 Dividend yield MI 1.8 I.6 1.7 1.9 Revenue (CAOrn) 12,037.0 13.066.8 13,417.6 14,171.0 Szere Danche eve ilslIMISM, OCIPlarie des Deutsche Bank Securities Inc Page 55 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064325 CONFIDENTIAL SDNY_GM_00210509 EFTA01371123