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31 October 2017 Railroads Canadian Rails u 26: I Celan: `Thi-iet Canadian National Railway (CNI) Annual Balance Sheet (C$ millions) 2012 2013 2014 2015 2016 2017E 2018E 2019E Assets ::14 Se 154 17E ns Current Assets: Cash and cash equivalents Restricted cash and cash equivalent 521 448 463 523 4% 496 496 496 Accounts receivable, net 831 815 928 878 875 950 975 1,030 Materials and supplies 230 274 335 355 363 394 405 427 Deferred income taxes 43 137 163 0 0 0 0 0 Other current assets 89 89 125 244 197 197 197 197 Total Current Assets 1,869 1,977 2,066 2,153 2,107 2,123 2,168 2.212 Total properties (gross) 34,722 36,806 39,709 44827 46467 48,867 51,5.51 54,385 Less accumulated depreciation (10.1811 110791 (11,195) (12,203) (12,412) (13,438) (14,176) (14,956) Net property and equipment 24.541 26,227 28,514 32,620 33,755 35,429 37.374 39.429 Intangible assets 0 0 0 0 0 0 0 0 Other assets 249 1,959 1,212 1,625 1,195 1,195 1,195 1,195 Total Assets 26,659 30,163 31,792 364402 37.057 38,747 0,737 42,836 Liabilities And Owner's Equity Current Liabilities Accounts payable and liabilities 1,626 1,477 1,657 1,556 1.519 1,649 1,693 1,788 Current portion of long term debt 577 1,021 544 1,442 1,489 1,189 1,189 1,189 Other 0 0 0 0 0 0 0 0 Total Current Liabilities 2.203 2,498 2,201 2,998 3,008 2,838 2,882 2.977 Long term Debt 6,323 6,819 7,865 8,985 9,448 10,398 10,898 11,398 Deferred income taxes 5,555 6,537 6,902 8,105 8,473 8,942 9,373 9,900 Other longterm liablities 1.560 1.356 1,354 1,364 1,287 1,287 1,287 1,287 Total Liabilities 15,641 17,210 15,322 21,452 22,216 23,465 24,441 25,562 Shareholders Equity 11,018 12,953 13,470 14,950 14,841 15,282 16,296 17,274 Total Liabilities And Equities 26,659 30,163 31,792 36,402 37.057 38.747 40.737 42,836

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