31 October 2017 Railroads Canadian Rails Model updated: 2$ & 4r 07 2017 Punning !Or numbing Nodh America Canada Railroads Canadian National Reuters: CNI.N Bloomberg: CNI US Sell Price (30 Oct 17) USD 81.21 Target Price USD 73.00 52 Week range USD 61.95 -83 85 Market cap (m) USDm 61.215 EURm 52.649 Cortg011Y Canadian National. hoollguarloord Sr Montreal. Canada. woo*a ma and rdermolal travoportabon worm gar a 20,06) wale netmarkaartneding as lour repo Fob in Canada (Prose Rupert Vanccovet. Helga & Montreal) M the Cad Mernco. In 2018, CNI gerravatol C5121an ot mama and S5 .38n lobe Poo) Pcif ow:tont* ea 80 70 60 so 40 I An'16 orr - Ceram Naha TIE ean••••••• Margin Trend." ea es eo 45 40 35 eas'e Is 16 17E ,, , EINTDAiktri • EMT 18E 19E thcorth L ProRtibrity 20 15 10 5 0 -5 10 I zoo - IIIIIIR wwwww 26 it. - Pr 25 5 25 245 wwwww „or l per 235 4 IS 16 17E 2.6E ISE 99 sod root OHM • Rea II•44 Solvency 125 100 - 75 - 50 - lea —IIIIIII—.—IIIIII j_.. IllirlIIIIII1 — I4 16 16 17E HIE 13 125 12 11 5 11 105 19E Fli • 4•01•• (WM 0 NA 'MIN carer CMS Siticlon Cbtko, CFA 41 212 250.5050 Sek101104154100) COM Page 70 Feat year end 31.Dec Finon.xtl SunVeary OE EPS (CAD) RapOrled EPS (CAD) 005 (CAD) GYPS (CAD) Val:ado Meflx Pnco/Salft (a) PIE (O€) PIE (Rollortad) fa) P/BV Cd FCF yeld (%) Darclend odd DI) EV/Ssen EVIEDITDA EVIEDIT Iti0fAm STAIncoent (CAD9) Sates EEG TOA EMT Pro.tax prdt No rococo Cala. FLOW (CAM r) Cash SOW horn operations No Cana Fro* cad) flow Eqaty rattozOtought bock) Owdends pad No inc/(d•C) 5•0 440414 Oewy 1/4•1444141•41e5 pall Saws Net cash lbw crepe sr, waking colder 8919900 Sheet (C-AD0) Dash and cash ocoralents Properly, plant 8 equipment GoodvAl Odor mats Tclal assets Oeht Other retain Total Stages Total sharattoklog WAY NO SDI Key Coinp9ny Alutm.3 Sales groper (%) DE EP5 growth (%) Payout ratio (%) EBITDA I