EFTA01371119

31 October 2017 Railroads Canadian Rails Historically the company has paid a steady dividend which has increased at 10% CAGR over the past ten years. Figure 96: CE has increased cash returned to shareholders in recent years 3,000 -0 2,500 ..o 2,000 .c —1,500 C 1,000 CC CLE .c 500 0 1i lid 78.7% 200% 180% 160% 140% 120%—z 100906 80% 78.5% 82.2% 60% 40% 20% 0% 1.'0111 to lO,s0Iftievie ie","§"." Repurchase of common stock Sans OnAlgiso ea* Co/MEIEW Mori Dividends paid of NI Management Overview Keith Creel - President & CEO Keith joined CP in 2013 as the Chief Operating Officer and was appointed to CEO and President of CP in January 2017 after the departure of Hunter Harrison • Previously, Keith served as Executive Vice President and COO of Canadian National after joining the company in 1999 through the company's merger with Illinois Central Railroad Keith began his career in railroading in 1992 at 8NSF as an intermodal ramp manager Nadeem Velani - Vice President & CFO • Nadeem was appointed Vice President and CFO in October, 2016 after serving as Vice-President Investor Relations for a little over three years • Roughly 18 years of railroading experience Robert Johnson - Executive Vice President, Operations • Served in current role since 2016 after serving as Vice-President Operations, Southern Region • Industry veteran of 30+ years Page 48 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064318 CONFIDENTIAL SDNY_GM_00210502 EFTA01371119