EFTA Document EFTA01371132

31 October 2017 Railroads Canadian Rails Figure 127: CNI Cash Flow Statement Canadian National Railway Company (CNI) ltrinad Cash row Sweating (Cs millionsl 2f .4 ?e) LS 2045 2017E 2016i Operating Activities: Net Income 2.650 Z.C,12 3.1;Th 3.640 1.sn 3.'144 4145 Adjustments to rworrole net income Depreciation and ammortization 974 9440 :.Ws 1.215 1.193 1.355 1.431 Deferred income taxes 451 331 416 600 704 585 617 664 Net gain horn disposal of investments 0 [repeated 8 times] Net gain horn disposal of property (2811 1691 ISM 0 176) 0 [repeated 3 times] Write down of investment o o 0 [repeated 6 times] Other operating actosties, net (7801 1681 )6t) 0 (256) (250) asco (2501 Changes in wonting coots' 66 (238) (105) (156) (35) 1241,,,,,_, Cash Flow From OperatIons 3060 3,548 4,341. 5,140 5,202 5,435 5443 6,073 Ingtasaghts Capital investments (1331) 11,9731 (1.1971 (2.706) (2495) (2.700) (,0684) (2,634) Proceeds from asset satin o 0 [repeated 5 times] 0 0 Net awes (3731) (lan) Pan 12,706) (WS) (2,726) (04) (2,834) Acquitoons net of cash acquired 0 [repeated 8 times] Disposal of properties 311 S2 173 0 HS 0 [repeated 3 times] Disposal of ',vestments 0 [repeated 8 times] Other Investing activities. net 11) 69 (521 (121) (45) 0 [repeated 3 times] Cash Flow From Investing 11.4711 114511 (2.176) (2417) (2455) (2300) 124441 12434) Financing ActivItles: Issuance of LTD 493 1.581 1.022 841 1.509 750 500 500 Reduction of LTD (1401 (1.4131 0211 (752) (955) (100) 0 0 Net Issuance of commercial paper 266 (2221 451 137 (300) 0 0 Dividends paid (6521 (724) (8181 (996) (1.159) (1.240) (1.3311 (1.436) Issuance of common shares related to stock options 117 31 30 79 61 65 [repeated 3 times] Repurchase of common stock (1Aco) (1.400) 11,5051 (1.742) (1.992) (2.000) (2,200) (2.400) Issuance of convertible pref feted security 0 [repeated 8 times] Other financing act .lies net 0 0 0 (104) (140) o o 0 Cash Flow From Financing (1.542) (1.656) (2.370) (2.223) PAM) (2415) PAW 13.2711 Effect of foreign currency fluctuations (3) 19 3 11 is Cash and cash equivalents, beginivneof penod 101 155 714 52 153 672 582 591 Net Increase (decrease) in cash and cash equivalents 54 59 (162) 101 73 (90) 8 (33) Cash and cash equivalents, end of period 155 214 52 153 672 542 591 558 Smear Deutwee eat Camps-vain,' Deutsche Bank Securities Inc Page 69 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064339 CONFIDENTIAL PROT1 PROT0