EFTA01371128

31 October 2017 Railroads Canadian Rails Management Overview Luc Jobin - President & CEO • Luc was appointed CEO of CNI in July, 2016 • Joined the company in 2009 as Executive VP & CFO • Luc has a diverse background and in his years prior to joining CNI served as Executive VP of Power Corporation Canada Mike Cory - Executive Vice President & COO Mike joined CM in 1981 as a labourer at a diesel shop in Winnipeg and has held a number of different positions before being appointed Executive VP and COO in July, 2016 • Prior to becoming COO, Mike served in a number of roles including customer service and marketing, a Superintendent, and as the General Manager of Operations for the Michigan sub region Ghislain Houle-Executive Vice President & CFO • Ghislain was appointed CFO in July, 2016 and has held a number of positions at CNI in his 20-year tenure at the company Figure 121: CNI Share capital concentration Mass. Financial Services 6% ■ Cascade ■ RIC a Mass. Financial Services Others SOW* °anew Binh, ReaSer Valuation Shares of CM have performed well YTD - up 22% YTD, vs. +27% for the group (+21% ex-CSX), and +150/0 for the S&P 500. The stock currently trades at 19.1x Consensus NTM EPS, which is nearly 100/0 above its 5-year average and nearly 300/0 above its I5-year historical average. CNI is trading inline with its U.S. peers (despite the outsized impact U.S. tax reform would have on CSX, UNP, and NSC) and 8% above CP. We believe current valuation implies that CNI's recent market share wins will continue long-term which would suggest that CNI has an Deutsche Bank Securities Inc Page 65 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064335 CONFIDENTIAL SDNY_GM_002 10519 EFTA01371128