EFTA01371132.pdf

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 0 0 0 0 0 0 0 Net gain horn disposal of property (2811 1691 ISM 0 176) 0 0 0 Write down of investment o o 0 0 0 0 0 0 Other operating actosties, net (7801 1681 )6t) 0 (256) (250) asco (2501 Changes in wonting coots' 66 (238) (105) (156) (35) 1241,,,,,_, . .,,,,,.(L( 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 0 0 0 0 0 0 Net awes (3731) (lan) Pan 12,706) (WS) (2,726) (04) (2,834) Acquitoons net of cash acquired 0 0 0 0 0 0 0 0 Disposal of properties 311 S2 173 0 HS 0 0 0 Disposal of ',vestments 0 0 0 0 0 0 0 0 Other Investing activities. net 11) 69 (521 (121) (45) 0 0 0 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 65 65 Repurchase of common stock (1Aco) (1.400) 11,5051 (1.742) (1.992) (2.000) (2,200) (2.400) Issuance of convertible preffeted security 0 0 0 0 0 0 0 0 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 SDNY_GM_00210523 EFTA01371132