EFTA01371122.pdf

31 October 2017 Railroads Canadian Rails Figure 103: CP Cash Flora• Statement Canadian Pacific Railway Limited (CP) Annual Cash Flow Statement (CS millions) 7017 2013 2014 2015 2016 2017E 2012F 7019E Operating Activities: Net Income 484 875 1,476 1,352 1,599 1293 1.832 2,016 Adjustments to reconcile NI Depredation and amrnortization 539 565 551 595 540 660 68? 719 Deferred income taxes 140 212 354 234 320 262 287 315 Restructuring and environmental payments 315 423 0 0 0 0 0 0 Foreign Exchange gains and losses on LTD 0 0 0 0 (79) (300) 0 0 Pension funding 161) (55) (132) 149) 1138) (140) (75) (75) Other operating activities, net 184) (68) (3) 52 1198) 0 0 0 Changes in working capital (5) (2) (124) 275 (55) 11 (10) 7 Cash Flow From Operations 1,328 1,950 2,123 2,459 2,089 2,316 2)16 2.963 Investing Acatkies: Capital investments (1.148) (1.236) (14491 (1222) (1,182) (1,235) 41,275) 11,325) Proceeds from asset tales 83 73 52 73 116 0 0 0 Net apex (1,06S) (1.163) (1,397) (1,449) (1,066) (1235) (1,275) (un) Acquisitions net of cash acquired 0 0 0 0 0 0 0 0 Proceeds from sale of properties and asset sales 62 0 638 342 0 0 40 25 Other investing activities, net (8) (434) 9 (16) (3) 5 0 0 Cash Flow From Investing (34012) (1.597) (7501 (1.223) (2.069) (1,230) (1,235) (1.300) FinancitetAttivitiat Issuance of LTD 71 0 771 3,780 0 150 150 125 Net inaease I (decrease) in ST Debt (27) (3) 0 (1,262) (8) 0 0 0 Reduction of LTD (SO) (56) (183) (505) (38) (30) (30) (30) Dividends paid (223) (244) (244) (226) (255) (309) (328) (349) Collecting of recievables from financial intitutions 0 0 0 0 0 0 0 0 Issuance of CP common duxes 198 83 62 43 21 0 0 0 Repurchase of common stock 0 0 (2.0501 (2.787) (1.210) (1,000) (1,115) 11,300) Other financing activities, net 1 0 14 0 13) 0 0 0 Cash Flow From Financial (30) (220) 11.630) (957) (1,493) (1,189) (1,323) 11254) Effect of (align currency fluctuations 11) 10 7 45 113) 0 0 0 Cash and cash equivalents, beginning of period 47 333 476 226 660 164 130 288 Net increase (dr i i i ie) in cash and cash equivalents 286 143 (250; 424 (486) 134) 158 129 Cash and cash equivalents, end of period 333 476 226 650 164 130 2.011 416 Deutsche Dank SOCIIIitrOS Inc Page 53 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064323 CONFIDENTIAL SDNY_GM_00210507 EFTA01371122