ustry. This was driven by two factors: stronger earnings growth and multiple expansion on the back of significant margin improvements. We note that NTM P/E multiples for CP and UNP expanded by 40% and 30% during this time, respectively, compared to 20% for the rest of the industry and the S&P 500. Fig

nd 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NTM P/E Forecast' NTM EPS Forecast' ' '• '• 12 Month Forecast (March 2017) 12 Month Return (March 2017) USA (SSP 500) 2037 2.1% 17.38 16.75 123

Equities 32 1096 Currentl Dividend Yield 2.2% 3.5% 2.8% 4.2% 1.9% 2.7% 3.1% P/E (LTM)2 16.27 13.26 12.30 14.97 13.71 11.27 13.36 NTM P/E Forecast3 16.75 14.50 13.75 14.75 16.00 12.00 14.00 NTM EPS Forecast3 124 236 819 400 62 39 104 EUR vs. USD USD vs. JPY EUR vs CH

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01477983 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01478053 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123