venue). Below we provide a side-by-side breakdown of revenue contribution for the U.S. rails (CSX, NSC, & UNP cumulatively) vs. the Canadian rails (CNI & CP cumulatively). [ Figure 39: U.S. rail revenue contribution 2016 (CSX, NSC. UNP) SOCITit DataCtie &Vt. COMCIPM MAI* Figure 40: Canadian rail reven

share counts down about 15% since 2010 (3% CAGR). Figure 33: Cash Flow Metrics - U.S. Rails (CSX, NSC, Figure 34: Cash Flow Metrics Canadian Rails (CNI & CP cumulative) 2005-t8 UNP cumulative) 2005. 16 16,000 14.003 12,000 10,000 8,000 6,000 4,003 2,000 0 I 120% 100% 80% 60% 40% 20% 0%