ork speed by 40% since 2011. We expect continued improvement in margins as CP benefits from strong operating leverage to volume growth. Figure 92: CP EBIT & YoY Changes (2005-2019E) I Figure 93: CP Operating Ratio trends since 2005 3,500 tc", 3,000 ;-.3. 2,500 69 2,000 t 1,500 m w 1,000 500 0 7° .