14x 12x 10x '14 '15 '16 '17 U.S. Class l's '12 '13 --CP Sewc• Dram.* Sent haSsig On an EV/EBITDA basis, CNI currently trades at 12.2x our NTM EBITDA estimate. This represents a significant premium to the company's five year historical average. I Figure 124: CNI's historical EV/EBITDA trends 13