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1. What CN Stands For
Claude Mongeau
President and Chief Executive Officer
to the
Toronto Board of Trade
May 15, 2012

2. Fundamental
Fundamental Precision Railroading
Precision Railroading Becoming a True
Becoming a True
Turnaround
Turnaround Breakthrough
Breakthrough Supply Chain Enabler
Supply Chain Enabler
A Unique Franchise, a Remarkable Journey

3. Operational
and Service
Excellence
Creating
Creating Value Value for
for Customers
What CN Shareholders
Stands for
Playing our Delivering
Role as a Safely and
Backbone of Responsibly
the Economy
A Business Agenda Shaped by What CN’s Stands For

4. Operational Excellence Service Excellence
A Critical Balancing Act

5. Delivering reliably and
Delivering reliably and Staying true to our
Staying true to our
efficiently every day
efficiently every day business model
business model
Helping our customers
Helping our customers Growing the business
Growing the business
win in their own markets
win in their own markets at low incremental cost
at low incremental cost
Opening up new markets
Opening up new markets Investing smartly for
Investing smartly for
across the business
across the business growth and productivity
growth and productivity
Creating Value for Customers and Shareholders

6.  Touching a lot of what moves in Canada
 Connecting our customers to the world
 Aiming to be a key part of the solution
 Acting as true supply chain enablers
A Backbone of the Economy

7.  Safety first, always
 Most environmentally efficient railway
 Beyond emissions, to our total environmental footprint
 Engaging our people, connecting with communities
Delivering Responsibly, Aiming to be World-Class