What CN Stands For

Claude Mongeau

President and Chief Executive Officer

to the

Toronto Board of Trade

May 15, 2012

A Unique Franchise, a Remarkable Journey

Becoming a True

Supply Chain Enabler

Fundamental

Turnaround

Precision Railroading

Breakthrough

A Business Agenda Shaped by What CN’s Stands For

What CN

Stands for

Operational

and Service

Excellence

Creating

Value for

Shareholders

Delivering

Safely and

Responsibly

Playing our

Role as a

Backbone of

the Economy

Creating

Value for

Customers

A Critical Balancing Act

Operational Excellence Service Excellence

Creating Value for Customers and Shareholders

Delivering reliably and

efficiently every day

Opening up new markets

across the business

Helping our customers

win in their own markets

Investing smartly for

growth and productivity

Staying true to our

business model

Growing the business

at low incremental cost

A Backbone of the Economy

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

Delivering Responsibly, Aiming to be World-Class

Safety first, always

Most environmentally efficient railway

Beyond emissions, to our total environmental footprint

Engaging our people, connecting with communities