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Current Broker Recommendations  Average Recommendation Strong Buy 5 Buy 7 Hold 8 Sell 0 Strong Sell 0 Covering Brokers 20 (Buy) 1.00 - 5.00 (Sell) This Week 2.2 Last Week 2.2 Change 0.0 Industry Mean 2.39 Sector Mean 2.45 WSJ/Dow Jones Mean N/A S&P 500 Mean N/A Industry:Industrial Transportation

Earnings Per Share  Earnings History  Target Price (12 Month) Last Quarter (Sep03) 1.37 Surprise 3.0%    Consensus Estimates This Quarter (Dec 03) 1.54 This Year (Dec 03) 5.16 Next Year 6.01 Next Earnings (Est.):21-Oct-02 Dec02 Mar03 Jun03 Sep03 Estimate Actual Difference % Surprise 1.32 1.36 0.04 3.0% 0.98 1.04 0.06 6.1% 1.23 1.26 0.03 2.4% 1.33 1.37 0.04 3.0% High Target $109.93 Mean Target $80.03 Median Target $81.50 Low Target $47.00 No. of Brokers 12

Consensus Estimates This Qtr. (Dec 03) Next Qtr. (Mar 04) This Year (Dec 03) Next Year (Dec 04) Earnings Estimates Avg Estimate # of Analysts Low Estimate High Estimate Year Ago EPS 1.54 10 1.41 1.65 1.36 1.28 3 1.23 1.35 1.04 5.16 13 4.73 5.32 5.22 6.01 13 5.67 6.36 5.16 Revenue Estimates Avg Estimate # of Analysts Low Estimate High Estimate Year Ago Sales Sales Growth $1.6B 5 $1.5B $1.6B N/A N/A $1.5B 1 $1.5B $1.5B $1.5B -0.9% $6.0B 9 $5.8B $6.3B N/A N/A $6.3B 9 $6.0B $6.9B $6.0B 4.0%

EPS Trends & Revisions This Quarter (Dec 03) Next Quarter (Mar 04) This Year (Dec 03) Next Year (Dec 04) EPS Trend Current 7 Days Ago 30 Days Ago 60 Days Ago 90 Days Ago 1.54 1.55 1.55 1.55 1.55 1.28 1.28 1.28 1.24 1.18 5.16 5.16 5.17 5.19 5.20 6.01 5.99 6.05 6.06 6.07 EPS Revisions Up Last 7 Days Up Last 30 Days Down Last 30 Days Down Last 90 Days 1 1 2 2 0 0 1 1 5 5 1 1 6 5 1 2

Earnings Growth    Canadian National Rail  Industry  Sector  S&P 500 This Quarter Est. 13.2% 20.3% 14.8% N/A Next Quarter Est. 23.1% 46.7% 19.6% N/A This Year Est. -0.8% 16.7% 0.2% N/A Next Year Est. 16.6% 24.1% 18.9% N/A Past 5 Years 1.4% N/A N/A N/A Next 5 Years Est. 11.0% 11.97% 11.86% N/A Price/Earnings (ttm) 11.5 20.78 21.11 N/A PEG Ratio 1.05 1.74 1.78 N/A

Broker Recommendations: This Month Last Month 2 Months Ago 3 Months Ago Strong Buy Buy Hold Sell Strong Sell Mean* 5 7 8 0 0 2.2 4 6 8 0 1 2.4 4 5 8 0 1 2.4 4 6 7 0 1 2.3 * (Buy) 1.00 - 5.00 (Sell)