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BUILT TO DRIVE GROWTH 2018 ANNUAL REPORT BUILT TO DRIVE BUILT GROWTH CP 2018 ANNUAL REPORT PERFORMANCE HIGHLIGHTS $ in millions, except per share data, ratios or unless otherwise indicated 2014 2015 2016 2017 2018 EXCHANGELISTINGS FINANCIAL HIGHLIGHTS Total revenues $ 6,620 $ 6,712 $ 6,232 $ 6,554 $ 7,316 The common shares of Canadian Pacific Railway Limited are (1) Operating income 2,202 2,618 2,411 2,519 2,831 listed on the Toronto and New York stock exchanges under Adjustedoperatingincome(1)(2) 2,198 2,550 2,411 2,468 2,831 the symbol CP. Operating ratio (1) 66.7% 61.0% 61.3% 61.6% 61.3% Adjusted operating ratio (1)(2) 66.7% 62.0% 61.3% 62.4% 61.3% Net income 1,476 1,352 1,599 2,405 1,951 Adjusted income (2) 1,482 1,625 1,549 1,666 2,080 CONTACTUS Diluted earnings per share (EPS) 8.46 8.40 10.63 16.44 13.61 Investor Relations AdjusteddilutedEPS(2) 8.50 10.10 10.29 11.39 14.51 Email: [email protected] Cash from operations 2,123 2,459 2,089 2,182 2,712 Free cash (2) 969 1,381 1,007 874 1,289 Canadian Pacific Investor Relations Return on invested capital (ROIC) (2) 14.4% 12.9% 14.4% 20.5% 15.3% 7550 Ogden Dale Road S.E. Adjusted ROIC (2) 14.5% 15.2% 14.0% 14.7% 16.2% Calgary, AB, Canada T2C 4X9 Shareholder Services STATISTICAL HIGHLIGHTS(3) Email: [email protected] Revenue ton-miles (RTMs) (millions) 149,849 145,257 135,952 142,540 154,207 Canadian Pacific Shareholder Services Carloads (thousands) 2,684 2,628 2,525 2,634 2,740 Office of the Corporate Secretary Gross ton-miles (GTMs) (millions) 272,862 263,344 242,694 252,195 275,362 7550 Ogden Dale Road S.E. Fuel efficiency (U.S. gallons of locomotive 1.035 0.999 0.980 0.980 0.953 Calgary, AB, Canada T2C 4X9 fuel consumed /1,000 GTMs) Average train weight – excluding local traffic (tons) 8,076 8,314 8,614 8,806 9,100 Transfer Agent and Registrar Average train length – excluding local traffic (feet) 6,682 6,935 7,217 7,214 7,313 Computershare Investor Services Inc. serves as transfer Average terminal dwell (hours) 8.7 7.2 6.7 6.6 6.8 agent and registrar for the common shares in Canada. Average train speed (mph) 18.0 21.4 23.5 22.6 21.5 Computershare Trust Company, N.A. serves as co-transfer Total employees (end of period) 14,255 12,817 11,653 12,163 12,770 agentandco-registrarforthecommonsharesintheU.S.Visit Total workforce (end of period) 14,385 12,899 11,698 12,242 12,793 the Computershare website at www.investorcentre.com/cp. Auditors SAFETY INDICATORS(3) Deloitte LLP FRA personal injuries per 200,000 employee-hours 1.68 1.84 1.67 1.65 1.47 FRA train accidents per million train miles 1.26 1.41 1.12 0.99 1.10 (1) Comparative figures were restated to reflect the adoption of the new accounting standard for presentation of other components of net periodic benefit recovery. For a full description and reconciliation of the restatement see Item 6. Selected Financial Data and Item 8. Financial Statements and Supplementary Data, Note 2 Accounting changes in our Annual Report on Form 10-K. (2) These measures have no standardized meanings prescribed by generally accepted accounting principles (GAAP) in the United States of America and, therefore, may not be comparable to similar measures presented by other companies. These measures are defined and reconciled in Non-GAAP Measures in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K. (3) Certain statistical highlights and safety indicators figures have been updated to reflect new information or have been revised to conform with current presentation. 217419_CP_AnnualReport2018_Cover_ENG.indd 4-151 2019-03-05 12:03 PM File name 217419_CP_AnnualReport2018_Cover_ENG_ENG_INSIDE Designer Michelle Wilson Size 11 X 17”, folded to 8.5 X 11” Client CP Rail Project Manager Glen Edwards Colour 4C Project Annual Report 2018 Printer CBN Commercial Solutions, Louise Thomas Last edited March 5, 2019 12:17 PM Contact Melissa Heringer Files sent LOCOMOTIVES DON’T DRIVEOUR BUSINESS. 217419_CP_AnnualReport2018_1-19_150.indd 1 2019-02-26 6:24 PM File name 217419_CP_AnnualReport2018_1-19_150 Designer Michelle Wilson Size 11 X 17”, folded to 8.5 X 11” Client CP Rail Project Manager Glen Edwards Colour 4C Project Annual Report 2018 Printer CBN Commercial Solutions, Louise Thomas Last edited February 26, 2019 6:38 PM Contact Melissa Heringer Files sent 217419_CP_AnnualReport2018_1-19_150.indd 2 2019-02-26 6:24 PM CP 2018 ANNUAL REPORT / 3 PEOPLEDO. Highestrevenues. Lowest operating ratio. Best safety record. Record year. One reason: culture. We have a 13,000-strong team who know what it takes to drive growth, day-in, day-out. 217419_CP_AnnualReport2018_1-19_150.indd 3 2019-02-26 6:24 PM File name 217419_CP_AnnualReport2018_1-19_150 Designer Michelle Wilson Size 11 X 17”, folded to 8.5 X 11” Client CP Rail Project Manager Glen Edwards Colour 4C Project Annual Report 2018 Printer CBN Commercial Solutions, Louise Thomas Last edited February 26, 2019 6:38 PM Contact Melissa Heringer Files sent 61.3% LONGER,FASTERTRAINS OPERATING & IDLING LESS RATIO 9% 19% 22% 540BPS TRAINLENGTH TRAINSPEED TERMINALDWELL 2014 VS. 2018 2014 VS. 2018 2014 VS. 2018 2014 VS. 2018 217419_CP_AnnualReport2018_1-19_150.indd 4 2019-02-26 6:24 PM CP 2018 ANNUAL REPORT / 5 One person does not drive sustainable, profitable growth. Thousands do. We are focused on providing the best service with the lowest cost basis. This creates value for our customers, shareholders and employees alike. This is our story every year. We’ve come a long way since 2012. Our transformation would not have happened without people working collaboratively PEOPLE and driving change collectively. It’s not easy. If it was, all companies would be successful. Precision scheduled railroading is the model for CP’s DRIVE GROWTH. transformation and growth. It’s founded on delivering service, optimizing assets, controlling costs, developing people and operating safely. It’s a simple and powerful blueprint that CULTURE IS THE ENGINE. works, but only if you create the right culture to bring it to life. WE ARE NOTA RELAXED WORKING ENVIRONMENT. WE ARE A REWARDING ONE. Precision scheduled railroading demands a culture ingrained with a railroader philosophy. People collectively focused on service, accountability, performance and the pursuit of continued excellence. Creating a high-performance culture takes time and commitment. Across all levels of the organization, we teach and coach people to do what needs to be done. And, importantly, we encourage them to drive innovation and positive change. Our people are empowered through clearly set responsibilities and expectations. This creates a nimble and entrepreneurial culture. When performance produces positive results it inspires people, filling them with passion and furthering FEDERALRAILROADADMINISTRATION their engagement. TRAIN ACCIDENTS FREQUENCY We strive for this success and excellence every day. As our INDUSTRY LEADER FOR 13TH STRAIGHT YEAR record 2018 shows, we redefine what best means each year. 2 We are not a relaxed working environment. We are a rewarding one. We will always be the destination for people who want to 1.5 13% work with the best. 2014 VS. 2018 1 It is this culture that drives sustainable, profitable growth. 0.5 NO. PER MILLION TRAIN MILES 0 2014 2015 2016 2017 2018 217419_CP_AnnualReport2018_1-19_150.indd 5 2019-02-26 6:24 PM File name 217419_CP_AnnualReport2018_1-19_150 Designer Michelle Wilson Size 11 X 17”, folded to 8.5 X 11” Client CP Rail Project Manager Glen Edwards Colour 4C Project Annual Report 2018 Printer CBN Commercial Solutions, Louise Thomas Last edited February 26, 2019 6:38 PM Contact Melissa Heringer Files sent 6 / CP 2018 ANNUAL REPORT We are built to drive sustainable, profitable growth. It takes discipline, but the formula is simple: We grow with customers who value what we do and want to build success together over the long-term. That’s win-win. SUSTAINABLE MEANS We have ingrained precision scheduled railroading into the way we operate our business. We know how fast locomotives are supposed to run on average; how many miles we get per car; fleet cycle times; and how many people are needed to STICKTO run a given level of business. We have developed our people to embrace the railroader culture that’s necessary to make this model work. And we have taken the same approach with developing our marketing team. THE MODEL. WE HAVE DEVELOPED OUR PEOPLE TO EMBRACE THE RAILROADER CULTURE THAT’S NECESSARY TO MAKE THIS MODEL WORK. We are first and foremost an operating railway, not a marketing company. We created the position of chief marketing officer and on-boarded some exceptional talent with one clear directive: create opportunities that are in lockstep with our operations. Longer, faster trains moving continuously is a powerful model. Efficiencies, extended sidings and innovation have all created new service offerings and the ability to compete for business and markets where we couldn’t before. More importantly, our operating model and surplus land have created our industry’s most valuable commodity: capacity. We take advantage of the right opportunities in the market. We do what we say we’re going to do for our customers. FREIGHTREVENUEVARIANCE We provide value and generate returns to our shareholders % of 2018 Freight Revenue vs 2017 and franchise. Grain 2% New opportunities and service offerings have to fit with our Coal 7% business.
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