Agency-approved cost of capital rates for other regulatory purposes

Canadian National Railway Company (CN)
YearLong-Term Debt
Rate
Deferred Taxes
Rate
Common Equity
Pre-Tax
Cost of Capital
Pre-Tax Weighted Rate
2014 4.42% 0.00% 9.56% 5.86%
2013 4.72% 0.00% 9.36% 6.25%
2012 4.87% 0.00% 8.50% 6.04%
2011 5.32% 0.00% 9.51% 6.88%
2010 5.37% 0.00% 7.10% 5.45%
2009 5.10% 0.00% 7.49% 5.69%
2008 5.39% 0.00% 10.82% 6.88%
2007 5.62% 0.00% 11.45% 8.27%
2006 5.61% 0.00% 11.51% 8.75%
2005 5.46% 0.00% 10.04% 7.75%
2004 5.95% 0.00% 10.78% 8.24%
2003 5.95% 0.00% 11.66% 9.12%
2002 7.13% 0.00% 12.50% 9.94%
2001 7.68% 0.00% 15.22% 11.95%
2000 7.73% 0.00% 18.33% 11.87%
Canadian Pacific Railway Company (CP)
YearLong-Term Debt
Rate
Deferred Taxes
Rate
Common Equity
Pre-Tax
Cost of Capital
Pre-Tax Weighted Rate
2014 5.34% 0.00% 11.29% 7.48%
2013 5.40% 0.00% 11.02% 7.37%
2012 5.88% 0.00% 10.18% 7.32%
2011 5.43% 0.00% 11.10% 7.76%
2010 5.59% 0.00% 7.83% 6.00%
2009 5.98% 0.00% 8.04% 6.33%
2008 5.74% 0.00% 9.83% 7.53%
2007 5.40% 0.00% 12.32% 9.14%
2006 5.50% 0.00% 11.16% 8.19%
2005 5.58% 0.00% 10.58% 7.78%
2004 6.43% 0.00% 11.26% 8.42%
2003 6.78% 0.00% 11.84% 8.76%
2002 8.01% 0.00% 13.39% 10.07%
2001 8.79% 0.00% 15.39% 11.44%
2000 8.42% 0.00% 18.14% 11.82%
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