Canadian National Railway Company

Ladies and gentlemen, CN's fourth quarter and full year 2020 financial results conference call will begin momentarily. I would like to remind you that today's remarks contain forward-looking statements within the meaning of applicable securities laws. Such statements are based on assumptions that may not materialize and are subject to risks described in CN's fourth quarter and full year 2020 financial results press release and analyst presentation documents that can be found on CN's website. As such, actual results could differ materially. Reconciliations for any non-GAAP ministers are also posted on CN's website at www.cn.ca. Please stand by. Your call will begin shortly. Welcome to the CN Fourth Quarter and Full Year 2020 Financial Results Conference Call. I would now like to turn the meeting over to Paul Butcher, Vice President, Investor Relations. Ladies and gentlemen, Mr. Butcher.

Thank you, Simon. Good afternoon, everyone, and thank you for joining us for CN's fourth quarter and full year 2020 financial results conference call. I would like to remind you about the comments already made regarding forward-looking statements. With me today is J.J. Rouet, our President and Chief Executive Officer, Ghislaine Houlle, our Executive Vice President and Chief Financial Officer, Rob Riley, our Executive Vice President and Chief Operating Officer, Keith Reardon, our Senior Vice President, Consumer Products Supply Chain, and James Cairns, our Senior Vice President, Railcentric Supply Chain. I do want to remind you to please limit yourself to one question so that everyone has the opportunity to participate in the Q&A session. The IR team will be available after the call for any follow-up questions. It is now my pleasure to turn over the call to CN's President and Chief Executive Officer, JJ LeBret.

Well, thank you. Thank you, Paul, and good afternoon, everyone. CN, we wish you all a safe, healthy, and constructive 2021. Reflecting back on 2020, a year with blockade, a spring of COVID, a summer of sharp but uneven business recovery, and a year when our railroaders became recognized as truly essential workers, a year when our people pursued for our society, pursued for CM, and for that, I personally offer my appreciation to all of them. The business recovery continues. Volume are steady and strong at CM. Some sectors remain challenged. but our operating matrix are improving and the commercial team has a game plan to work on the yield of our new business mix. We are optimistic about 2021, especially the economy and the GDP of the second half. We are more cautious about Q1, especially as it pertains to lockdown and preventive quarantine on our operating employee in the communities where we operate. This recovery has a different mix of business. Some markets recovered very fast in V-shape, like consumer goods coming onshore via our five ports, and some markets stayed depressed, like crude and refinery products. And one market has been simply solid like a rock, and that would be grain export in both Canada and the United States. We ended 2020 solid. We generated record free cash flow of over $3.2 billion for the year. The Q4 adjusted APS growth was 14%. We have industry-leading fuel efficiencies, and our revenue per mile volume growth was 10%. Today, we are showing our confidence in the future by reinstating guidance, by announcing a 7% dividend increase, by resuming share buyback, and investing to accelerate technology to our operation and investing in connectivities with our customers in simple terms, investing in the long term. On that note, I will pass it on to Rob.