7 CP 2020 ANNUAL REPORT In 2020, the Company generated Freight revenues totalling $7,541 million ($7,613 million in 2019 and $7,152 million in 2018). The following charts compare the percentage of the Company’s total Freight revenues derived from each of the three major business lines in 2020, 2019 and 2018: The Company’s Bulk business represented approximately 43% of total Freight revenues in 2020. The following charts compare the percentage of the Company's Bulk freight revenues by commodity business in 2020, 2019 and 2018: BULK 2020 Freight Revenues 2019 Freight Revenues 2018 Freight Revenues 2020 Bulk Revenues (43% of Freight Revenues) 2019 Bulk Revenues (40% of Freight Revenues) 2018 Bulk Revenues (41% of Freight Revenues)