Epstein Secrets

e unique terrain and climate of Canada compared to the U.S. The Canadian prairies, which stretch across much of the three of the Western provinces (Alberta, Saskatchewan, and Manitoba), which make up a significant portion of the transcontinental route, are relatively flat and as such have been converte

cash flow totaled $65B (62% of net income). as capex totaled $1036 and averaged 17.2% of sales. Capex as a %of sales has averaged closer to 20% of Deutsche Bank Securities Inc. Page 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064289 CONFIDENTIAL SDNY_GM_00210473 EFTA01371098

rovement in yields (+3.8% CAGR). We note that roughly 2/3 of CP's grain business is Canadian grain which is transported from the Canadian Prairies (Alberta, Saskatchewan, Manitoba) to Canadian ports for export and to eastern Canada, the U.S. and Mexico for domestic consumption. Roughly 70% of that grai

tion in the 2017/18 crop year, we believe increased demand for CP's dedicated train program will help offset some of these headwinds. -J Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064312 CONFIDENTIAL SDNY_GM_00210496 EFTA01371115

SP, Sunrise) accounting for -60% of the estimated 2014-2017 production growth. While mining techniques account for -20% of recoverable oil sands in Alberta, the near-term production growth profile is well-represented as Kearl. Horizon. and AOSP represent 3 of the 5 largest production contributing proje

building pipe from Houston to Louisiana, we can only hope that they will have more success than they've had with a certain other proposed pipeline Deutsche Bank Securities Inc. Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058896 CONFIDENTIAL SDNY_GM_00205080 EFTA01367363