Epstein Secrets

ansportation companies with initiation of coverage of the Canadian railroad industry. We are positive on Canadian Pacific (CP, Buy) and cautious on Canadian National (CNI, Sell), as we see overall market share and earnings trajectory driving a reversal in recent relative value trends. All told we forecast CP to

Associate +1.212.250-O165 ICumpuntat iwiore.1 Canadian Pacific (CP.N4USD1 / 4 /4 Canadian National (CHI.14).USD81 21 Sown Doman Bare Buy Sell Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

ansportation companies with initiation of coverage of the Canadian railroad industry. We are positive on Canadian Pacific (CP, Buy) and cautious on Canadian National (CNI, Sell), as we see overall market share and earnings trajectory driving a reversal in recent relative value trends. All told we forecast CP to

otra Research Analyst + I -212-250-2076 Keirrs WM:km Research Associate +1-212-250-7164 Chris Snytitn CFA Research Associate +1.212.250-O165 Deutsche Bank Securities Inc. Distributed on: 31/10,2017 20:03:27 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors

er complete government subsidy until completing its initial public offering in November 1995. Following its IPO the company, which was rebranded as Canadian National (CN), remained acquisitive and completed an aggressive rationalization of its network. In 1998 CN purchased Illinois Central Railroad for $2.4 bill

gnsin GNPs network spans roughly 20,000 miles and provides service to all major Canadian markets as well as 75% of the U.S. population. Page 56 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064326 CONFIDENTIAL SDNY_GM_002 10510 EFTA01371124

CEO and President of CP in January 2017 after the departure of Hunter Harrison • Previously, Keith served as Executive Vice President and COO of Canadian National after joining the company in 1999 through the company's merger with Illinois Central Railroad Keith began his career in railroading in 1992 at 8NSF

ations • Served in current role since 2016 after serving as Vice-President Operations, Southern Region • Industry veteran of 30+ years Page 48 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064318 CONFIDENTIAL SDNY_GM_00210502 EFTA01371119

31 October 2017 Railroads Canadian Rails Model updated: 2$ & 4r 07 2017 Punning !Or numbing Nodh America Canada Railroads Canadian National Reuters: CNI.N Bloomberg: CNI US Sell Price (30 Oct 17) USD 81.21 Target Price USD 73.00 52 Week range USD 61.95 -83 85 Market cap (m) USD

4,9 41 48 13 16 0 176 191 109 21 4 233 385 4.39 487 506 534 5.90 246 143 63 83 57 10 3 Soule* Compoodda Poach* Saantos *amain Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064340 CONFIDENTIAL SDNY_GM_00210524 EFTA01371133

on Knight Transportation (KNX), XPO Logistics (XPO) and CSX Corp (CSX). We remain comfortable with our sole-Sell ratings on Old Dominion (ODFL) and Canadian National (CNI), while our Buy on UPS was wrong and we are using this report to downgrade our rating to Hold and lower our price target to $115. Our company-

nd sum of the parts (where applicable). Risks to the group include U.S. recession, weak industrial production, pricing, and management execution. Deutsche Bank Securities Inc. Distributed on: 22/02/2018 21:06:10 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors