Epstein Secrets

e 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 converted into cropland. However, th

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

in 1867 to connect the eastern provinces of Nova Scotia and New Brunswick with Canada's central provinces of Quebec and Ontario. A few years later, Manitoba joined the confederation with the promise that a transcontinental railroad would be built within 10 years. Construction of the railway was challeng

t:1 1.44 OLIII.A$ Off Canadian Pacific operates over 12000 miles of railroad spanning six Provinces in Canada and 13 states in the U.S. Page 40 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064310 CONFIDENTIAL SDNY_GM_00210494 EFTA01371113

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 grain is regulated by the Ca

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