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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
ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. CANADIAN NATIONAL (CNI): A Victim of Its Own Success; Initiate SeIl$73 PT We see 10%+ downside in CNI shares as the company
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otra Research Analyst + I -212-250-2076 Keirrs WM:km Research Associate +1-212-250-7164 Chris Snytitn CFA Research Associate +1.212.250-O165 Deutsche Bank Securities Inc. Distributed on: 31/10,2017 20:03:27 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors
ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. Date 31 October 2017 Initiation of Coverage Station Chfi31, CFA Associate Analyst +1.212.2603969 Anilt Mehrotra Resea
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120% 115% 110% 10% 105% 04% 100% 01% 2010 2011 2012 2013 2014 2015 2016 ••••••k1S. S Canada — ♦ • Total NA. Saar Cando Bank AM? Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0064282 SDNY_GM_00210466 EFTA01371094
31 October 2017 Railroads Canadian Rails 7. Canadian Pacific (CP): Based in Calgary, Canada, operates approximately 12,500 of route miles spanning six Provinces in Canada and 13 states in the U.S. (serving ci
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t:1 1.44 OLIII.A$ 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
Less than ten years later, CP provided coast to coast passenger service in Canada as well as a number of other services related to trade. By 1986, Canadian Pacific had grown into Canada's second largest company with $15 billion of revenue through a number of different subsidiaries. With CEO William Stinson at
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Entities connected to both Deutsche Bank Securities Inc. and Canadian Pacific
