Epstein Secrets

and # of touch points need to be considered, which we discuss later), higher yields do translate to higher fixed cost leverage. Hunter Harrison's Precision Railroading model has helped CP and CN1 achieve beau in-class operating ratios. Deutsche Bank Securities Inc Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM

ngth of haul needs and # of touch points need to be considered, which we discuss later), higher yields do translate to higher fixed cost leverage. Hunter Harrison's Precision Railroading model has helped CP and CN1 achieve beau in-class operating ratios. Deutsche Bank Securities Inc Page 15 CONFIDENTIAL - PU

network through a number of acquisitions, generated best-in-class volume growth, and removed costs through the implementation of Hunter Harrison's Precision Railroading model. { Figure 73: The rails solidly outperformed the S&P 500 from 2000-2008 with CNI leading the way 700 600 SOO OX 300 200 100 0 2000

mpany expanded its network through a number of acquisitions, generated best-in-class volume growth, and removed costs through the implementation of Hunter Harrison's Precision Railroading model. { Figure 73: The rails solidly outperformed the S&P 500 from 2000-2008 with CNI leading the way 700 600 SOO OX 30

is improvement came during Hunter Harrison's tenure as CEO (see figure below) when the operating ratio improved 1,600bps from 2012-2016. Harrison's Precision Railroading model helped transform CP through a relentless focus on asset optimization, network connectivity, and cost controls. To put this into context, CP r

GR on just 3.1% revenue CAGR as the company was able to reduce its operating ratio by nearly 1,700bps. The majority of this improvement came during Hunter Harrison's tenure as CEO (see figure below) when the operating ratio improved 1,600bps from 2012-2016. Harrison's Precision Railroading model helped transform