rkets Overview and Outlook 23 Railroad Valuation 34 CP Company Overview 40 Management Overview 48 Valuation 49 Financial Statements 51 CNI Company Overview 56 Management Overview 65 Valuation 65 Financial Statements 67 Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. C

31 October 2017 Railroads Canadian Rails CNI Company Overview Canadian National - headquartered in Montreal, Canada was created by the government of Canada after World War I forced several smaller railroads in