Premium (EPP) 7.00% Beta itl Cost ol equity 9.4% WACD Tax rate 265% Cost ol debt 40% % equity % debt 28% WACC 7.9% some peat** &lee Ccerviry aag4 leaSer While our DCF framework for CNI translates to an implied P/E multiple of 15.5x our 2019 EPS estimate. Deutsche Bank Securities Inc Pa