CNI see the largest difference relative to the other rails. We believe a large driver behind this is the Precision Railroading model implemented by Hunter Harrison at both CP and CNI (we go into more details in company-specific sections). However, we note that Canadian rails benefit from pension differences wh

egan to recover in late 2015 / early 2016 as fears over further volume declines subsided. Performance was relatively similar across the board until Hunter Harrison left CP to join CSX. Since then, CSX has been the Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-

nto separate companies and shares of Canadian Pacific began trading on the NYSE and Toronto Stock Exchange. In June, 2012 CP hired railroad legend Hunter Harrison as CEO in response to activism efforts from Pershing Square. After acquiring a 14.2% stake in the company, Pershing Square was able to reconstitute