EFTA01371088.pdf

31 October 2017 Railroads Canadian Rails Table Of Contents Executive Summary 3 North American Railroads 10 Rail End Markets 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. CRIM. P. 6(e) DB-SDNY-0064272 CONFIDENTIAL SDNY_GM_00210456 EFTA01371088