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.
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