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Corpus: 1990-03-17 – 2025-12-01

October 2017

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Set 9

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results for “"Carloads"”

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EFTA01415820Set 10

2017-10-31222p30,137w

CAGR since 2000 due almost entirely to growth in revenue per carload (aka yields; +3.2% CAGR) as carload growth has been somewhat limited (+0.3% CAGR). CNI's yield growth reflects ... fairly straight forward at a high level - volume (measured in carloads) and yield (measured in avg. revenue per carload). Carload yields can vary significantly depending on a number of factors ... carloads earning an average of C$2,400 in revenue/ carload. Below we highlight CP's exposure by carload and the corresponding revenue the company generated on those particular carload

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf

EFTA01371105Set 10

2017-10-311p398w

Canadian Rails Figure 55: Canadian grain production 2012/13 - Figure 56: CP & CNI annual ag carloads 2013-2010E 12.017/18E ... 2018e Scow Ocuttne 6mA ammant a' Cando Sans Damn Brat Coney PIMP, Economically sensitive carload!: We consider the remaining carloads, which make up 56% of all rail carloads (ex- intermodal ... more closely tied to the underlying economy than the aforementioned commodities. These carloads can be classified as economically sensitive and we have found a strong correlation with industrial production. Since

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371105.pdf

EFTA01371114Set 10

2017-10-311p390w

CAGR since 2000 due almost entirely to growth in revenue per carload (aka yields: +3.2% CAGR) as carload growth has been somewhat limited (+0.3% CAGR). CNI's yield growth reflects ... Revenue for CP is fairly straight forward at a high level - volume (measured in carloads) and yield (measured in avg. revenue per carload). Carload yields can vary significantly depending ... core/underlying price, fuel surcharges, and currency. In 2016, CP moved just over 2.5M carloads earning an average of CS2,400 in revenue/ carload. Below we highlight CP's exposure

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371114.pdf

EFTA01371115Set 10

2017-10-311p457w

October 2017 Railroads Canadian Rails Total carload volumes have increased at a 0.3% CAGR since 2000, but declined 0.4% CAGR since 2006. The decline has largely been driven by sulphur ... forest products (-6.9% CAGR) which offset solid growth in industrial and consumer product carloads (5.9% CAGR). Interestingly, however, those commodities which saw the largest carload declines exhibited the strongest yield ... increased 5.9% CAGR - as CP elected to move more profitable freight. Overall revenue per carload has increased at a 3.6% CAGR since 2006. In the figures below we provide historical

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371115.pdf

EFTA01371095Set 10

2017-10-311p412w

Chemicals (up 9% YTD), and Metals traffic (up 28% YTD). To that point, Canadian carloads are up 9% yoy through 3Q 2017- which compares ... Canadian rail traffic Q1 2015 - O4 2017e 12% YoY Chg. In Carloads ... rail companies is fairly straight forward at a high level - volume (typically measured in carloads) x price (measured in average revenue per carload). Total company revenue per carload can depend

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371095.pdf

EFTA01371125Set 10

2017-10-311p352w

other railroad companies) is fairly straight forward at a high level - volume (measured in carloads) x yield (measured in average revenue per carload). Revenue at CNI has increased ... discussed above, revenue (at a high level) has essentially two inputs - carloads and yield (rev/carload). Carload yields can vary pretty significantly depending on a number of factors including ... core/underlying price, fuel surcharges, and currency. In 2016, CNI moved just over 5.2M carloads earning an average of C$2,176 in revenue per carload. Below we highlight

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371125.pdf

EFTA01371090Set 10

2017-10-311p463w

October 2017 Railroads Canadian Rails On the other hand, CNI's carload trends appear to be losing steam with Intermodal and "Other" being the only carload groupings up yoy over ... past four weeks. Figure 7: CP carload growth appears to be gaining Figure 8! as CNI's carload trajectory appears to be losing momentum... steam • Carloads growing YoY as Carloads ... growing YoY • Carloads declining YoY I I • Carloads declining YoY illill i if II III IIIIIIIIIIIIIIIIIIIIII

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371090.pdf

EFTA01371103Set 10

2017-10-311p378w

October 2017 Railroads Canadian Rails Figure 46: U.S. Carload breakdown (ex-intermodal) [Figure 47: Canadian carload breakdown (ex-intermodai Other Other 4% Ag & Food Nonmetal] _ 2% Th` Ag & Food Products ... tarot Osseo 90* AAR Goal Coal volumes account for roughly one third of U.S. carloads (ex-intermodal) but just 10% of Canadian carloads (ex-intermodal). Cumulatively in NA. coal accounts ... little over one quarter of all carloads (ex-intermodal) which is down from just under 40% in 2010. Much of this decline is due to increased supply of natural

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371103.pdf

EFTA01371106Set 10

2017-10-311p424w

expansion, which is pressuring auto volumes (-9% YTD). Figure 64: Motor vehicles and parts carloads trends Figure 65: North American light vehicle production is ((U.S. + Can) since 2012 expected ... Weekly Carloads —YoY Sam Danao• Saft.AM I Son 0_ Sr* *as mos* Mita: If00LOAN/ • Non-metallic minerals & products - This category accounts for roughly 12% of total carloads traffic (ex-intermodal ... been extremely volatile over the past several years. Figure 66: Non-metallic minerals & products carloads trends (US + Can) since 2012 50,000 25% I Figure 67: U.S. frac sand carloads

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371106.pdf

EFTA01371093Set 10

2017-10-311p258w

local railroads. Total rail volumes in North America last year totaled roughly 35 million carloads (including intermodal) with 26.1M originating in the U.S. (76%), 6.8M in Canada ... type (ex- intermodal) Other 4% & Food Products Nonmetallic minerals 16% ChemF & 13% • U.S. Carloads Petroleum 17% • Canada Carloads Autos & parts 7% Mexico Carloads Metallic ores & metals 8% Forest products ... Sane tialsch• &RR Meacomon Meek••nRita* (Mat Sams Evuradrio Set MR The carload breakdown, however, doesn't tell us the full story. While Intermodal volumes make up roughly half

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371093.pdf

EFTA01371107Set 10

2017-10-311p433w

given their 88% correlation and likely puts pressure on energy related carload demand. We note that these rig count forecasts are largely dependent on oil prices staying relatively stable ... Miren22 • Metallic Ores & Metals - Metallic ores & metals account for about 11% of total carload traffic (ex-intermodal) in North America - 17% in Canada and 9% in the U.S. The business ... business due to increased demand for exports. Figure 69: Metallic outs & Metals carload Vends (U.S. + Can) since

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371107.pdf

EFTA01371104Set 10

2017-10-311p507w

October 2017 Railroads Canadian Rails [Figure 50: NA Coal carloads have declined as natural gas prices have moved closer to parity with coal —Nat Gas Henry Hub Spot Price ($/Mbtu ... Figure 51 NA coal carloads vs. spread between nat gat: and coal Spread btwn nat gas and coal -....—Cost of coal delivered to electric plants ($/Mbtu) —Avg. Weekly Coal Carloads ... Weekly Coal Carloads

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371104.pdf

EFTA01371094Set 10

2017-10-311p369w

Southeast U.S. Northeast U.S. • • • • Canada • • Mexico • San Dna* Sera Canon Ain North American carload and intermodal trends Total NA carloads have declined at a 1.6% CAGR since 2010 reflecting ... growth in sectors like autos/auto parts (+5.7%) and chemicals (+2.9%). Total traffic, which includes carloads and intermodal volumes, has increased at a 0.6% CAGR since 2010- reflecting a 3.3% growth ... intermodal traffic. From a regional standpoint. Mexico has seen the strongest growth with carloads increasing at a 4.4% CAGR amidst strength in autos (+7.2%) and intermodal (+8.3%) while

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371094.pdf

EFTA01371096Set 10

2017-10-311p287w

arlipii.101WIS One driver of profit variation is yield differentials (i.e. revenue per unit or carload). For example, if we look at CNI, which has the lowest operating ratio ... below, the companies with a larger percentage of revenue coming from higher yielding carloads typically see a lower operating ratio. While this does not entirely account for margin differentials (carloads

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371096.pdf

EFTA01371117Set 10

2017-10-311p416w

miles vs. the company avg. of 853 - which translates to a lower revenue per carload - C$1,990 vs. company avg. of C$2,400. The remainder ... that point, coal revenue fell 5.2% yoy in 2016 amidst a 5.7% decline in carloads. [Figure 89: Coal revenue as a % of Total Revenue The outlook for coal

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371117.pdf

EFTA01434677Set 10

2018-02-2291p10,836w

certain commodities such as agricultural products, coal, and auto's are weighing on overall carload growth. However, demand for intermodal, which is more truck competitive, has been growing steadily ... expected to remain strong in 2018 amidst tight truck capacity. Figure 13: Carload traffic ex-intermodal has been somewhat constrained due to weakness in ag, coal, and auto

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434677.pdf

EFTA01387108Set 10

2018-02-221p415w

certain commodities such as agricultural products, coal, and auto's are weighing on overall carload growth. However, demand for intermodal, which is more truck competitive, has been growing steadily ... expected to remain strong in 2018 amidst tight truck capacity. Figure 13: Carload traffic ex-intermodal has been Figure 14: While Interrnodal traffic (more truck. somewhat constrained due to weakness

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01387108.pdf

EFTA01371109Set 10

2017-10-311p278w

trough (vs. an essentially flat S&P 500 during that time) amidst industry-wide carload declines due to weak industrial activity and a significant decrease in coal demand. We note ... worst performing railroad peak to trough (-50%) given its higher exposure to energy related carloads while CNI outperformed (-31%) given its undersized exposure to coal and Canadian crude. Railroad shares

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371109.pdf

EFTA00007097Set 4

2005-04-0560p10,923w

TOTAL PACKAGE WEIGHT. •• • — ., • • •• I hereby &carload?* that ths above 1st reptasanta Si propanytakan tram ina and that 1have receivedi twat tit =Opt. . ihney wimowisoo bath, above that naponents al property

https://www.justice.gov/epstein/files/DataSet%204/EFTA00007097.pdf

EFTA00147306Set 9

2019-07-2642p25,229w

block of Maurice Dr. in Cerritos." Reportedly, "Neighbors said that three carloads and about a dozen officers went into the house, took 'all sorts of stuff out of the house

https://www.justice.gov/epstein/files/DataSet%209/EFTA00147306.pdf