EFTA Document EFTA01371135

31 October 2017 Railroads Canadian Rails 'Historical recommendations and target price. Canadian Pacific (CP.N: (as et 1060201 7) 200.00 150.00 8 a . Z. 10000 50.00 0.00 Jan '16 May '16 Sep '16 Jan '17 Date Sep '17 Current Recommendations Buy Hold Sell Not Rated Suspended Rating •• Anatyst is no longer at Deutsche Bank 'Equity Rating Key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Newly issued research recommendations and target prices supersede previously published research. Equity rating dispersion and banking relationships lie -n rc 'norm' a • on.Nerste :Mtn' AnKsi• -nun, Deutsche Bank Securities Inc Page 73 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064343 CONFIDENTIAL SDNY_GM_00210527 EFTA01371135