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1 Airfreight & Surface Transportation Airfreight & Logistics Market Underweight Railroads Market Weight Trucking Market Weight Truck OEMs & Suppliers Market Weight October 13, 2014 Conference Call on Rail Merger Probability Senior Transportation Analyst This report is limited solely for the use of clients of Wolfe Research. Please refer to the DISCLOSURE SECTION located at the end of this report for Analyst Certifications and Other Disclosures. For Important Disclosures, please go to or write to us at Wolfe Research, LLC, 420 Lexington Avenue, Suite 648, New York, NY
2 Conference Call Participants Moderator Scott Group, Senior Transportation Analyst Wolfe Research Participants Lou Gitomer, Principal Law Offices of Louis E. Gitomer, LLC (rail lawyer) Michael McBride, Partner Van Ness Feldman LLP (shipper lawyer) Jeff Moreno, Partner Thompson Hine LLP (shipper lawyer) Chip Nottingham, Partner Husch Blackwell LLP (former STB Chairman) 2
3 CP and CSX Network Maps CP CSX Source: Company reports; Wolfe Research. 3
4 Size Comparison of the Major Rails BNSF CNI CP CSX NSC UNP KSU Total Revenue $22,014 $10,258 $5,964 $11,927 $11,230 $21,963 $2,369 Total Miles of Track 32,000 20,400 14,000 21,000 19,200 32,000 6,000 Source: Wolfe Research; Company reports. 4
5 A Rough Pro-Forma of Combined CP-CSX C14E C15E CP Revenue (CAD) $6,630 $7,457 CSX Revenue 12,485 12,977 Total Revenue (CAD) 20,350 21,117 CP Operating Expense (CAD) 4,296 4,535 CSX Operating Expense 9,043 9,192 Total Expense 14,234 14,212 CP Depreciation and Amortization (CAD) CSX Depreciation and Amortization 1,154 1,198 Total Depreciation and Amortization 1,820 1,844 CP EBITDA 2,886 3,505 CSX EBITDA 4,595 4,982 Total EBITDA 7,936 8,749 CP EBIT 2,334 2,922 CSX EBIT 3,441 3,784 Total EBIT 6,116 6,905 CP OR 64.8% 60.8% CSX OR 72.4% 70.8% Adjusted OR 69.9% 67.3% CP Interest Income (Expense) (306) (306) CSX Interest Income (Expense) (516) (516) Total Interest Income (Expense) (873) (849) Source: Wolfe Research estimates. 5
6 Potential EPS Accretion for CP Assuming No Synergies CP EBIT 2,334 2,922 CSX EBIT 3,441 3,784 Total EBIT 6,116 6,905 CP OR 64.8% 60.8% CSX OR 72.4% 70.8% Adjusted OR 69.9% 67.3% CP Interest Income (Expense) (306) (306) CSX Interest Income (Expense) (516) (516) Total Interest Income (Expense) (873) (849) 100% Stock Pre-Acqusition Net Interest Expense (873) (849) Interest Expense Associated with New Debt 0 0 Total (873) (849) Estimated Synergies 0 Pretax income 5,243 6,056 Provision for income taxes 1,704 1,968 Blended weighted average tax rate 32.5% 32.5% Net income 3,539 4,088 Projected EPS C$9.55 C$11.03 Implied accretion (dilution) C$1.00 C$0.11 % of prior standalone EPS (Consensus) 11.7% 1.0% Current Consensus for CP C$8.55 C$10.92 CSX Share Price $29.94 Assumed Premium 30% Implied Equity Value for CSX ($M) 39,039 Current CP Shares Outstanding 176 New CP Shares (Assuming 50/50 NYSE/TSE) 195 Total Diluted sharecount 370 Source: Wolfe Research estimates. 6 CP EBIT 2,334 2,922 CSX EBIT 3,441 3,784 Total EBIT 6,116 6,905 CP OR 64.8% 60.8% CSX OR 72.4% 70.8% Adjusted OR 69.9% 67.3% CP Interest Income (Expense) (306) (306) CSX Interest Income (Expense) (516) (516) Total Interest Income (Expense) (873) (849) 50% Debt / 50% Stock Pre-Acqusition Net Interest Expense (873) (849) Interest Expense Associated with New Debt (781) (781) Total (1,654) (1,630) Estimated Synergies 0 Pretax income 4,462 5,275 Provision for income taxes 1,450 1,714 Blended weighted average tax rate 32.5% 32.5% Net income 3,012 3,561 Projected EPS C$11.03 C$13.03 Implied accretion (dilution) C$2.48 C$2.11 % of prior standalone EPS (Consensus) 28.9% 19.4% Current Consensus for CP C$8.55 C$10.92 CSX Share Price $29.94 Assumed Premium 30% Implied Equity Value for CSX ($M) $39,039 Current CP Shares Outstanding 176 New CP Shares (Assuming 50/50 NYSE/TSE) 97 Total Diluted sharecount 273 New Debt ($M) $19,519
7 Potential EPS Accretion for CP Including Synergies CP EBIT 2,334 2,922 CSX EBIT 3,441 3,784 Total EBIT 6,116 6,905 CP OR 64.8% 60.8% CSX OR 72.4% 70.8% Adjusted OR 69.9% 67.3% CP Interest Income (Expense) (306) (306) CSX Interest Income (Expense) (516) (516) Total Interest Income (Expense) (873) (849) 100% Stock Pre-Acqusition Net Interest Expense (873) (849) Interest Expense Associated with New Debt 0 0 Total (873) (849) Estimated Synergies 1,267 Pretax income 5,243 7,323 Provision for income taxes 1,704 2,380 Blended weighted average tax rate 32.5% 32.5% Net income 3,539 4,943 Projected EPS C$9.55 C$13.34 Implied accretion (dilution) C$1.00 C$2.42 % of prior standalone EPS (Consensus) 11.7% 22.2% Current Consensus for CP C$8.55 C$10.92 CSX Share Price $29.94 Assumed Premium 30% Implied Equity Value for CSX ($M) 39,039 Current CP Shares Outstanding 176 New CP Shares (Assuming 50/50 NYSE/TSE) 195 Total Diluted sharecount 370 Source: Wolfe Research estimates. 7 CP EBIT 2,334 2,922 CSX EBIT 3,441 3,784 Total EBIT 6,116 6,905 CP OR 64.8% 60.8% CSX OR 72.4% 70.8% Adjusted OR 69.9% 67.3% CP Interest Income (Expense) (306) (306) CSX Interest Income (Expense) (516) (516) Total Interest Income (Expense) (873) (849) 50% Debt / 50% Stock Pre-Acqusition Net Interest Expense (873) (849) Interest Expense Associated with New Debt (781) (781) Total (1,654) (1,630) Estimated Synergies 1,267 Pretax income 4,462 6,542 Provision for income taxes 1,450 2,126 Blended weighted average tax rate 32.5% 32.5% Net income 3,012 4,416 Projected EPS C$11.03 C$16.16 Implied accretion (dilution) C$2.48 C$5.24 % of prior standalone EPS (Consensus) 28.9% 48.0% Current Consensus for CP C$8.55 C$10.92 CSX Share Price $29.94 Assumed Premium 30% Implied Equity Value for CSX ($M) $39,039 Current CP Shares Outstanding 176 New CP Shares (Assuming 50/50 NYSE/TSE) 97 Total Diluted sharecount 273 New Debt ($M) $19,519
8 Historical Rail Mergers Acquirer Target Date Effective Purchase Price Trailing Revenue Trailing EBITDA EV / Revenue EV / EBITDA Union Pacific Corp Chicago and North Western Tran Jun-95 $2,645 $1,116 $ x 8.5x Burlington Northern Inc (1) Santa Fe Pacific Corp Sep-95 6,685 2, x 9.6x Union Pacific Corp Southern Pacific Rail Corp Sep-96 5,344 3, x 14.3x CSX / Norfolk Southern Conrail Inc Jun-97 12,532 3, x 20.7x Canadian National Railway Co (2) Illinois Central Corp Jun-98 2, x 9.8x Canadian National Railway Co (2) Wisconsin Central Transport Oct-01 1, x 9.9x Canadian National Railway Co (2) Great Lakes Transportation LLC May x 9.1x Canadian National Railway Co (2) BC Rail Jul x 8.7x Kansas City Southern (3) TFM Apr x 9.3x Canadian Pacific (2) DM&E Railroad Sep-07 1, x 15.0x Canadian National (2) EJ&E Railway Dec x 15.0x Berkshire Hathaway Inc. Burlington Northern Santa Fe Nov-09 43,524 14,754 5, x 8.7x Average 3.1x 11.6x Note: (1) Burlington Northern's acquisition of Santa Fe Pacific was completed in two stages in (2) In US $. (3) Acquisition of 38.5% economic interest in TFM; Revenue and EBITDA figures represent 38.8% of TFM total amounts. Source: Wolfe Research 8
9 Disclosures Analyst Certification: The analyst of Wolfe Research, LLC primarily responsible for this research report whose name appears first on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the research analysts personal views about the subject securities or issuers and (ii) no part of the research analysts compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this report. Other Disclosures: Wolfe Research, LLC Fundamental Stock Ratings Key: Outperform (OP): The security is projected to outperform analyst's industry coverage universe over the next 12 months. Peer Perform (PP): The security is projected to perform approximately in line with analyst's industry coverage universe over the next 12 months. Underperform (UP): The security is projected to underperform analyst's industry coverage universe over the next 12 months. Wolfe Research, LLC uses a relative rating system using terms such as Outperform, Peer Perform and Underperform (see definitions above). Please carefully read the definitions of all ratings used in Wolfe Research, LLC research. In addition, since Wolfe Research, LLC research contains more complete information concerning the analyst s views, please carefully read Wolfe Research, LLC research in its entirety and not infer the contents from the ratings alone. In all cases, ratings (or research) should not be used or relied upon as investment advice and any investment decisions should be based upon individual circumstances and other considerations. Wolfe Research, LLC Sector Weighting System: Market Overweight (MO): Expect the industry to outperform the primary market index for the region (S&P 500 in the U.S.) by at least 10% over the next 12 months. Market Weight (MW): Expect the industry to perform approximately in line with the primary market index for the region (S&P 500 in the U.S.) over the next 12 months. Market Underweight (MU): Expect the industry to underperform the primary market index for the region (S&P 500 in the U.S.) by at least 10% over the next 12 months. Wolfe Research, LLC Distribution of Fundamental Stock Ratings (As of September 30, 2014): Outperform: 42% 2% Investment Banking Clients Peer Perform: 51% 0% Investment Banking Clients Underperform: 7% 0% Investment Banking Clients 9
10 Disclosures (cont.) Wolfe Research, LLC does not assign ratings of Buy, Hold or Sell to the stocks it covers. Outperform, Peer Perform and Underperform are not the respective equivalents of Buy, Hold and Sell but represent relative weightings as defined above. To satisfy regulatory requirements, Outperform has been designated to correspond with Buy, Peer Perform has been designated to correspond with Hold and Underperform has been designated to correspond with Sell. Wolfe Research Securities and Wolfe Research, LLC have adopted the use of Wolfe Research as brand names. Wolfe Research Securities, a member of FINRA ( is the broker-dealer affiliate of Wolfe Research, LLC and is responsible for the contents of this material. Any analysts publishing these reports are dually employed by Wolfe Research, LLC and Wolfe Research Securities. The content of this report is to be used solely for informational purposes and should not be regarded as an offer, or a solicitation of an offer, to buy or sell a security, financial instrument or service discussed herein. Opinions in this communication constitute the current judgment of the author as of the date and time of this report and are subject to change without notice. Information herein is believed to be reliable but Wolfe Research and its affiliates, including but not limited to Wolfe Research Securities, makes no representation that it is complete or accurate. The information provided in this communication is not designed to replace a recipient's own decision-making processes for assessing a proposed transaction or investment involving a financial instrument discussed herein. Recipients are encouraged to seek financial advice from their financial advisor regarding the appropriateness of investing in a security or financial instrument referred to in this report and should understand that statements regarding the future performance of the financial instruments or the securities referenced herein may not be realized. Past performance is not indicative of future results. This report is not intended for distribution to, or use by, any person or entity in any location where such distribution or use would be contrary to applicable law, or which would subject Wolfe Research, LLC or any affiliate to any registration requirement within such location. For additional important disclosures, please see The views expressed in Wolfe Research, LLC research reports with regards to sectors and/or specific companies may from time to time be inconsistent with the views implied by inclusion of those sectors and companies in other Wolfe Research, LLC analysts research reports and modeling screens. Wolfe Research communicates with clients across a variety of mediums of the clients choosing including s, voice blasts and electronic publication to our proprietary website. Copyright Wolfe Research, LLC All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Wolfe Research, LLC. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of Wolfe Research, LLC. This report is limited for the sole use of clients of Wolfe Research. Authorized users have received an encryption decoder which legislates and monitors the access to Wolfe Research, LLC content. Any distribution of the content produced by Wolfe Research, LLC will violate the understanding of the terms of our relationship. 10
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