Takeaways From C-Suite Dinner With UNP

Research evidence excerpt

Takeaways From C-Suite Dinner With UNP

a division of TD Securities and represents a marketing

name of certain businesses within TD Securities, including for TD Securities Global Research.

THIS RESEARCH REPORT WAS PRODUCED SOLELY BY TD SECURITIES (USA) LLC.

THIS RESEARCH REPORT WAS PREPARED IN ACCORDANCE WITH THE RULES UNDER THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA). THIS REPORT

WAS NOT PREPARED IN ACCORDANCE WITH CANADIAN DISCLOSURE REQUIREMENTS RELATING TO RESEARCH REPORTS.

TD Cowen research reports are simultaneously available to recipients on our client website. Research reports are for our clients only. Not all research reports are

disseminated, e-mailed or made available to third-party aggregators. TD Securities is not responsible for the redistribution of TD Cowen research by third-party

aggregators. Selected research reports are available in printed form in addition to an electronic form. All published research reports can be obtained on the firm’s

client website, https://portal.tdsecurities.com/alpha.

This material is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a

particular financial instrument. The recipients of this material are to contact the representative in their local jurisdiction with regards to any matters or questions arising

from, or in connection with, this material.

The information, opinions, commentaries, estimates and forecasts are as of the date of this report and subject to change without prior notification. We seek to update

our materials as appropriate, but at times, there may be various regulations that prevent us from doing so. Macro commentaries are published at irregular intervals as

appropriate in the author’s judgement.