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Epstein File EFTA01371103: Deutsche Bank (DS10)

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This document is a Deutsche Bank Securities Inc. report analyzing coal volumes and their impact on U.S. and Canadian carloads, citing sources from Deutsche Bank and AAR (Association of American Railroads), as well as EIA (Energy Information Administration) data. The document discusses price volatility and weather-related fluctuations in coal transportation.

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**Bank**, AAR Source **Deutsche** **Bank**, AAR Coal Coal volumes account for roughly one third of U.S. carloads (ex-intermodal) but just 10% of Canadian carloads
Excerpt 2
**Bank**, AAR Source **Deutsche** **Bank**, EIA The decline, while significant, has not been linear, with volatility driven by changes in relative price and weather
Excerpt 3
Page 26 **Deutsche** **Bank** Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064296 CONFIDENTIAL SDNY_GM_00210480 EFTA01371103

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