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CN issues statement on STB’s decision regarding CP’s voting trust

(Source: Canadian National Railway press release, May 6, 2021)

MONTREAL — CN today issued the following statement in response to the Surface Transportation Board’s ("STB") decision regarding the voting trust in connection with Kansas City Southern’s (“KCS”) existing merger agreement with Canadian Pacific Railway Limited (“CP”):

CN is encouraged by the STB’s decision today to approve the Voting Trust for CP’s proposed acquisition of KCS. The STB applied the same public interest factors that CN stated should apply to both Voting Trusts. For the reasons given in the STB’s decision, CN is confident that the STB will reach the same decision with respect to the identical Voting Trust put forward for CN’s proposed acquisition of KCS. Approving both Voting Trusts will allow KCS to choose the bid it judges to be best for its shareholders.

CN maintains that it has presented a better bid, is a better partner, a better railway and therefore the best solution for KCS. Our proposal presents an unparalleled opportunity for customers, employees, shareholders and the North American economy. We remain confident in our ability to close the combination with KCS, and we look forward to continuing to engage productively and respectfully with the KCS Board to deliver a superior and pro-competitive transaction to CN and KCS’ respective stakeholders.

Friday, May 7, 2021

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