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CP comments on update from KCS

(Source: Canadian Pacific Railway press release, May 13, 2021)

CALGARY Canadian Pacific Railway Limited ("CP") today provided the following statement regarding Kansas City Southern's ("KCS") decision related to Canadian National's ("CN") unsolicited proposal:

It is not surprising that CN would raise its offer, and it only highlights CN's recognition of the significant regulatory risk/challenges associated with its anti-competitive bid.

There is nothing new here; this doesn't make it any more likely that the CN proposal can close into a voting trust. The Surface Transportation Board ("STB") already approved CP's use of a voting trust for its pro-competitive combination with KCS.

We believe that CP's negotiated agreement with KCS is the only true end-to-end Class 1 combination that is in the best interests of North American shippers and communities. CP-KCS is a once-in-a-lifetime opportunity to not only protect all existing shippers options but to inject new competition and capacity into the North American transportation system.

As we've said repeatedly, we are not going to enter into a bidding war. Our mutually negotiated agreement with KCS represents compelling short term and long term value for shareholders that is actually achievable.

We will respond to KCS within the allotted time.

Friday, May 14, 2021

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