Surface Transportation Board Accepts CP-KCS Merger Application as Complete

Canadian Pacific Railway Limited (“CP”) and Kansas City Southern (“KCS”) announced that the Surface Transportation Board (“STB”) has accepted the joint CP-KCS merger application as complete.

“We are pleased that the Board has accepted our comprehensive joint application and declared it complete,” said Keith Creel, CP President and Chief Executive Officer. “We look forward to moving forward with a robust regulatory review of this historic combination that will add capacity to the U.S. rail network, create new competitive transportation options, support North American economic growth, and deliver other important benefits to customers, employees, and the environment.”

“We have reached another important milestone and look forward to playing our part as the STB begins its formal review of the joint application for our historic combination with CP,” said Patrick J. Ottensmeyer, KCS President and Chief Executive Officer. “I would like to thank all those involved in submitting our successful application as part of our continuing work to bring our two companies together.”

In the same decision, the Board also set a procedural schedule for the regulatory review that calls for final briefs on July 1, 2022. CP and KCS anticipate that the STB review of CP’s proposed control of KCS will be completed in the fourth quarter of 2022.

For information on the benefits of a CP-KCS combination, visit FutureForFreight.com.

About Canadian Pacific

Canadian Pacific (TSX: CP) (NYSE: CP) is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit www.cpr.ca to see the rail advantages of CP. CP-IR

About KCS

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Source: Canadian Pacific Railway Limited