Makes sense for Canada moving freight and oil to and from the gulf ports. AmeriMexiCanada trade. The Mexican plants get parts in by ships, assemble card, trucks, white goods, etc.Then they go by rail or truck north. Parts made in Mexico to American and Canadian plants also.

Heritage Units:

According to the news article, the name of the merged companies would be "Canadian Pacific Kansas City", with the head office in Calgary.

The information that I had was that Kansas City Southern would continue to operate under that name (also KC Southern de Mexico) and retain it's corporate offices in Kansas City.

To make things more interesting, it was reported today that Canadian National (CN) had submitted a rival bid for the acquisition of KCS.

Stay tuned...

Regards

Mike C

CALGARY – May 14, 2021 – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) today issued the following statement in response to the Department of Justice (“DOJ”) filing with the Surface Transportation Board (“STB”) regarding Canadian National’s (“CN”) proposed use of a voting trust in connection with its proposed combination with Kansas City Southern (“KCS”).

CP concurs with the DOJ’s objection to CN’s proposed use of a voting trust on the grounds that a CN merger with KCS would pose greater risks to competition than the CP-KCS agreement. The filing notes: “A CN-KCS transaction poses additional dangers to competition stemming from the potential elimination of direct, ‘parallel’ competition on routes served by both railroads, for example between Baton Rouge and New Orleans.” CN’s proposed use of a voting trust would create “threats to competition [that] would be present immediately after the CN voting trust is consummated.” And, DOJ added, “[i]t is particularly important to protect” the incentives of CN and KCS “to compete where, as here, CN and KCS appear to compete head-to-head on multiple parallel routes.”

The filing continues: “On May 6, 2021, the Board approved the proposed CP-KCS voting trust in Finance Docket No. 36500. Notwithstanding this decision, the Board should not permit the proposed CN voting trust because CN’s proposed acquisition of KCS appears to pose greater risks to competition than the risks posed by a CP-KCS merger.”

The DOJ’s position is consistent with CP’s assessment that CN’s proposal is illusory and offers unattainable value to KCS’ shareholders.

CP remains confident its friendly agreement is the only viable merger for KCS, as already validated by two favorable rulings by the STB. The STB approved CP’s use of a voting trust and affirmed KCS’ waiver from the new rail merger rules it adopted in 2001 because a CP-KCS combination is truly end-to-end, pro-competitive and together they would remain the smallest Class 1 railway.

https://futureforfreight...ature-of-cn-bid-for-kcs/

Thank you for posting this. Very interesting deal. Raising the stakes against BNSF and the UP.

On March 21, 2021, Canadian Pacific Railway (CPR) and KCS announced that CPR would purchase KCS for US$29 billion, which would allow the CP to own rail lines across the entire North American continent. Kansas City Southern CEO Patrick Ottensmeyer stated that the United States-Mexico-Canada Agreement signed a year earlier created a unique opportunity amid the recovery from the COVID-19 pandemic. The US Surface Transportation Board would first have to approve the purchase, which was expected to be completed by the middle of 2022.

However, a competing cash and stock offer was later made by Canadian National Railway (CNR) on April 20, 2021 at $33.7 billion. On May 13, 2021, KCS announced in a statement that they planned to accept the merger offer from CN, but would give CP until May 21 to come up with a higher bid. On May 21, KCS and CN agreed to a merger.

CN's merger attempt was damaged by a STB ruling on August 31, 2021 that the company's proposal to use a voting trust to assume control of KCS pending review of the merger by the board was denied, due to concerns about potentially reduced competition in the railroad industry. KCS backed out of the merger agreement made with CN on September 12, 2021, in favor of a new $31 billion offer from CP. Though CP's offer is lower than the offer made by CN, the STB has permitted CP to use a voting trust to take control of KCS.

Edited by user 18 October 2021 11:35:18(UTC)  | Reason: Not specified

A nice and shiny CP Rail train visiting KCS home town.



A train led by four brand new AC4400CWM rebuilds on its way to the KCS Knoche Yard with the Kansas City downtown skyline in the background.

https://www.railpictures.net/photo/782511/



Four brand new AC4400CWM's lead this manifest through the Kansas City West Bottoms area.

https://www.railpictures.net/photo/782510/

CP Shareholders Overwhelmingly Support Proposed CP-KCS Merger Agreement

December 8, 2021 Calgary
Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”) today announced that its shareholders voted overwhelmingly in favour of the issuance of CP common shares to Kansas City Southern (“KCS”) common stockholders in connection with the proposed CP-KCS combination.

“The shareholder approvals today are a key step on our path to this once-in-a-lifetime partnership to create the first U.S.-Mexico-Canada rail network,” said Keith Creel, CP President and Chief Executive Officer. “This is a transformative opportunity for CP, for KCS, and for the North American economy.”

CP shareholders voted on two items of business at Wednesday’s special meeting of shareholders. The first was an ordinary resolution (“Share Issuance Resolution”) to approve the issuance of up to 277,960,197 CP common shares as the share consideration under the terms of the merger agreement. The second was a special resolution (“Name Change Resolution”) to approve an amendment to CP’s articles of incorporation to change its name to Canadian Pacific Kansas City Limited, a change contingent upon the approval by the U.S. Surface Transportation Board (“STB”) of the proposed CP-KCS combination.

The results of the vote are as follows:

​ % Votes For % Votes Against
Share Issuance Resolution 99.91% 0.09%
Name Change Resolution 99.83% 0.17%

“The overwhelming support our shareholders have given today to the transaction is critical to making this combination a reality,” Creel added. “In the coming days, we will be working to complete the steps required to close into the voting trust, and in the months ahead we look forward to participating in the STB’s comprehensive regulatory review. Following receipt of STB approval and consummation of CP control, Canadian Pacific Kansas City will add new 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.”

As previously announced on Sept. 15, 2021, CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately $31 billion[1], which includes the assumption of $3.8 billion of outstanding KCS debt. The transaction, which has the unanimous support of both boards of directors, values KCS at $300 per share, representing a 34% premium, based on the CP closing price on Aug. 9, 2021, the date prior to which CP submitted a revised offer to acquire KCS, and KCS’s unaffected closing price on March 19, 2021.[2]

On Sept. 30, 2021, the STB confirmed that it approved the use of a voting trust for the transaction. The conditions to closing into voting trust include receipt of approval from the shareholders of both companies along with the satisfaction of other customary closing conditions, including receipt of Mexican regulatory approvals.

Required Mexican regulatory approvals were received last month and a special meeting of KCS stockholders to vote on the merger agreement is scheduled for Friday, Dec. 10, 2021. Provided the transaction is approved by KCS stockholders on Friday, the transaction is expected to close into trust two business days later on Dec. 14, 2021. At the closing into trust, KCS common stockholders will receive 2.884 CP shares and $90 in cash for each KCS common share held. KCS preferred stockholders will receive $37.50 for each KCS preferred share held, and KCS’s voting shares will be placed into trust.

On Nov. 23, 2021, the STB formally accepted the CP-KCS control application and issued a procedural schedule. The STB's review of CP’s proposed control of KCS is expected to be completed in the fourth quarter of 2022.

Additional information regarding the combination can be found in the management proxy circular dated Nov. 1, 2021, which has been filed with both Canadian and U.S. securities regulators, including with the U.S. Securities and Exchange Commission (“SEC”).

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

[1] Except where noted, all figures are in U.S. dollars.
[2] Based on KCS closing share price of $224.16 as of March 19, 2021 and CP closing share price of CAD$91.50 (at 1.2565 FX rate) as of Aug. 9, 2021.


Kansas City Southern Stockholders Approve Merger with CP

December 10, 2021

KANSAS CITY, Mo., December 10, 2021. Kansas City Southern (NYSE: KSU) (“KCS”) announced that the Company’s stockholders have voted to approve the previously announced combination with Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) at today’s virtual Special Meeting of Stockholders (“Special Meeting”). Of the 64.5 million shares voting at the Special Meeting, approximately 99.6% were cast in favor of the adoption of the proposed merger agreement.

The transaction is expected to close on Tuesday, December 14, 2021. KCS stockholders will receive $90 in cash and 2.884 CP shares for each KCS common share held and $37.50 in cash for each KCS preferred share held. Immediately upon close, ownership of KCS will be held in a voting trust pending the Surface Transportation Board’s review and approval of CP’s proposed control of KCS, which is expected to occur in the fourth quarter of 2022.

On December 8, CP’s stockholders voted to approve the issuance of the CP common shares to KCS stockholders in connection with the proposed merger.

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

Edited by user 28 December 2021 01:44:27(UTC)  | Reason: Not specified

The global logistic system is in place. The map depicts the Ameri-Mexi-Canada rail and road connections. Petroleum from Canada through to the Lousianna port, on to China, and the import of commodities and parts for the auto and white goods, etc. industry, as well as assembled units north.
Even prior to the NAFTA agreements, the Detroit auto makers were importing parts from mexico as early as the mid to late 70's, and steel and some parts from Nippon, Jatco, etc. from Japan.
China's frist port opened in the year 786 A.D. The silk road was part of it's development.

Canadian Pacific and Kansas City Southern Close Into Voting Trust

KANSAS CITY, Mo., Dec. 14, 2021 - Kansas City Southern (NYSE: KSU) ("KCS") today announced the completion of its sale to Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) ("CP"). The transaction represents an enterprise value of approximately USD$31 billion. KCS stockholders will receive 2.884 CP common shares and $90 in cash for each share of KCS common stock held and $37.50 in cash for each share of KCS preferred stock held.

Immediately upon the closing of the acquisition, the shares of KCS were placed into a voting trust with Dave Starling, former KCS President and CEO, appointed as the Voting Trustee. The Voting Trust, which ensures KCS will operate independently of CP, will remain in effect until the U.S. Surface Transportation Board ("STB") issues its decision on the companies’ joint railroad control application. The STB’s approval of CP’s control of KCS would create Canadian Pacific Kansas City Limited ("CPKC"), the only single-line railroad linking the United States, Mexico and Canada. The STB review of CP’s proposed control of KCS is expected to be completed in the fourth quarter of 2022.

"Today is a historic day for our two iconic companies," said Keith Creel, CP President and Chief Executive Officer. "CPKC will become the backbone connecting our customers to new markets, enhancing competition in the U.S. rail network, and driving economic growth across North America while delivering significant environmental benefits. We are excited to reach this milestone on the path toward creating this unique truly North American railroad."

"As a Board and management team, we are proud of the countless contributions and achievements of all those who work for Kansas City Southern," said Patrick J. Ottensmeyer, KCS President and Chief Executive Officer. "We are excited for the possibilities that will open to us through this combination with CP and we look forward to our next chapter."

Expected benefits from the business combination will not be realized until the STB approves CP’s control of KCS’ railroads. Upon obtaining control approval from the STB, the two companies expect to achieve full integration over the ensuing three years, unlocking the benefits of the combination.

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

CEOs meet in Chicago for a brief ceremony

CHICAGO – Amtrak President and CEO Stephen J. Gardner this week congratulated Canadian Pacific (CP) for earning an industry-leading “A” grade for the sixth consecutive year on the annual Amtrak Host Railroad Report Card, which ranks freight railroads for keeping Amtrak trains on-time. Gardner presented the host railroad award to CP President and CEO Keith Creel at Amtrak Chicago Union Station.


“We’re proud of the Amtrak-CP partnership and we applaud you and your team’s continued commitment to providing outstanding service to our passengers. Congratulations on six years straight as Amtrak’s best performing host railroad,” Gardner said.

“CP is honored to receive this recognition of the success we have achieved as a host railroad providing industry-leading service to Amtrak on our lines,” Creel said.

In January, Amtrak and CP announced an agreement committing to maintaining CP’s industry-leading role as a host railroad and to cooperating with Amtrak to implement its long-term strategic vision to bring new and expanded intercity passenger rail service to the Midwestern and Southern U.S.

“Given CP’s consistent record as an Amtrak host, we are supporting CP’s proposal to expand its network in a merger with Kansas City Southern,” Gardner added.

“CP is pleased to continue to support Amtrak and its infrastructure projects to provide capacity needed to accommodate additional service and thankful to Amtrak for its support of our historic combination with Kansas City Southern,” said Creel.

In addition to its strong dispatching performance from its Minneapolis-based rail traffic control center, CP was the first Amtrak host to certify schedules to measure on-time status at each Amtrak station.

Just had to buy this one.....

The Kansas City Southern business special heads south through Poteau, OK on June 6, 2022. This particular running of the business train included five Canadian Pacific cars on the rear.



Battling some hazy/high clouds is the fully loaded KCS business train. The governor of Louisiana, CP CEO Keith Creel, KCS CEO Pat Ottensmeyer, Amtrak president Steven Gardner, and the head of the FRA, Amit Bose, were all onboard this Amtrak inspection trip. The hazy atmospheric conditions led me to underexpose the image significantly in the field in order to save some of the highlights from the sky. I think it worked well as the business train made its way across at a sultry 10mph. No doubt the putrid shape of the KCS bridge over the spillway was a topic of engineering discussion by those onboard. A "successful" trip? Only time will tell as we have yet to see if the STB will approve the CP/KCS merger, and the Amtrak expansion. No matter what reason, however, it is always nice to see the vintage business train out rolling down the KCS.

Watch the video to see the five Canadian Pacific cars on the rear.

HI W-Wally,

Love the pics! I rode the Royal Canadian back in 1964 from Montreal to Calgary in my youth, still have vivid memories of that trip. I hope that one day Maerklin releases an F7 set with the coaches in that color scheme.
Then, in 1977, I worked for CP rail prior to going to college, I was a cook in the Dome car cafe of the 'Canadian', like your last pic. I made about 20 trips from Vancouver to Thunder Bay and return that summer. Most fun job I ever had!! :)
I've been hooked on trains ever since.

It was delivered today, I have them pulling some Dutch coaches right now, I don't have KCS coaches. I am looking for them though, but they will have to work properly on my Marklin track.

Canadian Pacific and Kansas City Southern merger proposal receives clearance from Committee on Foreign Investment in the United States

Calgary – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) today announced it has received the required regulatory clearance from the Committee on Foreign Investment in the United States (“CFIUS”) for the proposed combination of CP and Kansas City Southern (“KCS”).

CP completed its acquisition of KCS on Dec. 14, 2021. Immediately upon the closing of the acquisition, the shares of KCS were placed into a voting trust which ensures KCS will operate independently of CP while the U.S. Surface Transportation Board (“STB”) completes its regulatory review of the companies’ joint railroad control application to create Canadian Pacific Kansas City (“CPKC”), the only single-line railroad linking the United States, Mexico and Canada.

The STB review of CP’s proposed control of KCS is expected to be completed in early 2023.

A century ago, 2816 entered service moving people and goods across Canada. Today, CP teams are prepping 2816 for a special cross-continental voyage from Calgary to Mexico City to celebrate completion of the proposed CP-KCS merger, pending regulatory approval, and the connecting of a continent through the creation of CPKC.

CP sets date for combination with KCS, announces CPKC executive leadership team


March 17, 2023 Calgary
​Canadian Pacific and Kansas City Southern to combine April 14 to create CPKC, the first and only single-line railway connecting the U.S., Mexico and Canada

Canadian Pacific (TSX: CP) (NYSE: CP) ("CP") said today that, on April 14, 2023, it will exercise the authority granted by the U.S. Surface Transportation Board's ("STB") March 15 final decision and combine with Kansas City Southern ("KCS") to create Canadian Pacific Kansas City ("CPKC"), the first and only single-line railway connecting the U.S., Mexico and Canada. CP today also announced the executive leadership team that will lead CPKC.

"Our new combined railroad will create a truly unique single-line network connecting three nations and instantly injecting new competition into the North American rail industry when our supply chains have never needed it more," said Keith Creel, CP President and CEO. "The public, environmental, competitive and safety benefits of this historic combination, clearly recognized by the U.S. Surface Transportation Board, are extraordinary for our employees, communities, rail customers and the North American economy.

"Under the leadership of the exceptional group of railroaders we announce today, CPKC will bring new options to rail customers while increasing safety, improving service and spurring new investment in our railroad network," Mr. Creel added. "Together, all these benefits will create jobs and drive economic growth in North America.

"We acknowledge the thorough and thoughtful consideration put into the STB's final decision, including the conditions it imposes in order to assure that the transaction's public benefits are realized and any potential harms are avoided. We intend to participate cooperatively and proactively to assist the STB during its oversight process and will honor the conditions the STB has imposed," Mr. Creel said.

As previously announced, Mr. Creel will become President and CEO of CPKC. The following are the anticipated future senior leaders of CPKC, subject to formal appointment by the board of directors, with the executives listed below reporting to the president and CEO:

Nadeem Velani, Executive Vice-President and Chief Financial Officer
John Brooks, Executive Vice-President and Chief Marketing Officer
Mark Redd, Executive Vice-President and Chief Operating Officer
John Orr, Executive Vice-President and Chief Transformation Officer
James Clements, Executive Vice-President Strategic Planning & Technology
Jeff Ellis, Executive Vice-President Chief Legal Officer and Corporate Secretary
Warren Erdman, Executive Advisor Strategic Projects
Laird Pitz, Senior Vice-President and Chief Risk Officer
Mike Foran, Senior Vice-President Network & Capacity Management
Chad Rolstad, Vice-President of Human Resources and Chief Culture Officer
Oscar Augusto Del Cueto Cuevas, KCSM President, General Manager and Executive Representative
Pat Ottensmeyer, KCS President and CEO, has agreed to continue to be an advisor to Mr. Creel through the remainder of 2023 to ensure continuity on key initiatives predominantly involving the combined company and Mexico.

"Our senior leadership team is eager to come together to write the next chapter of railroad history in North America," said Mr. Creel. "This experienced team will guide our work on a seamless integration for our customers, our employees and the North American supply chain."

CP completed its US$31 billion acquisition of KCS on Dec. 14, 2021. Immediately upon the closing of that acquisition, shares of KCS were placed into a voting trust which has ensured that KCS operates independently of CP during the regulatory review process. Until CP exercises control pursuant to the STB decision of March 15 and the Voting Trust is dissolved, CP and KCS will continue to operate independently.

Headquartered in Calgary, Alta., Canada, CPKC will be the first railway connecting North America. While remaining the smallest of six U.S. Class 1 railroads by revenue, the combined company will have a much larger and more competitive network, operating approximately 20,000 miles of rail, employing close to 20,000 people. Full integration of CP and KCS is expected to happen over the next three years, unlocking the benefits of the combination.

CPKC will bring a new standard of safety to the North American rail landscape. CP has been the safest railroad in North America for 17 straight years as measured by the Federal Railroad Administration train accident frequency ratio. In 2022, CP had an all-time best frequency of 0.93, a rate nearly half what the company produced a decade ago and 69 percent lower than the Class 1 average.

CP's culture of safety, supported by its history of sustained investments in core infrastructure and technology, aligns with KCS's likeminded culture, allowing the combined system to operate at the apex of rail safety. CPKC will implement the combination with safety at the forefront of everything it does. In its decision approving the combination, the STB said CPKC "should ultimately enhance safety and benefit the environment."

The STB decision also highlighted a number of other anticipated benefits:

"The Board expects that this new single-line service will foster the growth of rail traffic, shifting approximately 64,000 truckloads annually from North America's roads to rail, and will support investment in infrastructure, service quality, and safety."
"Indeed, approval of this transaction may even enhance safety for the nation as a whole" and that "thus, any rail traffic diverted to CPKC from other railroads will likely mean traffic moving to a railroad with a better safety record."
"The transaction is also expected to drive employment growth across the CPKC system, adding over 800 new union-represented operating positions in the United States."
"The transaction will make possible improved single-line service for many shippers and will result in merger synergies that are likely to allow CPKC to be a vigorous competitor to other Class 1s by providing improved service at lower cost."
CPKC plans capital investments in new infrastructure of more than US$275 million over the next three years to improve rail safety and capacity of the core north-south CPKC main line between Louisiana and the Upper Midwest.

Anticipated environmental benefits of CPKC include the avoidance of more than 1.6 million tons of greenhouse gas (GHG) emissions due to the anticipated improved operational efficiency of CPKC versus current operations and another 300,000 tons of GHG emissions with the diversion of 64,000 trucks to rail for a total reduction of 1.9 million tons of GHG emissions over the next five years. By diverting 64,000 long-haul truck shipments to rail annually with new CPKC intermodal services, reducing total truck vehicle miles traveled by almost 2 billion miles over the next two decades, saving US$750 million in highway maintenance costs.

CPKC will also support the expansion of Amtrak and other passenger services on the CPKC network.

Forward looking information
This news release contains certain forward looking statements and forward looking information (collectively, "FLI") to provide CP shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "will", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI.

Although we believe that FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by FLI, including, but not limited to, the following: the realization of anticipated benefits and synergies of the CP-KCS transaction and the timing thereof; the success of integration plans; the focus of management time and attention on CP-KCS integration; changes in business strategy and strategic opportunities; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the CP-KCS transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and Mexico; North American and global economic growth; industry capacity; shifts in market demand; changes in commodity prices and commodity demand; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; sufficiency of budgeted capital expenditures in carrying out business plans; services and infrastructure; the satisfaction by third parties of their obligations; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and Mexico; climate change and the market and regulatory responses to climate change; ability to achieve commitments and aspirations relating to reducing greenhouse gas emissions and other climate-related objectives; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de Mexico, S.A. de C.V.'s Concession; public opinion; various events that could disrupt operations, including severe weather events, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP with Canadian and U.S. securities regulators, including any prospectus, material change report, management information circular or registration statement that have been or will be filed in connection with the transaction. Reference should be made to "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations – Forward Looking Statements" in CP's annual and interim reports on Form 10-K and 10-Q. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.