CPKC CEO Keith Creel statement on UP-NS merger application refiling

Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel today issued the following statement regarding the merger application refiled by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on April 30, 2026:

Having taken nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS’ new application doesn’t change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB’s updated 2001 major merger rules. A combined UP-NS could place nearly 50 percent of U.S. freight rail traffic in the hands of a single company that already has a troubled history, some very recent, of abusing market power to the detriment of American businesses and workers. None of this serves the public interest. None of this serves the interests of shippers. All of it puts our supply chains and economy at needless risk.

On Friday, May 8, 2026, CPKC filed comments addressing the completeness of the revised application. In those comments, we address why it does not appear that UP and NS have met the specific STB requirements to submit a detailed market impact analysis based on their projected future shares of rail traffic flows for key commodities and corridors. This has left us asking, did UP overlook this specific instruction from the STB? If not, does UP have something to hide? One thing is certain: This is emblematic of UP continuing to have its own interpretation of rules and STB orders, and of how those apply to UP.

We are confident that, if the STB accepts the refiled application, it will conduct a vigorous assessment and regulatory review. CPKC encourages every rail customer to get involved. File a notice of intent to participate. All stakeholders must carefully consider what is being proposed here and fully participate in this process. If rail customers, and other stakeholders, don’t provide their perspectives on this irreversible decision, those perspectives will never be heard.

About CPKC

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR