The purpose of the voting trust is to:

Question 1 options:

a) Ensure that the CP KCS merger is finalized immediately.

b) Ensure that the STB does not have to approve the CP KCS merger.

c) Allows KCS shareholders to sell their shares immediately to the Trust. The trust will hold the KCS shares until the STB makes a final ruling on the CP KCS merger.

d) None of the above.

What is the role of the STB in the CP KCS merger?

Question 2 options:

a) STB is the American federal agency that must approve the CP KCS merger. The STB ensures that the merger would not "give rise to potential public harms relating to competition".

b) The STB ensures that no American firm can buy an American railroad firm.

c) The STB ensures that any American railroad merger is financed by internally generated funds by the acquirer.

d) None of the above.

What is the % M&A premium in the CP KCS merger based on the following?

• Following the closing into a voting trust, common shareholders of KCS will receive 2.884 CP shares and US$90 in cash for each KCS common share held.
• Based on KCS closing share price of US$224.16 as of March 19, 2021 and CP closing share price of CDN$91.50 (at 1.2565 FX rate) as of Aug. 9, 2021.

Question 3 options:

a) 29% (rounded)

b) 34% (rounded)

c) 40% (rounded)

d) None of the above.

How much is the CP tender offer to merge with KCS worth on Oct 20th, 2021 based on the following?

• Following the closing into a voting trust, common shareholders of KCS will receive 2.884 CP shares and $90 in cash for each KCS common share held.
• CP stock price on Oct 20, 2021: CDN$91.20/share.
• The US CDN FX rate on Oct 20, 2021: 1.23

Question 4 options:

	a) $303.84
	b) $325.87
	c) $413.59
	d) None of the above.