Kansas City Southern Recommends Shareholders Reject TRC Capital’s Mini-Tender Offer

May 10, 2021

KANSAS CITY, Mo. -- May 10, 2021 -- Kansas City Southern (NYSE: KSU) (“KCS”) received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation ("TRC Capital") to purchase up to 500,000 shares, or approximately 0.55 percent, of KCS’s outstanding common stock at a price of $285.00 per share in cash. As TRC Capital's own offer document acknowledges, the offering price is approximately 2.47 percent below the closing price per share of KCS on April 30, 2021, the last trading day before the mini-tender offer was commenced.

KCS does not endorse TRC Capital’s mini-tender offer and recommends that KCS shareholders reject this unsolicited offer and not tender their shares in response to the offer. KCS also recommends that any shareholders who have tendered shares to TRC Capital withdraw those shares by providing the written notice described in the offering documentation before the expiration of the offer, which is currently scheduled for 12:01 a.m., New York City Time, on June 2, 2021.

KCS is not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation.

TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers are designed to seek less than 5 percent of a company's outstanding shares, thereby avoiding many investor protections, including the disclosure and procedural requirements, applicable to larger tender offers under United States securities laws. The U.S. Securities and Exchange Commission (SEC) has cautioned investors about mini-tender offers, noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC has also published investor tips regarding these offers on its website at: http://www.sec.gov/investor/pubs/minitend.htm.

KCS encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC's website at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

KCS urges investors to obtain current market quotations for their shares, consult with their brokers or financial advisors and exercise caution with respect to TRC Capital's offer.

KCS requests that a copy of this news release be included with all distributions of materials relating to TRC Capital's mini-tender offer related to KCS's shares of common stock.

About Kansas City Southern

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



C. Doniele Carlson
Tel: 816-983-1372

Tim Lynch / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
Tel: 212-355-4449

Investment Community

Ashley Thorne
Tel: 816-983-1530

Dan Burch / Laurie Connell
MacKenzie Partners, Inc.
Tel: 212-929-5748 / 212-378-7071