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Nov.10, 2014

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Page 46 of 79

RAIL CONSOLIDATION? THE JOURNAL OF COMMERCE 47 INTERMODAL MARKET REPORT SPECIAL REPORT FOR CANADIAN PACIFIC Railway CEO E. Hunter Harrison, one route to greatly improved rail service leads to railroad consolidation. Most of his counterparts at other Class I railroads aren't on board. "And I will go ahead and say I have a very high regard and respect for the head of the CP, but this is just a place where I have a different opinion. I think that a major railroad merger is not a good idea," NS Chairman and CEO Wick Moorman said in an Oct. 22 earnings call, according to a SeekingAlpha transcript. Most Class I rail leaders don't share Hunter Harrison's view that a major rail merger would improve service By Mark Szakonyi NOT SO FAST INTERMODAL MARKET REPORT SPECIAL REPORT

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