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 Today, Kansas City Southern (KCS) KSU wholly-owned subsidiary, 
 Kansas City Southern de Mexico, S.A. de C.V. (KCSM) filed its arguments 
 and evidence with The Mexican Federal Competition Commission challenging 
 the March 15, 2017 Preliminary Report of the Commission's investigating 
 authority on effective competition in the Mexican railway system of 
 interconnection services. In that Preliminary Report, the Commission 
 found a lack of effective competition with respect to interconnection 
 services for trackage rights for KCSM, Ferromex, Ferrosur, and 
 Ferrovalle.
 
 
 The Preliminary Report does not have any legal or regulatory 
 implications with respect to the rights of KCSM under its concession 
 title or applicable law, nor the current operations of the railway 
 system. Notwithstanding, KCSM's response argues that the investigation 
 which supports the conclusions in the Preliminary Report was conducted 
 contrary to the rule of law, the rules of procedure, and relied upon 
 faulty economic analysis.
 
 
 The Organization for Economic Cooperation and Development (OECD), a 
 forum in which governments work together to share experiences and of 
 which Mexico is a member state, has issued three reports regarding the 
 Mexican rail system. These include "Peer Review of Railway Freight 
 Development in Mexico" in 2014 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.itf-oecd.org%2Fsites%2Fdefault%2Ffiles%2Fdocs%2F14mexicorail.pdf&amp;esheet=51544597&amp;newsitemid=20170420006571&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.itf-oecd.org%2Fsites%2Fdefault%2Ffiles%2Fdocs%2F14mexicorail.pdf&amp;index=1&amp;md5=d62610634ec0e0b6b308417ca1b52356" rel="nofollow" rel="nofollow">http://www.itf-oecd.org/sites/default/files/docs/14mexicorail.pdf</a>, 
 "Establishing Mexico's Regulatory Agency for Rail Transport" in 
 2016 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.itf-oecd.org%2Fsites%2Fdefault%2Ffiles%2Fdocs%2F16cspa_mexico-rail_regulation.pdf&amp;esheet=51544597&amp;newsitemid=20170420006571&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.itf-oecd.org%2Fsites%2Fdefault%2Ffiles%2Fdocs%2F16cspa_mexico-rail_regulation.pdf&amp;index=2&amp;md5=3f07fc1dd8cdf3ac6717442aa0e24de7" rel="nofollow" rel="nofollow">http://www.itf-oecd.org/sites/default/files/docs/16cspa_mexico-rail_regulation.pdf</a>, 
 and "Review of the Regulation of Freight Transport in Mexico" in 
 2017 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oecd-ilibrary.org%2Fgovernance%2Freview-of-the-regulation-of-freight-transport-in-mexico_9789264268364-en&amp;esheet=51544597&amp;newsitemid=20170420006571&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.oecd-ilibrary.org%2Fgovernance%2Freview-of-the-regulation-of-freight-transport-in-mexico_9789264268364-en&amp;index=3&amp;md5=8f65e904c7aecb08e71fac94f15d9c96" rel="nofollow" rel="nofollow">http://www.oecd-ilibrary.org/governance/review-of-the-regulation-of-freight-transport-in-mexico_9789264268364-en</a>. While 
 these reports are not binding upon Mexican authorities or regulators, 
 KCSM believes they represent important conclusions and findings that 
 should have been considered by the investigative authority of the 
 Competition Commission.
 
 
 The conclusions in all three OECD reports are substantially similar. In 
 its 2016 report, the OECD found, "In general, Mexican railway 
 concessions face more competition from trucking than US or Canadian 
 railways" (page 6) and "…In short, the concessioning system has worked 
 well. Since transfer to private operators in 1998, rail tonne-kilometres 
 have grown by over 50 percent, … Traffic density has grown in line with 
 traffic and labor productivity is over six times higher. By a rough 
 estimate, average Mexican rail freight costs have fallen by about 20 
 percent since concessioning … Without question, the Mexican concessions 
 have become world class performers." (page 17)
 
 
 In its 2017 Report, the OECD said, "The concession system adopted was 
 adapted to Mexican geography and freight markets…The approach relied on 
 competitive forces, not only on stiff competition with other modes of 
 transport (principally road transport), but on competition between 
 railways operating on separate lines….Overall, the system design relied 
 for effective competition on intermodal direct competition in key 
 locations, parallel and source competition, supplemented by trackage 
 rights in specific situations." (page 81).
 
 
 The Panel of the Competition Commission has 110 business days from 
 today's filing to analyze the evidence and arguments submitted by 
 parties in response to the Preliminary Report and issue a Final Report. 
 KCS believes that KCSM's response to the Competition Commission's 
 Preliminary Report filed today is compelling and should lead to an 
 amended Final Report.
 
 
 Headquartered in Kansas City, Mo., KCS 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 KCSM, 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&#39; North 
 American rail holdings and strategic alliances are primary components of 
 a NAFTA Railway system, linking the commercial and industrial centers of 
 the U.S., Mexico and Canada.
 
 
 This news release contains "forward-looking statements" within the 
 meaning of the securities laws concerning potential future events 
 involving KCS and its subsidiaries, which could materially differ from 
 the events that actually occur. Words such as "projects," "estimates," 
 "forecasts," "believes," "intends," "expects," "anticipates," and 
 similar expressions are intended to identify many of these 
 forward-looking statements. Such forward-looking statements are based 
 upon information currently available to management and management's 
 perception thereof as of the date hereof. Differences that actually 
 occur could be caused by a number of external factors over which 
 management has little or no control, including: competition and 
 consolidation within the transportation industry; the business 
 environment in industries that produce and use items shipped by rail; 
 loss of the rail concession of KCS' subsidiary, Kansas City Southern de 
 México, S.A. de C.V.; the termination of, or failure to renew, 
 agreements with customers, other railroads and third parties; access to 
 capital; disruptions to KCS' technology infrastructure, including its 
 computer systems; natural events such as severe weather, hurricanes and 
 floods; market and regulatory responses to climate change; legislative 
 and regulatory developments and disputes; rail accidents or other 
 incidents or accidents on KCS' rail network or at KCS' facilities or 
 customer facilities involving the release of hazardous materials, 
 including toxic inhalation hazards; fluctuation in prices or 
 availability of key materials, in particular diesel fuel; dependency on 
 certain key suppliers of core rail equipment; changes in securities and 
 capital markets; availability of qualified personnel; labor 
 difficulties, including strikes and work stoppages; insufficiency of 
 insurance to cover lost revenue, profits or other damages; acts of 
 terrorism or risk of terrorist activities; war or risk of war; domestic 
 and international economic, political and social conditions; the level 
 of trade between the United States and Asia or Mexico; fluctuations in 
 the peso-dollar exchange rate; increased demand and traffic congestion; 
 the outcome of claims and litigation involving KCS or its subsidiaries; 
 and other factors affecting the operation of the business. More detailed 
 information about factors that could affect future events may be found 
 in filings by KCS with the Securities and Exchange Commission, including 
 KCS' Annual Report on Form 10-K for the year ended December 31, 2016 
 (File No. 1-4717) and subsequent reports. Forward-looking statements are 
 not, and should not be relied upon as, a guarantee of future performance 
 or results, nor will they necessarily prove to be accurate indications 
 of the times at or by which any such performance or results will be 
 achieved. As a result, actual outcomes and results may differ materially 
 from those expressed in forward-looking statements. KCS is not obligated 
 to update any forward-looking statements to reflect future events or 
 developments.
 
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