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13 AR KANSAS CITY KANSASSOUTHERN CITY SOUTHERN Kansas City Southern Is a Transportation Holding Company with Two Primary Subsidiaries

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13 AR KANSAS CITY KANSASSOUTHERN CITY SOUTHERN Kansas City Southern Is a Transportation Holding Company with Two Primary Subsidiaries 13 AR KANSAS CITY KANSASSOUTHERN CITY SOUTHERN Kansas City Southern is a transportation holding company with two primary subsidiaries. The Kansas City Southern Railway Company is one of seven Class I railroads operating in the United States. Kansas City Southern de México, S.A. de C.V. is one of two large regional railroads in Mexico. KCS also owns 50% of the Panama Canal Railway Company in Panama. The combined North American rail network comprises approximately 6,400 route miles that link commercial and industrial markets in the United States and Mexico. 2013 FINANCIAL HIGHLIGHTS Dollars in millions, except share and per share amounts. Years ended December 31. 2013 2012 2011 2010 OPERATIONS Revenues $ 2,369.3 $ 2,238.6 $ 2,098.3 $ 1,814.8 Operating income 738.6 715.9 611.6 486.5 Net income attributable to Kansas City Southern and subsidiaries 351.4 377.3 330.3 180.2 PER COMMON SHARE Earnings per diluted share $ 3.18 $ 3.43 $ 3.00 $ 1.67 CLOSING STOCK PRICE RANGES Common - High $ 125.20 $ 83.82 $ 69.17 $ 49.98 Common - Low 85.40 62.54 46.00 29.70 4% Non-Cumulative Preferred - High 27.78 26.40 26.25 23.75 4% Non-Cumulative Preferred - Low 24.12 23.68 22.03 19.88 FINANCIAL CONDITION Total assets $ 7,435.4 $ 6,395.9 $ 6,145.1 $ 5,627.9 Total debt 2,188.9 1,607.8 1,639.1 1,639.7 Total stockholders’ equity 3,370.6 3,096.6 2,764.5 2,431.1 Total equity 3,676.6 3,400.7 3,058.7 2,713.7 COMMON STOCKHOLDER INFORMATION AT YEAR END Stockholders of record 2,700 3,002 3,537 3,994 Shares outstanding (in thousands) 110,229 110,131 109,911 102,649 Diluted shares (in thousands) 110,340 110,080 109,830 107,534 L E T T E R T O O U R This year marks the 20th anniversary of the North American Free Trade Agreement (NAFTA). STOCKHOLDERS When signed in 1994, NAFTA was lauded as a breakthrough agreement, creating one of the world’s largest free trade zones. NAFTA opened the way for increased trade among the United States, Canada and Mexico. While this letter’s primary intention is to update stockholders on the continued multi-faceted growth of Kansas City Southern (KCS or the Company) in 2013, it is important to recognize that NAFTA has been a key contributor to the success that our Company has enjoyed over the last fifteen years and to KCS’ strong strategic position in the North American transportation industry going forward. During the mid-1990s, the management of KCS made the pivotal strategic decision to leverage the north-south orientation of its U.S. railroad, The Kansas City Southern Railway Company (KCSR), with the promise of expanded cross-border trade generated by NAFTA. Central to the Company’s decision was the belief that increased North American trade would particularly benefit Mexico’s emerging economy, and David L. Starling it was therefore essential to link KCSR to the Mexican rail system. President & Chief Executive Officer Kansas City Southern Putting its strategic vision into action, KCS utilized a combination of acquisitions, partnerships and marketing alliances to create the only single-line rail corridor that, with only one interchange, could connect Mexico’s expanding manufacturing centers with access to every major commercial center in the United States and Canada. KCS first connected its U.S. rail franchise with Mexico in 1997 by participating as a minority partner in the acquisition of Mexico’s most strategic rail concession. In 2005, KCS became the sole owner of the entity holding the concession, which was subsequently named Kansas City Southern de Mexico, S.A. de C.V. (KCSM). The success of KCS’ strategic vision, first crafted in 1995, combined with the phenomenal success of NAFTA in spurring cross-border trade, has resulted in a growth story which has exceeded even the most optimistic of early expectations. To keep up with this growth story, KCS has invested more than $3 billion in Mexico, and created a rail network that is as modern and efficient as any in the United States. NAFTA has certainly been a central factor in Mexico’s economic development. Since 1994, Mexico has grown into a global manufacturing center, capable of competing directly with China and other developing countries for new manufacturing facilities and foreign direct investment. Bilateral trade between the United States and Mexico has increased over 400% in the last twenty years, and Mexico’s share of total U.S. imports (by value) has increased from 7% to 11% during that same period. And it’s not just Mexico’s trade with the United States that has grown. Mexico has diversified its trading partners to solidify its place in the global economy. In fact, Mexico has 10 free trade agreements with 45 countries, and is increasingly seen as a competitive location for highly technical manufacturing, Through our interchange with Canadian National in including the automotive, aerospace and electronics Jackson, Mississippi, KCS can offer customers service industries. from central Mexico to Chicago, the upper Midwest and Canada. New York and the Mid-Atlantic are only one con- As Mexico’s economy has grown impressively, so nection away with a hand-off of traffic to Norfolk Southern has Kansas City Southern. In the years since NAFTA’s in Meridian, Mississippi. The connection with Canadian implementation, KCS has transformed from a regional Pacific in Kansas City extends our reach into the upper railroad with limited business expansion opportunities Midwest and western Canada. Connections with CSX in into a dynamic, entrepreneurial transportation company East St. Louis, Illinois, and New Orleans, Louisiana, allow with substantial growth prospects positioned to play us to access the Midwest and Southern regions of the out over many years. United States. Finally, our interchanges with Union Pacific Now, turning to our performance in 2013, KCS revenue and BNSF facilitate the movement of cargo between increased 6% to $2.4 billion on a 2% increase in volume Mexico and the western half of the United States. No as compared to 2012. Full-year operating income was other railroad can offer KCS’ breadth of service options $739 million, a 3% year-over-year increase over 2012, connecting the three North American countries. which includes a $43 million one-time benefit from the The Company’s Marketing team continued to stress elimination of a net deferred liability in 2012. The Company to customers the value of using KCS’ network and reported an operating ratio of 68.8% in 2013 and reported interchange partners to meet their transportation needs. diluted earnings per share was $3.18 compared to Again in 2013, that effort was rewarded with further $3.43 in 2012. These results were achieved through a market share growth. Franchise cross-border revenue combination of operational efficiency, a shared vision, and was up 10% year-over-year, despite weakness in export singleness of purpose across all departments and functions. grain during the first two quarters due to the weak grain The Company’s impressive performance in 2013 was harvest in 2012. achieved despite a number of challenges. The 2012 KCS’ Intermodal business continued to produce industry- drought resulted in weak grain volumes during the first half leading growth. In 2013, revenue from franchise cross- of 2013, and changing conditions in the energy markets border intermodal was up 71%. New service offerings made utility coal and crude oil shipments volatile through- with gateway partners continued to expand the network, out the year. Finally, the economic environment in Mexico positioning KCS for further business growth going proved softer than anticipated at the beginning of the year. forward. To help drive this growth, we continue to invest in In the final analysis, KCS’ strong 2013 results are indicative our cross-border intermodal network while re-engineering of a company with a richly diverse mix of commodities that terminal and customs clearance processes to reduce allows it to overcome significant climatic and economic cross-border transit times, terminal dwell and equipment challenges and still deliver healthy returns to its investors. cost. These process breakthroughs position KCS to be Marketing more competitive in the market and drive further truck- Increased utilization of KCS’ cross-border corridor played to-rail conversion. an important role in our 2013 performance. As noted KCS also continues to lead the industry in percentage above, not only does KCS have the only single-line, growth in its automotive franchise. In 2013, revenue from cross-border franchise between the United States and automotive grew 16%. New vehicle demand in North Mexico, its network is only one connection away from any America continues to be strong, and KCS is participating market in the United States and Canada. in that growth by moving vehicles produced in Mexico into the North American market and to the Port of Lázaro acceleration of the near-shoring trend the reform could Cárdenas for export. increase rail shipments related to the delivery of input products for new oil and natural gas drilling, the shipment Announcements from the auto industry regarding new of refined products and, ultimately, the shipping of crude plants planned for Mexico over the next few years oil appears to be promising. KCS looks forward to the will provide additional growth opportunities for KCS’ opportunity to play an important role in the expansion automotive franchise as manufacturers are taking of Mexico’s energy sector. advantage of skilled labor, lower manufacturing costs, proximity to North American markets, and Mexico’s Finally, no discussion of KCS’ performance in 2013 would favorable trade agreements.
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