CPKC ADVANTAGE Investor Presentation: February, 2026 TSX/NYSE: CP FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking information and forward-looking statements within the meaning of applicable securities laws in both the United States ("U.S.") and Canada (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future eve ...

Core Viewpoint - Berkshire Hathaway, traditionally viewed as a strong long-term investment, has underperformed the S&P 500 over the past year, raising concerns among investors about its future performance and the implications of Warren Buffett's retirement [4][5]. Group 1: Company Performance - Berkshire Hathaway has delivered an average annual return of nearly 20% since Warren Buffett took control in 1965, significantly outperforming the S&P 500's average annual return of 10% [1]. - The company's stock has risen by less than 4% over the past 12 months, while the S&P 500 has advanced nearly 12% [4]. - Berkshire's market capitalization stands at approximately $1.08 trillion, with a portfolio worth $320 billion, accounting for 30% of its market cap [2]. Group 2: Strategic Decisions - The company paused its buybacks for five consecutive quarters, indicating that its shares may be overvalued [4]. - Buffett's decision to sell many of Berkshire's top stocks has resulted in a record cash position of $382 billion by the end of Q3 2025, suggesting concerns about the overheated S&P 500 [5]. - Buffett's retirement at the end of 2025 has led to uncertainty among investors, prompting some to consider selling their shares [5]. Group 3: Investment Products - Direxion offers an inverse ETF, the Daily BRKB Bear 1X Shares, which allows investors to bet against Berkshire Hathaway's stock [7]. - This ETF uses total return swaps to replicate a short position against Berkshire, meaning it rises when Berkshire's stock declines and falls when Berkshire's stock rises [8]. - The strategy is highly leveraged and carries risks, with a high expense ratio of 0.97% and daily resets of returns [9].

Company Overview - Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is a leading rail technology and equipment company that provides locomotives, equipment, systems, and services [2][3] - The company has a market capitalization of approximately $43.775 billion [2] Financial Performance - Westinghouse Air Brake Technologies Corporation reported $2.97 billion in sales for the fourth quarter of 2025, reflecting a year-over-year increase of 14.8% [4] - The stock closed at $256.06 per share on February 13, 2026, with a one-month return of 11.52% and a twelve-month increase of 36.06% [2] Investment Insights - The Aristotle Small Cap Equity Fund noted that Westinghouse Air Brake Technologies Corporation transitioned from a small-cap to a large-cap company, leading to a redeployment of capital into new positions with potential upside [3] - At the end of the third quarter, 62 hedge fund portfolios held shares of Westinghouse Air Brake Technologies Corporation, a decrease from 68 in the previous quarter [4]

Core Viewpoint - Norfolk Southern Corporation (NYSE:NSC) has shown a significant increase in share price over the past year, but recent earnings results indicate a decline in revenue, leading to mixed analyst opinions on the stock's future performance [2][5]. Financial Performance - Norfolk Southern's shares have increased by 23.6% over the past year and by 10% year-to-date [2]. - The company reported an adjusted profit per share of $3.22, up from $3.04 in the previous year [2]. - Revenue for the latest quarter was $3 billion, reflecting a 2% annual decline [2]. Analyst Ratings - Baird has reduced the share price target for Norfolk Southern from $293 to $288 while maintaining a Neutral rating [2]. - Deutsche Bank downgraded the stock from Buy to Hold, citing concerns related to a planned merger [2]. - Jim Cramer criticized the downgrade from Deutsche Bank, suggesting it was ill-advised [3][5]. Industry Context - The planned merger between Norfolk Southern and Union Pacific has raised concerns about potential fluctuations in the company's topline due to its impact on the railroad industry [2].

Market Overview - The market is currently experiencing positive momentum, with stocks showing green performance [1] - There is a bullish sentiment regarding the reindustrialization of America, particularly in steel production [2] Trade Insights - Rivian has seen a significant increase of over 23% following positive delivery guidance and the anticipated launch of its R2 vehicle [6] - Despite being bearish on Rivian long-term, there is a potential for a short-term price squeeze due to market positioning ahead of earnings [9] - CSX has broken through a key resistance level at 38, indicating potential for continued upward movement as long as it remains above this level [19][22] - Applied Materials is benefiting from strong demand in the semiconductor sector, with a notable increase of almost 10% following a positive earnings report [26][34] Technical Analysis - Rivian's recent price movement shows a significant push upward, with notable resistance levels at 18.25 and 17 [10][12] - CSX's price remains above its 5-day exponential moving average, indicating strength in the current trend [22] - Applied Materials is experiencing an upward trend, with key support levels identified around 339 and 322 [32][34]

Core Insights - Women We Admire has announced The Top 50 Women Leaders of Jacksonville for 2026, highlighting the significant roles these leaders play in managing organizations within a major U.S. city [1] Group 1: Recognized Leaders - Alexandra Geist, Account Director at Salesforce, has over 20 years of experience in technology sales, focusing on aligning technology strategies with financial goals and fostering long-term client relationships [2] - Diana Sorfleet, Chief Administrative Officer at CSX, is recognized for her strategic role in business transformation and her leadership during the pandemic response, including the implementation of a social justice action plan [3] - Jennifer Raines, Director of Product Development Engineering at Medtronic, has over 20 years in the medical device industry, known for her leadership in R&D and fostering a patient-first culture [4] Group 2: Additional Honorees - The list of honorees includes notable leaders such as Sarah Sanders (Baptist Health), Ellyn Raftery (FIS), and many others, showcasing a diverse range of industries and expertise [6] Group 3: Organization Overview - Women We Admire aims to recognize and inspire women leaders across various fields, circulating content to over 110,000 individuals and businesses [7]

Group 1 - Pershing Square announced new positions in Hertz (HTZ), Amazon.com (AMZN), and Meta Platforms (META) during its annual investor presentation [1] - The firm exited positions in Chipotle (CMG), Canadian Pacific Kansas City (CP), and Nike (NKE) in 2025, and Hilton (HLT) shares in 2026 [1] - Concerns regarding Meta's AI-related spending are viewed as underestimating the company's long-term upside potential from AI [1] Group 2 - Hertz is identified as a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside potential [1] - Amazon is recognized for operating two of the world's great, category-defining franchises [1]

Core Viewpoint - CSX Corp. will be represented by its President and CEO, Steve Angel, at the Barclays 43rd Annual Industrial Select Conference on February 19, 2026, at 11:50 a.m. ET, highlighting the company's ongoing engagement with investors and stakeholders [1]. Company Overview - CSX, headquartered in Jacksonville, Florida, is a leading transportation company providing rail, intermodal, and rail-to-truck transload services across various markets, including energy, industrial, construction, agricultural, and consumer products [3]. - The company has been integral to the economic expansion and industrial development of the United States for nearly 200 years, connecting major metropolitan areas in the eastern U.S. where approximately two-thirds of the nation's population resides [3]. - CSX's extensive network links over 240 short-line railroads and more than 70 ocean, river, and lake ports with significant population centers and agricultural regions [3].

Group 1 - Warren Buffett expresses unwavering confidence in the strength of the U.S. economy despite acknowledging short-term volatility and swings [1] - Buffett's 2014 letter to Berkshire Hathaway investors highlighted his belief in America's long-term prosperity, citing his 2009 investment in BNSF as a significant commitment during a financial crisis [1] - The S&P 500 index gained approximately 16% last year, reinforcing Buffett's optimistic outlook amid tariff tensions and recession fears [1] Group 2 - Recent government data indicates that U.S. GDP grew at an annualized rate of 4.4% in Q3, marking a significant recovery from a 0.6% contraction in Q1 2025 [2] - Buffett emphasized the importance of focusing on long-term economic trends, stating that no one has ever benefited from betting against the U.S. [3] - The dynamism of the U.S. market economy is expected to continue driving growth, despite historical volatility and challenges [3]

Core Viewpoint - Union Pacific Corporation (UNP) is a major freight rail operator in North America, with a market cap of $149.8 billion, and has faced mixed performance in the stock market over the past year and into 2026 [1][2]. Financial Performance - In fiscal 2025 fourth-quarter earnings, Union Pacific reported operating revenue of approximately $6.1 billion, a decrease of 1% year-over-year, which was slightly below consensus forecasts due to softer freight volumes [4]. - The adjusted EPS for the fourth quarter was $2.86, which was marginally under the expected figure [4]. - For the current year ending in December, analysts project an adjusted EPS of $12.49, reflecting a year-over-year increase of 7.1% [5]. Stock Performance - Over the past year, UNP stock prices increased by 5.1%, underperforming the S&P 500 Index, which gained 15.6% [2]. - In 2026, UNP stock surged by 10%, outperforming the S&P 500's rise of 1.7% [2]. - UNP has also underperformed compared to the State Street Industrial Select Sector SPDR Fund, which returned 26.5% over the past 52 weeks [3]. Analyst Ratings - Among 24 analysts covering UNP, the consensus rating is a "Moderate Buy," consisting of 14 "Strong Buys," one "Moderate Buy," and nine "Holds" [5]. - The analyst sentiment has shifted to a more bearish outlook compared to two months ago, when 16 analysts recommended a "Strong Buy" [7].