Mr. Chris De Bruyn reports

CPKC ANNOUNCES FILING OF PROXY CIRCULAR

Canadian Pacific Kansas City Ltd. has filed its notice of meeting and management proxy circular for CPKC's 2025 annual and special meeting of shareholders with Canadian and United States securities regulators. A copy of the proxy material is available at the CPKC website.

The annual meeting of shareholders will be held virtually on April 30, 2025, at 9 a.m. MT.

Although shareholders will not be able to attend the meeting in person, a virtual-only format allows for greater participation of shareholders, including voting on business properly brought before the meeting and submitting questions for consideration. Shareholders can vote by proxy in advance of the meeting as in prior years and online during the meeting.

Detailed instructions for shareholders to participate in the meeting and a copy of the virtual AGM user guide are available at the company's website. CPKC will also send this information directly to shareholders.

About Canadian Pacific Kansas City Ltd.

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and Mexico, with unrivalled access to major ports from Vancouver to Atlantic Canada to the Gulf of Mexico to Lazaro Cardenas, Mexico. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparallelled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.