Mr. Keith Creel reports

CPKC AND EVR RENEW AND EXPAND RAIL SERVICE AGREEMENT

Canadian Pacific Kansas City Ltd. has signed a new five-year agreement with Elk Valley Resources, expanding CPKC's share of EVR's steelmaking coal movements to the West Coast.

Under the agreement, CPKC will provide safe, reliable and efficient rail service from EVR's four B.C. steelmaking coal mines to Westshore Terminals and Neptune Terminals in Vancouver.

The new agreement positions CPKC to move a greater share of EVR's steelmaking coal directly to Vancouver export terminals, increasing the volume moving on CPKC's network. CPKC is the leading transporter of steelmaking coal in Canada, and EVR is CPKC's largest coal customer. The expanded relationship reflects the strength of CPKC's service offering and the value of its direct route to the West Coast.

"This agreement expands our successful and growing relationship with Elk Valley Resources and represents a significant long-term win for CPKC," said Keith Creel, CPKC president and chief executive officer. "We are earning the opportunity to move more of EVR's steelmaking coal with our strong service and direct route to Vancouver. This five-year commitment demonstrates the value we are creating for EVR and positions CPKC to handle more volume as we grow together."

"EVR is pleased to expand our relationship with CPKC, which builds on a long history of working together to deliver Canadian steelmaking coal to global customers," said Mike Carrucan, chief executive officer, EVR. "As one of the world's largest seaborne exporters of steelmaking coal, EVR provides an essential resource that our customers need while creating significant benefits for Canada."

The five-year agreement is effective Jan. 1, 2027.

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 coast to Lazaro Cardenas, Mexico. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled 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.

We seek Safe Harbor.