Mr. John Brooks reports

RICHARDSON ANNOUNCES PLANS TO EXPAND EIGHT ELEVATORS IN CANADA ON THE CPKC NETWORK

Richardson International Ltd. plans to expand eight elevators served by Canadian Pacific Kansas City Ltd. in Western Canada, allowing future trains to be moved from these sites under Canadian Pacific Kansas's 8,500-foot high-efficiency product (HEP) model. Work on the elevators in Manitoba, Saskatchewan and Alberta will start in the summer of 2023 and be complete by the end of 2024.

"Richardson is committed to Canadian farmers and providing growers with modern, high-efficiency facilities and services," said Darwin Sobkow, Richardson's president and chief operations officer. "Expanding eight elevators will increase capacity and efficiency, enabling Richardson to further benefit from CPKC's single-line network reaching Canada, the U.S. and Mexico. We have strongly supported the CP-KCS combination throughout the process and look forward to working with CPKC on additional future opportunities for shared growth."

Richardson currently ships unit trains from 27 Canadian Pacific Kansas-served elevators in Canada and one in the northern United States. The newest Richardson elevator at Carmichael, Sask., a greenfield grain elevator commissioned in early 2023, is its first 8,500-foot HEP site.

"Canadian Pacific Kansas is thrilled to have these Richardson elevators added to the growing list of already qualified 8,500-foot HEP sites across Western Canada," said John Brooks, Canadian Pacific Kansas's executive vice-president and chief marketing officer. "Richardson's supply chain and CPKC's operation will benefit from added efficiency, capacity and fluidity with this investment. Richardson's ability to run longer trains will mean more grain shipped per train, tighter cycles and more Richardson trains moving across our expanded, single-line network throughout the season."

In 2021, Richardson acquired Italgrani USA Inc., including the largest North American durum mill located in St. Louis, Mo. The Canadian Pacific Kansas single-line network creates a seamless pipeline to the Italgrani mill from the durum-rich areas in Saskatchewan, where Richardson elevators are well positioned. Furthermore, the combined network and markets in the southern U.S. and Mexico are opening new doors to Richardson for its grains, oilseeds and processed products.

About Canadian Pacific Kansas City Ltd.

With its global headquarters in Calgary, Alta., Canada, Canadian Pacific Kansas 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, Canadian Pacific Kansas provides North American customers unparalleled rail service and network reach to key markets across the continent. Canadian Pacific Kansas is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

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