An anonymous director reports

CPKC STATEMENT ON MEXICAN FEDERAL GOVERNMENT DRAFT DECREE ON PASSENGER SERVICE

Canadian Pacific Kansas City Ltd. has issued a statement on the draft decree concerning passenger rail service in Mexico issued by the Mexican federal government.

CPKC is reviewing the draft decree and remains directly engaged with the Mexican federal government regarding potential passenger rail service on certain existing freight rail corridors.

CPKC de Mexico has previously reached an agreement with the Mexican federal government to perform a study of what is required for the proposed new passenger rail service on the right of way of the corridor between Mexico City and Queretaro.

The draft decree, which is expected to become effective by Nov. 20, 2023, also identifies the San Luis Potosi-Monterrey-Laredo corridor for the proposed passenger rail service. As required by the company's concession, CPKC de Mexico will work closely with the Mexican federal government to evaluate passenger service on that corridor.

The draft decree emphasizes that the public freight rail service will be respected, and as such, the company does not expect an adverse impact on its concession. CPKC has extensive experience hosting passenger rail services in multiple locations across its network in the United States and Canada while efficiently managing freight service.

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 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.