Mr. Keith Creel reports

CPKC ANNOUNCES DEPARTURE OF EXECUTIVE VICE PRESIDENT AND CHIEF TRANSFORMATION OFFICER

Today, Canadian Pacific Kansas City Ltd.'s John Orr, executive vice-president and chief transformation officer has resigned. Mr. Orr will be joining Norfolk Southern as its chief operating officer.

"On behalf of the board of directors and the CPKC family, I would like to thank John for his contributions and impactful leadership," said Keith Creel, CPKC president and chief executive officer. "I have had the pleasure to serve and lead with John, directly or indirectly, for over the last two decades. His strong operating acumen and leadership capabilities has enabled him to build a strong team currently leading our CPKC Mexico operations. As a result, the team is ready to take the reins and continue to build on the operational momentum generated since this historic combination took place last April. As leaders, we are charged to leave our organizations better -- John has undoubtedly impacted Kansas City Southern (KCS) and CPKC in a positive way, for which we are grateful."

In exchange for certain considerations, Canadian Pacific has agreed to a waiver of Mr. Orr's non-competition agreement to allow him to work for Norfolk Southern.

Canadian Pacific and Norfolk Southern have entered into an agreement in connection with the waiver of Mr. Orr's non-competition agreement, which includes a one-time waiver fee of $25-million (U.S.), plus certain operational and commercial considerations related to the Meridian Speedway and the Meridian Terminal, which will expand competition and unlock additional value related to Canadian Pacific's proposed Meridian & Bigbee Railroad (MNBR) acquisition. Norfolk Southern has also agreed to temporally limited no-hire and non-solicitation restrictions for a short list of employees of Canadian Pacific. Mr. Orr will remain subject to his non-solicitation restrictions.

Mr. Orr was appointed executive vice-president and chief transformation officer of Canadian Pacific on April 14, 2023. Prior to this role, he served as executive vice-president of operations for Kansas City Southern from 2021 through 2023. The role of chief transformation officer will not be replaced and Mr. Orr's portfolio will be integrated into Canadian Pacific's existing operational structure.

About Canadian Pacific Kansas City Ltd.

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

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