Ms. Isabelle Courville reports

CPKC ANNOUNCES RESULTS OF DIRECTOR ELECTIONS

Canadian Pacific Kansas City Ltd. has released the results of the 2024 annual meeting held earlier today, including the election of all 11 nominees listed in the management proxy circular dated March 21, 2024, as directors of CPKC.

All directors received at least 96.21 per cent of votes cast. The advisory vote on executive compensation (say on pay) received 94.05-per-cent approval. The advisory vote on approach to climate change (say on climate) received 89.26-per-cent approval. The appointment of Ernst & Young LLP as auditor received 99.83-per-cent approval.

Isabelle Courville, upon her re-election as a director, was reappointed chair of CPKC's board of directors.

The detailed results of the vote by ballot on the election of directors are set out herein.

         VOTING RESULTS FOR ELECTION OF DIRECTORS

                           % votes for    % votes against

John Baird                       98.44%              1.56%         
Isabelle Courville               97.91%              2.09%         
Keith E. Creel                   99.90%              0.10%         
Amb. Antonio Garza (ret.)        99.71%              0.29%         
Edward Hamberger                 99.87%              0.13%         
Janet Kennedy                    99.79%              0.21%         
Henry Maier                      96.21%              3.79%         
Matthew Paull                    98.19%              1.81%         
Jane Peverett                    98.13%              1.87%         
Andrea Robertson                 99.20%              0.80%         
Gordon Trafton                   99.88%              0.12%         

Final voting results on all matters voted on at the annual meeting will be filed on SEDAR+ and EDGAR.

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.