On June 11, 2025, Canadian Pacific Kansas City Limited (CPKC) announced that its wholly-owned subsidiary, Canadian Pacific Railway Company (CPRC), is issuing a C$1.4 billion debt offering. The offering comprises three tranches:

• C$500 million of 4.00% Notes due 2032

• C$600 million of 4.40% Notes due 2036

• C$300 million of 4.80% Notes due 2055

The net proceeds from this offering will be used to refinance CPRC’s outstanding indebtedness and for general corporate purposes. The offering is being made in Canada under CPRC’s base shelf prospectus dated March 6, 2025, as supplemented by the prospectus supplement dated June 11, 2025.