Transaction Overview:

Canpotex Limited (Canpotex) and CIT Rail (CIT) have been strategic partners since 2007 when CIT leased covered hopper railcars under a long-term lease to Canpotex for exporting potash. This first transaction was the start of a strong partnership between the two companies and CIT is currently Canpotex’s largest railcar supplier.

In December 2012, Canpotex completed construction of a new world-class railcar maintenance and staging facility located 12 kilometers southwest of Lanigan, Saskatchewan. The maintenance facility provides all-weather inspection and light repair, automated railcar wash, and wheel maintenance services for Canpotex’s dedicated railcar fleet. Recently, CIT Rail began using the Saskatchewan repair facility for maintenance and servicing of its railcars leased to Canpotex, further expanding the partnership and providing Canpotex with more efficient and timely maintenance services.

“We consider CIT Rail to be integral to Canpotex’s rail operations and a strategic and reliable supplier for our business. Our partnership with CIT helps to ensure that we provide timely delivery to our customers in peak periods of demand, and to secure our reputation as a reliable supplier of potash,” said Scott Rudderham, Senior Vice President, Operations, Canpotex

Solution/Results:

By using the new railcar facility, CIT realized an opportunity to help Canpotex improve efficiencies through enhanced railcar performance, standardized maintenance schedules and reduced out-of-service time.

George Cashman, President, CIT Rail, said “Canpotex is a world-class exporter of potash to the world markets and CIT Rail has enjoyed a continued and growing partnership with Canpotex in both railcar leasing and in the support of the new railcar maintenance and staging facility. We appreciate the business opportunity Canpotex provides and look forward to building on our relationship for years to come.”

About Canpotex:

Canpotex is the world’s largest exporter of potash and is an international marketing and logistics company that sells and delivers Saskatchewan potash to offshore customers. Canpotex is wholly owned by Saskatchewan’s potash producers: Agrium Inc., The Mosaic Company, and Potash Corporation of Saskatchewan Inc. Canpotex leases approximately 2,000 covered hopper railcars from CIT to transport potash from Saskatchewan’s mine sites through to port facilities primarily in Vancouver, British Columbia and Portland, Oregon.

CIT Rail leverages deep experience and one of the youngest, most diversified railcar and locomotive fleets in the industry. Our company has a long-standing commitment to providing attractive railcar leasing solutions to rail shippers and carriers. Our solutions free up capital for your growth priorities, increase efficiencies and reduce out-of-service time.

More information at www.citrail.com or email CITRailMail@cit.com

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CIT Rail:

Behind the Deal with Canpotex