9 CP 2020 ANNUAL REPORT In Canada, CP handles mostly metallurgical coal destined for export for use in the steelmaking process. CP’s Canadian coal traffic originates mainly from Teck Resources Limited’s mines in southeastern B.C. CP moves coal west from these mines to port terminals for export to world markets (Pacific Rim, Europe and South America), and east for the U.S. Midwest markets. In the U.S., CP moves primarily thermal coal from connecting railways, serving the thermal coal fields in the Powder River Basin in Montana and Wyoming, which is delivered to power-generating facilities in the U.S. Midwest. The Company's Potash business represented approximately 15% of Bulk revenues, and was 7% of total Freight revenues in 2020. The following charts compare the percentage of the Company's Potash freight revenues generated from export and domestic potash shipments in 2020, 2019 and 2018: The following charts compare the percentage of the Company's Coal freight revenues generated from Canadian and U.S. shipments in 2020, 2019 and 2018: The Company’s Coal business represented approximately 18% of Bulk revenues, and was 8% of total Freight revenues in 2020. Coal Potash The Company’s Potash traffic moves mainly from Saskatchewan to offshore markets through the ports of Vancouver, Portland, and Thunder Bay, and to markets in the U.S. All potash shipments for export beyond Canada and the U.S. are marketed by Canpotex Limited and K+S Potash Canada. Canpotex is an 2020 Coal Revenues (18% of Bulk Revenues; 8% of Freight Revenues) 2019 Coal Revenues (22% of Bulk Revenues; 9% of Freight Revenues) 2018 Coal Revenues (23% of Bulk Revenues; 9% of Freight Revenues) 2020 Potash Revenues (15% of Bulk Revenues; 7% of Freight Revenues) 2019 Potash Revenues (15% of Bulk Revenues; 6% of Freight Revenues) 2018 Potash Revenues (16% of Bulk Revenues; 7% of Freight Revenues)