CONNOR, CLARK & LUNN INFRASTRUCTURE AND ALPENGLOW EXPAND NORTH AMERICAN RAIL BUSINESS THROUGH ACQUISITION OF ORANGE RAIL

TORONTO, Jan. 6, 2022 /PRNewswire/ - Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and its partner, Alpenglow Rail LLC (Alpenglow), today announced the acquisition of Orange Rail Inc. (Orange Rail), a recently constructed rail terminal located in Orange, Texas. The transaction further expands CC&L Infrastructure and Alpenglow's North American rail business, which now encompasses five rail assets in Canada and the United States.

Orange Rail provides critical first and last mile rail transportation and storage solutions to a diverse base of large-scale, blue-chip customers similar to those served by existing terminal locations. The recently built project benefits from proximity to highly-attractive industrial markets and class 1 railroad access to both the Union Pacific and BNSF railroads. The facilities include a double loop track capable of handling 120 car unit trains along with approximately 600 railcar storage spots.

"Our rail operations have demonstrated their criticality and resilience over the past two years and we are pleased to grow our portfolio with the addition of Orange Rail," said Matt O'Brien, President of CC&L Infrastructure. "We would like to take the opportunity to acknowledge our partners at Alpenglow Rail. Together we have combined a long-term investment approach and best-in-class operating model to establish an attractive portfolio of rail assets that creates value for our stakeholders, including clients, customers and employees."

This investment is part of the ongoing expansion of CC&L Infrastructure and Alpenglow's established partnership, which was formed in 2019 to develop and operate a diversified portfolio of rail businesses across North America. Today, the portfolio includes three assets in the U.S. Gulf Coast under USA Rail Terminals as well VIP Rail, a business that comprises two railcar storage, transloading, railcar cleaning, and switching locations in Sarnia, Ontario. In addition, the partners continue to evaluate further investments together.

"We are excited to add Orange Rail to our USA Rail portfolio," said CEO of Alpenglow, Rich Montgomery. "Orange Rail complements our other Gulf Coast terminals, providing operational synergies and a number of avenues for potential growth, including space for the build out of additional storage capacity and the ability to added further service offerings to better serve current and prospective customers."

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flows. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately CAD$100 billion in assets. For more information, please visit www.cclinfrastructure.com.

About Alpenglow Rail

Alpenglow Rail develops and manages freight rail businesses and related transportation assets across North America. Alpenglow Rail currently owns and operates five rail terminals strategically located in leading industrial markets within Canada and the U.S. Gulf Coast. Alpenglow Rail was founded by seasoned railroad executives Rich Montgomery, Darcy Brede, Henning von Kalm, and Josh Huster. For more information, please visit www.alpenglowrail.com.

SOURCE Connor, Clark & Lunn Infrastructure