18 July 2007
Canadian Pacific Responds to Takeover Rumours
CPR locomotive in a Calgary yard.
Canadian Pacific is issuing this press release regarding recent
market speculation at the request of Market Regulation Services Inc., on behalf of the Toronto Stock Exchange.
From time to time, CP receives inquiries with respect to possible acquisitions or business combinations, and has received such
inquiries more frequently recently as it continues its strong financial performance.
Earlier this year, CP received a highly conditional inquiry from Brookfield seeking exclusive negotiations and due diligence. CP's
Board of Directors considered the inquiry to be inadequate after due deliberation and declined to enter into discussions. While CP
continues to receive such inquiries, it is not at this time in negotiations with any party with respect to a business combination. No
assurance can be given that such negotiations might be entered into or that, if entered into, any transaction would result.
CP corporate policy is not to comment on rumours and accordingly does not intend to comment further on this speculation.
The foregoing information may contain forward-looking statements relating to the future performance of CP. Undue reliance
should not be placed on forward-looking information as actual results may differ materially.
Canadian Pacific, through the ingenuity of its employees located across Canada and in the United States, remains committed to being the
safest, and most fluid railway in North America. Our people are the key to delivering innovative transportation solutions to our
customers and to ensuring the safe operation of our trains through the more than 900 communities where we operate. Our combined
ingenuity makes CP a better place to work, rail a better way to ship, and North America a better place to live. Come and visit us at
cpr.ca to see how we can put our ingenuity to work for you. Canadian
Pacific is proud to be the official rail freight services provider for the Vancouver 2010 Olympic and Paralympic Winter
Games.
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