Calgary Alberta - Canadian Pacific Railway Limited announced today that it intends to purchase for cancellation up to 1,250,000 of its common shares pursuant to private agreements to be entered into between CP and an arm's-length third-party seller.
 
Purchases will be made in accordance with an issuer bid exemption order issued by the Ontario Securities Commission (OSC) dated 5 Dec 2014 (The Order).
 
The Order is in addition to the issuer bid exemption order recently issued to CP by the OSC on 25 Nov 2014 with respect to 1,210,163 CP common shares.
 
Pursuant to the Order, purchases may be made in several transactions prior to 16 Mar 2015.
 
The price CP will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of CP common shares on the Toronto Stock Exchange at the time of purchase.
 
Purchases made by CP will be counted towards CP's normal course issuer bid announced on 11 Mar 2014, as amended 29 Sep 2014, for up to 12,650,862 CP common shares (the Bid) and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under the Bid, being 4,216,954 common shares.
 
The actual number of CP common shares that will be repurchased under the Bid, by way of any private agreements or otherwise, and the timing of any such purchases, will be determined by CP.
 
There cannot be any assurances as to how many common shares will ultimately be acquired by CP under the Bid.
 
Information regarding each purchase, including the number of common shares purchased and aggregate purchase price, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com/ and on EDGAR at http://www.sec.gov/ following the completion of any such purchase.

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