Canadian Pacific Railway (CP) Adds 5% to Buyback Plan

Canadian Pacific Railway (NYSE: CP) announces that it has received the approval of the Toronto Stock Exchange ("TSX") to amend its Normal Course Issuer Bid ("Bid") to increase the maximum number of its common shares that may be purchased for cancellation under the Bid from 5,270,374 common shares, being 3% of the common shares outstanding, to 12,650,862 common shares, or 8% of CP's "public float", each as at March 4, 2014 (being the reference date for the initial Bid). The increased limit will be effective October 2, 2014

The Bid commenced on March 17, 2014 and will terminate on March 16, 2015. Since March 17 CP has repurchased the 5,270,374 common shares or 3% of its common shares outstanding.

Purchases of CP common shares may be made through the facilities of the TSX, the New York Stock Exchange and alternative trading platforms by means of open market transactions or by such other means as may be permitted by the TSX and under applicable securities laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Subject to certain exceptions to make block purchases, CP will not acquire through the facilities of the TSX more than 82,954 common shares during a trading day, being 25 percent of the average daily trading volume of CP common shares on the TSX for the six calendar months prior to the reference date for the initial Bid.

The actual number of common shares that will be repurchased under the Bid, 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.

CP also announces that in connection with its amended Bid, its automatic share purchase plan announced on March 28, 2014 has terminated and CP intends to enter into a new automatic share purchase plan ("Plan") with its designated broker by October 2, 2014. The Plan has been reviewed by the TSX. The Plan allows for purchases of CP common shares during internal quarterly blackout periods when CP would not otherwise be permitted to trade in its shares. Such purchases are made at the sole discretion of the broker based on parameters established by CP prior to any blackout period. CP confirms that, at the time it enters into the Plan, it will not possess knowledge of any material fact or material change in relation to the company, its common shares or any of its other securities that has not been generally disclosed and that it is not in a "blackout period".

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