An anonymous director reports

CANADIAN PACIFIC RAILWAY LIMITED ANNOUNCES PLAN TO PURCHASE THROUGH PRIVATE AGREEMENTS UP TO 1,210,163 COMMON SHARES UNDER ITS SHARE REPURCHASE PROGRAM

Canadian Pacific Railway Ltd. intends to purchase for cancellation up to 1,210,163 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 dated Nov. 25, 2014, and, pursuant to the order, may be made in several transactions prior to March 16, 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 toward CP's normal course issuer bid announced on March 11, 2014, as amended on Sept. 29, 2014, for up to 12,650,862 CP common shares 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.

CP was previously granted two issuer bid exemption orders by the OSC, one on March 28, 2014, and one on June 10, 2014, permitting CP to make private agreement purchases of up to 1,756,791 of its common shares, in the aggregate, from arm's-length third party sellers. CP purchased 1,756,791 CP common shares under such orders.

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 SEDAR and on EDGAR following the completion of any such purchase.

We seek Safe Harbor.