An anonymous director reports

CANADIAN PACIFIC ANNOUNCES US$800 MILLION DEBT OFFERING

Canadian Pacific Railway Ltd.'s wholly owned subsidiary, Canadian Pacific Railway Company, is issuing:

$250-million (U.S.) of 3.700 per cent notes due 2026; and

$550-million (U.S.) of 4.800 per cent notes due 2045.

The transaction is expected to close on Aug. 3, 2015, subject to customary closing conditions.

The offering is being made in the United States under Canadian Pacific Railway Company's base shelf prospectus dated July 11, 2013, and prospectus supplement dated July 29, 2015. The net proceeds from this offering will be used for general corporate purposes, including reducing short-term indebtedness, which indebtedness was used to finance capital investments and share repurchases under our normal course issuer bid.

The joint book-running managers of the debt offering are Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC.

A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting Citigroup Global Markets Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, telephone: 1-800-831-9146 (toll-free), e-mail: prospectus@citi.com; Merrill Lynch, Pierce, Fenner & Smith Inc., 222 Broadway, 11th Floor, New York, N.Y., 10038, Attn: Prospectus Department, telephone: 1-800-294-1322 (toll-free), e-mail: dg.prospectus_requests@baml.com; RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey St., New York, N.Y., 10281, Attn: Debt Capital Markets, telephone: 1-866-375-6829 (toll-free), e-mail: usdebtcapitalmarkets@rbccm.com; and Wells Fargo Securities, LLC, 608 2nd Ave., South Minneapolis, Minn., 55402, Attn: WFS Customer Service, telephone: 1-800-645-3751 (toll-free), e-mail: wfscustomerservice@wellsfargo.com.

We seek Safe Harbor.