Canadian Pacific Railway Limited (CP) 8-K CP completes first share repurchase program

Release:    January 23, 2018

CP completes first share repurchase program

Calgary, AB – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced today the completion of the first share repurchase program (the “Program”) of its two share repurchase programs announced on December 11, 2017. CP purchased an aggregate of 134,000 common shares under the Program for an aggregate purchase price of $29,479,258.90. All common shares acquired under the Program were cancelled upon purchase by CP. The Program formed part of CP’s normal course issuer bid announced on May 10, 2017.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts, providing North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR

Contacts:

Media

Jeremy Berry
403-319-6227
24/7 Media Email alert_mediarelations@cpr.ca

Investment Community

Maeghan Albiston
403-319-3591
investor@cpr.ca

Page 1