E. Hunter Harrison to remain with Canadian Pacific until 2017

        E. Hunter Harrison to remain with Canadian Pacific until 2017

PR Newswire

CALGARY, May 7, 2014

CALGARY, May 7, 2014 /PRNewswire/ - The Board of Directors for Canadian
Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced CP Chief
Executive Officer E. Hunter Harrison has agreed to a contract extension with
the railway for an additional year.

"When Hunter was brought in to lead the transformational change of this iconic
company, the agreement was for four years, plus an option for an additional
year," said CP Board of Directors Chairman, Gary Colter. "In seeing CP's rapid
turnaround under Hunter's leadership, the Board was unanimous in wanting him
to stay on until 2017 and we are extremely pleased he has accepted."

Harrison officially joined CP in June, 2012.

"I am honoured the Board of Directors asked me to remain in a leadership role
for an extra year," said Harrison. "Even though CP has experienced phenomenal
success in a short period of time, there remains a lot to accomplish over the
next three years to grow this company even further with our customers and

Colter added, "Hunter is arguably the most respected and successful leader in
the rail industry and Canadian Pacific's evolution is stronger than ever with
an outstanding senior leadership team and a railway operating model that will
take CP to levels it has not achieved in its 133-year history."

Note on forward-looking information
This news release contains certain forward-looking information within the
meaning of applicable securities laws relating, but not limited, to our
operations, priorities and plans, anticipated financial performance, purchases
of common shares for cancellation under CP's share repurchase program, future
sources of capital, business prospects, planned capital expenditures, programs
and strategies. This forward-looking information also includes, but is not
limited to, statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future events,
conditions, and results of operations or performance. Forward-looking
information may contain statements with words or headings such as "financial
expectations", "key assumptions", "anticipate", "believe", "expect", "plan",
"will", "outlook", "should" or similar words suggesting future outcomes.

Undue reliance should not be placed on forward-looking information as actual
results may differ materially from the forward-looking information.
Forward-looking information is not a guarantee of future performance. By its
nature, CP's forward-looking information involves numerous assumptions,
inherent risks and uncertainties that could cause actual results to differ
materially from the forward-looking information, including but not limited to
the following factors: changes in business strategies; general North American
and global economic, credit and business conditions; risks in agricultural
production such as weather conditions and insect populations; the availability
and price of energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in commodity
prices; uncertainty surrounding timing and volumes of commodities being
shipped via CP; inflation; changes in laws and regulations, including
regulation of rates; changes in taxes and tax rates; potential increases in
maintenance and operating costs; uncertainties of investigations, proceedings
or other types of claims and litigation; labour disputes; risks and
liabilities arising from derailments; transportation of dangerous goods;
timing of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions and
discount rates on the financial position of pension plans and investments; and
various events that could disrupt operations, including severe weather,
droughts, floods, avalanches and earthquakes as well as security threats and
governmental response to them, and technological changes. The foregoing list
of factors is not exhaustive. These and other factors are detailed from time
to time in reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Management's Discussion and
Analysis" in CP's annual and interim reports, Annual Information Form and Form
40-F. Readers are cautioned not to place undue reliance on forward-looking

Forward-looking information is based on current expectations, estimates and
projections and it is possible that predictions, forecasts, projections, and
other forms of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly or
otherwise revise any forward-looking information, whether as a result of new
information, future events or otherwise.

About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway in Canada and
the United States with direct links to eight major ports, including Vancouver
and Montreal, providing North American customers a competitive rail service
with access to key markets in every corner of the globe. CP is a low-cost
provider that 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 Canadian Pacific.

SOURCE Canadian Pacific


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