9 May 2012

Canadian Pacific Responds to Glass Lewis and Egan-Jones Recommendations

Calgary Alberta - Canadian Pacific Railway Limited today responded to recommendations issued by Glass Lewis & Co. (Glass Lewis) and Egan-Jones Proxy Services (Egan-Jones) regarding the Company's annual meeting of shareholders to be held on 17 May 2012.
 
CP noted:
 
"While we are pleased that Glass Lewis recognizes the Board's significant breadth and depth of expertise and experience and recommends shareholders vote FOR seven of the Company's highly qualified directors:  Richard George, Krystyna Hoeg, Richard Kelly, John Manley, Linda Morgan, David Raisbeck, and Hartley Richardson, CP strongly believes that Glass Lewis and Egan-Jones reached the wrong conclusion in recommending that shareholders vote in favour of all seven of the Pershing Square nominees.
 
"We recommend that shareholders use the WHITE universal proxy to cast their votes in favour of the best 16 directors, including any of the Pershing Square nominees who have the skills and experience to serve shareholders' best interests. Importantly, shareholders are urged not to give Pershing Square seven seats on the Board, a vote for seven Pershing Square nominees is a vote for risk and disruption.
 
"CP continues to aggressively and successfully execute on the Multi-Year Plan, delivering continued record operating performance in April, which marks the start of the fourth consecutive quarter of record operating performance. The CP Board of Directors is confident that CP has the right plan and the right team to successfully execute the Multi-Year Plan and generate substantial value for shareholders. We urge shareholders to protect their investment in CP and not risk the Company's future by exposing CP to the disruption that electing Pershing Square's other nominees would bring. Shareholders should vote FOR CP's highly-qualified director nominees on the WHITE universal proxy today."
 
Editor's Note:  Article abridged.