OREANDA-NEWS. Canadian Pacific Railway Limited announces that it has received the approval of the Toronto Stock Exchange ("TSX") to amend its Normal Course Issuer Bid ("Bid") to increase the maximum number of its common shares that may be purchased for cancellation under the Bid from 9,140,000 common shares, or approximately 6 percent of CP's "public float", to 11,937,181 common shares, or 8 percent of CP's "public float", each as at March 6, 2015, (being the reference date for the initial Bid).

The Bid commenced on March 18, 2015 and will terminate on March 17, 2016. Since March 18, 2015, CP has repurchased 8,979,325 common shares or approximately 6% of its public float.

Purchases of CP common shares under the Bid may be made through the facilities of the TSX, the New York Stock Exchange and alternative trading platforms by means of open market transactions or by such other means as may be permitted by the TSX and under applicable laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Subject to certain exceptions to make block purchases, CP will not acquire through the facilities of the TSX more than 98,850 common shares during a trading day, being 25 percent of the average daily trading volume of CP common shares on the TSX for the six calendar months prior to the reference date for the initial Bid.

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.