OREANDA-NEWS. Canadian Pacific Railway Limited announces that the Toronto Stock Exchange (TSX) has accepted CP's notice to implement a normal course issuer bid (NCIB) to purchase, for cancellation, up to 9,140,000 common shares or approximately 6% of CP's "public float", as at March 6, 2015. The NCIB is scheduled to commence on March 18, 2015 and is due to terminate no later than March 17, 2016.

Purchases of CP common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) 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 securities laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. The price CP will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the TSX. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

As of March 6, 2015, CP had 164,225,864 common shares issued and outstanding. 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 date of approval of the bid by the TSX.

The actual number of common shares that will be repurchased under the NCIB, and the timing of any such purchases, will be determined by CP, subject to the limits imposed by the TSX. There cannot be any assurances as to how many common shares, if any, will ultimately be acquired by CP.

CP has completed the purchase of shares under its current share repurchase program, with 12,650,862 shares purchased at a weighted average price of CAD 203.84.

CP believes that the purchase of its shares from time to time is an appropriate and advantageous use of the Corporation's funds.