People: Canadian Pacific Railway Ltd (CP)

Mr. Gary F. Colter is Independent Director of Canadian Pacific Railway Limited. Mr. Colter is the President of CRS Inc., a corporate restructuring and strategy consulting company, which he founded in 2002. Previously, Mr. Colter spent 34 years with KPMG Canada and its predecessor firm Peat Marwick, where he was a Partner for 27 years, holding various senior positions, including Vice Chairman of Financial Advisory Services and member of the Management Committee from 1989 to 1998. He was Managing Partner of KPMG Global Financial Advisory Services from 1998 to 2000 and retired from the Canadian firm as Vice Chairman in 2002. Since 2002, Mr. Colter has been a director of Owens-Illinois Inc. where he serves on the Governance and Audit Committees and previously Chaired the Audit Committee for over six years. In 2003, he joined the board of Canadian Imperial Bank of Commerce (“CIBC”), where he Chairs the Governance Committee and serves on the Audit Committee. He previously served on the Compensation Committee and Chaired the Audit Committee of CIBC for over five years and the Risk Committee for one year. In 2004, he joined the board of Core-Mark Holding Company, Inc. where he is Chair of the Governance Committee, serves on the Audit Committee and Chaired the Compensation Committee for over three years. Mr. Colter was also previously a director of Saskatchewan Wheat Pool Inc., and was Chair of the Audit Committee and a member of the Strategic and Business Planning Committee. Mr. Colter has a B.A. (Honours) in Business Administration from the Ivey Business School of the University of Western Ontario, and is a Fellow Chartered Accountant.