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United States

Canadian Pacific Railway Ltd (CP.TO)

CP.TO on Toronto Stock Exchange

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Summary

Name Age Since Current Position

Andrew Reardon

72 2015 Independent Chairman of the Board

Keith Creel

49 2017 President, Chief Executive Officer, Director

Nadeem Velani

45 2017 Chief Financial Officer, Executive Vice President

Robert Johnson

56 2016 Executive Vice President - Operations

John Brooks

47 2017 Senior Vice President, Chief Marketing Officer

Laird Pitz

73 2017 Senior Vice President, Chief Risk Officer

Michael Redeker

57 2012 Chief Information Officer, Vice President

James Clements

48 Vice-President, Strategic Planning and Transportation Services

John Derry

50 Vice-President, Human Resources

Mike Foran

44 2017 Vice-President, Market Strategy and Asset Management

Jeffrey Ellis

50 2015 Chief Legal Officer and Corporate Secretary

John Baird

48 Independent Director

Isabelle Courville

55 2013 Independent Director

Gillian Denham

57 2016 Independent Director

Rebecca MacDonald

64 2012 Independent Director

Matthew Paull

66 2016 Independent Director

Jane Peverett

59 2016 Independent Director

Gordon Trafton

64 2017 Independent Director

Biographies

Name Description

Andrew Reardon

Mr. Andrew Fitzpatrick Reardon is Independent Chairman of the Board of the Company. BUSINESS EXPERIENCE • Chairman and Chief Executive Officer (2001 to 2008), President and Chief Executive Officer from 2001 to 2008, and Vice-President, Law and Human Resources (1992 to 2000) of TTX Company, the leading railcar leasing company in North America • Previously Senior Vice-President, Law and Administration for Illinois Central Railroad PUBLIC COMPANY BOARD EXPERIENCE • Appvion Inc. (2007 to 2015) (member of the Audit Committee, Compensation Committee and Chair of the Governance Committee) OTHER EXPERIENCE Other Boards • TTX Company (2001 to 2008) • Other rail industry boards: Terminal Railroad Association of St. Louis and Peoria and Pekin Union Railway • Presidential appointee to the Railroad Retirement Board (1990 to 1992) • Barriger Railroad Library (St. Louis) Board of Trustees (Board member (1998 to present), and President Emeritus (2009 to 2012) Other experience • Officer, United States Navy (1967 to 1971) EDUCATION • Bachelor’s degree, University of Notre Dame • Juris Doctor degree, University of Cincinnati • Master’s degree in Taxation, Washington University Law School

Keith Creel

Mr. Keith Edward Creel is President, Chief Executive Officer, Director of the Company. BUSINESS EXPERIENCE • President and Chief Executive Officer of CP (2017 to present, President and Chief Operating Officer of CP (February 2013 to January 2017) • Named “Railroad Innovator” for 2014 by Progressive Railroading in recognition of his leadership at CP • Executive Vice-President and Chief Operating Officer of Canadian National Railway Company (2010 to 2013) • Other positions at CN included Executive Vice- President, Operations, Senior Vice-President Eastern Region, Senior Vice-President Western Region, and Vice-President of CN’s Prairie division (2002 to 2010) • Trainmaster and director of corridor operations at Illinois Central Railway prior to its merger with CN in 1999 • Superintendent and general manager at Grand Trunk Western Railroad (1999 to 2002) • Began his railroad career in 1992 as an intermodal ramp manager at Burlington Northern Railway in Birmingham, Alabama OTHER EXPERIENCE Other Boards • Member of the Board of TTX Company (2014 to present) • Representative on American Association of Railroads Other experience • Commissioned officer in the U.S. Army and served in the Persian Gulf War in Saudi Arabia EDUCATION • Bachelor of Science in Marketing, Jacksonville State University • Advanced Management Program, Harvard Business School

Nadeem Velani

Mr. Nadeem Velani is Chief Financial Officer, Executive Vice President of the company. Mr. Velani has been Executive Vice-President and CFO of CP since October 17, 2017. Previous to this appointment, he was the Vice-President and CFO of CP from October 19, 2016 to October 16, 2017, Vice-President, Investor Relations from October 28, 2015 and Assistant Vice-President, Investor Relations from March 11, 2013. Prior to joining CP, Mr. Velani spent 15 years at CN where he worked in a variety of positions in Strategic and Financial Planning, Investor Relations, Sales and Marketing, and the Office of the President and CEO. Mr. Velani holds an undergraduate degree in Economics from Western University and a Masters of Business Administration degree (“MBA”) in Finance/International Business from McGill University.

Robert Johnson

Mr. Robert Allen Johnson is Executive Vice President - Operations of Canadian Pacific Railway Limited. Mr. Johnson has been Executive Vice-President, Operations of CP since April 20, 2016. Previous to this appointment, Mr. Johnson was CP’s Senior Vice-President Operations, Southern Region from June 2013 to April 2016. Prior to joining CP, Mr. Johnson’s railroad career spanned 32 years with BNSF, where he held roles that progressively added to his responsibilities in operations, transportation, and service excellence. His most recent position at BNSF was General Manager, Northwest Division, overseeing day-to-day operations for that region.

John Brooks

Mr. John Brooks is Senior Vice-President and Chief Marketing Officer of the company. Mr. Brooks has been CP’s Senior Vice-President and CMO since February 14, 2017. He has worked in senior marketing roles at CP since he joined the Company in 2007, most recently as Vice-President, Marketing - Bulk and Intermodal. Mr. Brooks began his railroading career with UP and later helped start I&M Rail Link, LLC, which was purchased by DM&E in 2002. Mr. Brooks was Vice-President, Marketing at DM&E prior to it being acquired by CP in 2007. With more than 20 years in the railroading business, Mr. Brooks brings a breadth of experience to the CMO role that will be pivotal to CP’s continued and future success.

Laird Pitz

Mr. Laird J. Pitz is Senior Vice President, Chief Risk Officer of the company. Mr. Pitz has been Senior Vice-President and CRO of CP since October 17, 2017. Previously, he was the Vice-President and CRO of CP from October 29, 2014 to October 16, 2017 and the Vice- President, Security and Risk Management of CP from April 2014 to October 2014. Prior to joining CP, Mr. Pitz was retired from March 2012 to April 2014, and Vice-President, Risk Mitigation of CN from September 2003 to March 2012. Mr. Pitz, a Vietnam War veteran and former Federal Bureau of Investigation special agent, is a 40-year career professional who has directed strategic and operational risk mitigation, security and crisis management functions for companies operating in a wide range of fields including defense, logistics and transportation.

Michael Redeker

Mr. Michael John Redeker is Chief Information Officer, Vice President of the Company. Mr. Redeker has been Vice-President and Chief Information Officer (“CIO”) of CP since October 15, 2012. Prior to joining CP, Mr. Redeker was Vice-President and CIO of Alberta Treasury Branch from May 2007 to September 2012. He also spent 11 years at IBM Canada, where he focused on delivering quality information technology services within the financial services industry.

James Clements

Mr. James Clements is Vice-President, Strategic Planning and Transportation Services of the company. Mr. Clements has been CP’s Vice-President, Strategic Planning and Transportation Services since 2015. Mr. Clements has responsibilities that include strategic network issues and Network Service Centre operations. In addition, he has responsibility for all of CP’s facilities and Real Estate across North America. Mr. Clements has been at CP for 23 years and his previous experience covers a wide range of areas of CP’s business including car management, finance, joint facilities agreements, logistics, grain marketing and sales in both Canada and the U.S., as well as marketing and sales responsibility for various other lines of business at CP. He has an MBA in Finance/International Business from McGill University and a B.Sc in Computer Science and Mathematics from McMaster University.

John Derry

Mr. John Derry is Vice-President, Human Resources of the company. Mr. Derry has been Vice-President, Human Resources (“HR”) of CP since October 2016, and was the Assistant Vice-President, HR from December 2014 to October 2016. Prior to joining CP, Mr. Derry had a long history in the transportation industry, previously working with YRC Freight as Vice-President, Organizational Development and, prior to that, at KCS, where he served as Senior Vice-President, HR and Labour Relations. Mr. Derry holds an undergraduate degree in Leadership Management from Judson University in Elgin, Illinois, a master’s in Organizational Development from Bowling Green State University in Bowling Green, Ohio, and he completed the Negotiation and Dispute Resolution program at Creighton University in Omaha, Nebraska.

Mike Foran

Mr. Mike Foran is Vice-President, Market Strategy and Asset Management of the company. Mr. Foran has been CP’s Vice-President, Market Strategy and Asset Management since February 14, 2017. His prior roles with CP include Vice-President Network Transportation from 2014 to 2017, Assistant Vice-President Network Transportation from 2013 to 2014, and General Manager – Asset Management from 2012 to 2013. In over 20 years at CP, Mr. Foran has worked in operations, business development, marketing and general management. Mr. Foran holds an executive MBA from the Ivey School of Business at Western University and a Bachelor of Commerce from the University of Calgary.

Jeffrey Ellis

Mr. Jeffrey Jerom Ellis is an Chief Legal Officer and Corporate Secretary of the Company. Mr. Ellis was appointed Chief Legal Officer and Corporate Secretary effective November 23, 2015. Mr. Ellis is accountable for the overall strategic leadership, oversight and performance of the legal, corporate secretarial, government relations and public affairs functions of CP in Canada and the U.S. Prior to joining CP in 2015, Mr. Ellis was the U.S. General Counsel at BMO Financial Group. Before joining BMO in 2006, Mr. Ellis was with the law firm of Borden Ladner Gervais LLP in Toronto, Canada. Mr. Ellis has B.A. and M.A. degrees from the University of Toronto, J.D. and LL.M. degrees from Osgoode Hall Law School, and an MBA from the Richard Ivey School of Business, University of Western Ontario. Jeff is a member of the bars of New York, Illinois and Ontario.

John Baird

The Honorable. John Baird is Independent Director of Canadian Pacific Railway Limited. BUSINESS EXPERIENCE • Senior Advisor at the law firm of Bennett Jones LLP , Hatch Ltd. (an engineering firm) and Eurasia Group (a geopolitical risk consultancy) (2015 to present) • Member of the International Advisory Board, Barrick Gold Corporation (2015 to present) • President of Grantham Finchley Consulting Inc. (2015 to present) PUBLIC COMPANY BOARD EXPERIENCE • Canfor Corporation and Canfor Pulp Products Inc. (2016 to present) (member of Environmental, Health and Safety Committee; Capital Expenditure Committee and Corporate Governance Committee) OTHER EXPERIENCE Other Boards • FWD Group Ltd./FWD Ltd. (2015 to present) (member of Audit Committee and Risk Management and Actuarial Committee) • PineBridge Investments (2015 to present) • Friends of Israel Initiative (2015 to present) (member of the Board) Other experience • Served as Canadian Foreign Minister, Minister of Transport and Infrastructure, Minister of the Environment, and President of the Treasury Board during his three terms as a Member of the Canadian Parliament (2006 to 2015) • Appointed to the Privy Council in 2006 • Former Minister of Community and Social Services and Minister of Energy in Ontario provincial legislature • Senior Advisor to Community Living Ontario, an organization that supports individuals with developmental disabilities • Advisory Board member to Prince’s Charities Canada, the charitable office of His Royal Highness The Prince of Wales EDUCATION • Honours Bachelor of Arts (Political Studies), Queen’s University

Isabelle Courville

Ms. Isabelle Courville is Independent Director of Canadian Pacific Railway Limited. BUSINESS EXPERIENCE • President of Hydro-Québec Distribution and Hydro-Québec TransÉnergie (2007 to 2013) • 20 years of experience in the Canadian telecommunications industry, including President of Bell Canada’s Enterprise Group (2003 to 2006) and President and Chief Executive Officer of Bell Nordiq Group (2002 to 2003) PUBLIC COMPANY BOARD EXPERIENCE • SNC Lavalin (2017 to present) (member of Governance and Ethics Committee) • Laurentian Bank of Canada (2007 to present) (Chair of the Board and member of Human Resources and Corporate Governance Committee) • Veolia Environment (2015 to present) (member of Audit Committee and Research and Development Committee) • Gecina S.A. (2016 to April 2017) (member of Audit Committee) • TVA Group (2013 to 2016) OTHER EXPERIENCE Other Boards • Institute of Corporate Directors (ICD) (2013 to present) • Institute for Governance of Private and Public Organizations (IGOPP) (2016 to present) EDUCATION • Bachelor’s degree in Engineering Physics, Ecole Polytechnique de Montréal • Bachelor’s degree in Civil Law, McGill University • Doctorate Honoris Causa, University of Montréal

Gillian Denham

Ms. Gillian H. Denham is Independent Director of the company. BUSINESS EXPERIENCE • Vice Chair Retail Markets for CIBC (2001 to 2005) • Previously held senior positions at Wood Gundy and CIBC, including: Managing Director Head of Commercial Banking and E-Commerce; President of Merchant Banking/Private Equity and Managing Director Head responsible for the bank’s European Operations PUBLIC COMPANY BOARD EXPERIENCE • Morneau Shepell Inc. (2008 to present) (Chair of the Board and Chair of the Governance Committee) • National Bank of Canada (2010 to present) (member of Human Resources Committee) • Kinaxis Inc. (2016 to present) (member of Nominating and Governance Committee and Audit Committee) • Markit Ltd. (2014 to 2016) • Penn West Petroleum (2012 to 2016) • Calloway Real Estate Investment Trust (2011 to 2012) OTHER EXPERIENCE Other Boards • Munich Reinsurance Company of Canada (Chair) (2012 to present) • Temple Insurance Company (Chair) (2012 to present) • Centre for Addiction and Mental Health (CAMH) (Board member and Chair of the Investment Committee) EDUCATION • Honours Business Administration (HBA) degree, Ivey Business School, Western University • MBA, Harvard Business School

Rebecca MacDonald

Ms. Rebecca MacDonald is Independent Director of Canadian Pacific Railway Limited. BUSINESS EXPERIENCE • Founder and current Executive Chair of Just Energy Group Inc., a Toronto-based independent marketer of deregulated gas and electricity • President and Chief Executive Officer of Just Energy (2001 to 2007) • Founded Energy Savings Income Fund in 1997, another company which aggregated customers in the deregulation of the U.K. natural gas industry • Founded Energy Marketing Inc. in 1989 PUBLIC COMPANY BOARD EXPERIENCE • Just Energy Group Inc. (2001 to present) (Executive Chair since 2007) OTHER EXPERIENCE Other Boards • Horatio Alger Association in both Canada and the United States Other experience • Founded the Rebecca MacDonald Centre for Arthritis and Autoimmune Disease at Mount Sinai Hospital in Toronto • Previously Vice-Chair of the Board of Directors of Mount Sinai Hospital • Previously a member of the Board of Governors of the Royal Ontario Museum EDUCATION • Honorary LLD degree, University of Victoria

Matthew Paull

Mr. Matthew H. Paull is Independent Director of the Company. BUSINESS EXPERIENCE • Senior Executive Vice-President and Chief Financial Officer of McDonald’s Corporation (2001 until his retirement in 2008) • before joining McDonald’s in 1993, was a partner at Ernst & Young where he managed a variety of financial practices during his 18-year career and consulted with many leading multinational corporations PUBLIC COMPANY BOARD EXPERIENCE • Chipotle Mexican Grill Inc. (2016 to present) • Air Products & Chemicals Corporation (2013 to present) (Chair of Audit Committee and member of Corporate Governance and Nominating Committee and Executive Committee) • KapStone Paper and Packaging Corporation (2010 to present) (Chair of Audit Committee until 2018 and member of Compensation Committee) • Best Buy Co. (2003 to 2013) (lead independent director and chair of Finance Committee) • WMS Industries Inc. (2012 to 2013) OTHER EXPERIENCE Other Boards • Pershing Square Capital Management, L.P. (member of Advisory Board) EDUCATION • Master’s degree in Accounting, University of Illinois • Bachelor’s degree, University of Illinois

Jane Peverett

Ms. Jane Leslie Peverett is Independent Director of the company. BUSINESS EXPERIENCE • President & Chief Executive Officer of BC Transmission Corporation (electrical transmission) (2005 to 2009) • Vice-President, Corporate Services and Chief Financial Officer of BC Transmission Corporation (2003 to 2005) • President of Union Gas Limited (a natural gas storage, transmission and distribution company) (2002 to 2003) • Other positions at Union Gas Limited: President & Chief Executive Officer (2001 to 2002); Senior Vice-President Sales & Marketing (2000 to 2001) and Chief Financial Officer (1999 to 2000) PUBLIC COMPANY BOARD EXPERIENCE • CIBC (2009 to present) (Chair of Audit Committee) • Hydro One Limited (2015 to present) (member of Human Resources Committee and Chair of Nominating, Corporate Governance, Public Policy & Regulatory Committee) • Northwest Natural Gas Company (2007 to present) (member of Organization and Executive Compensation Committee and Public Affairs and Environmental Policy Committee) • Encana Corp. (2003 to 2017) • Postmedia Network Canada Corp. (2013 to 2016) OTHER EXPERIENCE Other Boards • British Columbia Institute of Corporate Directors Executive Committee EDUCATION • Bachelor of Commerce degree, McMaster University • Master of Business Administration degree, Queen’s University • Certified Management Accountant • A Fellow of the Society of Management Accountants • Holds the ICD.D designation from the Institute of Corporate Directors

Gordon Trafton

Mr. Gordon T. Trafton is Independent Director of the Company. In 2010, BUSINESS EXPERIENCE • Consultant, Brigadier Consulting (2013) • Special Advisor to the Canadian National Railway leadership team (2009 to his retirement in 2010) • Senior Vice-President Strategic Acquisitions and Integration, Canadian National Railway (2003 to 2009) • Senior Vice-President, Southern Region, Canadian National Railway (2003 to 2009) • held a number of leadership positions with Illinois Central Railroad and Burlington Northern Railroad OTHER EXPERIENCE Other Boards • Leeds School of Business Board of Alumni and Friends, University of Colorado Boulder (Chair) EDUCATION • Bachelor of Science, Transportation Management from the Leeds School of Business, University of Colorado Boulder

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