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Canadian Pacific Railway Notice of Annual and Special Meeting Of Canadian Pacific Railway Notice of Annual and Special Meeting of Shareholders and Management Proxy Circular May 5, 2006 CONTENTS Page NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 MANAGEMENT PROXY CIRCULARÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 Glossary of Terms ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 General Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 Information on Voting ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 BUSINESS TO BE TRANSACTED AT THE MEETINGÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 1. Financial StatementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 2. Election of DirectorsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 Director Independence/Unrelatedness ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10 Interlocking Directorships ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11 Directors of Other Reporting Issuers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11 Directors' Meeting Attendance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12 Directors' Share Ownership RequirementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12 Directors' CompensationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14 Total Cash Compensation for 2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15 Directors' DSU PlanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15 DSOP ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15 3. Appointment of Auditors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16 Audit and Non-Audit Fees and Services Ó 2005 & 2004ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17 4. Approval of amendments to the Management Stock Option Incentive Plan to: (a) increase the maximum number of Common Shares that may be issued under the plan; and (b) prohibit, without shareholder approval, the reduction of the price at which Options may be exercised after they have been granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17 REPORTS OF COMMITTEES OF THE BOARD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18 Report of the Audit Committee ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18 Report of the Governance and Nominating Committee ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20 Report of the E&S Committee ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21 Report of the Pension CommitteeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21 Report of the Compensation Committee ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22 STATEMENT OF EXECUTIVE COMPENSATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23 Compensation Committee Report on Executive CompensationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23 Summary Compensation Table ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29 Options and SAR Grants during 2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30 Aggregated Options and SAR exercises during 2005 and year-end Options and SAR values ÏÏÏÏÏÏÏÏÏÏÏ 30 Securities Authorized for Issuance Under Equity Compensation Plans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 31 Pension PlansÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 31 Employment Contract and Change of Control AgreementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 33 SUPPLEMENTAL DISCLOSURE: TOTAL COMPENSATION SUMMARY FOR THE NAMED EXECUTIVE OFFICERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 33 PERFORMANCE GRAPH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 ADDITIONAL ITEMS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 Directors' and OÇcers' Liability Insurance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 Corporate Governance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36 Shareholder ProposalsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 43 Availability of Documents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 43 Directors' Approval ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 44 APPENDIX 1 DIRECTOR INDEPENDENCE APPENDIX 2 TERMS OF REFERENCE Ì BOARD COMMITTEES i NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that the annual and special meeting of shareholders of Canadian PaciÑc Railway Limited will be held at the Fairmont Palliser Hotel, 133 Ó 9th Avenue S.W., Calgary, Alberta, at 9:00 a.m. (Mountain Time) on Friday, May 5, 2006, for the following purposes: 1. to receive the consolidated Ñnancial statements for the year ended December 31, 2005, and the auditors' report thereon; 2. to elect directors; 3. to appoint auditors; 4. consider and, if deemed advisable, to pass resolutions approving amendments to the Management Stock Option Incentive Plan to: (a) increase the maximum number of Common Shares that may be issued under the plan; and (b) prohibit, without shareholder approval, the reduction of the price at which Options may be exercised after they have been granted. The text of the resolutions are set out in the accompanying Management Proxy Circular which forms part of this notice; and 5. to transact such other business as may properly come before the meeting or any adjournment thereof. Shareholders of record at the close of business on March 10, 2006, will be entitled to vote at the meeting and are encouraged to participate either in person or by proxy. By order of the board of directors, DONALD F. BARNHARDT Corporate Secretary Calgary, Alberta February 21, 2006 NOTE: Registered shareholders of Canadian PaciÑc Railway Limited wishing to vote by proxy are requested to complete and return the enclosed form of proxy in the envelope provided to the Corporation's transfer agent, Computershare Investor Services Inc. Registered shareholders may also vote by telephone or Internet by following the instructions provided on the enclosed form of proxy. Non- registered shareholders should refer to page 4 of the management proxy circular for information on how to vote their shares. Proxies must be received by Computershare Investor Services Inc. or Georgeson Shareholder Communications Canada, agents for Canadian PaciÑc Railway Limited, not less than 24 hours prior to the time Ñxed for holding the meeting (or any adjournment thereof), in order to be used at the meeting. 1 MANAGEMENT PROXY CIRCULAR GLOSSARY OF TERMS In this management proxy circular the following terms shown in ""Governance and Nominating Committee'' quotation marks are deÑned as set forth below. Corporate Governance and Nominating Committee of the CPRL board of ""Audit Committee'' Audit, Finance and Risk Management directors Committee of the CPRL board of directors ""Governance Guidelines'' National Instrument 58-101 and ""Basic Pension Plan'' CPRC's Pension Plan National Policy 58-201 ""CEO'' Chief Executive OÇcer of CPRL ""MD&A'' Management's Discussion and Analysis ""CFO'' Executive Vice-President and Chief ""Meeting'' CPRL annual and special meeting of Financial OÇcer of CPRL shareholders to be held on May 5, 2006 ""Circular'' CPRL's Management Proxy Circular ""MSOIP'' CPRL's Management Stock Option ""Comparator Group'' Large autonomous Canadian companies Incentive Plan with annual revenues exceeding ""Named Executive OÇcers'' $1 billion Executive OÇcers named in the ""Compensation Committee'' Summary Compensation Table of this Management Resources and Circular Compensation Committee of the CPRL ""Notice'' Notice of the Meeting board of directors ""NYSE'' New York Stock Exchange ""Computershare'' Computershare Investor Services Inc. ""NYSE Standards'' Corporate governance listing standards of ""Corporation'' Canadian PaciÑc Railway Limited the NYSE ""CPR'' CPRL and its direct and indirect ""Options'' CPRL stock options subsidiaries, including CPRC ""Pension Committee'' Pension Trust Fund Committee of the ""CPRC'' Canadian PaciÑc Railway Company CPRL board of directors ""CPRL'' Canadian PaciÑc Railway Limited ""Performance Incentive Plan'' ""DSOP'' CPRL's Directors' Stock Option Plan Canadian PaciÑc Railway Performance Incentive Plan ""DSU Plan'' CPRL's Directors' Deferred Share Unit Plan ""President & COO'' President and Chief Operating OÇcer of CPRL ""DSUs'' Deferred Share Units ""Record Date'' March 10, 2006 ""E&S Committee'' Environmental and Safety Committee of the CPRL board of directors ""SARs'' Share appreciation rights ""Employee Shares'' Shares held by CPR employees under the ""SEC'' United States Securities and Exchange ESPP Commission ""ESPP'' CPRL's Employee Share Purchase Plan ""Shares'' CPRL common shares ""Exchange Act'' United States Securities Exchange Act ""SOA'' United States Sarbanes-Oxley Act of of 1934, as amended 2002 ""Executive DSU Plan'' CPRL's Senior Executives' Deferred ""Sr. VP'' Senior Vice-President of CPRC Share Unit Plan ""Supplemental Pension Plan'' ""Executive OÇcers'' OÇcers of CPR at the level of Vice- Canadian PaciÑc Railway's Management President and above Supplemental Plan ""Georgeson'' Georgeson Shareholder Communications ""TSX'' Toronto Stock Exchange Canada ""VP'' Vice-President of CPRC 2 GENERAL INFORMATION This Circular is furnished in connection with the solicitation of proxies by the management of the Corporation to be used at the Meeting to be held on May
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