# EDGAR Filing Document

**Accession Number:** 0000016875
**File Stem:** 0001193125-23-057354
**Filing Date:** 2023-3
**Character Count:** 11181
**Document Hash:** f6422343ddec0f858db84abde3b41112
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-057354.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-057354

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN PACIFIC RAILWAY LTD/CN
- **CENTRAL INDEX KEY:** 0000016875
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **IRS NUMBER:** 980355078
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01342
- **FILM NUMBER:** 23696522

**BUSINESS ADDRESS:**
- **STREET 1:** 7550 OGDEN DALE ROAD S.E.
- **CITY:** CALGARY ALBERTA
- **STATE:** A0
- **ZIP:** T2C 4X9
- **BUSINESS PHONE:** 403-319-3591

**MAIL ADDRESS:**
- **STREET 1:** 7550 OGDEN DALE ROAD S.E.
- **CITY:** CALGARY ALBERTA
- **STATE:** A0
- **ZIP:** T2C 4X9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANADIAN PACIFIC LTD
- **DATE OF NAME CHANGE:** 19930507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANADIAN PACIFIC RAILWAY CO
- **DATE OF NAME CHANGE:** 19710818

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### March 2, 2023 (March 1, 2023)

#### Date of Report (Date of earliest event reported)

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## Canadian Pacific Railway Limited

#### (Exact name of registrant as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **Canada** | **001-01342** | **98-0355078** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

#### 7550 Ogden Dale Road S.E., Calgary, Alberta,

#### Canada, T2C 4X9

#### (Address of principal executive offices) (Zip Code)
(403) 319-7000

#### Registrant's telephone number, including area code

#### Not Applicable

#### (Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Shares, without par value, of Canadian Pacific Railway Limited | CP | New York Stock Exchange |
| Common Shares, without par value, of Canadian Pacific Railway Limited | CP | Toronto Stock Exchange |
| Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company | CP40 | New York Stock Exchange |
| Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company | BC87 | London Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **ITEM 8.01.** | **Other Events.** |

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On March 1, 2023, Canadian Pacific Railway Limited (the "Corporation") issued a press release announcing that the Corporation has proposed for approval by the U.S. Surface Transportation Board the appointment of former U.S. Federal Railroad Administration Administrator Ronald L. Batory as the Kansas City Southern ("KCS") trustee of the KCS voting trust, following the death of David Starling. A copy of this press release is attached as Exhibit 99.1.

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| | |
|:---|:---|
| **ITEM 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Exhibit Description** |
| Exhibit 99.1 | [Press Release dated March 1, 2023.](d468737dex991.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: March 2, 2023 |  |  |
|  | CANADIAN PACIFIC RAILWAY LIMITED | CANADIAN PACIFIC RAILWAY LIMITED |
|  | By: | /s/ Nizam Hasham |
|  | Name: | Nizam Hasham |
|  | Title: | Assistant Corporate Secretary |

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g468737g0302015720034.jpg)

**CP announces proposed appointment of Ronald L. Batory as KCS Voting Trustee** 

CALGARY – March 1, 2023 – Canadian Pacific (TSX: CP) (NYSE: CP) ("CP") today announced that it has proposed for approval by the U.S. Surface Transportation Board ("STB") the appointment of former U.S. Federal Railroad Administration ("FRA") Administrator Ronald L. Batory as the Trustee of the CP-KCS Voting Trust, following the death of David Starling.

Mr. Batory's appointment would be effective immediately upon the approval of the STB. Mr. Batory has more than 45 years of experience in the railroad industry including time as president of the Belt Railway of Chicago and president and chief operating officer of Consolidated Rail Corporation. From 2018 to 2021, Mr. Batory served as FRA administrator.

Immediately upon the closing of CP's acquisition of KCS on Dec. 14, 2021, the shares of KCS were placed into a Voting Trust with Mr. Starling appointed as the Trustee. Mr. Starling served as the Voting Trustee until his death.

The Voting Trust remains in effect until CP exercises control of KCS with the authorization of the STB. Under the Voting Trust, CP and KCS continue to operate as separate companies.

**Forward looking information** 

This news release contains certain forward looking statements and forward looking information (collectively, "FLI") to provide CP shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "will", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI.

Although we believe that FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by FLI, including, but not limited to, the following: the timing and appointment of a replacement voting trustee; the realization of anticipated benefits and synergies of the CP-KCS transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the CP-KCS transaction and other disruptions arising from the CP-KCS transaction; changes in business strategy and strategic opportunities; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the CP-KCS transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and Mexico; North American and global economic growth; industry capacity; shifts in market demand; changes in commodity prices and commodity demand; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and

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![LOGO](g468737g0302015720034.jpg)

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP with Canadian and U.S. securities regulators, including any prospectus, material change report, management information circular or registration statement that have been or will be filed in connection with the transaction. Reference should be made to "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations – Forward Looking Statements" in CP's annual and interim reports on Form 10-K and 10-Q. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

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![LOGO](g468737g0302015720034.jpg)

**About Canadian Pacific** 

Canadian Pacific (TSX: CP) (NYSE: CP) is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit www.cpr.ca to see the rail advantages of CP. CP-IR

**Contacts:** 

**Media** 

Alert_mediarelations@cpr.ca

**Investment Community** 

Maeghan Albiston

403-319-3591

investor@cpr.ca