Document:

Exhibit

                                                                                                                                                                        

           FIRST SUPPLEMENTAL INDENTURE

CANADIAN  PACIFIC  LIMITED
(To be renamed Canadian Pacific Railway Company)

TO

HARRIS TRUST AND SAVINGS BANK
TRUSTEE

DATED AS OF JULY 1, 1996

ADDING CERTAIN DEFINITIONS AND PERMITTING
CERTAIN   ASSET   TRANSFERS   AND   OTHER  TRANSACTIONS
WITHOUT COMPLIANCE WITH SECTION 801

               SUPPLEMENTAL TO
INDENTURE DATED AS OF JULY 15, 1991
OF
CANADIAN PACIFIC LIMITED

                                                                                                                                                                 

CANADIAN PACIFIC LIMITED

FIRST SUPPLEMENTAL INDENTURE

DATED AS OF JULY 1, 1996 

TABLE OF CONTENTS

PARTIES .......................................................................................    1

RECITALS .....................................................................................        1

CONSIDERATION FOR FIRST SUPPLEMENTAL INDENTURE .................        2

ARTICLE ONE
AMENDMENTS TO ORIGINAL INDENTURE

Section 1.01.    Amendment of Section 101 ..............................................        2

Section 1.02.    Amendment of Section 801 ..............................................        3

Section 1.03.    Amendment of Section 803 ..............................................        3

Section 1.04.    Effectiveness of this Article ..............................................        4

ARTICLES TWO
THE TRUSTEE

Section 2.01.    Trustee Not Responsible for Validity or Recitals .....................        4

Section 2.02.    Duties, Responsibilities and Liabilities of Trustee ....................        4

ARTICLE THREE
MISCELLANEOUS PROVISIONS

Section 3.01.    Provisions of Original Indenture Deemed Incorporated ..............        4

Section 3.02.    Benefits Restricted to Parties and Holders of Securities ...............        4

Section 3.03.    Successors and Assigns of Company .....................................        5

Section 3.04.    Headings and Table of Contents ..........................................        5

Section 3.05.    Counterparts ..................................................................        5

TESTIMONIUM     ...................................................................................    6

EXECUTIONS    ...................................................................................    6

ACKNOWLEDGMENTS ..............................................................................    7-8 

This FIRST SUPPLEMENTAL INDENTURE dated as of July 1, 1996 between CANADIAN PACIFIC LIMITED, a corporation duly organized and existing under the laws of Canad (the “Company”), and HARRIS TRUST AND SAVINGS BANK, a corporation duly organized and existing under the laws of Canada (the “Company”), and HARRIS TRUST AND SAVINGS BANK, a corporation duly organized and existing under the laws of the State of Illinois, as trustee (the “Trustee”).

W I T N E SSETH:

WHEREAS, the Company and the Trustee have heretofore executed and delivered an Indenture dated as of July 15, 1991 (the “Original Indenture” the Original Indenture as supplemented by this First Supplemental Indenture being hereinafter called the “Indenture”) providing, among other things, for the issuance from time to time of the Company’s unsecured debentures, notes or other evidence of indebtedness (the “Securities”) in one or more series;

WHEREAS, there is currently issued and outstanding under the Indenture the following three series of Securities (collectively, the “Outstanding Debt Instruments”): 
Outstanding
Name of Series                Principal Amount

9.45% Debentures due                $250,000,000
August 1, 2021

8.85% Debentures due                $250,000,000
June 1, 2022

6 7/8% Debentures due                $250,000,000
April 15, 2003

WHEREAS, the Company desires to transfer certain assets of the Company to New CPL (as hereinafter defined) and to engage in certain other transactions, all as more fully hereinafter described;

WHEREAS, such asset transfers and other transactions may collectively constitute the transfer of “substantially all of [the Company’s] undertakings, property and assets” within the meaning of Section 801 of the Original Indenture, and accordingly the Company has solicited and received the requisite consents from the holders of the outstanding Debt Instruments, in compliance with the requirements of Section 902 of the Original Indenture, to amend Sections 801 and 803 of the Original Indenture (and insert the necessary related definitions) as hereinafter provided so that such Sections shall not apply to the Reorganization (as hereinafter defined);

WHEREAS, on the Effective Date (as hereinafter defined), the corporate name of the Company will be changed to “Canadian Pacific Railway Company” and the corporate name of New CPL will be changed to “Canadian Pacific Limited”; and

WHEREAS, all acts and things necessary to make this First Supplemental Indenture a valid agreement in accordance with its terms have been done;

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Outstanding Debt Instruments and any other Securities hereafter issued under the Indenture by the Holders (as defined in the Original Indenture) thereof, it is mutually convenanted and agreed, for the equal and proportionate benefit of the respective Holders from time to time of the Securities and of the Coupons (as defined in the Original Indenture), if any, appertaining thereto, as follows:

ARTICLE ONE
AMENDMENTS TO ORIGINAL INDENTURE
        
Section 1.01.  Amendment of Section 1.01. The following definitions are inserted in Section 101 of the Original Indenture in the proper alphabetical location: 

“Arrangement” means the arrangement effected under the provisions of Section 192 of the Canada Business Corporations Act, as amended, as provided in the Plan of Arrangement.

“Arrangement Transactions” means the transactions specified in Section 2.1 of the Plan of Arrangement.

“Eastern Operating Unit” means the entity or entities established for the purpose of operating the eastern rail assets of the Company (relating to its railway operations between Montreal, Toronto and Chicago and the Northeastern United States), each of which will be directly or indirectly wholly-owned by the Company on the effective date of the Post-Arrangement Transactions.
“Effective Date” means the effective date of the Arrangement in accordance with the Plan of Arrangement.

“New CPL” means Canadian Pacific Holdings Limited, a corporation duly organized and existing under the laws of Canada.

“Non-Rail Assets” means the non-rail assets of the Company (other than the Company’s equity interest in Laidlaw Inc. and its shares of Canadian Pacific (Bermuda) Limited), which include its investments in PanCanadian Petroleum Limited, Fording Coal Holdings Inc., CP Ships Inc., CP Containers (Bermuda), Canadian Pacific Hotels & Resorts Inc., Marathon Realty Company Limited and Canadian Pacific Securities Limited and their respective subsidiaries.

-2-

“Plan of Arrangement” means the Plan of Arrangement which is attached as Appendix 1 to the Arrangement Agreement dated as of March 20, 1996 between the Company and New CPL, as amended by Arrangement Amendment Agreement dated as of June 25, 1996, and which is also attached hereto as Exhibit A.

“Post-Arrangement Transactions” means the transfer, after the Arrangement has become effective, of the Company’s eastern railway assets to the Eastern Operating Unit.

“Pre-Arrangement Transactions” means the following transactions that are to occur on or prior to the Effective Date:

(a) prior to the implementation of the Arrangement Transactions, the transfer of certain shares of indirect subsidiaries of the Company held by Canadian Pacific Enterprises Limited, a wholly-owned holding company of the Company, to the Company;

(b) on the Effective Date, the transfer by the Company of the Non-Rail Assets to New CPL in consideration for the assumption by New CPL of certain existing liabilities of the Company and the issuance by New CPL to the Company of the New CPL Reorganization Shares (as defined in the Plan of Arrangement), which shares are to be redeemed by New CPL as a part of the Arrangement Transactions; and

(c) on the Effective Date, the assumption by New CPL of the Company’s obligations under the Company’s Indenture dated April 30, 1991 with Montreal Trust Company of Canada, as trustee, and the Company’s 10.50% Debentures due April 30, 2001 issues thereunder, without releasing the Company from its obligations thereunder.

“Reorganization” means the Pre-Arrangement Transactions, the Arrangement Transactions and the Post-Arrangement Transactions, taken collectively.

Section 1.02.   Amendment of Section 801.   Section 801 of the Original Indenture is hereby amended by adding the following paragraph at the end thereof:

“Notwithstanding the preceding paragraph, this Section shall not apply to the Reorganization.”

Section 1.03.    Amendment of Section 8.03.   Section 803 of the Original Indenture is hereby amended by adding the following paragraph at the end thereof:

“Notwithstanding the preceding paragraph, this Section shall not apply to the Reorganization.”

-3-

Section 1.01. Effectiveness of this Article.
Notwithstanding the earlier execution of this First Supplemental Indenture, this Article shall take effect on the Effective Date, but only if the Effective Date shall occur on or prior to December 31, 1996.

ARTICLE TWO
THE TRUSTEE

Section 2.01.  Trustee Not Responsible for Validity or Recitals.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution hereof by the Company, or for or in respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company.

Section 2.02.  Duties, Responsibilities and Liabilities of Trustee.  Except as herein otherwise expressly provided, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this First Supplemental Indenture other than as set forth in the Original Indenture; and this First Supplemental Indenture is executed and accepted on behalf of the Trustee subject to all the terms and conditions set forth in the Original Indenture as fully to all intents as if the same were herein set forth at length.

ARTICLE THREE
MISCELLANEOUS PROVISIONS

Section 3.01.  Provisions of Original Indenture Deemed Incorporated.  Except as herein otherwise expressly provided, all of the provisions, definitions, terms and conditions of the Original Indenture shall be deemed to be incorporated in, and made a part of, this First Supplemental Indenture; the Original Indenture is in all respects hereby ratified and confirmed; and the Original Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument.

Section 3.02   Benefits Restricted to Parties and Holders of Securities.  Nothing in this First Supplemental Indenture is intended, or shall be construed, to give to any persons or corporation other than the parties hereto and the Holders of Securities issued and to be issued under the Indenture any legal or equitable right, remedy or claim under or in respect of this First Supplemental Indenture, or under any covenant, condition or provision herein contained, all the covenants, conditions and provisions of this First Supplemental Indenture being intended to be, and being, for the sole and exclusive benefit of the parties hereto and of the Holders of Securities issued and to be issued under the Indenture.

-4-

Section 3.03.  Successors and Assigns of Company.  All covenants and agreements in this First Supplemental Indenture by the Company shall bind and inure to the benefit of its successors and assigns, whether so expressed or not.

Section 3.04.  Headings and Table of Contents.  Article and Section headings herein and the Table of Contents are inserted for convenience of reference only and shall not be deemed to be a part hereof. 

Section 3.05.  Counterparts.  This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but all such counterparts shall together constitute but one and the same instrument.

-5-

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written.

        
CANADIAN PACIFIC LIMITED

By: /s/ W.R. Fatt                            
Name: W. R. Fatt
Title:   Executive Vice-President 
        and Chief Financial Officer

(Corporate Seal)

Attest:

/s/ G. A. Feigel
Name: G.A. Feigel
Title: Assistant Secretary

HARRIS TRUST AND SAVINGS 
BANK,
 as Trustee

By: “Signed”                           
                                
Title:  

(Corporate Seal)

Attest:

“Signed”            
Name: D. G. Donovan
Title: Assistant Secretary

 

 
-6-
 

PROVINCE OF ONTARIO    )
)
JUDICIAL DISTRICT OF YORK    )

On the 3rd day of July, 1996, before me personally came William R. Fatt, to me known, who, being by me duly sworn, did depose and say that he is Executive Vice-President and Chief Financial Officer of Canadian Pacific Limited, one of the corporations described in and which executed the foregoing instrument; that the seal affixed to said instrument is the corporate seal of said Corporation; and that he signed his name thereto by authority of the Board of Directors of said Corporation. 

“Signed”                                                 
Notary Public
                
    

 

 

STATE OF ILLINOIS     )
)
COUNTY OF COOK     )

On the 3rd day of July, 1996, before me personally came J. Bariolini, to me known, who, being by me duly sworn, did depose and say that he is Vice President of Harris Trust and Savings Bank, one of the corporations described in and which executed the foregoing instrument; that the seal affixed to said instrument is the corporate seal of said Corporation; and that he signed his name thereto by authority of the Board of Directors of said Corporation. 

“Signed”                                                 
My commission expires
                
.-Exhibit

Dated as of November 24, 2015

CANADIAN PACIFIC RAILWAY LIMITED
as Guarantor and
CANADIAN PACIFIC RAILWAY COMPANY
as Issuer

and

THE BANK OF NEW YORK MELLON
as Trustee

SECOND SUPPLEMENTAL INDENTURE

to the  TRUST INDENTURE
Dated as of July 15, 1991

TABLE OF CONTENTS

Page

		
	1.
	INTERPRETATIONS AND AMENDMENTS    2

		
	1.1
	Second Supplemental Indenture    2

		
	1.2
	Definitions in Second Supplemental Indenture    2

		
	1.3
	Interpretation not Affected by Headings    2

		
	2.
	GUARANTEE    2

		
	2.1
	Agreement to Guarantee    2

		
	2.2
	Execution and Delivery    3

		
	2.3
	Release of Guarantee    3

		
	3.
	GENERAL    4

		
	3.1
	Effectiveness    4

		
	3.2
	Effect of Recitals    4

		
	3.3
	Ratification of Original Indenture    4

		
	3.4
	Limitation on Liability    4

		
	3.5
	Jurisdiction    4

		
	3.6
	Governing Law    4

		
	3.7
	Severability    5

		
	3.8
	Acceptance of Trust    5

		
	3.9
	Counterparts and Formal Date    5

THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”) dated as of November 24, 2015 between CANADIAN PACIFIC RAILWAY LIMITED, a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the “Guarantor”), CANADIAN PACIFIC RAILWAY COMPANY (f.k.a. Canadian Pacific Limited), a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the “Issuer”), and THE BANK OF NEW YORK MELLON (as successor in interest to Harris Trust and Savings Bank), a banking corporation duly organized and existing under the laws of the State of New York, having an office in the City of New York, in the State of New York (the “Trustee”).

RECITALS OF THE ISSUER AND THE GUARANTOR

WHEREAS, the Issuer and the Trustee entered into an Indenture, dated as of July 15, 1991 (as supplemented, the “Original Indenture”). Section 901(2) of the Original Indenture provides that the Issuer and the Trustee may, without the consent of any Holder, enter into a supplemental indenture to add to the covenants of the Issuer for the benefit of the Holders of all or any series of the Securities.

WHEREAS, the Issuer and the Trustee have heretofore executed one supplemental indenture to the Original Indenture.

WHEREAS, pursuant to the Officers’ Certificate dated as of July 18, 1991, the Issuer has heretofore established the following series of Securities: the Series 1 Securities, designated as the 9.450% Debentures due August 1, 2021, initially limited to the aggregate principal amount of U.S.$250,000,000 (the “Debentures”).

WHEREAS, the foregoing series of Debentures constitute all of the issued and outstanding series of Securities issued pursuant to the Original Indenture as of the date hereof.

WHEREAS, the Guarantor desires to fully and unconditionally guarantee the Debentures (the “Guarantee”), and to provide therefor, the Guarantor has duly authorized the execution and delivery of this Second Supplemental Indenture.

WHEREAS, the Issuer has requested that the Trustee execute and deliver this Second Supplemental Indenture. The Issuer has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Sections 102 and 903 of the Original Indenture to the effect, among other things, that all conditions precedent provided for in the Indenture to the Trustee’s execution and delivery of this Second Supplemental Indenture have been complied with. All acts and things necessary have been done and performed to make this Second Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects.

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE
WITNESSETH: it is mutually covenanted and agreed, for the equal and proportionate benefit of all holders of the Debentures, as follows:

		
	1.
	INTERPRETATIONS AND AMENDMENTS

		
	1.2
	Second Supplemental Indenture

As used herein “Second Supplemental Indenture”, “hereto”,  “herein”, “hereof”, “hereby”, “hereunder” and similar expressions refer to this Second Supplemental Indenture and not to any particular Article, Section or other portion hereof and include any and every instrument supplemental or ancillary hereto or in implementation hereof.

		
	1.2
	Definitions in Second Supplemental Indenture

All terms contained in this Second Supplemental Indenture which are defined in the Original Indenture and not defined herein shall, for all purposes hereof, have the meanings given to such terms in the Original Indenture, unless the context otherwise specifies or requires.

		
	1.3
	Interpretation not Affected by Headings

The division of this Second Supplemental Indenture into Articles and Sections, the provision of the table of contents hereto and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Second Supplemental Indenture.

		
	2.
	GUARANTEE

		
	2.1
	Agreement to Guarantee

The Guarantor hereby fully and unconditionally guarantees to each Holder of Debentures, the due and punctual payment of the principal of, premium, if any, and interest on the Debentures, the due and punctual payment of any sinking fund or analogous payments that may be payable with respect to such Debentures, when and as the same shall become due and payable, whether on the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms hereof and of the Original Indenture, as supplemented by the supplemental indentures heretofore executed by the Issuer and the Trustee. In case of the failure of the Issuer punctually to make any such payment of principal, premium, if any, or interest, or any such sinking fund or analogous payment that may be payable with respect to the Debentures, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether on the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer.

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of the Debentures, the Original Indenture or this Second Supplemental Indenture, any failure to enforce the provisions of the Debentures, the Original Indenture or this Second Supplemental Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto or hereto, by the Holder of the Debentures or the Trustee or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing,  no  such  waiver,  modification  or  indulgence  shall,  without  the  consent  of  the

Guarantor, increase the principal amount of the Debentures, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Debentures or the indebtedness evidenced thereby, or with respect to any sinking fund or analogous payment that may be payable with respect to the Debentures and all demands whatsoever, and covenants that its obligations under this Section 2.1 will not be discharged except by payment in full of the principal of, premium, if any, and interest on.

The Guarantor shall be subrogated to all rights of each Holder of the Debentures, the Trustee and any Paying Agent against the Issuer in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Section 2.1; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation until the principal of, premium, if any, and interest on all Debentures of the same series issued under the Original Indenture, as supplemented by the supplemental indentures heretofore executed by the Issuer and the Trustee, and any sinking fund or analogous payments with respect to such Debentures shall have been paid in full.

Any term or provision of the Original Indenture, as supplemented by the supplemental indentures heretofore executed by the Issuer and the Trustee, and this Second Supplemental Indenture to the contrary notwithstanding, the maximum aggregate amount of the Debentures guaranteed hereunder by the Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the Guarantor without rendering the Guarantee, as it relates to the Guarantor, voidable under applicable law relating to fraudulent conveyance, fraudulent transfer, corporate benefit, financial assistance or similar laws affecting the rights of creditors generally.

By executing this Second Supplemental Indenture, the Guarantor acknowledges and agrees that the obligations to compensate, reimburse, and indemnify the Trustee under the Original Indenture, including, without limitation, Section 607 of the Original Indenture, shall apply to the Guarantor and that the Guarantor and the Issuer, jointly and severally, are obligated to compensate, reimburse, and indemnify the Trustee in accordance with  the terms  of the Original Indenture, including, without limitation, Section 607 of the Original Indenture.

		
	2.2
	Execution and Delivery

To evidence its Guarantee set forth in Section 2.1 hereof, the Guarantor hereby agrees that this Second Supplemental Indenture shall be executed on behalf of the Guarantor by one or more authorized officers or persons holding an equivalent title.

The Guarantor hereby agrees that its Guarantee set forth in Section 2.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Debentures.

		
	2.3
	Release of Guarantee

The Guarantor will be released and relieved of its obligations under the Guarantee in respect of any series of the Debentures, and such Guarantee will be terminated, upon receipt

by the Trustee of a Corporation Order (without the consent of the Trustee) requesting such release, upon  (i) satisfaction  and  discharge of the  Original Indenture or (ii) defeasance  or covenant defeasance with respect to any series of the Debentures , in each case, under the terms of the Original Indenture. At the request of the Issuer, the Trustee shall execute and deliver an appropriate instrument evidencing such release.

		
	3.
	GENERAL

		
	3.1
	Effectiveness

This Second Supplemental Indenture will become effective upon its execution and delivery.

		
	3.2
	Effect of Recitals

The recitals contained herein, shall be taken as the statements of the Issuer and the Guarantor, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture except that the Trustee represents that it is duly authorized to execute and deliver this Second Supplemental Indenture and to perform its obligations under the Original Indenture and hereunder and that the statements made by it or to be made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the Issuer are true and accurate as of the date thereof.

		
	3.3
	Ratification of Original Indenture

The Original Indenture as supplemented by this Second Supplemental Indenture is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided.

		
	3.4
	Limitation on Liability

The Trustee shall act at the direction of the requisite Holders without liability.

		
	3.5
	Jurisdiction

Each of the parties hereto hereby irrevocably consents to the jurisdiction of the courts of the State of New York and of any Federal Court located in the Borough of Manhattan in the State of New York in connection with any action, suit or other proceeding arising out of or relating to this Second Supplemental Indenture or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue.

		
	3.6
	Governing Law

This Second Supplemental Indenture (including the Guarantee provided herein), and the Original Indenture as supplemented hereby shall be governed by and construed in accordance with the laws of the State of New York.

		
	3.7
	Severability

In case any provision in this Second Supplemental Indenture (including the 

Guarantee provided herein) or in the Original Indenture as supplemented hereby shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

		
	3.8
	Acceptance of Trust

The Trustee hereby accepts the trusts in this Second Supplemental Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein before set forth in trust for the various Persons who shall from time to time be Holders subject to all the terms and conditions herein set forth.

		
	3.9
	Counterparts and Formal Date

This Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date first above written.
IN WITNESS WHEREOF the parties hereto have executed this Second Supplemental Indenture on the date first above written.

CANDIAN PACIFIC RAILWAY LIMITED    
As Guarantor                    
    
By:/s/ Mark Erceg             
Name: Mark Erceg            
Title: Executive Vice President and    
Chief Financial Officer    
    
By:/s/ Darren J. Yaworsky    
Name: Darren J. Yaworsky        
Title: Vice President and Treasurer    

CANDIAN PACIFIC RAILWAY COMPANY 
As Guarantor                    
        
By:/s/ Mark Erceg             
Name: Mark Erceg            
Title: Executive Vice President and    
Chief Financial Officer    

By:/s/ Darren J. Yaworsky    
Name: Darren J. Yaworsky 
Title: Vice President and Treasurer

[Signature Page for the Second Supplemental Indenture]

Doc#: US!: l 02523.39v2

THE BANK OF NEW YORK MELLON,
as Trustee

        
By: /s/ Teresa Wyszomierski                      
Name: Teresa Wyszomierski 
Title: Vice President

[Signature Page for the Second Supplemental Indenture]

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