Canadian Pacific Railway Ltd.

Fred is leading Canadian Pacific in its drive to be the safest and most fluid railway in North America. He is spearheading improved productivity at CP through a relentless focus on execution excellence. This includes innovations like the Integrated Operating Plan which increases efficiency, improves network fluidity and results in an improved operating ratio. His career with CP has taken him across Canada from the Maritimes to the Pacific Coast and to senior management positions in railway operations, marketing, yield and asset performance. In 1996, he led the re-organization and relocation of CP's Head Office from Montreal to Calgary, Canada's largest head-office move. He subsequently led several of CP's key business groups before becoming Executive Vice-president, Operations and Marketing in 2004. He was appointed President of CP in November 2005 and CEO in May of 2006. He is the 16th president since 1881, when private investors set out to build North America's first transcontinental railway. Fred holds a Bachelor of Commerce from Concordia University, Montreal. He is Chairman of the Railway Association of Canada and serves on the board of directors of TTX Company.

Kathryn McQuade was appointed Canadian Pacific’s Chief Financial Officer in September 2008. Kathryn is responsible for providing the strategic leadership for CP's finance, information technology and strategic sourcing groups. She is focused on driving the benefits of CP’s efficiency initiatives to the bottom line. Kathryn joined Canadian Pacific in June 2007 as Chief Operating Officer. Prior to her move to CP, she spent 26 years with Norfolk Southern in key leadership positions where she was involved in major change initiatives including the development and implementation of their current Thoroughbred™ Operating Plan. She led the Strategic Planning team and negotiated trackage, haulage and joint ventures with all the Class 1 railroads. Her team also developed and planned all major infrastructure projects and public / private initiatives. She also led the Conrail Shared Asset restructuring initiative. Kathryn has proven leadership in information technology, strategic planning and has an extensive background in all areas of finance. She has worked closely on operational issues and network opportunities with all the major and regional railroads and shortlines. She was Executive Vice-President Planning and Chief Information Officer immediately before she joined CP. Kathryn is a CPA and holds a BBA in Accounting with a minor in Mathematics from the College of William and Mary. She currently sits on the Board of Shenandoah Life Insurance Company and is a Trustee of the William and Mary Foundation.

Marcella Szel leads Canadian Pacific’s Marketing team that includes bulk sales - coal, grain, sulphur and fertilizers, merchandise - automotive, industrial products and forest products and international and domestic intermodal. She is also responsible for car management, logistics and post-sales customer service. Marcella is leading CP’s quality revenue growth strategy. Under her leadership. CP has continued to deliver competitive rail transport products while continuously improving yield. Through execution excellence, this strategy has been successful in delivering results to the bottom line. Marcella has held a variety of senior positions in her more than 25 years with CP. Prior to joining the marketing and sales group, she was Vice President, Strategy, Law and Corporate Secretary providing leadership in the development of future strategies for the company. Marcella led the legal team at the time of the company’s spin-out from Canadian Pacific Limited and has also held executive roles in Government Affairs and in Quality. Marcella is an active member in the Canadian and Calgary business communities. She was most recently appointed to the board of directors of Export Development Canada in May 2005. She is a past Chair of the Canadian Chamber of Commerce and participates on committees of charitable and educational organizations. Marcella holds a Bachelor of Arts and Law degrees from the University of Alberta.

Andrew Shields joined Canadian Pacific Railway in 1992 as Vice President, Human Resources. He began working in the pulp and paper industry in 1977 after earning his MILR (Masters in Industrial and Labour Relations) at Cornell University. He had previously obtained his B.Comm. from Queen's University. Mr. Shields spent 15 years at Abitibi-Price and Boise Cascade in various Toronto-based, labour relations and human resources positions. He became Vice President, Human Resources and Industrial Relations at Abitibi-Price in 1988. Mr. Shields serves on the Boards of the Canadian Employers Council and Federally Regulated Employers - Transportation and Communication (FETCO).

Bob Milloy is responsible for Canadian Pacific's corporate yield management programs, strategic pricing initiatives, pricing services, after sales service, car management, reload operations and CP Logistics Services (CPLS). Bob plays a key role in driving results from CP's quality revenue growth strategy. He is focused on initiatives that maximize yield, while continuing to deliver consistent service to our customers. Bob has over 25 years experience in his career with CP. His broad experience covers supply services, as well as all facets of Marketing and Sales. He has held positions in pricing, most carload commodities, grain marketing and operations, coal and sulphur as well as price and yield management. Bob is a graduate of Simon Fraser University and holds a Bachelor of Arts Degree.

Don is responsible for railway capacity and network renewal planning, development of annual and multi-year operating budgets and capital planning. He also manages Canadian Pacific's relationship with commuter and intercity passenger operators. Don is engaged in identifying capital investment opportunities in our operations area that will directly improve the fluidity of the network. He played a key role in CP's most recent western capacity expansion, which increased network capacity by 12 per cent. In his career with CP Don has held positions in both Marketing and Operations - most recently these included Vice-President Business Planning and Development, General Manager, Operations (Eastern Canada), General Manager Service Design and Assistant Vice-President Operations Planning. He began his career at Canadian Pacific as a Marketing Analyst in Montreal. Don also chairs the Detroit River Tunnel Partnership; a joint venture with Borealis Capital that is seeking to create additional truck border-crossing capacity at Windsor/Detroit by means of the conversion of the existing rail-only tunnel. Don holds a Bachelor of Commerce degree in Economics from Concordia University in Montreal.

Paul Guthrie is the Vice-President Law and the General Counsel of Canadian Pacific Railway and is responsible for the day-to day provision of legal services to the company in Canada and the United States. In previous lives he has been a British Royal Marine and a Bermuda Policeman. A graduate of Queen's University and Osgoode Hall Law School Paul practiced law with the Calgary firm of MacLeod Dixon until 1990 when he joined CPR's legal department. Paul has a wide variety of experience in legal matters having represented clients at all levels of courts in Canada. Prior to becoming the Vice-President Law Paul was CPR's Chief Regulatory Counsel. Paul is an instructor at the Law faculty at the University of Calgary teaching a course in transportation law.

Mr. Newall, 69, is also Chairman and Director of NOVA Chemicals Corporation, Chairman and Director of Canadian Pacific Railway Ltd. and Chairman and director of Novelis Inc. In 1998 he retired as Vice-Chairman and CEO of NOVA Corporation. He served as a Director of Alcan Inc. till December 2004 and as a director of Royal Bank Financial Group till January 2005. Mr. Newall is an Officer of the Order of Canada.

Mr. Sukut brings to Summit Security Group numerous years in management. He has had formal training in business administration plus human resource courses relating to personnel in every aspect of business. Larry was employed in management by Wardair Canada Ltd. for fifteen years until they moved their entire operation to Toronto. Twelve of those years were spent in Yellowknife, NWT where he managed their northern operations. During his years with Wardair, he was also responsible for setting up and maintaining security for various dignitaries that flew on Wardair aircraft throughout the north. In 1982 rather than move east, he decided to remain in the west and moved his family to Kamloops where he purchased a family business. He managed and operated it successfully for 14 years. Larry has been with Summit Security since March of 2001, and has proven to be a vital part of our operations. Larry is the Field Manager for the Canadian Pacific Railway account, where he manages the security for the maintenance crews throughout British Columbia.

Brock Winter is responsible for all aspects of Canadian Pacific’s day-to-day operations of the railway including field operations, engineering and mechanical services and transportation. Brock has introduced initiatives into Operations that are transforming CP into a highly efficient business. Key amongst these are Execution Excellence for Efficiency and the Integrated Operating Plan. Under Brock’s leadership, CP has improved safety performance and it is now the North American leader in train operations safety. Brock has more than 25 years with Canadian Pacific in a variety of positions including Marketing and Sales, Quality Support, Customer Service, Field Operations and Transportation. This experience gives him a broad understanding of the major influences on our operations performance. Brock holds a Bachelor of Commerce degree from the University of Manitoba and is on the Board of Directors with the Belt Railway of Chicago.

Mr. Dodge joined the Board of Directors in May 2004 and is recently retired following a 35-year career with Canadian Pacific Railway. He was Chief Operating Officer from 2001 until his retirement in March 2004. Prior to 2001, Mr. Dodge held other senior roles including Executive Vice President of Operations for Canada and the U.S., as well as Chief Executive Officer of a Minneapolis based railroad. Mr. Dodge holds a Civil Engineering degree and an MBA.

Jane is responsible for Canadian Pacific's corporate strategy and strategic projects, acquisition, network restructuring, communications and public affairs, product design and yield. Jane is co-leading the Execution Excellence for Efficiency initiative, that is focused on accelerating CP's efficiency efforts. She is also leading the efforts to leverage the Integrated Operating Plan to the next level by ensuring that yield management and product design are in lock step. Jane was appointed Senior Vice-President Strategy and Yield in November 2008. Jane rejoined Canadian Pacific in August 2002 as Assistant Vice-President, Strategy and Research and was appointed Vice-President of Strategy and Research in November 2005. In March 2005, she took on responsibility for CP's new market development in China and Mexico as well as, the company's logistics services. In 2006 she was appointed Vice President Strategy and External affairs where she added communications and public affairs along with government affairs to her role. From 1987-1995, Jane held various positions in Transportation, Quality and Marketing and Sales with Canadian Pacific.

President and Chief Executive Officer James Richardson & Sons, Limited Winnipeg, Manitoba

Senior Counsel McCarthy Tétrault LLP Ottawa, Ontario

Mr. Cleghorn is Chairman of the Board and a director of Molson Coors Brewing Company. He is the retired Chairman and Chief Executive Officer of Royal Bank of Canada and is a member of the Desautels Faculty of Management Advisory Board and Governor Emeritus of McGill University, Immediate Past Chairman and a director of Historica Foundation of Canada, Chancellor Emeritus of Wilfrid Laurier University and a director of the Atlantic Salmon Federation. Mr. Cleghorn graduated from McGill University with a B. Com. and is a chartered accountant.

Former President and Chief Executive Officer Corby Distilleries Limited Toronto, Ontario

Partner Covington & Burling LLP Bethesda, Maryland

President and Chief Executive Officer Logistec Corporation Montreal, Quebec

Retired Chairman of the Board and Chief Executive Officer SUPERVALU INC. Longboat Key, Florida

Retired President and Chief Executive Officer IPSCO Inc. Regina, Saskatchewan

Retired President and Chief Executive Officer Shell Canada Limited Oxford, Oxfordshire, England