ITEM 8.01. Other Events.

On May 10, 2022, Canadian Pacific Railway Limited (the "Corporation") issued a press release recommending shareholders to reject an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 1.5 million common shares of the Corporation. A copy of this press release is attached as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

  Exhibit
    No.         Exhibit Description

Exhibit 99.1      Press Release dated May 10, 2022.

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL
                document).

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