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Canada's Magazine for Financing & Leasing Executives

May 1, 2015

CP applauds US DoT and Transport Canada's move to harmonize tank car standards

Calgary, AB-- Canadian Pacific (TSX:CP)(NYSE:CP) applauds the Canadian and U.S. governments for working together on harmonizing new tank car standards and fully supports their leadership in the full implementation of these new cars for transporting dangerous goods.

The new tank car announced today, the TC-117/DOT-117 will include outer jackets, thermal protection, thicker steel shells, head shields and improved bottom valves to protect against leaks during a potential incident. The rules also call for the full phase out or retrofitting of all older tank cars that do not meet the new standards.

"CP has long been a proponent of improving tank car safety, as well as implementing other options to enhance the secure transportation of dangerous goods," said CP CEO   E. Hunter Harrison. "From our customers to our employees to all the communities within which we operate, the implementation of a safer tank car standard benefits all."

Given that much of the traffic moved in tank cars is cross-border and the North American economy is highly integrated, the harmonizing of rail rules and regulations is essential. CP believes that new tank car standards are the most important component in enhancing the safe movement of dangerous goods.

"We look forward to continued collaboration and cooperation between regulators, shippers and railroads to ensure the safe movement of the industrial commodities that form the building blocks of the North American economy," Mr. Harrison said.

CP meets or exceeds all federal transportation regulations and is committed to the safe movement of all freight.



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