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<div><b>Page Content:</b> <h2>CP Continuing to Drive Improved Financial and Operational Results Through Successful Execution of Multi-Year Plan</h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced that it has posted a new investor presentation to the “Shareholder Communication” section of <a class=ms-rteCustom-ExternalLink title="" href="http://cpontrack.com/shareholder-information/shareholdercommunication/" target="_blank">www.CPonTrack.com</a>.</p>
<p>As noted in the presentation:</p>
<ul>
<li>Experienced management team is successfully executing on the Multi-Year Plan, which is delivering record operating metrics and improved financial performance;</li>
<li>Accelerated capital plan is underway and showing results;</li>
<li>Multi-Year Plan is on track to deliver a 70 to 72 per cent operating ratio (OR) for 2014 and a 68.5 to 70.5 per cent OR for 2016;</li>
<li>CP has maintained operating expense unit cost comparable to CN since 2006 — OR difference not due to operating efficiency;</li>
<li>Board of Directors made up of experienced, highly-qualified individuals who provide oversight of execution of the Multi-Year Plan and hold management accountable; and</li>
<li>Pershing Square continues to make inaccurate statements and has no plan.</li></ul>
<p>Canadian Pacific intends to use the presentation in its upcoming meetings with analysts and investors. CP recommends that shareholders vote FOR the Company’s continued forward momentum that is being carried out by the right management team under the supervision of the right Board. To do so, vote FOR the election of the director nominees proposed by CP on the WHITE universal proxy. In addition, shareholders are encouraged to visit www.CPonTrack.com to access the Company’s Management Proxy Circular and for more information about CP, the CP management team and its valuegenerating Multi-Year Plan.</p>
<p>If you have any questions about the information contained in this document or require assistance in completing your WHITE universal proxy, please contact our proxy solicitation agents:</p>
<p>
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<p><span lang=EN-CA><b>Georgeson</b></span></p></td>
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<p><span lang=EN-CA><strong>Mackenzie Partners, Inc.</strong></span></p></td></tr>
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<p><span lang=EN-CA>TOLL FREE - 1-866-374-9187 or</span></p>
<p><span lang=EN-CA>International Toll Free Number (outside Canada and U.S.):<span>* </span>1-866-682-6148</span></p></td>
<td valign=top width=357>
<p><span lang=EN-CA>TOLL FREE 1-800-322-2885 or</span></p>
<p><span lang=EN-CA>(212) 929-5500 (Call Collect)</span></p></td></tr>
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<p><span lang=EN-CA>Email: <a href="mailto:askus@georgeson.com">askus@georgeson.com</a></span></p></td>
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<p><span lang=EN-CA>Email: <a href="mailto:proxy@mackenziepartners.com">proxy@mackenziepartners.com</a></span></p></td></tr></tbody></table></p>
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<h3>*</h3>
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<h3><br>Note on Forward-Looking Information </h3>
<p>This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited, to our operations, priorities and plans, anticipated financial performance, business prospects, planned capital expenditures, programs and strategies.* This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance.* Forward-looking information may contain statements with words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes.</p>
<p>Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information.* Forward-looking information is not a guarantee of future performance.* By its nature, CP’s forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments, including long-term floating rate notes; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes.* The foregoing list of factors is not exhaustive.</p>
<p>These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States.* Reference should be made to “Management’s Discussion and Analysis” in CP’s annual and interim reports, Annual Information Form and Form 40-F.* Readers are cautioned not to place undue reliance on forward-looking information.* Forward-looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CP.* Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.</p>
<h3>About Canadian Pacific</h3>
<p>Canadian Pacific (TSX:CP)(NYSE: CP) operates a North American transcontinental railway providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit <a title="" href="http://cpontrack.com/" target="_blank">www.CPonTrack.com</a>* for a copy of CP’s Management Proxy Circular and to see how Canadian Pacific is further driving shareholder value.</p>
<h3>Contacts:</h3>
<p>Media <br>Ed Greenberg<br>Tel.:* 612-849-4717<br>24/7 Media Pager: 855-242-3674************ <br>email: <a href="mailto:Ed_greenberg@cpr.ca">Ed_greenberg@cpr.ca</a></p>
<p>Investment Community<br>Janet Weiss<br>Tel.: 403-319-3591<br>email: <a href="mailto:investor@cpr.ca">investor@cpr.ca</a></p>
<p>Joele Frank, Wilkinson Brimmer Katcher <br>Joele Frank / Tim Lynch / Jed Repko <br>Tel.: 212-355-4449</p>
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<div><b>News Release Date:</b> 4/30/2012 12:00 PM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>


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