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<div><b>Contact:</b> Danelle Wettstein</div>
<div><b>Page Content:</b> <p><span>Canadian Pacific (TSX: CP) (NYSE: CP) today announced a trackage rights agreement with the Iowa Northern Railway (IANR), which will enhance shipping alternatives for local customers and provide benefits for both railroads. </span></p>
<p><span></span><span>The agreement expands CP’s market reach in Iowa and increases rail business options for customers’ agricultural commodities via CP and IANR track. The agreement also provides Iowa Northern rights to operate over CP’s line between Garner, Iowa and Nora Springs, Iowa.</span></p>
<p><span></span><span>"The acquisition of the Forest City-Belmond line with access over CP from Garner to Nora Springs restores good service and competitive rates to customers who have not enjoyed rail service for several years,” said IANR President Dan Sabin. “In our first three weeks, we have handled more loads off of the line than had been handled over the past five years."</span></p>
<p><span></span><span>As a result of the agreement, CP can now market transportation services directly to existing and future customers served by the IANR.<span>* </span></span></p>
<p><span><span></span></span><span>“The agreement with Iowa Northern promotes economic growth within the state of Iowa and builds on CP’s commitment to the shippers and communities in this region,” said Jane O’Hagan, CP’s Executive Vice-President, Marketing & Sales and Chief Marketing Officer.<span>* </span>“It is a good example of CP working closely with short line railroad connections to extend our franchise and develop mutually beneficial growth opportunities.”</span></p>
<p><span></span><span>Across its 14,800-mile network in Canada and the United States, CP has collaborative arrangements with about 100 short line railroads.</span></p>
<p><span></span><span>CP is committed to continuously improving operating efficiencies between rail carriers and developing new business by extending its services into markets previously beyond its reach. As a result, today CP is shipping goods to new markets and moving goods that were traditionally carried by trucks.</span></p>
<p><span></span><b><span>About Iowa Northern Railway</span></b></p>
<p><b><span></span></b><span>The Iowa Northern Railway Company is a family-owned, full-service, short-line railroad headquartered in Cedar Rapids. It operates offices, maintenance shops, and yard facilities in Manly, Greene, and Waterloo.<span>* </span>For more information, visit Iowa Northern online at iowanorthern.com.</span><span>*</span></p>
<p><b><span>About Canadian Pacific</span></b></p>
<p><b><span></span></b><span>Canadian Pacific (CP:TSX)(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 cpr.ca and see how Canadian Pacific is Driving the Digital Railway.</span></p>
<p><span></span><b><span>Contacts:</span></b></p>
<p><b><span></span></b><b><span>Canadian Pacific<br></span></b><span>Media<span>************** </span><span>*************************************************************** </span>Investment Community<span>************************** <br></span></span><span>Ed Greenberg<span>******************************************************************* </span>Janet Weiss<br></span><span>Tel:612-849-4717<span>********************************************************** </span>Tel: 403-319-3591<br></span><span>24/7 Media Pager:<span>* </span>855-242-3674<br></span><span><a href="mailto:Ed_greenberg@cpr.ca">Ed_greenberg@cpr.ca</a>*<span>***************************************************** </span><a href="mailto:investor@cpr.ca">investor@cpr.ca</a> </span></p>
<p><span>*</span></p>
<p><b><span>Iowa Northern Railway<br></span></b><span>Joshua D. Sabin<br></span><span>Tel: 319-297-6000 (Ext. 2)<br></span><span><a href="mailto:jossabin@iowanorthern.com">jossabin@iowanorthern.com</a> </span></p>
<p><span>Or</span></p>
<p><span>Amy J. Homan<br></span><span>Tel: 319-297-6000 (Ext. 7)<br></span><span><a href="mailto:ahoman@iowanorthern.com">ahoman@iowanorthern.com</a> </span></p></div>
<div><b>News Release Date:</b> 12/1/2011 12:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> No</div>


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