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<div><b>Page Content:</b> <p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced its third-quarter 2012 results with reported net income of $224 million, an increase of $37 million, or 20 per cent and diluted earnings per share of $1.30, an increase of $0.20, or 18 per cent, when compared to third-quarter 2011.</p>
<p>For the nine months of 2012 Canadian Pacific’s net income was $469 million, an increase of $120 million, or 34 per cent and diluted earnings per share of $2.72, an increase of $0.68, or 33 per cent, when compared to the same period last year. </p>
<p>E. Hunter Harrison, President and Chief Executive Officer said, “Momentum is building at Canadian Pacific. We have implemented new services; closed terminals and certain yard operations; and we’ve put a new leadership team in place. The team has made significant progress on operational improvements, controlling costs and on delivering results. And this is just the beginning.”*</p>
<li><a title="" href="/en/invest-in-cp/earnings-releases">Q3 2012 Earnings Release and Financial Reports</a></li></ul>
<li>Total revenues were $1.5 billion, an increase of $110 million or 8 per cent </li>
<li>Operating expenses were $1.1 billion, an increase of $58 million or 6 per cent</li>
<li>Operating income was $376 million, an increase of $52 million or 16 per cent</li>
<li>Operating ratio was 74.1 per cent, an improvement of 170 basis points </li></ul>
<h3>Conference Call Information</h3>
<p>CP will discuss its results with analysts in a conference call beginning at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) on October 24, 2012.</p>
<h3>Conference call access</h3>
<p>Toronto participants dial in number: (647) 427-7452<br>Operator assisted toll free dial in number: 1-888-231-8193<br>Callers should dial in 10 minutes prior to the call</p>
<p>For those with Internet access we encourage you to listen via CP’s website at <a href="/">www.cpr.ca</a>. To access the webcast and the presentation material, click on “Invest In CP” tab.</p>
<p>A replay of the conference call will be available by phone through November 21, 2012 at 416-849-0833 or toll free 1-855-859-2056, password 35137957. A webcast of the presentation and an audio file will be available at <a href="/">www.cpr.ca</a> under “Invest In CP” tab.</p>
<p align=center></p>
<h3>About Canadian Pacific</h3>
<p>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 <a href="/">www.cpr.ca</a> to learn more. </p>
<table border=0 cellspacing=0 cellpadding=0>
<td valign=top width=295><strong>Media</strong></td>
<td valign=top width=295><strong>Investment Community</strong></td></tr>
<td valign=top width=295>Ed Greenberg</td>
<td valign=top width=295>Janet Weiss</td></tr>
<td valign=top width=295>Tel.: 612-849-4717</td>
<td valign=top width=295>Tel.: 403-319-3591</td></tr>
<td valign=top width=295>24/7 Media Pager: 855-242-3674</td>
<td valign=top width=295></td></tr>
<td valign=top width=295>email: <a href="mailto:ed_greenberg@cpr.ca">ed_greenberg@cpr.ca</a> </td>
<td valign=top width=295>email: <a href="mailto:investor@cpr.ca">investor@cpr.ca</a></td></tr></tbody></table></div>
<div><b>News Release Date:</b> 10/24/2012 5:30 AM</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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