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<div><b>Page Content:</b> <p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced its second-quarter 2012 results today with reported net income of $103 million and diluted earnings per share of $0.60, inclusive of the negative impact of approximately $0.30 from significant items including management transition and advisory costs and an Ontario corporate income tax rate change. In addition, the nine-day strike is estimated to have reduced diluted earnings per share by $0.25 to $0.30.</p>
<p>For the first half of 2012 Canadian Pacific’s net income was $245 million, an increase of $83 million, or 51 per cent and diluted earnings per share of $1.42, an increase of $0.47, or 49 per cent.* These increases were primarily due to increased volumes and improved operating performance.</p>
<li><a title="" href="/en/invest-in-cp/earnings-releases">Q2 2012 Earnings Release and Financial Reports</a></li></ul>
<li>Total revenues were $1.4 billion, an increase of $101 million </li>
<li>Operating expenses were $1.1 billion, an increase of $93 million</li>
<li>Average fuel price was essentially flat at $3.49 U.S. dollars per U.S. gallon compared to $3.50 U.S. dollars per U.S. gallon</li>
<li>Operating income was $239 million, an increase of $8 million</li>
<li>Operating ratio was 82.5 per cent, an increase of 80 basis points* </li>
<li>Net income was $103 million, a decrease of $25 million </li>
<li>Diluted earnings per share were $0.60 per share, a decrease of $0.15 per share</li></ul>
<p>Canadian Pacific’s newly appointed President and Chief Executive Officer, E. Hunter Harrison said, “I look forward to working with a solid team of dedicated railroaders to improve CP’s service offering and drive long-term shareholder value.* Canadian Pacific is a strong franchise with positive market opportunities.”* </p>
<h3>Conference Call Information</h3>
<p>CP will discuss its results with analysts in a conference call beginning at 1:00 p.m. Eastern time (11:00 a.m. Mountain time) on July 25, 2012.</p>
<h4>Conference Call Access</h4>
<p>Toronto participants dial in number: (647) 427-7450 <br>Operator assisted toll free dial in number: 1-888-231-8191 <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. To access the webcast and the presentation material, click on <a title="" href="/en/invest-in-cp">“Invest In CP</a>” tab. </p>
<p>A replay of the conference call will be available by phone through August 22, 2012 at 416-849-0833 or toll free <br>1-855-859-2056, password 91414131. A webcast of the presentation and an audio file will be available at www.cpr.ca under*<a title="" href="/en/invest-in-cp">“Invest In CP</a>” tab.</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>
<p><strong>Media</strong> <br>Nicole Sasaki<br>Tel.:* 403-835-9005<br>24/7 Media Pager: 855-242-3674************ <br>email: <a href="mailto:nicole_sasaki@cpr.ca">nicole_sasaki@cpr.ca</a> </p>
<p><strong>Investment Community</strong><br>Janet Weiss<br>Tel.: 403-319-3591<br>email: <a href="mailto:investor@cpr.ca">investor@cpr.ca</a></p>
<div><b>News Release Date:</b> 7/25/2012 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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