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<div><b>Page Content:</b> <h2>Believes Pershing Square Ignores the Company's Clear Progress </h2>
<h2>CP's Board Has More Relevant and More Extensive Experience than the Pershing Square Nominees </h2>
<h2>Vote the White Universal Proxy Today </h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today issued the following statement in response to Pershing Square's letter to shareholders: </p>
<p>"As evidenced by the Company's last three consecutive quarters of sustained improvement in operating metrics, the CP team continues to successfully drive improvements. Furthermore, CP will confirm expectation-beating financial performance and provide full details for the first quarter on its earnings call on Friday, April 20, 2012. </p>
<p>CP is open to listening to ideas from all shareholders and continues to stand by its offer to William Ackman to join the Board.* As such, the Company recommends shareholders vote the White universal proxy, which contains all of the Company's nominees, including Mr. Ackman. </p>
<p>Unlike the Other Pershing Square Nominees, CP's directors have extensive and relevant experience in railroads, energy, natural resources, food and agriculture, law, government, banking and finance.* CP has the right plan, the right management team and the right Board to generate substantial value for shareholders. </p>
<p>As the Company's May 17 annual meeting approaches, CP shareholders will have the opportunity to make an informed decision on which candidates have the most relevant experience and are best positioned to oversee the successful execution of the Multi-Year Plan. The Multi-Year Plan is producing record operating metrics and the Board believes that Pershing Square's proposal to replace CP's CEO, Fred Green, with Hunter Harrison would delay and damage CP's value-generating plan, and represents unwarranted risk to shareholder value at a critical time.* CP recommends that shareholders vote the White universal proxy today." </p>
<p>Shareholders are encouraged to visit <a title="" href="http://www.cpontrack.com/" target="_blank">www.CPonTrack.com</a> to access the Company's Management Proxy Circular and for more information about CP, the CP management team and its value-generating Multi-Year Plan. </p>
<p>If you have any questions about the information contained in this document or require assistance in completing your <b>WHITE</b> universal proxy, please contact our proxy solicitation agents:</p>
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<td><b>MacKenzie Partners, Inc.*</b></td></tr>
<td valign=top>TOLL FREE - 1-866-374-9187 or<br>International Toll Free Number <br>(outside Canada and U.S.):* 1-866-682-6148<strong>**** **</strong></td>
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<td valign=top><strong></strong></td>
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<p>TOLL FREE 1-800-322-2885 or<br>(212) 929-5500 (Call Collect)</p></td></tr>
<td valign=top>email: <a href="mailto:askus@georgeson.com">askus@georgeson.com</a></td>
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<td valign=top></td>
<td valign=top>email: <a href="mailto:proxy@mackenziepartners.com">proxy@mackenziepartners.com</a></td></tr></tbody></table>
<h3>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>
<p><b>About Canadian Pacific</b> </p>
<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://www.cpontrack.com/" target="_blank">www.CPonTrack.com</a> and see how Canadian Pacific is further driving shareholder value.</p>
<h3>For further information: </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></div>
<div><b>News Release Date:</b> 4/16/2012 9:40 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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