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<div><b>Page Content:</b> <h2>Delivers best first quarter results in company’s history</h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced record Q1 2013 results.* <br>*<br>Reported net income in the first quarter was $217 million, or $1.24 per diluted share, versus $142 million, or $0.82 per share, in the first quarter of 2012.* This represents a 51 per cent year-over-year improvement in earnings per share.</p>
<li>Total revenues were $1,495 million, an increase of 9 per cent and a quarterly record</li>
<li>Operating expenses were $1,133 million, an increase of 3 per cent </li>
<li>Operating income was $362 million, an increase of 32 per cent</li>
<li>Operating ratio was 75.8 per cent, a 430 basis point improvement and a quarterly record</li></ul>
<p>"CP delivered the best first quarter results in its history despite challenging winter conditions,” said E. Hunter Harrison, Chief Executive Officer.* “This is a true testament to the determination and perseverance of our outstanding team of railroaders.* There remains a lot of work to do as we continue to make significant changes to our operating model.* With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP’s history.”</p>
<p>“The transformational journey of the railway continues,” added Harrison. "Through ongoing culture change and focused, disciplined execution of the plan, we will make this franchise even stronger, adding significant value to customers and shareholders.”</p>
<li><a title="" href="/en/invest-in-cp/earnings-releases">Q1 2013 earnings release and financial reports</a> </li></ul>
<h3>Editor’s Note</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 April 24, 2013.</p>
<p>Conference call access<br>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 at www.cpr.ca. To access the webcast and the presentation material, click on “<a title="" href="/en/invest-in-cp/earnings-releases">Invest In CP</a>” tab.*** </p>
<p>A replay of the conference call will be available by phone through May 24, 2013 at 416-849-0833 or toll free 1-855-859-2056, password 31843416. A webcast of the presentation and an audio file will be available at www.cpr.ca under “<a title="" href="/en/invest-in-cp/earnings-releases">Invest In CP</a>” tab.</p>
<h3>Note on Forward-Looking Information </h3>
<p>This news release contains certain forward-looking statements relating but not limited to our operations, anticipated financial performance, planned capital expenditures, and business prospects.* Undue reliance should not be placed on forward-looking information as actual results may differ materially.</p>
<p>By its nature, CP’s forward-looking information involves numerous assumptions, inherent risks and uncertainties, 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; 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.* Other risks 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.</p>
<p>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) is a transcontinental railway in Canada and the United States with direct links to eight major ports, including Vancouver and Montreal, providing North American customers a competitive rail service with access to key markets in every corner of the globe. CP is a low-cost provider that is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of Canadian Pacific.</p>
<p><strong>Media</strong> <br>Ed Greenberg <br>Tel: 612-849-4717 <br>24/7 Media Pager: 855-242-3674 <br><a href="mailto:Ed_greenberg@cpr.ca">Ed_greenberg@cpr.ca</a> </p>
<p>Investment Community <br>Nadeem Velani<br>Tel: 403-319-3591<br><a href="mailto:investor@cpr.ca">investor@cpr.ca</a></p></div>
<div><b>News Release Date:</b> 4/24/2013 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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