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<div><b>Page Content:</b> <h2>Adjusted EPS, excluding a significant tax item, was C$1.88</h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced record quarterly earnings and its lowest operating ratio in company history.</p>
<p>Adjusted EPS of $1.88 grew 45 per cent over third-quarter 2012, while third-quarter operating ratio was 65.9 per cent, an 820 basis point improvement over third-quarter 2012.</p>
<p>"By all standards, this was an outstanding quarter," said E. Hunter Harrison, Chief Executive Officer. "The company's focus on service execution while controlling costs is a testament to our team of dedicated, hardworking railroaders."* <br>"What we have proven this quarter is the ability to drive earnings growth and lower our operating ratio, even in a softer volume environment.* That's the power of the CP plan," added Harrison.</p>
<li>Total revenues were $1.5 billion; an increase of 6 per cent and an all-time quarterly record</li>
<li>*Operating expenses were $1 billion; a decrease of 6 per cent</li>
<li>Reported net income in the third quarter was $324 million; an increase of 45 per cent </li>
<li>Adjusted net income, excluding a significant tax item of $7 million, was $331 million; an increase of 48 per cent</li>
<li>Free cash totaled $318 million for the first nine months of 2013, compared with free cash of $21 million in the comparable period of 2012</li></ul>
<p>"We enter the fourth quarter with momentum and are well positioned for what I believe will be a record 2013," said Harrison. "CP’s transformational journey is clearly ahead of plan, yet far from complete; we will continue to make this franchise stronger, creating even more value for customers and shareholders.”</p>
<li><a title="" href="/en/invest-in-cp/earnings-releases">Q3 2013 earnings release and financial reports</a> </li></ul>
<p>CP also announced today that its chief financial officer, Brian Grassby will be retiring from the company, however will remain a key part of the senior management team until year-end to lead a successful transition.* A search process is currently underway and it is expected an announcement on a new chief financial officer will be made shortly.* </p>
<p>“Brian has played an important role over the past 16 months in CP’s turnaround agenda,” said Harrison. “On behalf of all our employees and the board, I’d like to thank Brian for his 12 years of dedicated service to the railway and wish him well in his retirement.”**</p>
<h3>Editor’s Note</h3>
<p>CP will discuss its results with the financial community in a conference call beginning at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) on October 23, 2013.</p>
<p><strong>Conference call access<br></strong>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><strong>Webcast<br></strong>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 “Invest In CP” tab.* <br>* <br>A replay of the conference call will be available by phone through November 20, 2013 at 416-849-0833 or toll free 1-855-859-2056, password 71215878. 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>Non-GAAP Measures</h3>
<p>We present non-GAAP measures and cash flow information to provide a basis for evaluating underlying earnings and liquidity trends in our business that can be compared with the results of our operations in prior periods. These non-GAAP measures exclude significant items that are not among our normal ongoing revenues and operating expenses. They have no standardized meaning and are not defined by GAAP and, therefore, are unlikely to be comparable to similar measures presented by other companies. </p>
<p>Income, excluding significant items, also referred to as Adjusted net income, provides management with a measure of income that allows a multi-period assessment of long-term profitability and also allows management and other external users of our consolidated financial statements to compare profitability on a long-term basis with that of our peers. Diluted earnings per share, excluding significant items, also referred to as Adjusted EPS, provides the same information on a per share basis.</p>
<p>Free cash is used by management to provide information with respect to the relationship between cash provided by operating activities and investment decisions and provides a comparable measure for period to period changes.</p>
<p>For further information regarding non-GAAP measures, including reconciliation to the nearest GAAP measures, see our 2012 annual Management’s Discussion and Analysis or the document Non-GAAP Measures on our web site at www.cpr.ca.</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>*<strong>Investment Community </strong><br>Nadeem Velani<br>Tel: 403-319-3591<br><a href="mailto:investor@cpr.ca">investor@cpr.ca</a></p>
<div><b>News Release Date:</b> 10/23/2013 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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