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<div><b>Contact:</b> Steve Sugars</div>
<div><b>Page Content:</b> <p>Canadian Pacific (TSX: CP) (NYSE: CP) announced completion of its first year of infrastructure enhancements as part of an aggressive three-year plan to upgrade its North Main Line between Winnipeg and Edmonton. </p>
<p>The $250 million North Main Line infrastructure program spans roughly 850 miles in three provinces and allows CP to increase capacity and service reliability for customers, including agricultural, fertilizer and energy producers.* </p>
<p>“The investment provides flexibility and alternative route options with operating speeds equivalent to its southern Canadian route,” said CP Executive Vice-President Operations Mike Franczak.* “Not only will the North Main upgrade increase capacity and raise train speed, it will offer a more direct route for some bulk and intermodal traffic.”</p>
<p>During the 2011 work season CP completed 155 miles of track enhancements on the North Main Line.* CP customers are now experiencing the service benefits of these investments which include increased track speeds and improved asset utilization.</p>
<p>The North Main Line infrastructure enhancement program includes rail and tie upgrades; new and extended sidings, which will allow for increased number of long trains; and public crossing upgrades. In addition, CP will enhance efficiencies at CP yards in Saskatchewan, such as its Bredenbury yard, which is benefiting from increased staging capacity. </p>
<p>“About two-thirds of Saskatchewan’s provincial GDP is derived from exports,” The Honourable Jim Reiter, Saskatchewan’s Minister of Highways and Infrastructure said.* “With Saskatchewan once again forecasted to lead the nation in economic growth, CP’s enhancement to main line capacity will positively impact our province’s competiveness in a global marketplace.”</p>
<h3>Note on forward-looking information </h3>
<p>This news release contains certain forward-looking statements relating but not limited to our operations, proposed investments, anticipated financial performance 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. Forward-looking statements are not guarantees of future performance. Factors that could affect forward-looking information include, but are not limited to: changes in business strategies; general North American and global economic, credit and business conditions; inflation; currency and interest rate fluctuations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; actions by regulators; potential increases in maintenance and operating costs; uncertainties of litigation; risks and liabilities arising from derailments; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; technological changes; and various events that could disrupt operations, including severe weather conditions, flooding, earthquakes, labour disputes, risks and liabilities arising from derailments as well as security threats and governmental response to them. 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 for a summary of major risks. </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) 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 and see how Canadian Pacific is Driving the Digital Railway. </p>
<h3>For further information: </h3>
<p>Media************************************************************************************** Investment Community <br>Ed Greenberg************************************************************************** Janet Weiss <br>Tel: 612-849-4717*****************************************************************Tel: 403-319-3591 <br>24/7 Media Pager:* 855-242-3674*********** <br><a href=""></a>************************************************************** <a href=""></a>* </p>
<div><b>News Release Date:</b> 12/14/2011 8:00 AM</div>
<div><b>Location:</b> Saskatoon, SK</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>

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