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<div><b>Contact:</b> Steve Sugars</div>
<div><b>Page Content:</b> <h2>New transload facility to serve NuStar Energy with planned expansion in 2012</h2>
<p>Canadian Pacific (TSX: CP) (NYSE: CP) today announced that, by leveraging its North Main Line infrastructure, the company is now shipping crude oil by rail from a new transload facility near Lloydminster, Saskatchewan. This new facility is a key enhancement to CP’s growing energy portfolio. It accommodates the initial transload and transportation needs of NuStar Energy LP (NYSE: NS), with a further planned expansion in 2012.<span>** </span></p>
<p><span></span>“Moving Canadian crude through CP’s North American network is a great complement to our asset base, which includes terminals and a large and expanding fleet of 1,700 coiled and insulated rail cars,” said NuStar President and CEO Curt Anastasio.<span>* </span>”We believe that moving undiluted heavy Canadian crude by rail to coastal markets is an economically viable solution that brings added value to the end users, as well as the producers in Canada.”</p>
<p>“This new facility and the planned expansion in 2012 represent an exciting growth opportunity for CP’s energy portfolio,” said CP Energy and Merchandise Vice President Tracy Robinson. “CP offers a flexible, reliable and efficient method of transporting crude oil and other energy-related products to emerging markets and we are proud to be partnering with NuStar to meet its growing transportation needs.” </p>
<p>”Lloydminster is highly regarded for innovation in the energy sector and this initiative is one more opportunity to shine positive light on this region. Torq Transloading and Canadian Pacific are two solid organizations with a healthy balanced focus on innovation, efficiency, safety and economic growth joining forces to serve the needs of industry leader NuStar Energy LP.<span>* </span>We are excited to see where this may stimulate more transload facility activities in our City,” commented Mayor Jeff Mulligan.</p>
<p>Canadian Pacific is the only North American railway to serve the Alberta Industrial Heartland, the Bakken Formation and the Marcellus Shale.<span>* </span>In addition, CP is the only Class I railway to connect the energy hubs of Alberta, Saskatchewan and the U.S. Midwest to the Northeast U.S. The Lloydminster facility, operated by Torq Transloading, enables CP to transport oil by rail to NuStar’s terminals in the Northeast U.S. and Gulf Coast. </p>
<p>In addition to the new facility near Lloydminster, CP continues to transport oil from other transload facilities in Saskatchewan and Alberta. The transloading process involves the use of a specialized pump and closed loop hose system, which safely transfers the oil from trucks to purpose-designed rail cars. </p>
<p>Of the 140 million tons of freight shipped annually on CP, hundreds of thousands of carloads are directly related to energy production and distribution. This includes crude oil, sulphur, fuels, diluents and materials key to the energy industry, such as pipe and frac sand.</p>
<h3>Note on forward-looking information - Canadian Pacific</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.<span>* </span>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.<span>* </span>Forward-looking statements are not guarantees of future performance.<span>* </span>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.<span>* </span>Other risks are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States.<span>* </span>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 cpr.ca and see how Canadian Pacific is Driving the Digital Railway. </p>
<h3>About NuStar Energy</h3>
<p>NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio with 8,417 miles of pipeline; 89 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids; and two asphalt refineries and a fuels refinery with a combined throughput capacity of 118,500 barrels per day. The partnership’s combined system has approximately 98 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. For more information, visit NuStar Energy L.P.'s Web site at <a title="" href="http://www.nustarenergy.com/" target="_blank"><span><span>http://www.nustarenergy.com</span></span></a>.</p>
<h3>For further information: </h3>
<p>Contacts: <span>*********** </span><span>**</span></p>
<p>Media*<span>***********************************************************************************************</span>Investment Community<br>Kevin Hrysak <span>************************************************************************************ </span>Janet Weiss <br>Tel: 403-836-3874*<span>************************************************************************* </span>Tel: 403-319-3591 <br>24/7 Media Pager:<span>* </span>855-242-3674<span>*************************************************** <span><a href="mailto:investor@cpr.ca"><span><span>investor@cpr.ca</span></span></a></span><span>**</span>**************</span><span>***************</span><span>**<br></span><a href="mailto:kevin_hrysak@cpr.ca"><span><span>kevin_hrysak@cpr.ca</span></span></a>*<span>********************************************************************</span>*</p>
<div><b>News Release Date:</b> 2/2/2012 12:00 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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