<div><b>Page Content:</b> <h2>Updates Universal Proxy to Include Additional Nominee Recently Proposed by Pershing Square </h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (the "Company") today announced that it has filed a supplement to the Company's management proxy circular, together with an updated form of proxy, with the Canadian securities regulatory authorities on SEDAR in connection with the Company's annual meeting of shareholders to be held on <span>May 17, 2012</span>. *The updated universal proxy includes all identified nominees for election to the Board of Directors at the Company's annual meeting, including the additional nominee recently proposed by Pershing Square. Shareholders will be receiving the supplement and an updated <b>WHITE</b> universal proxy in the mail, and the online voting websites have been updated. </p>
<p>Additional information regarding the Company's annual meeting of shareholders, including information concerning voting, is set out in the Company's management proxy circular.* The Company's management proxy circular, the supplement to the management proxy circular and updated form of proxy will be available on the SEDAR website at <u><a href="http://www.sedar.com/" target="_blank">www.sedar.com</a></u>, the EDGAR website at <u><a href="http://www.sec.gov/" target="_blank">www.sec.gov</a></u> and at <a href="http://www.cpontrack.com/" target="_blank">www.CPonTrack.com</a>. </p>
<p>For questions regarding voting with the <b>WHITE </b>universal proxy or otherwise, please contact CP's proxy solicitation agents: </p>
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<p><strong>Georgeson</strong>*<br><br>TOLL FREE - 1-866-374-9187 or<br>International Toll Free Number<br>(outside <span>Canada</span> and U.S.):* 1-866-682-6148<br><br>email: <a href="mailto:askus@georgeson.com" target="_blank">askus@georgeson.com</a> </p></td>
<td><br><br></td>
<td><strong>MacKenzie Partners, Inc.</strong>*<br><br>TOLL FREE 1-800-322-2885 or<br>212-929-5500 (Call Collect)<br><br><br>email: <a href="mailto
roxy@mackenziepartners.com" target="_blank">proxy@mackenziepartners.com</a> </td></tr></tbody></table>
<p><br></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 <a 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" target="_blank">Ed_greenberg@cpr.ca</a> </p>
<p>Investment Community<br>Janet Weiss<br>Tel.: 403-319-3591<br>email:*<u><a href="mailto:investor@cpr.ca" target="_blank">investor@cpr.ca</a></u> </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> 4/12/2012 6:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>
More...
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (the "Company") today announced that it has filed a supplement to the Company's management proxy circular, together with an updated form of proxy, with the Canadian securities regulatory authorities on SEDAR in connection with the Company's annual meeting of shareholders to be held on <span>May 17, 2012</span>. *The updated universal proxy includes all identified nominees for election to the Board of Directors at the Company's annual meeting, including the additional nominee recently proposed by Pershing Square. Shareholders will be receiving the supplement and an updated <b>WHITE</b> universal proxy in the mail, and the online voting websites have been updated. </p>
<p>Additional information regarding the Company's annual meeting of shareholders, including information concerning voting, is set out in the Company's management proxy circular.* The Company's management proxy circular, the supplement to the management proxy circular and updated form of proxy will be available on the SEDAR website at <u><a href="http://www.sedar.com/" target="_blank">www.sedar.com</a></u>, the EDGAR website at <u><a href="http://www.sec.gov/" target="_blank">www.sec.gov</a></u> and at <a href="http://www.cpontrack.com/" target="_blank">www.CPonTrack.com</a>. </p>
<p>For questions regarding voting with the <b>WHITE </b>universal proxy or otherwise, please contact CP's proxy solicitation agents: </p>
<table border=0>
<tbody>
<tr valign=top>
<td>
<p><strong>Georgeson</strong>*<br><br>TOLL FREE - 1-866-374-9187 or<br>International Toll Free Number<br>(outside <span>Canada</span> and U.S.):* 1-866-682-6148<br><br>email: <a href="mailto:askus@georgeson.com" target="_blank">askus@georgeson.com</a> </p></td>
<td><br><br></td>
<td><strong>MacKenzie Partners, Inc.</strong>*<br><br>TOLL FREE 1-800-322-2885 or<br>212-929-5500 (Call Collect)<br><br><br>email: <a href="mailto
<p><br></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 <a 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" target="_blank">Ed_greenberg@cpr.ca</a> </p>
<p>Investment Community<br>Janet Weiss<br>Tel.: 403-319-3591<br>email:*<u><a href="mailto:investor@cpr.ca" target="_blank">investor@cpr.ca</a></u> </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> 4/12/2012 6:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>
More...