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<div><b>Contact:</b> Steve Sugars</div>
<div><b>Page Content:</b> <span>The Board of Directors of Canadian Pacific Railway Limited (TSX:CP) (NYSE:CP) today declared a quarterly dividend of thirty cents ($0.30) Canadian per share on the outstanding Common Shares.<span>* </span>The dividend is payable on April 30, 2012, to holders of record at the close of business on March 30, 2012, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.</span>
<h3><span>About Canadian Pacific</span><span></span></h3>
<p><span>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.</span></p>
<p><i><span>Media <span>*********** </span><span>************************************* </span>Investor Relations<br></span></i><span>Ed Greenberg<span>**********************</span><span>**********</span><span>********</span>Janet Weiss<br></span><span>Tel:<span>* </span>612-849-4717*<span>***********************</span><span>*****</span>Tel:<span>* </span>403-319-3591 <br></span><span>24/7 Media Pager:<span>* </span>855-242-3674*<span>****</span><span>********* <br></span></span><span><a href="mailto:ed_greenberg@cpr.ca">ed_greenberg@cpr.ca</a><span>**************************** <a href="mailto:investor@cpr.ca"></span>investor@cpr.ca</a></span></p></div>
<div><b>News Release Date:</b> 2/27/2012 8:30 PM</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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