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<div><b>Page Content:</b> <h2>Continued Successful Execution of Multi-Year Plan Drives Enhanced Financial Results</h2>
<p>Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced its first-quarter 2012 results today with reported net income of $142 million, an increase of $108 million, or 318%, from the same period in 2011, and diluted earnings per share of $0.82, an increase of $0.62, or 310%, from the same period in 2011.</p>
<p>Fred Green, President & Chief Executive Officer, said, “Our record operating metrics are driving enhanced financial results, as evidenced by a strong first quarter performance. By aggressively executing on the Multi-Year Plan, CP delivered an increase in revenues of $213 million and an improvement in operating ratio of 1,050 bps during the quarter.”</p>
<p>“We have improved operating momentum, we are delivering excellent service and we have a stronger, more resilient rail network.* This quarter, we generated an 18% year-over-year increase in freight revenues.* Looking ahead, we are confident we can continue to deliver improvements in our operating metrics and financial performance and further growth in shareholder value.”* </p>
<li><a title="" href="/en/invest-in-cp/earnings-releases">Q1 2012 Earnings Release and Financial Reports</a></li></ul>
<li>Total revenues were $1.4 billion, an increase of $213 million</li>
<li>Operating expenses were $1.1 billion, an increase of $48 million</li>
<li>Average fuel price increased 12% to $3.50 U.S. dollars per U.S. gallon</li>
<li>Operating income was $274 million, an increase of $165 million</li>
<li>Operating ratio was 80.1%, an improvement of 1,050 basis points* </li>
<li>Net income was $142 million, an increase of $108 million </li>
<li>Diluted earnings per share were $0.82 per share, an increase of $0.62 per share</li></ul>
<table border=1 cellspacing=0 cellpadding=0 width=696>
<td valign=top width=168></td>
<td valign=top width=96>
<p align=center><strong>2012</strong></p></td>
<td valign=top width=186>
<p align=center><strong>Q1 2012 vs. 2011</strong></p></td>
<td valign=top width=246>
<p align=center><strong>Q1 2012 vs. 2010</strong></p></td></tr>
<td valign=top width=168>
<p>Car miles per car day</p></td>
<td valign=top width=96>
<p align=center>208</p>
<p align=center><i>(Q1 record)</i></p></td>
<td valign=top width=186>
<p align=center>Improved 51%</p>
<p align=center><i>*</i></p></td>
<td valign=top width=246>
<p align=center>Improved 40%</p></td></tr>
<td valign=top width=168>
<p><strong>Terminal dwell<br></strong>(hours)</p></td>
<td valign=top width=96>
<p align=center>17.3<br><i>(Q1 record)</i></p></td>
<td valign=top width=186>
<p align=center>Improved 27%<i>*</i></p></td>
<td valign=top width=246>
<p align=center>Improved 28%</p></td></tr>
<td valign=top width=168>
<p><strong>Active cars online<br></strong>(thousands)</p></td>
<td valign=top width=96>
<p align=center>39.8</p></td>
<td valign=top width=186>
<p align=center>Improved 28% with 11% increase in business levels</p></td>
<td valign=top width=246>
<p align=center>Improved 26%</p></td></tr>
<td valign=top width=168>
<p><strong>Fuel efficiency<br></strong>(U.S. gallons of fuel consumed/ 1,000 GTMs)</p></td>
<td valign=top width=96>
<p align=center>1.23</p></td>
<td valign=top width=186>
<p align=center>Improved 6%</p></td>
<td valign=top width=246>
<p align=center>Effectively tied with <br>record in Q1 2010</p></td></tr>
<td valign=top width=168>
<p><strong>Employee productivity</strong> <br>(million GTMs/expense employee)</p></td>
<td valign=top width=96>
<p align=center>4.2</p>
<td valign=top width=186>
<p align=center>Improved 5%</p></td>
<td valign=top width=246>
<p align=center>Effectively tied with <br>record in Q1 2010<i></i></p></td></tr></tbody></table>
<p>“CP’s Multi-Year Plan is specifically designed to unlock the potential of this franchise and enable profitable growth and efficiency.* During the first-quarter, CP continued to successfully execute on all three pillars of the Multi-Year Plan, driving volume growth, expanding network capacity to safely and efficiently support higher volumes and controlling costs. The CP Board and management team is confident in the Company’s Plan and its goal of delivering a 70% to 72% operating ratio for 2014, and an operating ratio of between 68.5% to 70.5% for 2016,” said Fred Green.</p>
<p>CP will discuss its results with analysts in a conference call beginning at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) on April 20, 2012. <br><br>Toronto/International 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>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 “<a title="" href="/en/invest-in-cp/earnings-releases">Invest In CP</a>” tab.</p>
<p>A replay of the conference call will be available by phone through May 18, 2012 at (416) 849-0833 or toll free 1-855-859-2056, passcode 63620027. A webcast of the presentation and an audio file will be available at www.cpr.ca under “Invest In CP” tab.</p>
<h3>Note on Forward-Looking Information </h3>
<p>This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited, to our operations, priorities and plans, anticipated financial performance, business prospects, planned capital expenditures, programs and strategies.* This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance.* Forward-looking information may contain statements with words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes.</p>
<p>Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information.* Forward-looking information is not a guarantee of future performance.* By its nature, CP’s forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, 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, including long-term floating rate notes; 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.* The foregoing list of factors is not exhaustive.</p>
<p>These and other factors 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.* Readers are cautioned not to place undue reliance on forward-looking information.* Forward-looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CP.* 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 <a title="" href="http://www.cpontrack.com/" target="_blank">www.CPonTrack.com</a> and see how Canadian Pacific is further driving shareholder value.</p>
<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">Ed_greenberg@cpr.ca</a> </p>
<p>Investment Community<br>Janet Weiss<br>Tel.: 403-319-3591<br>email: <a href="mailto:investor@cpr.ca">investor@cpr.ca</a></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> 4/20/2012 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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