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<div><b>Contact:</b> Danelle Wettstein</div>
<div><b>Page Content:</b> <p><span>Canadian Pacific (CP:TSX)(NYSE:CP)<span>* </span>today announced that 61 new high horse power GE Evolution (EVO) Series AC<span>*</span>locomotives have been brought into service<span>*</span>and that the railway has initiated a program to modernize its low and medium horsepower yard locomotives.</span></p>
<p><span></span><span>The new EVO locomotives, which are currently in transcontinental service on<span>* </span>priority series trains, will increase capacity, enhance service reliability, further the company’s long train strategy, reduce emissions, and contribute to the company’s 1–2% annual fuel efficiency improvement target.<span>* </span></span></p>
<p><span><span></span></span><span>CP also expects delivery of an additional 30 EVO locomotives in the first quarter of 2012.</span></p>
<p><span></span><span>Through Progress Rail Services’ Electro-Motive Diesel (EMD) subsidiary, CP will also begin to modernize a portion of its low and medium horsepower locomotive fleet. The remanufacture of these locomotives, which will begin in 2012 and take place over the next several years, supports yard fluidity and yard dwell reduction goals, and reduces fuel consumption and ongoing maintenance costs.</span></p>
<p><span></span><span>Refreshing its locomotive fleet to reduce costs, capture efficiencies, and create capacity for growth is a key element in CP’s plan to position the franchise to achieve an annual operating ratio in the low 70s in the next three to four years.</span><span>*</span></p>
<p><b><span>Note on forward-looking information<br></span></b><span>This news release contains certain forward-looking statements relating but not limited to our operations, anticipated financial performance and business prospects.<span>* </span>Undue reliance should not be placed on forward-looking information as actual results may differ materially. </span></p>
<p><span></span><span>By its nature, CP’s forward-looking information involves numerous assumptions, inherent risks and uncertainties, 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.<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.</span></p>
<p><span></span><span>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.</span></p>
<p><span></span><b><span>About Canadian Pacific<br></span></b><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 and see how Canadian Pacific is Driving the Digital Railway.</span></p>
<p><span>Media<span>************** </span><span>******************************************************* </span>Investment Community<span>********************</span><span>*******<br></span></span><span>Ed Greenberg<span>************************************************************</span>Janet Weiss<br></span><span>Tel: 612-849-4717<span>**************************************************</span>Tel: 403-319-3591<br></span><span>24/7 Media Pager:<span>* </span>855-242-3674<br></span><span><a href=""></a>*<span>**********************************************</span><a href=""></a></span></p></div>
<div><b>News Release Date:</b> 12/6/2011 12:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> No</div>

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