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<div><b>Page Content:</b> <p>Canadian Pacific (TSX:CP)(NYSE:CP) and the United Steel Workers (USW), Local 1976, representing approximately 800 clerical and intermodal workers, today announced that a five-year contract has been ratified with 87% of the membership voting in favour of the contract terms. </p>
<p>The new collective agreement begins in January 2013 and allows for wage increases of 3% in each of the next five years.* It also reflects changes that help ensure the CP pension plan is sustainable for employees, current retirees, and CP. </p>
<p>"The members voted overwhelmingly in favour of the contract, especially given it provides good wage and benefit improvements," said Steven Hadden, President of USW local 1976. </p>
<p>"CP is pleased with this positive outcome as it includes provisions for productivity and efficiency enhancements," said Peter Edwards, CP Vice President of Human Resources and Industrial Relations. </p>
<p>The current contract was due to expire December 31, 2012. </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="/en/Pages/Default.aspx">www.cpr.ca</a> to learn more.<br>*<br>For further information: </p>
<table border=0 cellspacing=0 cellpadding=0>
<td valign=top width=295><strong>CP Media</strong></td>
<td valign=top width=295><strong>CP Investment Community</strong></td>
<td valign=top width=295><strong>United Steelworkers</strong></td></tr>
<td valign=top width=295>Ed Greenberg</td>
<td valign=top width=295>Janet Weiss</td>
<td valign=top width=295>Nathalie Lapointe- Staff Representative</td></tr>
<td valign=top width=295>Tel.: 612-849-4717</td>
<td valign=top width=295>Tel.: 403-319-3591</td>
<td valign=top width=295>Tel:* (514) 526-8280</td></tr>
<td valign=top width=295>24/7 Media Pager: 855-242-3674</td>
<td valign=top width=295></td>
<td valign=top width=295></td></tr>
<td valign=top width=295>email: <a href="mailto:ed_greenberg@cpr.ca">ed_greenberg@cpr.ca</a> </td>
<td valign=top width=295>email: <a href="mailto:investor@cpr.ca">investor@cpr.ca</a></td>
<td valign=top width=295>
<p>email: <a href="mailto:nlapointe@metallos.ca">nlapointe@metallos.ca</a></p></td></tr></tbody></table>*<br></p></div>
<div><b>News Release Date:</b> 11/9/2012 9:00 AM</div>
<div><b>Location:</b> Calgary</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>


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