FRA Certification Helpline: (216) 694-0240

(Canadian Pacific Railway issued the following on April 1, 2009.)

CALGARY — Canadian Pacific will release its first-quarter financial and operating results at 7:30 a.m. Eastern time (5:30 a.m. Mountain time) on April 23, 2009.

CP will discuss its results with analysts and the media in a conference call beginning at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) on April 23.

CONFERENCE CALL ACCESS

Dial-in numbers: 416-644-3417 or toll free 1-800-731-6941. Callers should dial in 10 minutes prior to the call.

A replay of the conference call will be available by phone through April 30, 2009 at 416-640-1917 or toll free 877-289-8525, passcode 21302304 followed by the pound # key.

WEBCAST

Webcast: live via CP’s website at www.cpr.ca. To access the Webcast, click on Investors.

Canadian Pacific, through the ingenuity of its employees located across Canada and in the United States, remains committed to being the safest, most fluid railway in North America. Our people are the key to delivering innovative transportation solutions to our customers and to ensuring the safe operation of our trains through the more than 900 communities where we operate. Come and visit us at www.cpr.ca to see how we can put our ingenuity to work for you. Canadian Pacific is proud to be the official rail freight services provider for the Vancouver 2010 Olympic and Paralympic Winter Games.