Grainnet

Calgary—Canadian Pacific Railway Limited (TSX/NYSE: CP) announced today that its wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing CDN$400 million of 6.45% Notes due November 17, 2039.

The transaction is expected to close November 17, 2009.

The net proceeds from this offering of approximately CDN$398 million will be used for general corporate purposes which may include the funding of pension plan obligations as well as the reduction and restructuring of indebtedness.

The debt offering is being made in Canada under the base shelf prospectus dated June 26, 2009 for up to CDN$1.5 billion of medium term notes.

For more information, call 778-772-9636.

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• Canadian Pacific

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