January 2013 CP GRAIN IN NORTH DAKOTA

CANADIAN PACIFIC 1  Track miles:14,700  Expense Employees:14,200  Annual Carloads:2.6 Million  2011 Revenues:$5.2 Billion  Global reach through ports of Vancouver and the US PNW, Thunder Bay / Duluth, Montreal, & NEUS  North American reach through major hubs at Chicago, Minneapolis & Kansas City

BOOK OF BUSINESS Grain – CP’s Single Largest Commodity 2 Bulk44% Grain22% Coal11% Sulphur & Fertilizer11% Merchandise30% Industrial & Consumer19% Automotive 7% Forest Products 4% Intermodal26% Import/Export13% Domestic13%

GRAIN & CRUDE 3 For CP, Energy development in North Dakota has been going on since The expansion of our energy portfolio has supported technology, capacity and operational improvements that have benefitted our grain business, resulting in our ability to move a record number of grain cars this crop year. The odd couple  Achieving record empty order fulfillment for US grain this crop year  Reducing grain car cycles by nearly 20%  Have secured target of $400 million of energy growth –Crude, frac sand, other inputs  Will reach 70,000 car per year run rate in crude oil shipments in Q1 2013

NORTH AMERICAN PRODUCTION CP Rail Network AB Production: 18,077,000* SK Production: 26,155,000* MB Production: 7,538,000* ND Production: 9,354,656** SD Production: 19,656,232** MN Production: 38,512,328** * 6 majors + specialty crops, 5 Year Average (07/08 to 11/12) – metric tonnes ** Corn and Soybeans, 5 Year Average (07/08 to 11/12) – metric tonnes Source:

Marcellus shale Alberta’s Industrial Heartland Ethanol 5 ENERGY - CP POSITIONING Bakken oil formation 4 Well established network for multiple traditional energy plays Making / expanding markets in AIH, Marcellus and in Ethanol CP Serves North America’s Most Compelling Energy Opportunities

Canadian Pacific Infrastructure Program North Dakota and Minnesota Vancouver Edmonton Calgary Winnipeg St Paul Chicago Detroit Toronto Montreal Kansas City Binghamton Kingsgate Coutts Sutherland Moose Jaw Glenwood Huron Mason City Nahant Thunder Bay Sudbury Buffalo Sunbury Lethbridge Projects completed in Portal Sub - Flaxton - siding extension (8500ft) & two yard track extensions 2.Portal Sub - Harvey - West - extend inspection track 3.Newtown Sub - Max yard phase l – track extension 4.Newtown Sub - Newtown - runaround track Projects completed in Carrington Sub – Harvey – yard expansion headroom east 2.Elbow Lake Sub – Enderlin – extend yard tracks 3.Newtown Sub – Drake – Newtown sub siding/yard reconfigure 4.Newtown Sub – Max yard phase ll – track extension 5.Newtown Sub – Various – AEIs/Radio Towers/HBDs 6.Detroit Lakes – Henning – siding extension 7.Detroit Lakes – Marsh Creek – new siding 8.Noyes – Lake Bronson - siding extension

SUSTAINABLE SERVICE IMPROVEMENTS Recent changes to CP’s operating plan along with changes to our Products & Services and order systems have greatly improved EOF and cycle times for Grain % YOY +20% vs a 3-yr avg -24% YOY -18% vs a 3-yr avg -27% YOY -17% vs a 3-yr avg CP is creating sustainable capacity to move more grain.

~25% ~20% CORPORATE OPERATING METRICS 8 ~30% Driving significant improvement

POSITIONED FOR SUCCESS  Grain  Responded to industry changes developing new markets and leveraging our entire North American network  Successfully implemented our grain improvement initiative including the Grain Car Request System (GCRS)  Positioned to drive further capacity, service delivery and asset utilization improvements  Crude  Expanding in step-wise and collaborative way  Achieving mutual commitment and investment  Providing service and optionality value Grain and Crude 9

THANK YOU QUESTIONS?