Canadian Pacific Railway Declares Dividend

CALGARY — The Board of Directors of Canadian Pacific Railway declared a quarterly dividend of twenty four and three quarter cents ($0.2475) Canadian per share on the outstanding Common Shares.

The dividend is payable on April 26, 2010, to holders of record at the close of business on March 26, 2010, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.