The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today 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 January 25, 2010, to holders of record at the close of business on December 31, 2009, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.

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 1100 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.

Contacts:

Media                                        Investment Community

Leslie Pidcock                                    Janet Weiss, Assistant Vice-President

Tel.: (403) 319-6878                    Investor Relations

email: leslie_pidcock@cpr.ca          Tel.: (403) 319-3591

                                                email: investor@cpr.ca