CALGARY, Dec. 14 /CNW/ - The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared a quarterly dividend of twenty seven cents ($0.27) Canadian per share on the outstanding Common Shares. The dividend is payable on January 31, 2011, to holders of record at the close of business on December 31, 2010, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.

About Canadian Pacific:

Canadian Pacific (CP: TSX/NYSE) operates a North American transcontinental railroad providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit and see how Canadian Pacific is Driving the Digital Railway.

SOURCE Canadian Pacific

For further information: For further information: Media: Mike LoVecchio, Senior Manager - Media Relations, Tel: 778 772-9636, 24/7 Media Pager: 416 814-0948,; Investors: Janet Weiss, Assistant Vice-President - Investor Relations, Tel: 403 319-3591,

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