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Safest Most Fluid Railway safest most fluid railway 2010 investor book safe, efficient and reliable service conTents 6 Financial HiGHLIGHTS – three-year summary 39 NETWORK STRATeGy 7 Key MeTrics – three-year summary 40 NETWORK AGREEMENTS 8 Chief execuTive officer’s messaGe 42 SaFeTy 10 our company 43 corporaTe Social ReSponSiBiliTy 11 corporaTe STraTeGy 44 communiTy RelaTionS 12 marKets 46 people 13 BulK 49 Governance 22 mercHandiSe 50 execuTive ProFileS 30 inTermodal 52 direcTors and CommitteeS 34 loGistics SoluTions – CPLS 53 FinancialS 35 operaTionS Glossary 37 inFormaTion TecHnoloGy www.cpr.ca Head office 1-888-333-6370 TSx/NYSE | CP Forward-looking inFormation This Investor Book contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (United States) and other relevant securities legislation relating but not limited to Canadian Pacific’s (CP) opera- tions, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “expect,” “plan” or similar words suggesting future outcomes. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that we will not achieve predictions, forecasts, projections and other forms of forward-looking information. In addition, except as required by law, we undertake no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise. By its nature, our forward-looking information involves numerous assumptions, inherent risks and uncertainties, including but not limited to the following factors: changes in business strategies; general global economic credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy com- modities; the effects of competition and pricing pressures; industry capacity; shifts in market demands; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of litigation; labour disputes; risks and liabilities arising from derailments, transportation of dangerous goods, timing of completion of capital and maintenance projects, currency and interest rate fluctuations, effects of changes in market conditions and discount rates on the financial position of pension plans and liquidity of investments; and various events that could disrupt operations, including severe weather conditions, security threats and governmental response to them; and technological changes. Other factors relevant to forward-looking statements are contained in CP’s annual and interim Management’s Discussion and Analysis (MD&A) and other documents and press releases filed with or provided by CP to securities regulatory authorities in Canada and the U.S. from time to time. 4 FinanCial HIGHLIGHTS – tHree-year sUmmary Free cash (3) ($ millions) u.S. GAAP 2008 (in millions of canadian dollars) 2007(1) 2008(1) dm&e(2) pro forma(3) 2009 total revenues 4,754.1 5,048.5 300.7 5,349.2 4,402.2 adjusted operating expenses (3) 3,588.7 3,998.5 214.5 4,213.0 3,590.1 303.2 adjusted operating income (3) 1,165.4 1,050.0 86.2 1,136.2 812.1 income (before foreign exchange on long-term debt 150.7 and other specified items)(3) 703.3 639.0 - 639.0 423.7 net income 913.2 635.6 - 635.6 555.4 -90.7 adjusted operating ratio (percentage)(3) 75.5 79.2 71.3 78.8 81.6 2007 2008 2009 earnings per share (ePs) (before foreign exchange and long-term debt and other capital expenditures ($ millions) specified specified items)(dollars)(3) Basic 4.57 4.16 - 4.16 2.55 Diluted 4.52 4.11 - 4.11 2.54 ePs (dollars) Basic 5.93 4.14 - 4.14 3.34 Diluted 5.87 4.09 - 4.09 3.33 838.0 835.8 724.1 weighted average number of diluted shares (millions) 155.6 155.5 155.5 166.8 average foreign exchange rate (Canada$/Us$) 1.081 1.052 1.052 1.151 2007 2008 2009 average foreign exchange rate (Us$/Canada$) 0.925 0.951 0.951 0.869 (1) The 2007 and 2008 figures include the results of the Dakota, Minnesota & Eastern Railroad (DM&E) on an equity income basis from dividends / Share ($) October 30 to December 31, 2007 and January 1 to October 29, 2008, respectively, and on a fully consolidated basis for the period from October 30 to December 31, 2008. (2) DM&E results for the period January 1, 2008 to October 29, 2008 which under GAAP were reported as one line in equity income in DM&E. (3) These earnings measures have no standardized meanings prescribed by GAAP, therefore, are unlikely to be comparable to similar measures of other companies. A reconciliation of non-GAAP measures to GAAP measures is presented on page 56-58. 0.9900 0.9900 0.9000 2007 2008 2009 6 key metriCs – Three-year Summary 2007 2008 pro forma (1) 2009 gross ton-miles (GTM) (millions) 246,322 250,991 209,475 train miles (thousands) 42,804 43,243 34,757 revenue ton-miles (RTM) (millions) 129,352 131,053 108,352 Freight revenue per RTM (cents) 3.57 3.98 3.95 average number of active employees - total 15,675 16,793 15,175 average number of active employees - expense 14,172 15,107 13,619 miles of road operated at end of year (2) 13,199 15,510 15,385 GTM per average number of active employees - expense 17,381 16,614 15,381 (thousands) U.s. gallons of locomotive fuel consumed per 1,000 GTM 1.21 1.22 1.19 - freight and yard average fuel price (Us$ per U.s. gallon) 2.33 3.30 2.04 U.s. gallons of locomotive fuel consumed - total (millions) (3) 296.7 305.0 246.7 average Train Speed (mph) average Terminal dwell (hours) car miles / car day - aar (4) definition - aar (4) definition 142.3 143.6 142.6 22.3 22.2 25.5 21.9 24.0 23.2 2007 2008 2009 2007 2008 2009 2007 2008 2009 (1) The 2008 figures include DM&E for the full year. (2) Excludes track on which CP has haulage rights. (3) Includes gallons of fuel from freight, yard and commuter service but excludes fuel used in capital projects and other non-freight activities. (4) AAR = Association of American Railroads. 7 CHieF executive OffiCer’s message At Canadian Pacific we are leveraging our capabilities to create shareholder value. Our recently realigned Sales and Marketing organization is using the model of We are finding new ways to drive efficiency by utilizing the network capacity to Design / Sell / Deliver to improve our yield, simplify our product line, and deliver to increase asset utilization and enhance service reliability. We are acting to pursue customer requirements more efficiently. We are constantly reviewing our book of and preserve growth opportunities and improve yield in the marketplace. It’s an business to understand the markets and tap new prospects. We also continue to exciting time at CP. preserve and exploit growth opportunities. We are ready to move forward with the development of new intermodal terminals in Regina, Montreal, and Edmonton as Over the last 18 months, we have experienced one of the most challenging our customers expand. economic periods in the history of this Company. But we have used this time to build a stronger balance sheet, hone our processes and test some new operating We are not only committed to growing with our existing customers but in plans. We have proven our ability to respond with agility to rapid reductions in traf- making new markets as well. We have secured the option to expand our footprint fic as well as add resources back to meet traffic increases. in Alberta’s Industrial Heartland as oil upgrading investments are made. The Mar- cellus shale in the U.S. Northeast and the Bakken Formation oil developments in By bringing back our resources at a measured pace when traffic volumes began Saskatchewan are other examples of new opportunities emerging on our to return some months ago, we continue to capture the efficiencies we realized franchise. In addition, with CP’s acquisition of the DM&E in 2008 there are efforts throughout the last year. Moving forward, and as volumes increase, we will increas- underway to extend our markets through the Kansas City gateway and align our ingly focus on improving our service reliability to our customers while maintain- ethanol origination capability on the DM&E with new markets in the U.S. Northeast. ing the pressure on our cost management and productivity efforts. We will remain Finding new markets and leveraging our network reach are areas of opportunity. nimble as the economic recovery will likely be a bumpy ride. In Operations, the drive for efficiency has been a priority and our Long Train In 2009, we took steps to improve our financial flexibility by issuing equity, tak- Strategy is a good example of how we are accomplishing this. Long trains use ing advantage of debt markets when conditions were beneficial to CP, and distributed power (DP) in new configurations that are allowing us to safely operate making a pension prepayment in order to smooth future cash contributions. trains of up to 14,000 feet. Canadian Pacific is a pioneer in DP, having been on the Moving forward we will continue our focus on maintaining a strong balance leading edge of developing its capabilities since 1967. More than 60% of our road sheet as well as reducing our indebtedness. locomotives are equipped to operate with DP. With our depth of experience, we have been working with the latest version of the DP software to optimally place the locomotives within a train so that we run longer trains and at the same time reduce the wear and tear on our track infrastructure.
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