Canadian Pacific Railway Limited (CP), together with its subsidiaries, operates a transcontinental railway in Canada and the U.S. The company provides rail and intermodal transportation services over a network of approximately 14,000 miles, serving the principal business centers of Canada, from Montreal to Vancouver, as well as the U.S. Northeast and Midwest regions. Agreements and alliances with other carriers extend Canadian Pacific's rail network east of Montreal in Canada, throughout the U.S., and into Mexico. The company derives revenue from freight transport and other services. Freight services accounted for 97% of CP s total revenue in 2006. Major freight categories include intermodal (road and rail, 28% of total revenue), grain (21%), industrial and consumer products (14%), coal (13%), sulphur and fertilizers (10%), forest products (7%), and automotive (7%). Other service revenue (3%) is generated from the leasing of track, switching fees, container storage and terminal service fees, land sales, income from business partnerships, and other assets. Canadian Pacific enjoys long-term debt ratings of Baa3 (downgraded from Baa2 in November 2007 due to increased leverage stemming from the acquisition of DM&E) from Moody s and BBB from Standard & Poor's.

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