4 Operating income is a non-GAAP term which represents revenue lessoperating expenses

(4) Operating income is a non-GAAP term, which represents “revenue lessoperating expenses”. (5) Operating ratio is the percentage derived by dividing operating expenses bytotal revenues. (2) These earnings measures have no standardized meanings prescribed by GAAP andmay not be comparable to similar measures of other companies. See note onnon-GAAP earnings measures attached to commentary. Summary of Rail Data (Page 5)First Quarter2009 2008(1)(2)(3) Fav/(Unfav)%Operations PerformancePro forma Consolidated Data including DM&E (1)Total operating expenses per GTM (cents) (4) 1.83 1.60(0.23)(14.4) Freight gross ton-miles (GTM) (millions) 50,881 62,896(12,015)(19.1) Train miles (000)8,88310,979(2,096 )(19.1) Average number of active employees – total 15,051 16,050999 6.2Average number of active employees – expense 14,384 15,256872 5.7Number of employees at end of period – total 14,970 16,3051,335 8.2Number of employees at end of period – expense 14,125 15,2771,152 7.5U.S. gallons of locomotive fuel per 1,000 GTMs – freight & yard1.34 1.30(0.04)(3.1 )U.S. gallons of locomotive fuel consumed – total (millions) (5)67.7 81.313.616.7Average fuel price (U.S dollars per U.S.

gallon)2.04 3.020.9832.5 Fluidity Data (excluding DM&E)Average terminal dwell – AAR definition (hours)23.2 24.10.9 3.7Average train speed – AAR definition (mph) 25.0 23.41.6 6.8Car miles per car day139.6138.3 1.3 0.9Average daily active cars on-line (000)48.8 57.28.4 14.7 Average daily active road locomotives on-line8331,021 188 18.4 SafetyFRA personal injuries per 200,000 employee-hours (CP only) 1.65 1.38(0.27)(19.6)FRA train accidents per million train-miles (CP only)1.71 2.370.6627.8FRA personal injuries per 200,000 employee-hours (DM&E only) 2.14 3.751.6142.9FRA train accidents per million train-miles (DM&E only)6.77 7.310.547.4 (1) Pro forma basis redistributes DM&E equity income to a line-by-lineconsolidation of DM&E results for the first quarter 2008. (2) Certain 2008 figures have been restated for the adoption of CICA accountingstandard 3064, which requires the expensing of certain expenditures related to apre-operating period of a facility rather than recording them as assets. (3) Certain prior period figures have been revised to conform with currentpresentation or have been updated to reflect new information. (4) The pro forma total operating expenses per GTM for 2008 is a non-GAAPmeasure. See note on non-GAAP earnings measures attached to commentary. (5) Includes gallons of fuel consumed from freight, yard and commuter servicebut excludes fuel used in capital projects and other non-freight activities. Canadian Pacific Railway LimitedMediaMike LoVecchioTel.: (778) 772-9636email: rInvestment CommunityJanet Weiss, Assistant Vice-PresidentInvestor RelationsTel.: (403) 319-3591email: opyright Business Wire 2009.

Washington DCMay 17, 2008  After a game 1 rain out last night, Game 2 was on at 1 p.m. against the Mets.  It was the battle of the offseason, with Santana vs. Pettitte.   Neither team’s starting pitcher decided the game though, as Pettitte gave up only three, and Santana let in four.  This one was left to the offense, and the coach.  Girardi  stuck with his initial change made in Tampa two days ago having Abreu hit second with Jeter hitting third and it proved successful.  Abreu went 2 for 4, with a homer,  RBI and run scored. Jeter did one better, and went 3 for 4, 2 RBI, a run scored, and a homer.   The Yankees started with a 2 to 0 lead in the third, and Pettitte gave up three runs in the fourth. Farnsworth then took a step back as he gave up another three runs in the 7th.

It was 6 to 3 afterwards.  Giambi brought the stick again too, as he went 2 for 4, 1 run, 1 RBI and a homer.  The Yankees edged back trailing 6 to 4 in the 9th with Joba coming in while trailing, which is another difference between Girardi and Torre.   Torre never used his benchmark bull penner’s while trailing with which I disagreed.  Give the team a chance to win.  Joba gave up one run making it 7 to 4 going into the bottom of the 9th, once again proving he is not lights out in the pen, so he should start instead.   Girardi substituted Gonzalez’s bat, hitting 257, opting for Duncan’s 194.  Duncan didn’t hit, and stranded 2 runners in the 9th.  Then Girardi put in Ensberg’s 214, in place of Moeller’s 247. Again: try to give the team a full chance to win.  Ensberg struck out, and the Mets won by three (7-4) leaving “the pinch hitting mistakes” both hitless. Why opt for lesser hitters in this situation? I agreed with starting Moeller, he has a better bat then does Molina right now, and plays a great defense.  Gonzalez  started at third over Ensberg, and rightly so, as he has a better average too.  But with the game on the line and two runners on, with the tying run at the plate, twice in the bottom of the ninth, Girardi went back on his gut feeling He pinch hit both of the better bats. The result of this mistake was yet another loss.   Play the best offense while not totally sacrificing the defense.

What is so hard about this?  Play the better, better, and that does not mean sit Giambi, like yesterday.  He now has 4 less RBI than the team leading Abreu, but with 51 less at bats, and leads the team in home runs.  Matsui, Damon, and Giambi all play.  Abreu DH’s since his fielding is lacking, and the continuous misplays cost the Yankees runs.  Take, for example, the JD Drew homer off of Abreu’s glove He didn’t jump for the ball. Then, against Kansas he pulled up on flies, and made two errant throws to the plate, and then played a  bad defense against the Tigers.   Billy Martin turned over in his grave as Abreu has taken over right field, and plays much like Reggie Jackson, who Martin pulled in the middle of a game for “lolli poppin’ it out there,” and then suspended him as well.  Moeller is hotter and just as good behind the plate as Molina.  Gonzalez is hotter than Ensberg, with good defense too.  All bats are in, and the defense is better in trying to keep the runs down.   Abreu could then DH, and Matsui would play right instead.  Matsui won’t pull up on fly balls, isn’t afraid of the wall, and will make it to fouls which are no more than routine cans of corn. Easy outs save runs.  Maybe the Yanks could use a smarter, smart.    The Yankees do need a bench, just like the 1990’s formula which included  bats like Justice, Fielder, Strawberry and Raines all on the bench. Later, it was “Ru-bang” Sierra.  When A-Rod, and Posada are back, the Yankees will only have Ensberg, Duncan, Moeller and Gonzalez to chose from not smart.