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<div><b>Page Content:</b> <h2>State Multi-Year Plan is Well Underway and Yielding Record-Breaking Results </h2>
<h2>Reiterate Board’s Unanimous Support for Fred Green and CP Management Team</h2>
<p>Tony L. Ingram and Edmond L. Harris, Directors of Canadian Pacific and members of the Company’s Safety, Operations and Environment Committee, participated in a conference call hosted by BMO Capital Markets on March 13, 2012.* Among other topics discussed on the call, Messer’s Ingram and Harris discussed CP’s unique assets, its Multi-Year Plan, and management’s progress in executing against the Plan. </p>
<p>Mr. Harris noted, “Fred Green and his management team are successfully and aggressively executing against CP’s Multi-Year Plan, which the Board has reviewed and fully endorses.* The Multi-Year Plan has been specifically designed to generate the best possible operational and financial results from CP’s unique assets and circumstances.* To date, the disciplined implementation of the Multi-Year Plan has resulted in record-breaking improvements in key operating metrics over the company’s 3-year averages, including terminal dwell, car miles per car day, train speed and active cars online.* These meaningful achievements, which are a leading indicator of both customer satisfaction and financial results, will translate into enhanced value for shareholders.”</p>
<p>Mr. Ingram noted, “CP’s Board of Directors unanimously supports Fred Green and his strong, experienced management team.* As best practices are established throughout the organization, we’re seeing the transformation of the railroad reflected in the improvement to CP’s operating metrics year to date.* Ed and I have had first-hand experience of implementing operational turnarounds several times in our careers, and we agree that what we’re seeing at CP bears the hallmarks of a railroad beginning to fire on all cylinders.* As members of the Safety, Operations and Environment Committee, we will continue to closely monitor the Plan’s successful execution and hold management fully accountable for reaching an Operating Ratio of 70 to 72 per cent for 2014 and delivering further improvements thereafter.”</p>
<p>A full replay of the call is available on CP’s website at To access the replay, click on the ‘Invest In CP’ tab and <a title="" href="/en/news-and-media/events/Pages/bmo-capital-markets.aspx">go to ‘Executive & Board Updates’</a>. </p>
<h3>Forward Looking Statements </h3>
<p>This news release contains certain forward-looking statements relating but not limited to our operations, anticipated financial performance and business prospects. Undue reliance should not be placed on forward-looking information as actual results may differ materially. Forward-looking statements are not guarantees of future performance. By its nature, CP's forward-looking information involves numerous assumptions, inherent risks and uncertainties, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and 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 investments, including long-term floating rate notes; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Management's Discussion and Analysis" in CP's annual and interim reports, Annual Information Form and Form 40-F. </p>
<p>Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.<b></b></p>
<h3>About Canadian Pacific</h3>
<p>Canadian Pacific (TSX:CP)(NYSE:CP) operates a North American transcontinental railway 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 further driving shareholder value. </p>
<p><i>Media Relations<br></i>Ed Greenberg*************************************** <br>Tel: 612-849-4717******************************** <br>24/7 Media Pager: 855-242-3674<br>******** </p>
<p><i>Investor Relations<br></i>Janet Weiss<br>Tel: 403-319-3591<br><a href=""></a></p>
<p>Joele Frank, Wilkinson Brimmer Katcher<br>Joele Frank / Tim Lynch / Jed Repko <br>Tel: 212-355-4449</p></div>
<div><b>News Release Date:</b> 3/14/2012 12:00 PM</div>
<div><b>Location:</b> Calgary/Toronto</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>

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