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<div><b>Page Content:</b> <p>Canadian Pacific welcomes the joint announcement by Prime Minister Stephen Harper and Japanese Prime Minister Yoshihiko Noda, that Canada and Japan will launch negotiations for a free trade agreement between the two countries.</p>
<p>Jane O’Hagan, CP’s Executive Vice-President and Chief Marketing Officer made the following comment on the negotiations.</p>
<p>“Canadian Pacific is focused on driving volume growth, expanding network reach and revenue-generating capacity, and controlling costs. CP welcomes Prime Minister Harper’s promotion of free trade in Asia. Free Trade enables long term growth, promotes investment and creates greater supply chain certainty – all of which supports our growth in the Asia-Pacific Gateway.”</p>
<p>Japan is the world’s third-largest national economy and was Canada’s largest source of job-creating investment from Asia. It is also Canada’s fourth-largest merchandise export market, with exports totaling $10.7 billion in 2011 – an increase of 16.1 percent over 2010. Total merchandise trade in 2011 was valued at $23.7 billion. CP and its supply chain partners enable these trade flows.</p>
<h3>About Canadian Pacific</h3>
<p>Canadian Pacific (CP:TSX)(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 cpr.ca and see how Canadian Pacific is Driving the Digital Railway.</p>
<p>Ed Greenberg<br>Canadian Pacific<br>612 849-4717 (cell)<br><a href="mailto:ed_greenberg@cpr.ca">ed_greenberg@cpr.ca</a></p></div>
<div><b>News Release Date:</b> 3/26/2012 5:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> Yes</div>


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