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<div><b>Contact:</b> Steve Sugars</div>
<div><b>Page Content:</b> <h3>Says Collaborative Partnerships and Joint Investment can Enhance Canadian Productivity </h3>
<p>Fred Green, President and Chief Executive Officer of Canadian Pacific (TSX: CP) (NYSE: CP), today addressed a meeting of the Vancouver Board of Trade to discuss enhancing Canadian productivity and competitiveness. </p>
<p>Addressing findings of various studies, including from the Conference Board of Canada, indicating <br>Canadian businesses are not as productive as U.S equivalents, Green highlighted current initiatives, such as the Pacific Gateway Strategy, to demonstrate that relationships built on trust, long-term collaboration, and joint investment lead directly to increased Canadian competitiveness in the global marketplace.** </p>
<p>“Canada has the natural resources, the production capacity, and the business bench strength to drive this country’s productivity and improve the nation’s global competiveness.* There is hard work to be done, but through a better understanding of the business, growth and investment objectives of each link in the supply chain, from producer to consumer, we can unlock efficiencies and strengthen Canada’s leading position in the global marketplace,” said Green.</p>
<p>“The rail industry has a role in enabling Canada’s producers to be more competitive globally.* Over the past 20 years, Canadian rail labour productivity growth has outpaced the Canadian economy by a factor of nearly 8 to 1.”* </p>
<p>“CP’s job is to develop mutually beneficial relationships with our customers in industries including coal, potash, energy consumer goods, and grain to ensure we realize common long-term growth objectives.* Our company’s multi-year plan and joint capital investment with our partners, together with our scheduled railway, are ensuring we manage increasing volumes with efficiency and reliable service.”</p>
<h3>About Canadian Pacific</h3>
<p><font face="Lucida Sans Unicode">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 Driving the Digital Railway.</font></p>
<h3><span lang=EN>Contacts:</span></h3>
<p><span lang=EN>Media**************************************************************************Investment Community<br></span><span lang=EN>Ed Greenberg</span><span>************************************** </span><span lang=EN><span>******* </span><span>*************** </span>Janet Weiss <br></span><span lang=EN>Tel.:</span><span> 612-849-4717</span><span lang=EN>****************************************************Tel.: 403-319-3233<br></span><span lang=EN>24/7 Media Pager:* 855-242-3674<span>**</span>**************************<span>**</span>email: <a href="mailto:investor@cpr.caemail"></span><span lang=EN><br></a></span><span><a href=""></a></span></p></div>
<div><b>News Release Date:</b> 1/27/2012 1:30 PM</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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