(Canadian Pacific Railway issued the following on May 21, 2009.)
CALGARY — The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared a quarterly dividend of twenty four and three quarter cents ($0.2475) Canadian per share on the outstanding Common Shares. The dividend is payable on July 27, 2009, to holders of record at the close of business on June 26, 2009, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.