FRA Certification Helpline: (216) 694-0240

(The Canadian Pacific Railway issued the following news release on April 19.)

CALGARY — Canadian Pacific Railway will hold its annual meeting of shareholders in Calgary on April 20, 2004, at the Fairmont Palliser Hotel, 133 9th Avenue southwest. The meeting will begin at 9 a.m. Mountain time.

Ted Newall, Chairman of CPR’s Board of Directors, will chair the meeting. Rob Ritchie, President and Chief Executive Officer of CPR, will address shareholders. Mr. Ritchie will review the company’s 2003 financial and operating results. He will also address the issue of capacity in the surface transportation sector and the need for adequate future investment to support North America’s economic development.

There will be a live audio webcast of the meeting via CPR’s website, www.cpr.ca. An audio replay will be available on the website through May 21, 2004.

Canadian Pacific Railway, recognized internationally for its scheduled railway operations, is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centers of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into America’s heartland from the East and West coasts. Alliances with other carriers extend its market reach throughout the U.S. and into Mexico. CPR’s CP Logistics Solutions unit provides logistics and supply chain expertise worldwide.