FRA Certification Helpline: (216) 694-0240

(CPR distributed the following press release on April 22.)

CALGARY — Canadian Pacific Railway will release itsfinancial and operating results for the first quarter of 2003 shortly after4 p.m. Eastern time on April 24, 2003.

The results will be discussed with journalists in a conference call onApril 24 beginning at 4:45 p.m. Eastern time.

CPR will discuss its results with analysts in a conference call on April 25 beginning at 11 a.m. Eastern time. There will be a live audio Webcast of the call.

CONFERENCE CALL WITH JOURNALISTS

Host: Rob Ritchie, President and Chief Executive Officer of CPR.
Time: 4:45 p.m. Eastern time, with callers advised to dial in by 4:30 p.m. Dial-in numbers: 1-800-273-9672 or 416-695-5806.
Replay: available by phone through May 1 at 1-800-408-3053 or 416-695-5800, passcode 1399330.

CONFERENCE CALL WITH ANALYSTS

Presenters: Rob Ritchie; Ed Dodge, Executive Vice-President and Chief Operating Officer; Mike Waites, Executive Vice-President and Chief Financial Officer; Fred Green, Senior Vice-President, Marketing and Sales. Time: 11 a.m. Eastern time by teleconference and the Web. By teleconference: Dial-in numbers are 1-800-387-6216 or 416-405-9328, and callers should dial in at 10:45 a.m. Eastern time to register. Journalists are invited to listen to the analyst call. By Webcast: via CPR’s website at www.cpr.ca. Replay: by telephone through May 2 at 1-800-408-3053 or 416-695-5800, passcode 1399332 and on CPR’s Website through May 22.

Canadian Pacific Railway’s 14,000-mile network serves the principal centres of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into the Chicago hub from the East and West coasts. Alliances with other carriers extend CPR’s market reach beyond its own network and into the major business centres of Mexico. For more information, visit CPR’s website at www.cpr.ca.