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(The Canadian Pacific Railway issued the following news release on December 10.)

CALGARY — Tim Faithfull has been appointed to the Board of Directors of Canadian Pacific Railway. The appointment, which is effective Dec. 10, 2003, was announced by Ted Newall, Chairman of the Board.

Mr. Faithfull was most recently President and Chief Executive Officer of Shell Canada Limited, a position from which he retired in July 2003.

“Tim has held executive positions with the Shell organization on four continents. His broad international experience and business accomplishments are valuable assets for our shareholders,” Mr. Newall said.

Mr. Faithfull is a graduate of the University of Oxford and the London Business School’s Senior Executive Program. He is a member of the Board of Directors of TransAlta Corporation.

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. For more information, visit CPR’s website at www.cpr.ca.