CALGARY, May 5 /PRNewswire-FirstCall/ -- The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared a quarterly dividend of eighteen and three quarter cents ($0.1875) Canadian per share on the outstanding Common Shares. The dividend is payable on July 31, 2006, to holders of record at the close of business on June 30, 2006. Canadian Pacific Railway is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centres 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. Canadian Pacific Logistics Solutions provides logistics and supply chain expertise worldwide. Canadian Pacific Railway is marking its 125th anniversary in 2006. For more information, visit CPR's website at http://www.cpr.ca/. For more information, visit CPR's website at http://www.cpr.ca/. DATASOURCE: Canadian Pacific Railway CONTACT: Media: Leslie Pidcock, Tel.: (403) 319-6878, Email: ; Investment Community: Paul Bell, Vice-President - Investor Relations, Tel.: (403) 319-3591, email:

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