Media Advisory - CPR Fourth-Quarter 2003 Results: Conference Call with Analysts and Media January 27 CALGARY, Jan. 6 /PRNewswire-FirstCall/ -- Canadian Pacific Railway (TSX/NYSE: CP) will release its financial and operating results for the fourth quarter of 2003 at 7:30 a.m. Eastern time (5:30 a.m. Mountain time) on Jan. 27, 2004. CPR will discuss its results with analysts and the media in a conference call beginning at 2 p.m. Eastern time (noon Mountain time) on Jan. 27. There will be a live audio Webcast of the call. CONFERENCE CALL ACCESS Dial-in numbers: 1-800-273-9672 or 416-695-5806. Callers should dial in 10 minutes prior to the call. A replay of the conference call will be available by phone through Feb. 3, 2004, at 1-800-408-3053 or 416-695-5800, pass code 1511388. Webcast: live via CPR's website at http://www.cpr.ca/. To access the webcast, click on Investors. The webcast will be archived through Feb. 27, 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. For more information, visit CPR's website at http://www.cpr.ca/. DATASOURCE: Canadian Pacific Railway CONTACT: Media, Len Cocolicchio, 403-319-7591, email: ; Investment Community, Paul Bell, Vice-President Investor Relations, Tel.: 403-319-3591,

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