CPR to Address Investor Conferences CALGARY, May 7 /PRNewswire-FirstCall/ -- Mike Waites, Executive Vice- President and Chief Financial Officer of Canadian Pacific Railway (TSX/NYSE: CP), and Chief Executive Officer of CPR's U.S. Network, will address the Bear Stearns Global Transport Conference in New York City on May 11, 2004, and the Scotia Capital Industrials & Transportation Conference in Toronto on May 12, 2004. Mr. Waites will present CPR's performance, strategy and outlook at both conferences. His presentation to the Bear Stearns conference is scheduled for 8 a.m. Eastern time at the Bear Stearns World Headquarters. His presentation to the Scotia Capital conference is scheduled for 1:10 p.m. Eastern time at Le Royal Meridien King Edward Hotel. There will be a live audio Webcast of Mr. Waites's presentations. The Webcast, as well as the presentation materials, will be available on the Investor section of CPR's Website, http://www.cpr.ca/. 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. Canadian Pacific Logistics Solutions provides logistics and supply chain expertise worldwide. For more information, visit CPR's website at http://www.cpr.ca/. DATASOURCE: Canadian Pacific Railway CONTACT: Len Cocolicchio, Tel: 403-319-7591, Cell: 403-650-2748, , Investment community: Paul Bell, Vice-President, Investor Relations, Tel: 403-319-3591,

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