Media Advisory - CPR second-quarter 2004 results: Conference call with analysts and media July 29 CALGARY, July 28 /PRNewswire-FirstCall/ -- Canadian Pacific Railway (TSX/NYSE: CP) will release its financial and operating results for the second quarter of 2004 at 7:30 a.m. Eastern time (5:30 a.m. Mountain time) on July 29, 2004. CPR will discuss its results with analysts and the media in a conference call beginning at 11 a.m. Eastern time (9 a.m. Mountain time) on July 29. There will be a live audio Webcast of the call. CONFERENCE CALL ACCESS Dial-in numbers: 1-800-814-4857 or 416-640-1907. Callers should dial in 10 minutes prior to the call. A replay of the conference call will be available by phone through August 5, 2004, at 1-877-289-8525 or 416-640-1917, pass code 21055180 followed by the pound key. Webcast: live via CPR's website at http://www.cpr.ca/. To access the Webcast, click on Investors. The Webcast will be archived through August 27, 2004. 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. 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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