Canadian Pacific Railway Limited Declares a 10% dividend increase



    CALGARY, Feb. 19 /CNW/ - The Board of Directors of Canadian Pacific
Railway Limited (TSX/NYSE:   CP) today declared an increase of 10 per cent in
CP's next quarterly dividend to twenty-four and three quarter cents ($0.2475)
Canadian per share on the outstanding Common Shares, from twenty-two and one
half cents ($0.225) per share.
    "The dividend increase continues CP's trend of dividend growth which
reflects our ability to deliver on our financial targets," said Mike Lambert,
Executive Vice President and Chief Financial Officer. "CP is confident in the
strength of our franchise, the outlook for our customers, and the solid
fundamentals of the rail industry."
    The $0.2475 dividend is payable on April 28th, 2008, to holders of record
at the close of business on March 28th, 2008 and is an eligible dividend
pursuant to subsection 89(14) of the Canadian Income Tax Act.

    Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, most
fluid railway in North America. Our people are the key to delivering
innovative transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where we
operate. Our combined ingenuity makes CP a better place to work, rail a better
way to ship, and North America a better place to live. Come and visit us at
www.cpr.ca to see how we can put our ingenuity to work for you. Canadian
Pacific is proud to be the official rail freight services provider for the
Vancouver 2010 Olympic and Paralympic Winter Games.




For further information:

For further information: Media: Leslie Pidcock, Tel.: (403) 319-6878,
email: leslie_pidcock@cpr.ca; Investment Community: Janet Weiss, Assistant
Vice-President, Investor Relations, Tel.: (403) 319-3591, email:
investor@cpr.ca


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