Canadian Pacific Railway Limited declares dividend



    CALGARY, Aug. 8 /CNW/ - The Board of Directors of Canadian Pacific
Railway Limited (TSX/NYSE:   CP) today declared a quarterly dividend of twenty
four and three quarter cents ($0.2475) Canadian per share on the outstanding
Common Shares. The dividend is payable on October 27, 2008, to holders of
record at the close of business on September 26, 2008, and is an eligible
dividend pursuant to subsection 89(14) of the 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. 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, Communications & Public
Affairs, 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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