Canadian Pacific Railway Limited files Notice of Intention to purchase certain of its common shares in Québec



    CALGARY, March 23 /CNW/ - Canadian Pacific Railway Limited (TSX/NYSE:   CP)
announced today that it filed a Notice of Intention to make an exempt issuer
bid with the Autorité des marchés financiers in the Province of Québec to
purchase for cancellation up to 275,000 of its outstanding common shares (the
"Bid"), or approximately 0.18% percent of the 155,534,263 common shares
outstanding at March 15, 2007.
    CPR intends to purchase these shares pursuant to a private agreement
between CPR and an arms-length third party seller located in the Province of
Québec. The Bid will commence on March 29, 2007 and will terminate on
March 28, 2008 or on such earlier date as CPR completes its purchases pursuant
to the Bid or provides notice of termination of the Bid. The price that CPR
will pay for any shares purchased by it pursuant to the Bid will be negotiated
by CPR and the seller, provided that in no circumstances will the price paid
for the shares be greater than the market price of CPR's common shares on the
Toronto Stock Exchange on the date of the agreement. CPR presently intends to
fund the purchase of the shares from its working capital. Payment for the
shares purchased pursuant to the Bid will be made by CPR at the time of
delivery of the share certificate(s) representing such purchased shares.
    The purpose and business reason for purchases made pursuant to the Bid is
that CPR believes that purchasing certain of its common shares from the seller
at a price below the market price of its common shares is an attractive and
appropriate use of corporate funds.
    None of the directors or senior officers of CPR, nor any associates or
affiliates thereof or of CPR, nor any person holding 10% or more of any class
of equity securities of CPR, nor any associates thereof are eligible to sell
common shares pursuant to the Bid since CPR intends to purchase common shares
pursuant to the Bid only from the seller.

    About CPR

    Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, and
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,
e-mail: leslie_pidcock@cpr.ca; Investment Community, Janet Weiss, Assistant
Vice-President Investor Relations, Tel.: (403) 319-3591, e-mail:
investor@cpr.ca


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