Canadian Pacific believes CTA revenue cap maintenance estimate is overstated

    CALGARY, June 29 /CNW/ - Yesterday, the Canadian Transportation Agency
(CTA) announced its intent to review the hopper car maintenance compensation
embedded in the revenue entitlement for the transportation of Canadian grain.
The announcement of the review was anticipated by Canadian Pacific
(TSX/NYSE:   CP) and consistent with the passage of Bill C-11. The Agency
suggested that the revenue entitlement for CP and Canadian National Railway
(CN) combined might be reduced by as much as $60 to $75 million dollars.
    "We believe the CTA's suggested adjustment is overstated," said Marcella
Szel, Senior Vice President Marketing & Sales for Canadian Pacific. "Over the
next several months CP will be engaged in the formal review of the appropriate
amount of money to be embedded in the 2007- 2008 revenue cap."
    CP earnings guidance for 2007 already accounts for an adjustment in
revenue entitlement.

    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 Canadian Pacific a better place to work,
rail a better way to ship, and North America a better place to live. Come and
visit us at 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: Breanne Feigel, (403) 319-3932,; Investment Community: Janet Weiss, Assistant
Vice-President Investor Relations, (403) 319-3591,

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