Canadian Pacific Railway Limited Declares Dividend

    CALGARY, Dec. 5 /CNW/ - The Board of Directors of Canadian Pacific
Railway Limited (TSX/NYSE:   CP) today declared a quarterly dividend of twenty
two and one half cents ($0.225) Canadian per share on the outstanding Common
Shares. The dividend is payable on January 28, 2008, to holders of record at
the close of business on December 28, 2007, 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. Our combined ingenuity makes CPR 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, Leslie Pidcock, Tel.: (403) 319-6878,
email:; Investment Community, Janet Weiss, Assistant
Vice-President, Investor Relations, Tel.: (403) 319-3591, email:

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