Canadian Pacific Railway Limited implements an increased share repurchase program

    CALGARY, March 26 /CNW/ - Canadian Pacific Railway Limited (TSX/NYSE:   CP)
announces that it intends to complete the necessary filings today to receive
the approval of the Toronto Stock Exchange to terminate its existing normal
course issuer bid due to expire on June 5, 2007 and implement a new normal
course issuer bid to permit the purchase for cancellation up to 4,975,000 of
its outstanding common shares (or approximately 3.2% percent of the
155,534,263 common shares outstanding at March 15, 2007) during the period
commencing on March 28, 2007 and ending March 27, 2008, provided that not more
than 4,230,080 Common Shares may be purchased by CPR during the period
commencing March 28, 2007 to June 5, 2007.
    Under CPR's existing normal course issuer bid due to expire June 5, 2007,
CPR purchased an aggregate of 3,685,982 common shares during the period
commencing on June 6, 2006 and ending February 28, 2007 at an average price of
$57.17 per share. All purchases under CPR's existing normal course issuer bid
have ceased and the existing normal course issuer bid has been terminated.
    CPR's purpose and business reason for making purchases pursuant to the
normal course issuer bid is that it believes that the market price of its
common shares could be such that the purchase of common shares may be an
attractive and appropriate use of corporate funds in light of potential
benefits to remaining shareholders. The price CPR will pay for any common
shares will be the market price at the time of purchase or such other price as
may be permitted by the Toronto Stock Exchange. Purchases may be made through
the facilities of the Toronto Stock Exchange and the New York Stock Exchange,
and will be in accordance with the normal course issuer bid procedures under
Canadian securities laws and the policies of the Toronto Stock Exchange.
Additionally, purchases under the new normal course issuer bid will be made by
means of open market transactions or such other means as may be permitted by
the TSX (which may include pre-arranged crosses).

    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 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:; Investment Community, Janet Weiss, Assistant
Vice-President Investor Relations, Tel.: (403) 319-3591 e-mail:

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