Canadian Pacific Railway Limited declares dividend

CALGARY, Dec. 13 - The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared a quarterly dividend of eighteen and three quarter cents ($0.1875) Canadian per share on the outstanding Common Shares. The dividend is payable on January 29, 2007, to holders of record at the close of business on December 29, 2006.

Canadian Pacific Railway, through the ingenuity of its employees located across Canada and in the United States, intends to be 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 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 www.cpr.ca to see how we can put our ingenuity to work for you.