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28 July 2004
Canadian Pacific Railway Limited Increases Quarterly Dividend

The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) has declared a quarterly dividend of thirteen and one-quarter cents ($0.1325) Canadian per share on the outstanding Common Shares. The amount of the dividend represents an increase of 0.5 cents Canadian per outstanding Common Share above the quarterly dividend of twelve and three quarters cents ($0.1275) per outstanding Common Share paid in recent quarters. The dividend is payable on 25 Oct 2004, to holders of record at the close of business on 24 Sep 2004.