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5 January 2005

CPR Fourth-Quarter and Full-Year 2004 Results:  Conference Call With Analysts and Media on January 27

Canadian Pacific Railway (TSX/NYSE: CP) will release its fourth-quarter and full-year 2004 financial and operating results at 7:30 a.m. Eastern time (5:30 a.m. Mountain time) on 27 Jan 2005.
 
CPR will discuss its results with analysts and the media in a conference call beginning at 11 a.m. Eastern time (9 a.m. Mountain time) on 27 Jan 2005. There will be a live audio Webcast of the call.
 
CONFERENCE CALL ACCESS
 
Dial-in numbers:  800-814-4857 or 416-640-1907. Callers should dial in 10 minutes prior to the call. A replay of the conference call will be available by phone through 3 Feb 2005, at 877-289-8525 or 416-640-1917, pass code 21107417 followed by the pound key.
 
Webcast:  live via CPR's website at www.cpr.ca. To access the Webcast, click on Investors. The Webcast will be archived through 25 Feb 2005.
 
Canadian Pacific Railway is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centres of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into America's heartland from the East and West coasts. Alliances with other carriers extend its market reach throughout the U.S. and into Mexico. Canadian Pacific Logistics Solutions provides logistics and supply chain expertise worldwide. For more information, visit CPR's website at www.cpr.ca.

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