1 June 2006
Canadian Pacific Railway Limited Renews Share
Repurchase Program
Canadian Pacific Railway Limited announced today that it has made the necessary filings to renew its normal
course issuer bid to permit the purchase for cancellation up to 3,936,000 of its outstanding common shares, or approximately 2.5 percent
of the approximately 158,321,252 common shares outstanding at 31 May 2006. CPR currently has in place a normal course
issuer bid due to expire 5 Jun 2006 pursuant to which CPR purchased an aggregate of 3,325,000 common shares during the 12
months preceding the date hereof.
Share purchases may be made during the period beginning 6 Jun 2006 and ending 5 Jun 2007. The price CPR will
pay for any common shares will be the market price at the time of purchase. 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.
"This will enable CPR to continue the repurchase of up to 5.5 million common shares in 2006, as announced last February," said
Brian Grassby, Acting Chief Financial Officer. "We believe the share repurchase program provides excellent value for our
shareholders and reflects our confidence in the strong fundamentals of our business."
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