Rob Ritchie, Chief Executive Officer of Canadian Pacific Railway announced the resignation of Michael T. Waites, Executive Vice President and Chief Financial Officer, effective April 14, 2006.

He also announced that Brian W. Grassby, Vice-President and Comptroller, has been appointed Acting Chief Financial Officer effective immediately.

Mr. Ritchie thanked Mr. Waites for his contributions to CPR's success since joining the company in 1997. Mr. Waites is leaving to join another Canadian corporation.

Mr. Grassby joined CPR in 2001 as Vice-President and Comptroller. Prior to joining CPR he was Vice President Finance and Secretary of CAE Electronics Ltd. He is a graduate in Commerce from McGill University and is a Chartered Accountant. Mr. Grassby will continue in his current role as Vice-President and Comptroller as well as taking on the responsibilities as Acting Chief Financial Officer.