Canadian Pacific Receives Final Court Approval On Reorganization

Press Release: Canadian Pacific Limited
October 1, 2001
CALGARY, AB -- Canadian Pacific Limited (CPL) announced Friday that it has received the Final Order from the Court of Queen's Bench of Alberta approving the Plan of Arrangement on its reorganization. The Court of Queen's Bench approval is the final condition required for the successful completion of CPL's reorganization. It is anticipated that the Plan of Arrangement will become effective on October 1, 2001.

The Notice of Petition approved by the Court of Queen's Bench was set out in Exhibit C of CPL's Arrangement Circular. Under the Canada Business Corporations Act, a plan of arrangement is a statutory procedure that is frequently used in transactions of this nature.

Further information on CPL's reorganization and each of CPL's five businesses can be found in CPL's Arrangement Circular, the full text of which can be found on CPL's website, www.cp.ca, or at www.sedar.com.

Note: This news release contains forward-looking information. Actual results may differ materially and proposed plans of action could change. The risks, uncertainties and other factors that could influence actual results are described in CPL's Arrangement Circular.