28 May 2004 UTU on CPR's U.S. Subsidiary Ratifies Contract Settlement Minnneapolis, MN - Canadian Pacific Railway (TSX/NYSE: CP) today announced its Soo Line Railroad subsidiary has reached a five-year contract agreement with the United Transportation Union.   About 500 train service employees work under the UTU contract and are the largest group of employees on the Soo Line. The American Train Dispatchers Association and the Brotherhood of Railroad Signalmen have also ratified settlements with the Soo Line in the past 30 days.   The five-year agreement with the UTU replaces a contract that opened for re-negotiation at the end of 1999. It includes provisions for a general wage increase, benefits plan cost containment and benefit design changes, enhancements to the 401(k) Defined Contribution Plan and work rule modifications.   Settlements are now in place for more than 50 percent of the unionized workforce on the Soo Line.