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CPR consolidates employee benefits under Manulife Financial Move will contain costs, expand range of benefit options Calgary -- Canadian Pacific Railway (TSX/NYSE: CP) has signed a letter of intent with Manulife Financial Group Benefits to administer all benefits insurance and benefits claims for the railway’s employees in Canada, as well as a new range of flexible benefits services for non-union employees in Canada. The three-year agreement, effective January 1, 2004, will generate administrative efficiencies that will help CPR contain the costs of employee benefits, which have been rising across all industries. “Our new agreement with Manulife creates important advantages,” Rob Ritchie, President and Chief Executive Officer of CPR, said. “Consolidating benefits under a single insurance carrier will streamline the administration of our extensive benefits plan. In addition, the three-year agreement provides an extended period of coverage and price stability that is not generally available in the insurance industry.” CPR employee benefits include health, dental and vision care, life and accident insurance, and disability benefits. CPR’s new flexible benefits program will give non-union employees in Canada an expanded range of options. CPR’s move to a single carrier for these benefits is a departure from the norm for large employers. Most contract with a mix of insurance carriers to provide different components of their benefits package. However, Manulife created a new wide-ranging product line, including a flexible-benefits tool and supporting call center, which traditionally are only available from companies specializing in flexible benefits administration. “We believe Manulife is setting the benchmark for the insurance industry with the launch of a competitively priced full business solution for employee benefits,” said Dominic D’Alessandro, Manulife President and Chief Executive Officer. About Canadian Pacific Railway CPR’s 14,000-mile network serves the principal centres of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into the Chicago hub from the East and West coasts. Alliances with other carriers extend CPR's market reach beyond its own network and into the major business centres of Mexico. About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$141.6 billion as at March 31, 2003. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. - 30 - Contacts:
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