CP Ships’ CEO and CFO to Step Down

Following the completion of the acquisition by TUI AG of CP Ships and its de-listing on 20th December from the Toronto and New York stock exchanges, CEO Ray Miles will step down from his position on December 31. CFO Ian Webber will leave CP Ships at the end of January 2006. Miles started his shipping career in 1972 with Ocean Transport & Trading. He subsequently served as Executive Vice President of Barber Blue Sea and Managing Director of Global Equipment Management which promoted the grey-box concept of container fleet management. He joined CP Ships as CEO in 1988 when Miles has served until recently as Chairman of the World Shipping Council and of the Box Club, was a Director of West of England P&I Club and is a Trustee of the National Maritime Museums in Greenwich and Cornwall. Webber, a Chartered Accountant, joined CP Ships as CFO in 1996 after 17 years with PricewaterhouseCoopers, the last five as an audit partner. Over the past nine years, he managed often-complex key transactions including acquisitions, financings, the spin-off from Canadian Pacific Limited and the subsequent equity capital raise and two public bond offerings, all three of which were oversubscribed. He has been involved with all aspects of the company's publicly traded status, including investor relations, public financial reporting and its eventual sale. Both Miles and Webber served as Directors of CP Ships during the four years it was listed on the Toronto and New York stock exchanges. The restructured CP Ships executive management team will be announced the first week in January 2006.