CP Ships Extends Selling Program

Monday, January 20, 2003
CP Ships Limited today announced an extension until May 7, 2003 at 5:00 pm of its selling program for holders of fewer than 100 shares. The sale of shares will continue to be executed through the Toronto Stock Exchange. Originally scheduled to expire on February 7, 2003, the program, which is voluntary, allows shareholders owning 99 or fewer shares in CP Ships as of the November 7, 2002 record date to sell all of their shares without incurring brokerage commissions. Registered and beneficial shareholders are eligible to participate. The extension is being made with the approval of the Toronto Stock Exchange. CP Ships has retained Computershare Trust Company of Canada to manage the program and to handle share transactions and payments. Questions regarding the program may be directed to Computershare toll free in Canada and the United States at 1-866-982-7999 (international at 1-514-982-7800) between 8:30 a.m. and 8 p.m. EST Monday to Friday. Questions may also be submitted at any time by email to caregistryinfo@computershare.com.
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