Peter Dey News

CP Ships Reports on Trading Investigation

and chaired by Peter Dey has completed the previously announced investigation into stock trading activities in May and June of this year (2004) by certain officers of the company. investigation addresses, among other things, issues raised in an August 2004 letter from the Ontario Securities Commission concerning these stock trading activities. The Special Committee found that trading in shares of the Company by certain officers in that period should not have taken place. applicable securities laws. It also noted that the trading was done openly and with required internal trading approvals. The Special Committee has requested that the individuals involved, including Chairman Ray Miles, make appropriate restitution to the Company in respect of such trading activity.