Press Releases & Coverage

Canadian Pacific Railway Signs Agreement with
SkillSoft for Enterprise-Wide e-Learning

Three-Year Agreement Marks Shift to e-Learning for Approximately 15,000 Employees Across North America

NASHUA, NH - June 26, 2002 - SkillSoft Corp. (Nasdaq: SKIL), a leading provider of e-learning courseware and ReferenceWare for business and IT professionals, and Canadian Pacific Railway (TSX/NYSE: CP), a Class 1 North American railway providing freight transportation services over a 14,000-mile network in Canada and the United States, today announced a three-year agreement that gives the railway's approximately 15,000 employees fast and convenient desktop access to 70 e-learning courses in key business disciplines.

The enterprise-wide training initiative ties business skills courses to core competency areas such as customer focus, change management, communications, and leadership. Employees can take courses at their convenience from any computer with an Internet connection by accessing SkillPort, SkillSoft's e-learning management platform.

"Employees across North America now have the opportunity to take courses and learn new skills at a pace and schedule that suits their individual needs. By making learning more convenient, we expect to see a marked increase in the number of employees expanding and upgrading their skills," said Andrew Shields, CPR's vice president of human resources and industrial relations. "Our business will benefit as these employees quickly apply their newly learned skills on the job."

Prior to the SkillSoft agreement, business skills courses were available to CPR employees only in classroom settings, requiring more time away from the job and often inconveniencing employees, said Shields. Shift workers found it particularly difficult to schedule courses, which could not be scheduled until registration reached a minimum class size.

According to Shields, e-learning has reduced the amount of time required to cover course content - from two to three days of classroom time to about four hours of self-paced, web-based instruction - and has improved the consistency of training. "E-learning reduces our training costs while simultaneously making more training available to employees than ever before. We also get added benefit from our corporate investment in desktop technology," said Shields.

"Canadian Pacific Railway is a perfect example of how e-learning can bring consistent, quality training to thousands of employees across a continent," said Chuck Moran, president and CEO of SkillSoft. "And by relating learning to strategic initiatives, CPR is enhancing the value and relevancy of its training initiative."

About Canadian Pacific Railway

CPR's 14,000-mile network serves the principal centers of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR's track 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 centers of Mexico. For more information, visit CPR's website at www.cpr.ca.

About SkillSoft

With more than 500 corporate customers and 2.5 million licensed user seats, SkillSoft is a leading provider of comprehensive, integrated e-learning solutions for Global 2000 companies and government organizations. Customers receive comprehensive learning and performance support solutions for their workforce through SkillSoft's business skills library, comprised of more than 1,500 courses and simulations for global business markets, of which more than 650 are in U.S. English. The library, which includes more than 4,000 hours of interactive instruction, encompasses a wide array of business skills, such as management, leadership, communication, project management and customer service, as well as business subjects such as e-commerce, finance, marketing, sales, and strategy. The library also includes more than 12,000 learning objects, 3,000 job aids, 3,500 SkillBriefs.

SkillSoft complements SkillSoft courses with SkillSimulations, Web-based simulations designed to reinforce skills newly acquired through specific courses. SkillSoft courses can be managed and tracked through SkillPort, an e-learning management platform that offers rapid implementation at a cost-efficient price point, or through third-party learning management systems.

SkillSoft's subsidiary, Books 24x7, offers subscription clients detailed online searches to more than 2,000 unabridged IT and business titles and 300,000 knowledge objects. Books24x7's patent-pending technology platform gives users the ability to perform multi-tier searches of the company's ReferenceWare: ITPro, BusinessPro and OfficeEssentials. The Books 24x7 Referencware libraries include offerings from more than 80 publishers, including AMACOM, ASTD, Harvard Business School Publishing, McGraw-Hill, Microsoft Press, and Sybex and Wiley.

For more information call SkillSoft at (603) 324-3000

Contacts:

Linda Galloway
Apollo Associates
203-790-1591
lgalloway@apolloassociates.com

Len Cocolicchio
Canadian Pacific Railway
403-319-7591
len cocolicchio@cpr.ca

SkillSoft, SkillPort, RolePlay, Search-and-Learn, e-Learning for the Knowledge Economy, NetUniversity, and Accelerated Path are trademarks and/or servicemarks of SkillSoft Corporation. Books24x7.com and ReferenceWare are servicemarks of Books247x.com, Inc. All brand names, trademarks, or registered trademarks are the property of their respective holders.

Safe harbor language: This release includes information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include competitive pressures, changes in customer demands or industry standards, adverse economic conditions, loss of key personnel, litigation and other matters disclosed under the heading "Future Operating Results" in the Company's most recent Report on Form 10-Q filed with the Securities and Exchange Commission. The forward-looking information provided by the Company in this press release represents the Company's estimates as of February 2002. We anticipate that subsequent events and developments will cause the Company's estimates to change. However, while the Company may elect to update this forward-looking financial information at some point in the future, the Company specifically disclaims any obligation to do so. This forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this release.