CPR AND CLERICAL WORKERS REACH 3-YEAR LABOUR AGREEMENT

CALGARY, AB -- Members of the United Steel Workers of America (USWA) have ratified a three-year collective agreement with Canadian Pacific Railway, it was announced today.

The agreement with the USWA extends through to the end of 2003 and provides for a 2% wage increase in each year, improvements to benefits, and an enhanced gainshare program. The USWA represents about 1,500 clerical workers on CPR.

"The settlement is commensurate with the pattern that has been established in the Canadian rail industry," said Rob Ritchie, CPR President and Chief Executive Officer. "The enhanced gainshare feature recognizes the value of the contribution employees can make to delivering customer-focused service and operating efficiently."

Don Bujold, Department Head, USWA, said: "The settlement provides our members with significant pension improvements and an opportunity to increase annual earnings through the pay-for-performance gainshare program."

CPR provides rail and intermodal freight transportation services coast to coast over a 14,000-mile network extending from Montreal to Vancouver, and throughout the U.S. Midwest and Northeast. Serving ports on the east and west coasts, CPR links North America with European and Pacific Rim markets, and is a leading carrier in the intermodal industry. Commercial alliances with other carriers extend CPR's market reach across Mexico, the U.S. and Canada. CPR is a wholly owned subsidiary of Canadian Pacific Limited.

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January 17, 2001


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2001 Brotherhood of Locomotive Engineers