CPR and CAW-TCA Canada reach agreement in principle on three-year contract with freight car and locomotive repair and servicing employees CALGARY, Feb. 17 /PRNewswire-FirstCall/ -- Canadian Pacific Railway (TSX/NYSE: CP) and the CAW-TCA Canada announced today that they have reached agreement in principle to renew collective agreements governing approximately 2,600 employees who maintain and repair locomotives and rail cars. The three-year agreement, which extends to the end of 2007, provides for wage, benefits, work rule and productivity improvements. Details are not available pending ratification. "The manner in which this agreement was negotiated speaks to the positive business relationship that exists between CPR and the CAW-TCA Canada," Rob Ritchie, President and Chief Executive Officer of CPR, said. "We have reached an agreement that delivers value for CPR's shareholders and recognizes the important contribution these employees make to safe and efficient rail operations and reliable service." Tom Murphy, President Local 101 with the CAW - TCA Canada, said the agreement is the first in 18 years that was secured with CPR without the use of third-party assistance. "We are very pleased to see the successful conclusion of this negotiation," Mr. Murphy said. Ratification results will be determined over the next few months. Canadian Pacific Railway is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centres of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into America's heartland from the East and West coasts. Alliances with other carriers extend its market reach throughout the U.S. and into Mexico. Canadian Pacific Logistics Solutions provides logistics and supply chain expertise worldwide. For more information, visit CPR's website at http://www.cpr.ca/. DATASOURCE: Canadian Pacific Railway CONTACT: Media: Len Cocolicchio, Tel.: (403) 319-7591, E-mail: ; Investors: Paul Bell, Vice-President, Investor Relations, (403) 319-3591, E-mail:

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