Track maintenance employees ratify contract with Canadian Pacific Railway CALGARY, March 21 /PRNewswire-FirstCall/ -- Canadian Pacific Railway (TSX/NYSE: CP) announced that track maintenance employees have ratified a three-year collective agreement reached with the Teamsters Canada Rail Conference - Maintenance of Way Employees Division. The agreement, which covers approximately 2,500 employees, extends to the end of 2006. It provides for improvements in wages, pensions and benefits, and includes work rule changes that will result in increased productivity. Wage increases are 3 per cent in each of the three years of the agreement. Rob Ritchie, President and Chief Executive Officer of CPR, said: "We are pleased with the progress being made in our contract negotiations. This settlement with our track maintenance employees follows the pattern we have established in our contract settlements. It provides for mutual benefits that deliver value to employees and shareholders and provides for a productive work environment." 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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