Work Stoppage Saturday Initiated by TCRC, Not by Canadian Pacific

Canadian Pacific Railway Limited (“CP”) said that while the company was still engaged in ongoing negotiations facilitated by federal mediators, the Teamsters Canada Rail Conference (“TCRC”) withdrew its services and issued a news release misrepresenting the status of the talks.

“We are deeply disappointed that, in the final hours before a legal strike or lockout was to potentially occur, the TCRC Negotiating Committee failed to respond to the company’s latest offer that was presented to them by the federal mediators,” said Keith Creel, CP President and Chief Executive Officer. “Instead, the TCRC opted to withdraw their services before the deadline for a strike or lockout could legally take place. The TCRC is well aware of the damage this reckless action will cause to the Canadian supply chain.”

Additionally, prior to the midnight deadline, the TCRC Negotiating Committee issued a news release that completely misrepresented the truth. The release falsely claimed that CP had initiated a lockout. Contrary to the TCRC Negotiating Committee’s claim, the work stoppage was initiated by the TCRC. In reality, it was CP, with the Director General, Federal and Conciliation Services, that remained waiting at the table with the desire to continue bargaining.

This is clearly a failure of the TCRC Negotiating Committee’s responsibility to negotiate in good faith. The company will be reviewing avenues to have this egregious behavior properly addressed.

As a result of the TCRC’s action, CP is executing a safe and structured shutdown of its train operations across Canada and will work closely with customers to wind-down Canadian operations.

TCRC represents approximately 3,000 locomotive engineers, conductors, train and yard workers across Canada.

CP has launched a fact-based information hub with materials about negotiating history and the issues and consequences of a work stoppage. Visit cpr.ca/TCRC2022 to learn more.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR

Contact:

Chris De Bruyn – Managing Director Investor Relations – investor@cpr.ca – (403) 319-3591

Source: Canadian Pacific Railway Limited