Brothers and Sisters,
 
I received the attached a few minutes ago and am passing it on to you. As usual, they are letting us know (almost as an afterthought) just minutes prior to the announcement.
 
 The ESPP was a company initiative and not a negotiated item, though it had been concurred with by the Union(s).  It was, in my opinion, a nice gesture of the company which benefited our membership.  Even while CP stock plummeted, the company paid portion of this plan (for the most part) kept us from losing money on CP shares.
 
They have given us no idea how long the "suspension" is expected to last, but if we receive further details, I will pass them on.
 
Mr. Seeney (the Director of Labour Relations) states that there is a potential saving to the company of $12 million annually by suspending this plan.  Let's hope that this money is earmarked for much needed infrastructure renewal and not for the CEO and Board of Directors (or other upper management) compensation packages.
 
Stay safe, stay strong, stay united,
 
Bill Brehl
President
TCRCMWED
 
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Bill,

An announcement will be made today by Mr. Green at 11:00 Mountain Time regarding the Employee Share Purchase Plan.

I am passing this information along as advance notification in the event you receive any related calls.

Since 2001, CP's Employee Share Purchase Plan (ESPP) has offered employees the opportunity to own a part of our company by purchasing shares.  

The balance of 2009 will be extremely challenging as we continue to experience further volume declines.  While Canadian Pacific is pursuing sustainable adjustments to our long term cost structure, the current headwinds requires CP to dig deeper with immediate cost reductions.  

Among the initiatives to reduce our costs, the company's match to employee ESPP contributions will be suspended, effective March 30th, 2009.  

This step is an extraordinary measure in response to a unique period and will save CP approximately $12 million annually.  

This is just one of the steps that the Company is taking in response to the current economic conditions.

For more information on the ESPP employees may link to Rail City, call Solium directly at 1-877-380-7793, or visit the Solium website at www.solium.com.


Yours truly,

Scott Seeney