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CN proposes binding arbitration to reach contract settlement after train conductors’ union in Canada narrowly fails to ratify second tentative labour agreement

March 20, 2014

MONTREAL, March 20, 2014 /PRNewswire/ – CN (TSX: CNR) (NYSE: CNI) said
today it has proposed binding arbitration to reach a contract
settlement with the Teamsters Canada Rail Conference – Conductors,
Trainpersons and Yardpersons (TCRC-CTY) after the union advised that
the tentative labour agreement negotiated with CN on Feb. 5, 2014,
failed to ratify. This is the second tentative contract that the
TCRC-CTY has not ratified this year.

The TCRC-CTY represents approximately 3,000 CN train conductors,
trainpersons, yardpersons and traffic coordinators on CN’s network in
Canada.

Claude Mongeau, CN president and chief executive officer, said: “We are
disappointed that our tentative agreement with the TCRC-CTY narrowly
failed ratification following extensive negotiations with the union’s
bargaining committee.

“CN today tabled an offer to the TCRC-CTY to settle all unresolved
contract issues through final binding arbitration to allow the parties
to move forward without the prospect of labour disruption. The union is
now studying our proposal, and we have requested the TCRC-CTY respond
to our offer by close of business tomorrow, March 21. We hope the union
will accept it in the current circumstances, given that CN’s recovery
from extraordinary winter weather that hampered operations is in its
early stages. A labour dispute now would ill serve CN’s customers, the
Canadian economy or the Company’s employees.”

CN (TSX: CNR) (NYSE: CNI) is a true backbone of the economy,
transporting approximately C$250 billion worth of goods annually for a
wide range of business sectors, ranging from resource products to
manufactured products to consumer goods, across a rail network spanning
Canada and mid-America. CN – Canadian National Railway Company, along
with its operating railway subsidiaries — serves the cities and ports
of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and
Mobile, Ala., and the metropolitan areas of Toronto, Edmonton,
Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior,
Wis., and Jackson, Miss., with connections to all points in North
America. For more information on CN, visit the company’s website at www.cn.ca.

Forward-Looking Statements

Certain information included in this news release is “forward-looking
statements” within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and under Canadian securities laws. CN
cautions that, by their nature, these forward-looking statements
involve risks, uncertainties and assumptions. The Company cautions that
its assumptions may not materialize and that current economic
conditions render such assumptions, although reasonable at the time
they were made, subject to greater uncertainty. Such forward-looking
statements are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors which may cause the
actual results or performance of the Company or the rail industry to be
materially different from the outlook or any future results or
performance implied by such statements.

Important risk factors that could affect the forward-looking statements
include, but are not limited to, the effects of general economic and
business conditions, industry competition, inflation, currency and
interest rate fluctuations, changes in fuel prices, legislative and/or
regulatory developments, compliance with environmental laws and
regulations, actions by regulators, various events which could disrupt
operations, including natural events such as severe weather, droughts,
floods and earthquakes, labor negotiations and disruptions,
environmental claims, uncertainties of investigations, proceedings or
other types of claims and litigation, risks and liabilities arising
from derailments, and other risks detailed from time to time in reports
filed by CN with securities regulators in Canada and the United States.
Reference should be made to “Management’s Discussion and Analysis” in
CN’s annual and interim reports, Annual Information Form and Form 40-F
filed with Canadian and U.S. securities regulators, available on CN’s
website, for a summary of major risks.

CN assumes no obligation to update or revise forward-looking statements
to reflect future events, changes in circumstances, or changes in
beliefs, unless required by applicable Canadian securities laws. In the
event CN does update any forward-looking statement, no inference should
be made that CN will make additional updates with respect to that
statement, related matters, or any other forward-looking statement.

SOURCE CN


Source: PR Newswire



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