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SEAWAY WORKERS RATIFY CONTRACT

Cornwall, Ontario (October 14, 2011) - The St. Lawrence Seaway Management Corporation (SLSMC) is pleased to announce that its unionized employees, members of the Canadian Auto Workers (CAW) union, ratified a three-year labour agreement covering a period extending from April 1, 2011 to March 31, 2014.

The agreement provides for annual wage increases of 2%. However, in the last two years of the contract, the agreement provides for either the negotiated 2% or 50% of the CPI rate, whichever is greater. The contract includes a lump sum payout to discontinue the practice of paying separation and retirement gratuities, and streamlines aspects of the job classification system providing the Corporation with greater flexibility.

Terence Bowles, President and CEO of the SLSMC, congratulated the groups on reaching an agreement. “By working together, we reached a fair settlement that contains our costs and ensures a sustainable future for our organization and our employees. Moreover, our customers can continue to look forward to reliable service in the years ahead” said Bowles.

The St. Lawrence Seaway Management Corporation is a private, not-for-profit corporation, created pursuant to the Canada Marine Act, to operate and maintain the Canadian locks and channels of the St. Lawrence Seaway. Since its inception in 1959, over 2.5 billion tonnes of cargo valued in excess of $375 billion has been transported via the waterway. Today, over 60,000 Canadian jobs are directly or indirectly dependent upon cargo transiting the Seaway. For more information concerning the Seaway, please visit www.greatlakes-seaway.com.