William Ackman and Hunter Harrison - Date/Photographer unknown.

22 March 2012

Pershing Square Responds to Canadian Pacific Proxy Circular Filing

New York New York USA - Pershing Square Capital Management, L.P. issued the following statement in response to the management information circular filed today by Canadian Pacific Railway Limited in respect of its annual meeting of shareholders to be held on 17 May 2012:
 
"Over recent weeks, CP's management and directors have held several dozen meetings with our fellow shareholders. They have also met most of the investment research analysts covering the company, and had full access to the reports those analysts have published. Nevertheless, this filing makes clear that this Board still does not understand the fundamental Board and management changes that the overwhelming majority of CP's shareholders require, and that the investment research community has called for. Fortunately, our opportunity to restructure this Board and reset its culture is now only weeks away. Our upcoming proxy filing will maintain focus on the relevant issues, and keep us on that path. We look forward to May 17th."