Pershing Square Announces Nominees for Election to the Board of Directors of Canadian Pacific Railway

Pershing Square Capital Management, L.P., today announced its slate of five directors for election to the Board of Canadian Pacific Railway Limited CP at Canadian Pacific's annual meeting of shareholders on May 17, 2012. Pershing Square's nominees, who will be proposed at the annual meeting of Canadian Pacific shareholders, are: Bill Ackman, Gary F. Colter, Paul C. Hilal, Rebecca MacDonald and Dr. Anthony R. Melman. Together they will add the experience and skills required to return Canada's most historic railroad to a position of leadership in the railroad industry.