Canadian Pacific Comments on Pershing Square Town Hall Meeting; Pershing Square Offers No Concrete Suggestions

Canadian Pacific (NYSE: CP) today issued the following statement in response to Pershing Square Capital Management, L.P.'s town hall meeting for Canadian Pacific shareholders:

"Pershing Square continues to offer no plan or clear timetable to improve CP's operations, or even any concrete suggestions. As part of its evaluation of the demand made by Pershing Square in November 2011 that CP replace its Chief Executive Officer with Hunter Harrison, the Board of Directors took into account the fact that CP's Multi-Year Plan is well underway and producing results, together with Pershing Square's statement that Mr. Harrison has no detailed plan to improve CP's operating performance. Based on the presentation made at today's town hall meeting and the spoken remarks made by Bill Ackman, Chief Executive Officer of Pershing Square, Mr. Harrison and Pershing Square's director nominees, it appears that Pershing Square still has no plan or clear timetable to improve CP's operations.

"In Pershing Square's town hall presentation, Pershing Square made a number of assertions and characterizations supported by hypothetical mathematical examples of the effects of speculated improvements on operating metrics similar to those contained in Pershing Square's November 2, 2011 presentation to the Company. Pershing Square has no plan and has provided no specific actions to support its hypothetical math. Pershing Square continues to plan a proxy contest based on a call to change management which the CP Board believes would cause serious disruption to CP's business and the Multi-Year Plan, which is improving CP's operations.