Canadian Pacific Comments on Pershing Square Letter to Shareholders

Believes Pershing Square Ignores the Company's Clear Progress CP's Board Has More Relevant and More Extensive Experience than the Pershing Square Nominees Canadian Pacific Railway Limited

today issued the following statement in response to Pershing Square's letter to shareholders: "As evidenced by the Company's last three consecutive quarters of sustained improvement in operating metrics, the CP team continues to successfully drive improvements. Furthermore, CP will confirm expectation-beating financial performance and provide full details for the first quarter on its earnings call on Friday, April 20, 2012. CP is open to listening to ideas from all shareholders and continues to stand by its offer to William Ackman to join the Board. As such, the Company recommends shareholders vote the White universal proxy, which contains all of the Company's nominees, including Mr. Ackman. Unlike the Other Pershing Square Nominees, CP's directors have extensive and relevant experience in railroads, energy, natural resources, food and agriculture, law, government, banking and finance. CP has the right plan, the right management team and the right Board to generate substantial value for shareholders. As the Company's May 17 annual meeting approaches, CP shareholders will have the opportunity to make an informed decision on which candidates have the most relevant experience and are best positioned to oversee the successful execution of the Multi-Year Plan. The Multi-Year Plan is producing record operating metrics and the Board believes that Pershing Square's proposal to replace CP's CEO, Fred Green, with Hunter Harrison would delay and damage CP's value-generating plan, and represents unwarranted risk to shareholder value at a critical time. CP recommends that shareholders vote the White universal proxy today."