Canadian Pacific Urges Holders to Vote for Director Nominees

Canadian Pacific

today sent the following letter to shareholders: April 26, 2012 Dear Fellow Shareholder: You face a critical decision about the future of your company at Canadian Pacific's annual meeting of shareholders on May 17, 2012: * You can vote for the continued success of CP's value-enhancing Multi-Year Plan, approved by the Board and being executed by a CEO and management team held accountable by the CP director nominees or; * Delay and disrupt the CP Plan by diluting the Board with the dissident Pershing Square nominees who have offered no credible alternative. We strongly recommend you vote FOR the CP director nominees - highly qualified business leaders who are serving the best interests of ALL CP shareholders and Pershing Square CEO, William Ackman.