Pershing Square Statement on Strong Endorsement from Ontario Teachers' Pension Plan

William A. Ackman of Pershing Square Capital Management, L.P. today issued the following statement regarding the Ontario Teachers' Pension Plan's vote to support all seven Nominees for Management Change and to withhold votes from CP's entire slate of incumbent directors at Canadian Pacific Railway Limited's CP upcoming annual general meeting of shareholders to be held on May 17th. "We are honoured by Ontario Teachers' strong expression of support – they voted for all seven Nominees for Management Change, and voted withhold against all fifteen incumbents. This vote, from one of Canada's most important institutions, sends the strongest possible signal that the past has been unacceptable, and that the future must be different. A loud and clear message from shareholders will enable the reconstituted board to put the past behind it, have a fresh start, and work most efficiently and effectively toward our shared goal."