Pershing Square Statement on Strong Endorsement from Canadian Pension Plan Investment Board

William A. Ackman of Pershing Square Capital Management, L.P. today issued the following statement regarding the Canadian Pension Plan Investment Board's (CPPIB) 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

upcoming annual general meeting of shareholders to be held on May 17th. "We are grateful for the support of CPPIB, one of Canada's largest and most respected pension investors. Their support, along with the strong support we've received from others in recent weeks, makes it clear that our fellow shareholders are ready for change and believe in our goal of returning Canadian Pacific to its historic position as a leader in the industry," said William A. Ackman, CEO of Pershing Square. CPPIB stated: "We have assessed the cases put forward by CP and Pershing Square and have concluded that change is necessary at CP. This view is supported by both operational and financial measures of performance which have significantly underperformed peers over a prolonged period of time, resulting in shareholder returns that have lagged the company's closest peers. Although CP appears to have made some recent progress towards improving its operations, we believe that Pershing's proposals for change provide the greatest likelihood for long-term sustainable improvement. We believe that our vote for only the dissident nominees is the best way to ensure that these directors are elected and that constructive change occurs." If you have not already done so, please vote the BLUE proxy or voting instruction form today. A vote FOR all seven of the Nominees for Management Change, and WITHHOLD against all 15 incumbent directors, will have the greatest impact. As the meeting is quickly approaching, we encourage you to vote your shares by Internet or by telephone, by following the instructions set out in the BLUE proxy or voting instruction form. Shareholders are reminded that they may still submit a BLUE proxy or voting instruction form even if they have previously voted on management's white form of proxy or voting instruction form. A properly completed BLUE form of proxy or voting instruction form will override and supersede any earlier form of proxy or voting instruction submitted by you in respect of the meeting.