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

NEW YORK, May 11, 2012 /CNW/ - William A. Ackman of Pershing Square Capital Management, L.P. ("Pershing Square") 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 ("Canadian Pacific") (TSX: CP; NYSE: CP) 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.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of Pershing Square and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Pershing Square does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law. Please refer to Pershing Square's proxy circular dated April 4, 2012, which is available at http://www.CPRising.ca, for further information regarding the risks of these statements.

Additional Information

To keep current with all further developments and for information about how to vote your shares and to obtain a copy of Pershing Square's proxy circular and other shareholder communications, please continue to visit http://www.CPRising.ca. If you are a shareholder and have not already done so, please vote your BLUE proxy or voting instruction form FOR all seven Nominees for Management Change, and WITHHOLD from all 15 incumbent directors or vote for up to nine incumbent management nominees. If you have any questions, need assistance in voting your BLUE proxy or voting instruction form or need a BLUE proxy or voting instruction form, please call Pershing Square's proxy solicitor in Canada, Kingsdale Shareholder Services Inc., at 1-866-851-3214 toll-free in North America, or at 1-416-867-2272 outside of North America (collect calls accepted), or Pershing Square's proxy solicitor in the United States, D.F. King & Co., Inc., at 1-800-659-5550 toll-free in North America, or at 1-212-269-5550 outside of North America (collect calls accepted). We also invite you to share your comments by going to the comment section of the CPRising website.

SOURCE Pershing Square Capital Management, L.P.

Jennifer Burner, [phone], [email protected], or Martha Durdin, [phone], [email protected]

http://www.CPRising.ca