Mr. Bill Ackman of Pershing Square reports

PERSHING SQUARE DISCLOSES CANADIAN PACIFIC TRADING PLAN

Pershing Square Capital Management LP plans to sell up to seven million common shares of Canadian Pacific Railway Ltd. Pershing Square plans to limit these sales to unsolicited broker transactions on the New York Stock Exchange and the Toronto Stock Exchange in amounts that will not exceed 10 per cent of the combined NYSE and TSX volume for the CP common shares on any day of trading. The sales will begin on or after June 10, 2013, and will likely be completed over the next six to 12 months.

Pershing Square chief executive officer, Bill Ackman, said: "Thanks to Hunter Harrison's and the CP team's performance over the last nearly one year, Canadian Pacific's share price has more than tripled since we first invested in CP. As a result, our stake in CP has grown to approximately 26 per cent of the combined assets of our funds. Given that increased concentration, portfolio management considerations have driven our decision to trim our holdings. Even after these sales, we expect to remain CP's largest shareholder and for CP to remain one of our largest investments."

Pershing Square's representatives, Mr. Ackman and Paul Hilal, will continue to serve on the company's board of directors. They were elected to the board in May, 2012, after nominating a slate of directors as part of a proxy contest. Shortly thereafter, the company appointed rail industry veteran Mr. Harrison as its chief executive officer.

"We can't overstate our appreciation for Canadian Pacific's employees and the important contributions of our fellow board members," said Mr. Hilal. Under Canadian rules, Pershing Square will make filings within three days following sale transactions, disclosing the price and number of shares sold. Pershing Square reserves the right to change the plans described herein at any time, but if it changes these plans, it intends to announce the change promptly.

About Pershing Square Capital Management

Pershing Square Capital Management, based in New York, is a U.S. Securities and Exchange Commission-registered investment adviser to private investment funds. Pershing Square manages funds that are in the business of trading -- buying and selling -- securities and other financial instruments. Funds managed by Pershing Square have long positions in CP common shares. Pershing Square may increase, decrease, dispose of or change the form of its investment in CP for any or no reason, at any time.

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