X0306 4 2016-09-06 1 0000016875 CANADIAN PACIFIC RAILWAY LTD/CN CP 0001336528 Pershing Square Capital Management, L.P. 888 SEVENTH AVENUE 42ND FLOOR NEW YORK NY 10019 0 0 0 1 See footnote (3). 0001336477 PS Management GP, LLC 888 SEVENTH AVENUE 42ND FLOOR NEW YORK NY 10019 0 0 0 1 See footnote (3). 0001056513 ACKMAN WILLIAM A 888 SEVENTH AVENUE 42ND FLOOR NEW YORK NY 10019 0 0 0 1 See footnote (3). (1) In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square. PS Management is the general partner of Pershing Square, and Mr. Ackman is the Chief Executive Officer of Pershing Square and managing member of PS Management. (2) Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds"). (3) This Form 4 is being filed because Mr. Ackman ceased to be a member of the board of directors of the Issuer (and accordingly the other Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC ceased to be directors by deputization of the Issuer), effective as of September 6, 2016. Pershing Square Capital Management, L.P., By: PS Management GP, LLC, its General Partner, By: /s/ William A. Ackman, Managing Member 2016-09-07 PS Management GP, LLC, By: /s/ William A. Ackman, Managing Member 2016-09-07 /s/ William A. Ackman 2016-09-07