This website contains historical information previously made publicly available by or on behalf of Pershing Square Capital Management, L.P. and certain of its affiliates (collectively “Pershing Square”, “we” or “our”) in connection with the 2012 annual meeting (the “Annual Meeting”) of stockholders of Canadian Pacific Railway Limited (“CP”). The information contained in this website is provided on an “as is” basis and solely as a source of historical information, which is given as of the specific dates or in respect of the specific periods referenced which, in most cases, is no longer current and has been superseded by subsequent information, events or developments.  In fact, since the posting of the information on this website, Pershing Square has divested itself of all securities of CP.  It is possible, however, that there will be developments in the future that cause Pershing Square to re-invest in the securities of CP.  Pershing Square hereby disclaims any duty to provide any updates or changes to its position as it relates to CP and/or the information contained in this website, except as required by and in accordance with applicable laws.

No representation or warranty, express or implied, is made as to the accuracy, currency or completeness of any information contained in this website, whether derived or obtained from filings made with regulatory authorities, from any third party or otherwise. The information contained in this website should not be relied upon as an accurate or complete source of current information or events. As a visitor to this website, you acknowledge and agree that any reliance on or use of this website shall be solely at your own risk, and we are not responsible in any manner for any harm, loss or damage whatsoever arising from your use of this website or the information contained herein. Copies of the various documents and other statements issued by or on behalf of Pershing Square or its principals contained in this website have previously been made publicly available in accordance with applicable U.S. and Canadian corporate and securities laws, and are accessible at and

In addition, this website contains references or links to information published or otherwise made publicly available by the media and other third parties. Pershing Square has not sought or obtained consent from any third party to use any statement or information contained in this website obtained or derived from statements made or published by third parties, and nor has Pershing Square independently verified the accuracy or currency of such information. Any such statements or information should not be viewed as indicating the support of such third party for Pershing Square, the views express herein, or any other information made available in this website, and nor should references or links to such third party information or websites be interpreted as approval or recommendation by us of the services, products or information provided by such third parties. We assume no liability or responsibility for the content, accuracy, currency or appropriateness of the third party links or any material contained on such linked sites.

The information contained in this website is made available exclusively by Pershing Square and not by or on behalf of CP or its affiliates or subsidiaries or any other person. Pershing Square is not an affiliate of CP and neither Pershing Square nor its principals or representatives are authorized to disseminate any information for or on behalf of CP, and nor do we purport to do so.

The statements Pershing Square makes on this website are not investment advice or a recommendation or solicitation to buy or sell any securities. CP shareholders and other investors should conduct their own independent investigation of CP and any other companies to which these statements or communications may be relevant.