03 Aug 2016 Pershing Square Holdings Announces Sale of Canadian Pacific Stock ( Portfolio )

“Canadian Pacific has completed an incredible transformation since our initial investment in 2011,” said
Bill Ackman, CEO of Pershing Square. “Hunter Harrison and Keith Creel have restored to greatness one
of North America’s top railroads and have set the company on the path to continued success,” Mr.
Ackman continued.

Mr. Ackman intends to continue to serve on Canadian Pacific’s board of directors until the next annual
meeting. Pershing Square intends to use the proceeds of the sale to fund one or more new investments.