indignant americium: Canadian Pacific Comments on Pershing Square Town Hall ...

CALGARY, Feb. 6, 2012 /PRNewswire via COMTEX/ ?
Notes that Pershing Square Continues to Offer no Plan or Clear Timetable

Canadian Pacific

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/quotes/zigman/23955/quotes/nls/cp CP
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today issued the following statement in response to Pershing Square
Capital Management, L.P.?s town hall meeting for Canadian Pacific
shareholders:

?Pershing Square continues to offer no plan or clear timetable to
improve CP?s operations, or even any concrete suggestions.As part of
its evaluation of the demand made by Pershing Square in November 2011
that CP replace its Chief Executive Officer with Hunter Harrison, the
Board of Directors took into account the fact that CP?s Multi-Year Plan
is well underway and producing results, together with Pershing Square?s
statement that Mr. Harrison has no detailed plan to improve CP?s
operating performance.Based on the presentation made at today?s town
hall meeting and the spoken remarks made by Bill Ackman, Chief
Executive Officer of Pershing Square, Mr. Harrison and Pershing
Square?s director nominees, it appears that Pershing Square still has
no plan or clear timetable to improve CP?s operations.

?In Pershing Square?s town hall presentation, Pershing Square made a
number of assertions and characterizations supported by hypothetical
mathematical examples of the effects of speculated improvements on
operating metrics similar to those contained in Pershing Square?s
November 2, 2011 presentation to the Company.Pershing Square has no
plan and has provided no specific actions to support its hypothetical
math.Pershing Square continues to plan a proxy contest based on a call
to change management which the CP Board believes would cause serious
disruption to CP?s business and the Multi-Year Plan, which is improving
CP?s operations.

?CP?s Multi-Year Plan has been verified and endorsed by the Board to
drive volume growth, increase productivity, expand the network and
control costs.CP?s Board, which was recently strengthened with further
railroad expertise by the appointment of Tony Ingram and Ed Harris,
will continue to hold CP?s President and Chief Executive Officer, Fred
Green, and CP?s senior management, fully accountable for delivering on
the Multi-Year Plan.CP is confident that by aggressively executing
against this plan, the Company can achieve an OR of 70 to 72 per cent
for 2014 and CP will not stop there ? as the Company achieves its
goals, CP will set new targets.?

Morgan Stanley Co. LLC and RBC Capital Markets are serving as CP?s
financial advisors and Paul, Weiss, Rifkind, Wharton Garrison LLP and
Fasken Martineau DuMoulin LLP are serving as CP?s legal advisors.

Note on forward-looking information
This news release contains certain forward-looking statements relating
but not limited to our operations, proposed investments, anticipated
financial performance and business prospects.Undue reliance should not
be placed on forward-looking information as actual results may differ
materially.

By its nature, CP?s forward-looking information involves numerous
assumptions, inherent risks and uncertainties.Forward-looking
statements are not guarantees of future performance.Factors that could
affect forward-looking information include, but are not limited to:
changes in business strategies; general North American and global
economic, credit and business conditions; inflation; currency and
interest rate fluctuations; the availability and price of energy
commodities; the effects of competition and pricing pressures; industry
capacity; shifts in market demand; changes in laws and regulations,
including regulation of rates; changes in taxes and tax rates; actions
by regulators; potential increases in maintenance and operating costs;
uncertainties of litigation; risks and liabilities arising from
derailments; timing of completion of capital and maintenance projects;
currency and interest rate fluctuations; technological changes; and
various events that could disrupt operations, including severe weather
conditions, flooding, earthquakes, labour disputes, risks and
liabilities arising from derailments as well as security threats and
governmental response to them.Other risks are detailed from time to
time in reports filed by CP with securities regulators in Canada and
the United States.Reference should be made to ?Management?s Discussion
and Analysis? in CP?s annual and interim reports, Annual Information
Form and Form 40-F for a summary of major risks.

Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information, whether
as a result of new information, future events or otherwise.

About Canadian Pacific
Canadian Pacific

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/quotes/zigman/23955/quotes/nls/cp CP
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operates a North American
transcontinental railway providing freight transportation services,
logistics solutions and supply chain expertise. Incorporating
best-in-class technology and environmental practices, CP is re-defining
itself as a modern 21st century transportation company built on safety,
service reliability and operational efficiency. Visit cpr.ca and see how Canadian Pacific is Driving the Digital Railway.