Canadian Pacific Railway Ltd (CP): Bill Ackman Unloads 4.10 Mln Shares

Page 2 of 7 – SEC Filing

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CUSIP No. 13645T100		Page 2 of 7 Pages

1		NAME OF REPORTING PERSON Pershing Square Capital Management, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)  ¨        (b)  ¨
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (See Item 3)
5		CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH				7		SOLE VOTING POWER 0
				8		SHARED VOTING POWER 9,840,890
				9		SOLE DISPOSITIVE POWER 0
				10		SHARED DISPOSITIVE POWER 9,840,890
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,840,890
12		CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4% (1)
14		TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA

(1)	This calculation is based on 153,059,426 common shares, no par value (Common Shares), of Canadian Pacific Railway Limited (the Issuer) outstanding as of April 18, 2016 as reported in the Quarterly Report on Form 10-Q, filed by the Issuer on April 20, 2016 (the 10-Q).

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