CP

SEC source: 0001662186-16-000004 · wf-form4_147751428797034.xml · derivative · entry 1

Pitz Laird Joseph · CIK 0001662186 · VP & Chief Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,302

Underlying: Common Stock · 10 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent dividend equivalents credited to the reporting person's account, following Canadian Pacific Railway Limited's dividend payment on October 24, 2016.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.underlying_shares: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001684714-16-000002 · wf-form4_147553360314209.xml · derivative · entry 1

Fatt William R. · CIK 0001684714 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92

Underlying: Common Stock · 92 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001628280-16-019896 · wf-form4_147552383471983.xml · derivative · entry 1

PAULL MATTHEW H · CIK 0001179710 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,344

Underlying: Common Stock · 449 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001662233-16-000009 · wf-form4_147552366003616.xml · derivative · entry 1

MacDonald Ubavka Rebecca · CIK 0001662233 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,558

Underlying: Common Stock · 341 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001662240-16-000008 · wf-form4_147552351040736.xml · derivative · entry 1

Baird John Russell · CIK 0001662240 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,808

Underlying: Common Stock · 302 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001662234-16-000010 · wf-form4_147552337101794.xml · derivative · entry 1

Courville Isabelle · CIK 0001662234 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,303

Underlying: Common Stock · 341 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001226011-16-000007 · wf-form4_147552321386199.xml · derivative · entry 1

DENHAM GILLIAN H · CIK 0001226011 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82

Underlying: Common Stock · 82 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001662231-16-000009 · wf-form4_147551648489151.xml · derivative · entry 1

Reardon Andrew Fitzpatrick · CIK 0001662231 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,318

Underlying: Common Stock · 669 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F2 · kind: These DSUs represent payment of the quarterly instalment of the reporting person's annual retainer, which is currently paid 100% in DSUs.

F1 · derivative.exercise_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

F1 · derivative.expiration_date: Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

SEC source: 0001662187-16-000008 · wf-form4_147551574351562.xml · nonDerivative · entry 1

Ellis Jeffrey Jerom · CIK 0001662187 · Chief Legal Officer & Corp Sec

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 170

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0001662190-16-000008 · wf-form4_147551424750792.xml · nonDerivative · entry 1

Wallace Mark Kenneth · CIK 0001662190 · VP Corp Affrs & Chief of Staff

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 576

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0001662185-16-000008 · wf-form4_147551390018536.xml · nonDerivative · entry 1

Redeker Michael John · CIK 0001662185 · VP & Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 794

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0001662189-16-000008 · wf-form4_147551346030722.xml · nonDerivative · entry 1

Edwards Peter John · CIK 0001662189 · VP HR & Labour Relations

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 2,301

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0001662188-16-000009 · wf-form4_147551320867184.xml · nonDerivative · entry 1

Creel Keith Edward · CIK 0001662188 · Director · President & COO

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 1,661

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0001685001-16-000002 · wf-form4_147551296407261.xml · nonDerivative · entry 1

Velani Nadeem · CIK 0001685001 · VP and Interim CFO

10b5-1 filing: Not disclosed

Ownership: Indirect · By ESPP

Disclosed balance after: 216

F1 · kind: Acquired pursuant to Canadian Pacific Railway Limited Employee Share Purchase Plan.

F2 · ownership.nature: Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.

SEC source: 0000899243-16-026420 · doc4.xml · nonDerivative · entry 1

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F1 · ownership.nature: 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 and may be deemed to have a pecuniary interest in any securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: 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").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of any Subject Securities for purposes of Rule 16a-1(a). By virtue of Mr. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, Mr. Ackman may be deemed to be the beneficial owner of any Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: Mr. Ackman, a member of the board of directors of the Issuer, was elected to that board as a representative of Pershing Square, PS Management, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those entities are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.

SEC source: 0000899243-16-018433 · doc4.xml · nonDerivative · entry 1

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,840,890

F1 · ownership.nature: 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 and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: 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").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of Mr. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, Mr. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: Mr. Ackman, a member of the board of directors of the Issuer, was elected to that board as a representative of Pershing Square, PS Management, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those entities are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.