Pershing Square Investor Presentation Deck
2020 Corporate Actions: Share Buyback Programs
Over the course of 2020, PSH repurchased $286 million in stock
$ Shares Repurchased
Number of Shares Repurchased
as % of Public Shares Outstanding
Average Purchase Price / Share
Discount to NAV
Discount to Current Share Price
2020 Share Buybacks
2
1
$286 million
13.7 million
6.6%
$20.81
32.0%
44.9%
Cumulative Shares
Repurchased Since Inception
$837 million
50.8 million
21.2%
$16.46
26.5%
56.5%
PSH buybacks and purchases by PSCM affiliates have reduced the free float by 37% ³ since
the IPO. Today, PSCM affiliates own approximately 25% of PSH on a fully diluted basis 4
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(1) Reflects public shares outstanding as of January 1, 2020 for 2020 share buybacks and public shares outstanding as of April 30, 2017 for cumulative shares repurchased
since inception.
(2) PSH:NA share price of $37.80 as of February 16, 2021.
(3) Free float refers to the number of public shares not owned by PSCM affiliates.
(4) As of February 16, 2021. Represents the share ownership of PSH held by William Ackman, Nicholas Botta and other PSCM affiliates, assuming full exercise by their terms
of all option contracts held by such parties referencing PSH shares.View entire presentation