Pershing Square Activist Presentation Deck
2019 Corporate Actions: Share Buyback Programs
Over the course of 2019, PSH instituted share buyback programs
totaling $300 million
2019 Share Buyback
Programs
Jun. 19, 2019 to Feb. 4, 2020
$ Shares Repurchased
Number of Shares Repurchased
1
as % of Public Shares Outstanding ¹
Average Purchase Price / Share
Average Discount to NAV
Return on Investment
$224 million
11.9 million
5.5%
$18.84
28.0%
38.9%
Cumulative Shares
Repurchased Since Inception
May 2, 2017 to Feb. 4, 2020
$601 million
39.6 million
10
16.5%
$15.17
23.6%
30.9%
The combined $601 million of PSH share buybacks and $540 million of cumulative share
purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO.
Today, PSCM affiliates own approximately 21.9% of PSH on a fully diluted basis
(1) Reflects Public Shares outstanding as of June 19, 2019 for 2019 Share Buyback Programs and Public Shares outstanding as of May 2, 2017 for cumulative shares
repurchased since inceptionView entire presentation