Download Bill Ackman's Presentation on Ratings Agencies PDF

TitleBill Ackman's Presentation on Ratings Agencies
TagsSecurities (Finance) Bonds (Finance) Investor Credit Rating Agency Securitization
File Size135.7 KB
Total Pages12
Document Text Contents
Page 2



The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained in

this presentation are based on publicly available information. Pershing Square recognizes that there may be

confidential information in the possession of the companies discussed in the presentation that could lead

these companies to disagree with Pershing Square’s conclusions. This presentation and the information

contained herein is not a recommendation or solicitation to buy or sell any securities.

The analyses provided may include certain statements, estimates and projections prepared with respect to,

among other things, the historical and anticipated operating performance of the companies, access to capital

markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various

assumptions by Pershing Square concerning anticipated results that are inherently subject to significant

economic, competitive, and other uncertainties and contingencies and have been included solely for

illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of

such statements, estimates or projections or with respect to any other materials herein. Actual results may

vary materially from the estimates and projected results contained herein.

Funds managed by Pershing Square and its affiliates have invested in long and short positions in various

securities and financial instruments. Pershing Square manages funds that are in the business of actively

trading – buying and selling – securities and financial instruments. Pershing Square may currently or in the

future change its position regarding any of the securities it owns. Pershing Square reserves the right to buy,

sell, cover or otherwise change the form of its investment in any company for any reason. Pershing Square

hereby disclaims any duty to provide any updates or changes to the analyses contained here including,

without limitation, the manner or type of any Pershing Square investment.

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