Ackman Demonstrates His Long-Term Commitment to Target
If Elected to Board, Pledges Not to Sell Personal Stake Worth Over
Target's incumbent board members have been criticized for their minimal holdings and significant sales of the company's stock. Over the five years prior to the announcement of Pershing Square's nomination of the Nominees for Shareholder Choice for election at Target's upcoming Annual Meeting of Shareholders, senior management and board members have sold approximately
Mr. Ackman stated, "My personal stake in Pershing Square IV, a fund exclusively invested in Target, is now worth over
Vote Now - Vote Today
The date of Target's Annual Meeting is this coming
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About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P., based in
In connection with Target's 2009 Annual Meeting of Shareholders, Pershing Square Capital Management, L.P. and certain of its affiliates (collectively, "Pershing Square") have filed a definitive proxy statement on Schedule 14A with the Securities and Exchange Commission (the "SEC") containing information about the solicitation of proxies for use at the 2009 Annual Meeting of Shareholders of Target Corporation. The definitive proxy statement and the GOLD proxy card were first disseminated to shareholders of Target Corporation on or about
SHAREHOLDERS OF TARGET ARE URGED TO READ THE PROXY STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. The definitive proxy statement and other relevant documents relating to the solicitation of proxies by Pershing Square are available at no charge on the SEC's website at http://www.sec.gov. Shareholders can also obtain free copies of the definitive proxy statement and other relevant documents at www.TGTtownhall.com or by calling Pershing Square's proxy solicitor,
Pershing Square and certain of its members and employees and
Cautionary Statement Regarding Forward-Looking Statements
This letter contains forward-looking statements. All statements contained in this letter that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of Pershing Square and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Pershing Square does not assume any obligation to update any forward-looking statements contained in this letter.
SOURCE Pershing Square Capital Management, L.P.
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