More on Ackman’s Stake in Fortune

Dear Client: Activist investor William Ackman has confirmed he purchased a 10.9% stake (or 16,668,636 shares of common stock) in Fortune Brands on behalf of Pershing Square, and said he plans to discuss the future of the business with Fortune's board and management. Ackman is now the company's biggest shareholder. T. Rowe Price Association is the second biggest shareholder at 9.9%.In the filing with the Securities and Exchange Commission, Ackman says he expects "to engage in discussions with management, the