X0202 4 2007-11-26 0 0000940510 BORDERS GROUP INC BGP 0001336528 Pershing Square Capital Management, L.P. 888 SEVENTH AVENUE, 29TH FLOOR NEW YORK NY 10019 0 0 1 0 0001336477 PS Management GP, LLC 888 SEVENTH AVENUE, 29TH FLOOR NEW YORK NY 10019 0 0 1 0 0001336476 Pershing Square GP, LLC 888 SEVENTH AVENUE, 29TH FLOOR NEW YORK NY 10019 0 0 1 0 0001056513 ACKMAN WILLIAM A 888 SEVENTH AVENUE, 29TH FLOOR NEW YORK NY 10019 0 0 1 0 Common Stock 2007-11-26 4 P 0 480000 12.13 A 10555580 I See footnotes (1), (2) and (3) Common Stock 2007-11-27 4 P 0 42300 12.06 A 10597880 I See footnotes (1), (2) and (3) In addition to Pershing Square Capital Management, L.P. ("PS Capital"), this Form 4 is being filed jointly by PS Management GP, LLC ("PS Management"), Pershing Square GP, LLC ("PSGP") and William A. Ackman, each of whom has the same business address as PS Capital and may be deemed to have a pecuniary interest in securities beneficially owned by the investment funds referred to herein. The total amount of 10,597,880 shares represents 5,257,659 shares held for the account of Pershing Square, L.P. ("PSI"), 79,433 shares held for the account of Pershing Square II, L.P. ("PSII") and 5,260,788 shares held for the account of Pershing Square International, Ltd. ("PSIL") (the shares held for the accounts of PSI, PSII and PSIL collectively, the "Subject Shares"), all of which are investment funds for which PS Capital acts as investment adviser or management company and therefore may be deemed the beneficial owner of the Subject Shares. PS Management is the general partner of PS Capital and therefore may be deemed the beneficial owner of the Subject Shares. PSGP is the general partner of PSI and PSII and therefore may be deemed the beneficial owner of the shares held for the accounts of PSI and PSII. (Continued to footnote 3) (Continued from footnote 2) Mr. Ackman is the managing member of PSGP and PS Management and therefore may be deemed the beneficial owner of the Subject Shares. Each of PS Capital, PS Management, PSGP and Ackman disclaims beneficial ownership of the securities reported in this Form 4, except to the extent of its or his pecuniary interest therein, if any. Pershing Square Capital Management, L.P., By: PS Management GP, LLC, its General Partner, By: /s/ William A. Ackman, Managing Member 2007-11-29 PS Management GP, LLC, By: /s/ William A. Ackman, Managing Member 2007-11-29 Pershing Square GP, LLC, By: /s/ William A. Ackman, Managing Member 2007-11-29 /s/ William A. Ackman 2007-11-29