Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. operates as a closed-ended, balanced hedge fund under the management of Pershing Square Capital Management, L.P. The fund allocates capital across global public equity and fixed income markets. Its equity investments predominantly target value stocks from a wide array of sectors, while its fixed income portfolio primarily comprises convertible and debt securities. Additionally, the fund leverages derivatives and implements a long/short strategy in constructing its holdings. Its investment performance is benchmarked against both the S&P 500 Index and the HFRX Global Hedge Fund Index. Pershing Square Holdings, Ltd. was established on February 2, 2012, and is based in Guernsey.