Pershing Square Capital Management

Pershing Square Holdings, Ltd. (“PSH”, or the “Company”) (LN:PSH) (LN:PSHD) is an investment holding company structured as a closed-ended fund principally engaged in the business of acquiring and holding significant (but generally not controlling) positions in a concentrated number of large capitalization companies. PSH’s objective is to maximize its long-term compound annual rate of growth in intrinsic value per share.

PSH was incorporated with limited liability under the laws of the Bailiwick of Guernsey on February 2, 2012. It commenced operations on December 31, 2012 as a registered open-ended investment scheme, and on October 2, 2014 converted into a registered closed-ended investment scheme. Public Shares of PSH commenced trading on Euronext Amsterdam N.V. on October 13, 2014. On May 2, 2017, PSH’s Public Shares were admitted to the Official List of the UK Listing Authority and commenced trading on the Premium Segment of the Main Market of the London Stock Exchange(“LSE”). PSH delisted from Euronext Amsterdam with effect from 31 January 2025.

PSH has appointed Pershing Square Capital Management, L.P. (“PSCM,” the “Investment Manager” or “Pershing Square”),as its investment manager. PSCM was founded by William A. Ackman on January 1, 2004. The Investment Manager has responsibility, subject to the overall supervision of the Board of Directors, for the investment of PSH’s assets and liabilities in accordance with the investment policy of PSH.

The substantial majority of the Company’s portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed large capitalization North American companies. The Investment Manager generally focuses on high-quality businesses, which it believes have limited downside and that generate predictable, recurring cash flow, and in certain cases seeks to catalyze managerial, operating and governance changes as levers to create substantial, enduring and long-term shareholder value. The Investment Manager aims to manage risks through careful investment selection and portfolio construction, engaging in typically only one to three new core investments each year. The Investment Manager may also engage in hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.

William Albert "Bill" Ackman, born May 11, 1966, in Chappaqua, New York, is an American billionaire hedge fund manager, activist investor, and philanthropist who founded Pershing Square Capital Management in 2004 with $54 million from personal funds and Leucadia National, growing it into a firm managing over $18 billion in assets through concentrated, high-conviction bets on large-cap companies like Wendy's, Canadian Pacific Railway, Chipotle, and Uber, often pushing for management changes and strategic overhauls. Earlier, he co-founded Gotham Partners in 1992 with David Berkowitz after Harvard Business School, achieving strong 1990s returns via small investments and bids like Rockefeller Center before regulatory issues and litigation led to its closure, and he began in finance at Ackman Brothers & Singer arranging real estate deals. Ackman holds a B.A. in economics from Harvard College and an M.B.A. from Harvard Business School; he serves as CEO of Pershing Square, co-trustee of the Pershing Square Foundation (launched 2006 for societal challenges), and is known for public stances on issues like Harvard's handling of protests, with a net worth bolstered by wins like MBIA shorts and General Growth Properties amid the financial crisis.

Automatic Data Processing, Inc

Letters: August 24, 2017, September 7, 2017

Presentation: August 17, 2017, September 5, 2017

Companies with fund stakes involved in activist actions such as 13D filing(s) or proxy campaign(s).