PERSHING SQUARE CAPITAL MANAGEMENT, L.P.

The advisory firm offers advisory services, including customized services for individual clients. The firm also utilizes strategic advisers, consultants, and other professionals, including members of "expert networks," to provide industry-specific insights, assist in due diligence, make introductions, and contribute to new investment opportunities. The advisory business is affected by legal, tax, and regulatory changes in the financial services industry. Increased regulatory oversight may lead to potential liabilities, legal, compliance, and administrative burdens, potentially diverting the Adviser’s time and resources from portfolio management activities.

The Adviser's investment strategies are not limited to those described in the brochure. The Adviser may offer any advisory services, engage in any investment strategy, and make any investment considered appropriate, subject to each Client’s investment objectives, guidelines, and limitations. The investment strategies are speculative and entail substantial risks, and clients should be prepared to bear a substantial loss of capital. There is no assurance that the investment objectives of any Client will be achieved. The Adviser is a concentrated, research-intensive, fundamental value investor in the public markets. The Funds’ investment objectives are to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk. The Funds’ investment strategy typically involves the purchase by the Funds of large minority positions in high-quality, large-capitalization, growth companies during periods when they have underperformed their potential and/or when they are undervalued. Occasionally, the Funds may purchase controlling positions in companies if the Adviser believes that there is an attractive value proposition.

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