Pershing Square Holdings, Ltd.

Board of Directors

The Board of Pershing Square Holdings, Ltd. (the “Company”) consists of Richard Battey, Nicholas Botta, Bronwyn Curtis, Anne Farlow and Richard Wohanka. Directors other than Mr. Botta, who is President of Pershing Square Capital Management, L.P., the Company’s Investment Manager, are independent. Ms. Farlow is the Chairman of the Board. Ms. Curtis is the Senior Independent Director.

The Board meets regularly throughout the year, at least on a quarterly basis, and maintains regular contact between meetings with the Investment Manager and Elysium Fund Management Limited, the Company’s Administrator. The Directors are kept informed of investments and other matters relevant to the operation of the Company that would be expected to be brought to the Board’s attention.

Anne Farlow

Independent Director, Chairman of the Board, Chairman of the Nomination Committee

Ms Farlow, a Hong Kong resident, has been an independent Director of the Company since 2014 and is an experienced private equity investment professional and non-executive director. Since 2005, she has been an active investor in and non-executive director of various unlisted companies.

From 2000 to 2005, she was a director of Providence Equity Partners in London, and was one of the partners responsible for investing a $2.8 billion fund in telecom and media companies in Europe.

From 1992 to 2000, she was a director of Electra Partners, and was based in London from 1992 to 1996 and Hong Kong from 1996 to 2000. Prior to working in private equity, Ms Farlow worked as a banker for Morgan Stanley in New York, and as a management consultant for Bain and Company in London, Sydney and Jakarta.

Ms Farlow graduated from Cambridge University with a MA in engineering in 1986 and a MEng in chemical engineering in 1987. She obtained an MBA from Harvard Business School in 1991.

Bronwyn Curtis, OBE

Senior Independent Director, Chairman of the Management Engagement Committee

Ms Curtis, a U.K. resident, has been an independent Director of the Company since April 2018. Ms Curtis is a global financial economist who has held senior executive positions in both the financial and media sectors. She currently serves as a non-executive director of a number of institutions including the U.K. Office of Budget Responsibility, JP Morgan Asian Investment Trust, Mercator Media, Australia-United Kingdom Chamber of Commerce, and Scottish American Investment Co.

She has also been a Governor at the London School of Economics. Ms Curtis held several senior positions at HSBC from 2008 to 2012 where she managed the global research operations and portfolio including the economic, fixed income, foreign exchange and equity products. From 1999 to 2006, Ms. Curtis was the Head of European Broadcast at Bloomberg LP, where she was responsible for production and editorial for its 24-hour business and financial news coverage.

Prior to joining Bloomberg, she held positions at Nomura International and Deutsche Bank. Ms Curtis graduated from the London School of Economics with a Masters in Economics in 1974.

Richard Battey

Independent Director, Chairman of the Audit Committee

Mr Battey, a Guernsey resident, has been an independent Director of the Company since 2012 and also serves as a non-executive director of a number of investment companies and funds, of which Princess Private Equity Holding Limited, Better Capital PCC Limited and NB Global Floating Rate Income Fund Limited are listed.

From 2005 to 2006, Mr Battey was Chief Financial Officer of CanArgo Energy Corporation. Mr Battey also worked for the Schroder Group from 1977 to 2005, first in London with J. Henry Schroder Wagg & Co. Limited and Schroder Investment Management, then in Guernsey as finance director and chief operating officer of Schroders (C.I.) Limited, and retired as a director of his last Schroder Group Guernsey company in 2008.

Mr Battey received his Bachelor of Economics from Trent Polytechnic Nottingham in 1973 and is a chartered accountant having qualified with Baker Sutton & Co. in 1977.

Nicholas Botta

Mr Botta, a U.S. resident, has been a Director of the Company since 2012. He is also a director of Pershing Square International, Ltd. Until March 1, 2017, when Mr Botta became President of the Investment Manager, he was the Investment Manager’s Chief Financial Officer.

He also worked as controller and then as Chief Financial Officer of Gotham Partners from 2000 to 2003. From 1997 to 2000, Mr Botta was a senior auditor at Deloitte & Touche in its securities group. He was also a senior accountant from 1995 to 1997 for Richard A. Eisner & Co., LLP.

Mr Botta received his Bachelor of Accounting from Bernard Baruch College in 1996. Mr Botta is a certified public accountant.

Andrew Henton

Independent Director

Mr. Henton, a Guernsey resident, has been an independent director of the Company since September 2020. Mr. Henton has wide board experience of both regulated and non-regulated businesses (including listed funds) in both executive and non-executive capacities. He currently serves as the Chair of the Board of Boussard & Gavaudan Holding Limited, a listed closed-ended investment company. Mr. Henton also currently serves on the Boards of several private entities. He is Chair of the Board of Butterfield Bank Jersey Limited and SW7 Holdings Limited, and serves a member of the Board of Butterfield Bank Guernsey Limited, Longview Partners (Guernsey) Limited, Alpha Life Sciences Investment Fund PCC Limited and ACM Optimal Limited.

Between 2002 and 2011, Mr. Henton held various positions at Close Brothers Group plc, latterly acting as Head of Offshore Businesses. During this time, he led the creation of Close Private Bank, which provided asset management, banking, and administration services to high net worth and institutional clients. Mr. Henton previously spent four years working in HSBC’s Corporate Finance division and three years as a Fund Manager with Baring Private Equity Partners.

He graduated from Oxford University in 1991 and subsequently qualified as a Chartered Accountant with PricewaterhouseCoopers in London, specializing as a corporate tax consultant.

Richard Wohanka

Independent Director, Chairman of the Remuneration Committee

Mr Wohanka, a U.K. resident, has been an independent Director of the Company since April 2018. He currently serves as a non-executive director of BTG, Union Bancaire Privée Japan, Embark Group, and Nuclear Liabilities Fund, and is a trustee of the James Neill Pension Fund and the Pension Super Fund.

He previously served as a non-executive director of Julius Baer International and Old Mutual Global Investors. Mr Wohanka was the Chief Executive Officer at Union Bancaire Privée Asset Management from 2009 to 2012. Prior to that, he was the Chief Executive of Fortis Investments from 2001 to 2009 and Chief Executive of West LB Asset Management from 1998 to 2001.

He joined Baring Asset Management in 1996 and became the Chief Executive Officer of the Institutional and Mutual Fund Division in 1997. He worked at Banque Paribas from 1983 to 1996, where he was the Chief Executive of Paribas Asset Management and a Banque Paribas Board Member from 1993 to 1996, and in the Asset Management division from 1990 to 1993.

He held various positions in Investment Banking from 1983 to 1990. Mr Wohanka was also employed at European Banking Corporation from 1975 to 1983. He graduated from Cambridge University with a BA in History in 1974 and subsequently studied modern economic history at Harvard University as a Kennedy scholar.