-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DWumz4f63m8eano52QIfkWBGLXsjw7wm7B6Zke78QaIhy09L49A/+gGaJ+yTpJKf dBdXqnKXu/GmAW5G0M80Eg== 0000950123-10-092375.txt : 20101008 0000950123-10-092375.hdr.sgml : 20101008 20101008171048 ACCESSION NUMBER: 0000950123-10-092375 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20101008 DATE AS OF CHANGE: 20101008 GROUP MEMBERS: PERSHING SQUARE CAPITAL MANAGEMENT, L.P. GROUP MEMBERS: PERSHING SQUARE GP, LLC GROUP MEMBERS: PS MANAGEMENT GP, LLC GROUP MEMBERS: WILLIAM A. ACKMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FORTUNE BRANDS INC CENTRAL INDEX KEY: 0000789073 STANDARD INDUSTRIAL CLASSIFICATION: HEATING EQUIP, EXCEPT ELEC & WARM AIR & PLUMBING FIXTURES [3430] IRS NUMBER: 133295276 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-38979 FILM NUMBER: 101116692 BUSINESS ADDRESS: STREET 1: 520 LAKE COOK ROAD CITY: DEERFIELD STATE: IL ZIP: 60015 BUSINESS PHONE: 8474844400 MAIL ADDRESS: STREET 1: 520 LAKE COOK ROAD CITY: DEERFIELD STATE: IL ZIP: 60015 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN BRANDS INC /DE/ DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pershing Square Capital Management, L.P. CENTRAL INDEX KEY: 0001336528 IRS NUMBER: 383694136 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-813-3700 MAIL ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D 1 c06741sc13d.htm SCHEDULE 13D Schedule 13D

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No.  )*

FORTUNE BRANDS, INC.
(Name of Issuer)
Common Stock, par value $3.125 per share
(Title of Class of Securities)
349631101
(CUSIP Number)
Roy J. Katzovicz, Esq.
Pershing Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, New York 10019
212-813-3700
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
with a copy to:

Robert A. Profusek, Esq.
Peter E. Izanec, Esq.
Jones Day
222 East 41st Street,
New York, New York 10017
212-326-3939

October 4, 2010
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 


 

                     
CUSIP No.
 
349631101 
 

 

           
1   NAMES OF REPORTING PERSONS

Pershing Square Capital Management, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO (See Item 3)
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   - 0 -
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   16,668,636
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   - 0 -
       
WITH 10   SHARED DISPOSITIVE POWER
     
    16,668,636
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  16,668,636
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  10.9%1
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA
1 This calculation is based on 152,358,261 shares of Common Stock, par value $3.125 per share (“Common Stock”), of Fortune Brands, Inc. (the “Issuer”) outstanding as of July 31, 2010 as reported in its quarterly report on Form 10-Q for the quarter ended June 30, 2010 (the “6/30/10 10-Q”).

Page 2 of 11


 

                     
CUSIP No.
 
349631101 
 

 

           
1   NAMES OF REPORTING PERSONS

PS Management GP, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO (See Item 3)
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   16,668,636
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    16,668,636
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  16,668,636
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  10.9%2
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO
2 This calculation is based on 152,358,261 Common Stock outstanding as of July 31, 2010 as reported in the 6/30/10 10-Q.

Page 3 of 11


 

                     
CUSIP No.
 
349631101 
 

 

           
1   NAMES OF REPORTING PERSONS

Pershing Square GP, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO (See Item 3)
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   981,463
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    981,463
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  981,463
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  0.6%3
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA
3 This calculation is based on 152,358,261 Common Stock outstanding as of July 31, 2010 as reported in the 6/30/10 10-Q.

Page 4 of 11


 

                     
CUSIP No.
 
349631101 
 

 

           
1   NAMES OF REPORTING PERSONS

William A. Ackman
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO (See Item 3)
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  U.S.A.
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   16,668,636
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    16,668,636
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  16,668,636
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  10.9%4
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN
4 This calculation is based on 152,358,261 Common Stock outstanding as of July 31, 2010 as reported in the 6/30/10 10-Q.

Page 5 of 11


 

ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Common Stock, par value $3.125 per share (the “Common Stock”), of Fortune Brands, Inc., a Delaware corporation (the “Issuer”). The principal executive offices of the Issuer are located at: 520 Lake Cook Road, Deerfield, Illinois.
As of October 8, 2010, the Reporting Persons (defined below) beneficially owned an aggregate of 16,668,636 shares of Common Stock, representing approximately 10.9% of the outstanding shares of Common Stock of the Issuer. The Reporting Persons also have additional economic exposure to approximately 603,486 notional shares of Common Stock under certain cash-settled total return swaps (“Swaps”), bringing their total aggregate economic exposure to 17,272,122 shares of Common Stock, representing approximately 11.3% of the outstanding shares of Common Stock of the Issuer.
ITEM 2. IDENTITY AND BACKGROUND
(a), (f) This statement is being filed by:
(i)   Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”);
 
(ii)   PS Management GP, LLC, a Delaware limited liability company (“PS Management”);
 
(iii)   Pershing Square GP, LLC, a Delaware limited liability company (“Pershing Square GP”); and
 
(iv)   William A. Ackman, a citizen of the United States of America (together with Pershing Square, PS Management and Pershing Square GP , the “Reporting Persons”).
The Reporting Persons have entered into a joint filing agreement, date as of October 8, 2010, a copy of which is attached hereto as Exhibit 99.1.
(b)
The address of the principal business and principal office of each of the Reporting Persons is 888 Seventh Avenue, 42nd Floor, New York, New York 10019.
(c)
Pershing Square’s principal business is serving as investment advisor to certain affiliated funds.
PS Management’s principal business is serving as the sole general partner of Pershing Square.
Pershing Square GP’s principal business is serving as the sole general partner of Pershing Square, L.P., a Delaware limited partnership (“PS”) and Pershing Square II, L.P., a Delaware limited partnership (“PS II”).

 

Page 6 of 11


 

The principal occupation of William A. Ackman is serving as the Chief Executive Officer of Pershing Square and the managing member of each of PS Management and Pershing Square GP.
(d), (e)
During the last five years, none of the Reporting Persons (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Pershing Square advises the accounts of PS, PS II, Pershing Square International, Ltd., a Cayman Islands exempted company (“Pershing Square International”), Pershing Square Holdco, LLC, a Delaware limited liability company (“PS Holdco”), Pershing Square Holdco A, LLC (“PS Holdco A”), Pershing Square Holdco B, LLC (“PS Holdco B”) and Pershing Square Holdco C, LLC (“PS Holdco C”, together with PS, PS II, Pershing Square International, PS Holdco, PS Holdco C, and PS Holdco B, the “Pershing Square Funds”). Pershing Square purchased for the accounts of the Pershing Square Funds an aggregate of 16,668,636 shares of the Common Stock for total consideration (including brokerage commissions) of $764,757,471 and 603,486 notional shares underlying Swaps. The source of funding for such transactions was derived from the respective capital of the Pershing Square Funds.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons believe that the Issuer’s Common Stock is undervalued and is an attractive investment.
The Reporting Persons expect to engage in discussions with management, the board, other stockholders of the Issuer and other relevant parties concerning the business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans of the Issuer, which discussions may include proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.
The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the board, price levels of shares of the Common Stock, other investment opportunities available to the Reporting Persons, concentration of positions in the portfolios managed by the Reporting Persons, market conditions and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investments in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of the Common Stock or other financial instruments related to the Issuer or selling some or all of their beneficial or economic holdings, engaging in hedging or similar transactions with respect to the securities relating to the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

 

Page 7 of 11


 

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a), (b)
Based upon the Issuer’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2010, there were 152,358,261 shares of the Common Stock outstanding as of July 31, 2010.
Based on the foregoing, the 16,668,636 shares of the Common Stock (the “Subject Shares”) beneficially owned by the Reporting Persons represent approximately 10.9% of the shares of the Common Stock issued and outstanding.
Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of Pershing Square, PS Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of PS and PS II, Pershing Square GP may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the 960,725 shares of the Common Stock held for the account of PS and the 20,738 shares of Common Stock held for the account of PS II. By virtue of William A. Ackman’s position as the Chief Executive Officer of Pershing Square and managing member of each of PS Management and Pershing Square GP, William A. Ackman may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares and, therefore, William A. Ackman may be deemed to be the beneficial owner of the Subject Shares.
The Reporting Persons are responsible for the completeness and accuracy of the information concerning the Reporting Persons contained herein.
As of the date hereof, none of the Reporting Persons own any shares of the Common Stock other than the Subject Shares covered in this Statement.
(c)
Exhibit 99.2, which is incorporated by reference into this Item 5(c) as if restated in full, describes all of the transactions in shares of Common Stock and Swaps that were effected in the past sixty days by the Reporting Persons for the benefit of the Pershing Square Funds. Except as set forth in Exhibit 99.2 attached hereto, within the last 60 days, no reportable transactions were effected by any Reporting Person.

 

Page 8 of 11


 

(d)
No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock covered by this Schedule 13D, except that dividends from, and proceeds from the sale of, the shares of the Common Stock held for the accounts managed by Pershing Square may be delivered to such accounts.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
The Subject Shares are beneficially owned by the Reporting Persons. Furthermore, certain of the Reporting Persons entered into Swaps for the benefit of Pershing Square International on October 7, 2010. Under the terms of the Swaps (i) Pershing Square International will be obligated to pay to the counterparty any negative price performance of the 603,486 notional number of shares of Common Stock subject to the Swap as of the expiration date of such Swap, plus interest at the rates set forth in the applicable contracts, and (ii) the counterparty will be obligated to pay to Pershing Square International any positive price performance of the 603,486 notional number of shares of Common Stock subject to the Swap as of the expiration date of the Swap. Any dividends received by the counterparty on such notional shares of Common Stock during the term of the Swaps will be paid to Pershing Square International. All balances will be cash settled at the expiration date of the Swaps. The Pershing Square Funds’ counterparties for the Swaps and/or other previously purchased and exercised over-the-counter options included entities related to Société Générale and UBS.
The Swaps do not give the Reporting Persons or Pershing Square International direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership of any shares of Common Stock that may be referenced in such contracts or shares of Common Stock or other securities or financial instruments that may be held from time to time by any counterparty to the contracts.
The Pershing Square Funds may, from time to time, enter into and dispose of cash-settled equity swap, option or other derivative transactions with one or more counterparties that are based upon the value of shares of the Common Stock, which transactions may be significant in amount. The profit, loss and/or return on such contracts may be wholly or partially dependent on the market value of the shares of the Common Stock.
Except for the matters described herein, the Reporting Persons do not have any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
     
Exhibit 99.1
  Joint Filing Agreement, dated as of October 8, 2010, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP and William A. Ackman.
 
   
Exhibit 99.2
  Trading data.

 

Page 9 of 11


 

SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
         
Date: October 8, 2010   PERSHING SQUARE CAPITAL MANAGEMENT, L.P.

By:  PS Management GP, LLC,
        its General Partner
 
 
  By:   /s/ William A. Ackman    
    William A. Ackman   
    Managing Member   
 
  PS MANAGEMENT GP, LLC
 
 
  By:   /s/ William A. Ackman    
    William A. Ackman   
    Managing Member   
 
  PERSHING SQUARE GP, LLC
 
 
  By:   /s/ William A. Ackman    
    William A. Ackman   
    Managing Member   
     
  /s/ William A. Ackman    
  William A. Ackman   
     

 

Page 10 of 11


 

         
EXHIBIT INDEX
     
Exhibit   Description
 
   
99.1
  Joint Filing Agreement, dated as of October 8, 2010, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP and William A. Ackman.
 
   
99.2
  Trading data.

 

Page 11 of 11

EX-99.1 2 c06741exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
JOINT FILING AGREEMENT
     In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $3.125 per share, of Fortune Brands, Inc., and that this agreement be included as an Exhibit 99.1 to such joint filing. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.
[Signature Page Follows]

 


 

     IN WITNESS WHEREOF, each of the undersigned hereby executes this agreement as of this 8th day of October, 2010.
             
    PERSHING SQUARE CAPITAL MANAGEMENT, L.P.    
 
           
 
  By:   PS Management GP, LLC,    
 
      its General Partner    
 
           
 
  By:   /s/ William A. Ackman    
 
     
 
William A. Ackman
   
 
      Managing Member    
 
           
    PS MANAGEMENT GP, LLC    
 
           
 
  By:   /s/ William A. Ackman    
 
     
 
William A. Ackman
   
 
      Managing Member    
 
           
    PERSHING SQUARE GP, LLC    
 
           
 
  By:   /s/ William A. Ackman    
 
     
 
William A. Ackman
   
 
      Managing Member    
 
           
 
          /s/ William A. Ackman    
         
    WILLIAM A. ACKMAN    

 

EX-99.2 3 c06741exv99w2.htm EXHIBIT 99.2 Exhibit 99.2
Exhibit 99.2
TRADING DATA
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square, L.P.
  July 12, 2010   Buy     83,796     $ 40.72       N/A     $ 3,411,990     Common Stock     N/A  
Pershing Square, L.P.
  July 13, 2010   Buy     105,988     $ 41.97       N/A     $ 4,448,144     Common Stock     N/A  
Pershing Square, L.P.
  July 14, 2010   Buy     111,584     $ 41.63       N/A     $ 4,645,544     Common Stock     N/A  
Pershing Square, L.P.
  July 15, 2010   Buy     140,382     $ 41.57       N/A     $ 5,835,636     Common Stock     N/A  
Pershing Square, L.P.
  July 16, 2010   Buy     250,444     $ 40.85       N/A     $ 10,230,325     Common Stock     N/A  
Pershing Square, L.P.
  July 19, 2010   Buy     132,439     $ 40.67       N/A     $ 5,385,784     Common Stock     N/A  
Pershing Square, L.P.
  July 20, 2010   Buy     109,984     $ 40.90       N/A     $ 4,497,800     Common Stock     N/A  
Pershing Square, L.P.
  July 21, 2010   Buy     24,414     $ 41.47       N/A     $ 1,012,562     Common Stock     N/A  
Pershing Square, L.P.
  July 22, 2010   Buy     1,694     $ 42.56       N/A     $ 72,097     Common Stock     N/A  
Pershing Square, L.P.
  August 23, 2010   Sell     1     $ 1,214,400.00       N/A     $ 1,214,400     OTC Put on Call Option   October 4, 2010
Pershing Square, L.P.
  October 4, 2010   Novation     1     $ 1,214,400.00       N/A     $ 1,214,400     OTC Put on Call Option   October 4, 2010
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square II, L.P.
  July 12, 2010   Buy     1,819     $ 40.72       N/A     $ 74,066     Common Stock     N/A  
Pershing Square II, L.P.
  July 13, 2010   Buy     2,311     $ 41.97       N/A     $ 96,989     Common Stock     N/A  
Pershing Square II, L.P.
  July 14, 2010   Buy     2,389     $ 41.63       N/A     $ 99,460     Common Stock     N/A  
Pershing Square II, L.P.
  July 15, 2010   Buy     3,050     $ 41.57       N/A     $ 126,788     Common Stock     N/A  
Pershing Square II, L.P.
  July 16, 2010   Buy     5,357     $ 40.85       N/A     $ 218,827     Common Stock     N/A  
Pershing Square II, L.P.
  July 19, 2010   Buy     2,883     $ 40.67       N/A     $ 117,240     Common Stock     N/A  
Pershing Square II, L.P.
  July 20, 2010   Buy     2,358     $ 40.90       N/A     $ 96,432     Common Stock     N/A  
Pershing Square II, L.P.
  July 21, 2010   Buy     523     $ 41.47       N/A     $ 21,691     Common Stock     N/A  
Pershing Square II, L.P.
  July 22, 2010   Buy     48     $ 42.56       N/A     $ 2,043     Common Stock     N/A  
Pershing Square II, L.P.
  August 23, 2010   Sell     1     $ 24,000.00       N/A     $ 24,000     OTC Put on Call Option   October 4, 2010
Pershing Square II, L.P.
  October 4, 2010   Novation     1     $ 24,000.00       N/A     $ 24,000     OTC Put on Call Option   October 4, 2010
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square International, Ltd.
  July 12, 2010   Buy     143,675     $ 40.72       N/A     $ 5,850,133     Common Stock     N/A  
Pershing Square International, Ltd.
  July 13, 2010   Buy     181,726     $ 41.97       N/A     $ 7,626,744     Common Stock     N/A  
Pershing Square International, Ltd.
  July 14, 2010   Buy     191,255     $ 41.63       N/A     $ 7,962,464     Common Stock     N/A  
Pershing Square International, Ltd.
  July 15, 2010   Buy     240,361     $ 41.57       N/A     $ 9,991,733     Common Stock     N/A  
Pershing Square International, Ltd.
  July 16, 2010   Buy     428,888     $ 40.85       N/A     $ 17,519,540     Common Stock     N/A  
Pershing Square International, Ltd.
  July 19, 2010   Buy     226,883     $ 40.67       N/A     $ 9,226,457     Common Stock     N/A  
Pershing Square International, Ltd.
  July 20, 2010   Buy     188,358     $ 40.90       N/A     $ 7,702,910     Common Stock     N/A  
Pershing Square International, Ltd.
  July 21, 2010   Buy     41,821     $ 41.47       N/A     $ 1,734,511     Common Stock     N/A  
Pershing Square International, Ltd.
  July 22, 2010   Buy     2,909     $ 42.56       N/A     $ 123,807     Common Stock     N/A  
Pershing Square International, Ltd.
  August 23, 2010   Sell     1     $ 2,761,600.00       N/A     $ 2,761,600     OTC Put on Call Option   October 4, 2010
Pershing Square International, Ltd.
  October 4, 2010   Novation     1     $ 2,761,600.00       N/A     $ 2,761,600     OTC Put on Call Option   October 4, 2010
Pershing Square International, Ltd.
  October 7, 2010   Buy     603,486     $ 50.30       N/A       N/A     Cash-Settled Total Return Swap   October 9, 2012
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square Holdco, LLC
  July 21, 2010   Buy     364,168     $ 41.47       N/A     $ 15,103,740     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 22, 2010   Buy     227,721     $ 42.56       N/A     $ 9,691,789     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 23, 2010   Buy     364,806     $ 43.56       N/A     $ 15,890,465     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 26, 2010   Buy     190,754     $ 44.18       N/A     $ 8,426,981     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 27, 2010   Buy     268,328     $ 43.99       N/A     $ 11,805,075     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 28, 2010   Buy     345,518     $ 43.47       N/A     $ 15,018,242     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 29, 2010   Buy     460,486     $ 43.41       N/A     $ 19,991,341     Common Stock     N/A  
Pershing Square Holdco, LLC
  July 30, 2010   Buy     567,740     $ 43.49       N/A     $ 24,692,066     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 2, 2010   Buy     276,686     $ 44.79       N/A     $ 12,391,535     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 3, 2010   Buy     319,888     $ 44.44       N/A     $ 14,217,186     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 4, 2010   Buy     195,970     $ 44.91       N/A     $ 8,800,352     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 5, 2010   Buy     96,055     $ 45.05       N/A     $ 4,327,258     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 6, 2010   Buy     204,082     $ 44.88       N/A     $ 9,159,575     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 9, 2010   Buy     65,088     $ 45.63       N/A     $ 2,970,265     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 10, 2010   Buy     134,256     $ 45.70       N/A     $ 6,135,813     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 11, 2010   Buy     354,061     $ 44.85       N/A     $ 15,879,369     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 12, 2010   Buy     168,464     $ 44.18       N/A     $ 7,443,238     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 13, 2010   Buy     217,839     $ 44.46       N/A     $ 9,684,875     Common Stock     N/A  
Pershing Square Holdco, LLC
  August 16, 2010   Buy     16,306     $ 43.98       N/A     $ 717,068     Common Stock     N/A  
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square Holdco A, LLC
  October 4, 2010   Buy     217,111     $ 49.37       N/A     $ 10,718,987     Common Stock     N/A  
Pershing Square Holdco A, LLC
  October 5, 2010   Buy     430,309     $ 50.82       N/A     $ 21,869,240     Common Stock     N/A  
Pershing Square Holdco A, LLC
  October 6, 2010   Buy     55,661     $ 50.85       N/A     $ 2,830,240     Common Stock     N/A  
Pershing Square Holdco A, LLC
  October 4, 2010   Novation     1     $ 1,214,400.00       N/A     $ 1,214,400     OTC Put on Call Option   October 4, 2010
Pershing Square Holdco A, LLC
  October 4, 2010   Novation     1     $ 24,000.00       N/A     $ 24,000     OTC Put on Call Option   October 4, 2010
Pershing Square Holdco A, LLC
  October 4, 2010   Buy     2,631,600 *   $ 25.58     $ 23.50     $ 67,309,485     Stock-Settled OTC Call Option   January 3, 2011
Pershing Square Holdco A, LLC
  October 7, 2010   Buy     2,631,600     $ 22.99 **     N/A     $ 60,512,297     Common Stock     N/A  

 

 


 

                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square Holdco B, LLC
  October 4, 2010   Novation     0.5     $ 2,761,600.00       N/A     $ 1,380,800     OTC Put on Call Option   October 4, 2010
Pershing Square Holdco B, LLC
  October 4, 2010   Buy     2,934,200 *   $ 25.58     $ 23.50     $ 75,049,207     Stock-Settled OTC Call Option   January 3, 2011
Pershing Square Holdco B, LLC
  October 7, 2010   Buy     2,934,200     $ 22.99 **     N/A     $ 67,470,429     Common Stock     N/A  
                                                                 
                    No. of Shares             Strike                     Expiration  
Name   Trade Date     Buy/Sell     / Quantity     Unit Cost     Price     Trade Amount     Security     Date  
Pershing Square Holdco C, LLC
  October 4, 2010   Novation     0.5     $ 2,761,600.00       N/A     $ 1,380,800     OTC Put on Call Option   October 4, 2010
Pershing Square Holdco C, LLC
  October 4, 2010   Buy     2,934,200 *   $ 25.58     $ 23.50     $ 75,049,207     Stock-Settled OTC Call Option   January 3, 2011
Pershing Square Holdco C, LLC
  October 7, 2010   Buy     2,934,200     $ 22.99 **     N/A     $ 67,470,429     Common Stock     N/A  
 
     
*  
Represents assignment of the August 23, 2010 Put on Call Options.
 
**  
Option exercise price net of early exercise payment of $4,296,844 in total for Pershing Square Holdco A — C, LLC.

 

 

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