Pershing Square Holdings Ltd

Fund Information / Factsheet • Jul 2, 2019

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Gross Performance	June	YTD 2019
	8.1%	46.0%
Net Performance	8.0%	45.3%
NAV/Share (in USD)	\$24.92
NAV/Share (in GBP)	£19.63

Number of Positions (2)
Long	9
Short	0
Total	0

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to certain limitations. Any positive impact on performance due to these share buybacks is reflected herein. Performance data and other information contained herein are estimated and unaudited. Performance is based on the specific period, including any and all dividends paid by the Company, calculated from the beginning of such period. (2) Reflects the number of positions in which the Company has previously publicly disclosed an investment, which occurs after the Company has completed its accumulation. Cash, cash equivalents, direct or indirect currency or other hedges and incomelexpense items are excluded. Multiple financial instruments (for example, common stock and derivatives on common stock) associated with one (1) issuer count as one (1) position that is included in the number of positions will be removed from the table only if the investment becomes 0.0% of the portfolio.

(3) For the purpose of determining the equity and debt exposures, investments are valued as follows: (a) equity or debt is valued at market value, (b) options referencing equity or debt are valued at market value, (c) long call options (or viceversa, short call options and long put options) held on the same underlying issuer and with the same expiry are grouped together and treated as synthetic equity positions, and are value of the equivalent long equity position (or vice-versa, the equivalent short equity position), and (d) swaps or forwards referencing equity or debt are valued at the market value of the notional equity or debt underlying the swaps or forwards. Whether a position is deemed to be long or short is determined by whether an investment has positive exposure to price increases or decreases. For example, long puts are deemed to be short exposure.

(4) Includes all issuer equity, debt, and derivatives related to issuer equity and associated currency hedges. Cash, cash equivalents, direct or indirect currency or other hedges and incomelexpense items are associated currency hedges are included as part of the associated investment. In the event that there is a category with respect to any non-publicly disclosed position, this information is not position is publicly disclosed.

(5) Portfolio composition is reflective of the publicly disclosed portfolio positions as of this report. A position in an issuer is only assigned to a sector once it has been publicly disclosed.

(6) "Pershing Square Holdings, Ltd. AUM" equals the assets under management of Pershing Square Holdings, Ltd. Any performance fees crystallized as of the end of the year will be reflected in the following period's AUM.

(7) "Total Strategy AUM" equals the agregate assets under management of Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the "Core Funds"). Redemptions of the end of any period (including redemptions attributable to crystallized performance fees/allocations, if any) will be reflected in the following period's AUM. (8) "Total Firm AUM" is the aggregate of Total Strategy AUM and the assets under management of Pershing Square VI Master, L.P. which operates as a co-investing primarily in securities of (or otherwise seeking to be exposed to the value of securities issued by) Automatic Data Processing, Inc. ("PSVI") without double counting investments by any Core Fund in PSVI.

Note: Each Public Share in the Company carries at all times one vote per share. The total voting rights in the Company ("Total Voting Rights") may vary over time given the capital and voting structure of the Company. As of June 30, 2019, Total Voting Rights were 443,561,970. There are 216,197,854 Public Shares, 4,754,338 Management Shares and 1 Special Votec of outstanding (the share classes have 1 votes and 22,224,547 votes per share, respectively). In connection with the payment of a dividend on June 21, 2019, the high water mark per share has been adjusted to \$26.15.

Under the Dutch Financial Supervision Act (Wet op het financieel toezicht), anyone who, directly, acquires of shares in the Company and holds voting rights reaching or falling below certain thresholds (including 3%, 5% and 10%) of the Total Voting Rights is required to notherlands Authority for the Financial Markets (Stichting Autoriteit Financële Markten).

In addition, under the Company's Articles of Incorporation, a person is required to notify the Company of the Public Shares it holds or is deemed to hold (through s direct or indirect holding of financial instruments) if this number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.75% or 5% of the total number of outstanding Public Shares.

As of the date of the Public Shares, the total offset amount, which is part of the performance fee calculation, was \$120M. As of June 30, 2019, the offset amount was reduced by approximately \$19.2M to \$100.8M. The performance fee that may be charged from time on fee-bearing shares equals 16% of NAV appreciation minus the "additional reduction." The additional reduction is equal to 20% of the aggregate performance allocations/fees earned by the investment manager on the funds managed by the investment manager plus any amount of additional reduction carried forward from the previous period (\$3.1M as of June 30, 2019), and is calculated after giving effect to the offset amount offeets the additional reduction until it is fully reduced to zero. As of the placing, the total offset amount was set by reference to the sum of the fees and other costs of the placing and admission of the Public Shares, as well as commissions and other formation and offering expenses prior to admission that had been borne by the investment management agreement agreement between PSH and the investment manager was amended on December 1, 2016 to remove any accretion in the offset amount.

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) is an investment holding company structured as a closed-end fund that makes concentrated investments principally in North American companies.

Contacts

Source: Pershing Square Holdings, Ltd.

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