PSH-Annual-Report

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Annual Report Year Ended December 31, 2014Investment Manager’s ReportHISTORICAL PERFORMANCEPershing Square Holdings, Ltd. Performance vs. the S&P 500PSH Net Return (1,2) S&P 500 (3)2013 9.6% 32.4%2014 40.4% 13.7%2013 - 2014Cumulative (Since Inception) 53.8% 50.4%Compound Annual Return 24.0% 22.7%The table below and the chart on the following page reflect the net performance of Pershing Square, L.P.,the Pershing Square fund with the longest track record, since inception. We present the Pershing Square,L.P. track record using its historical performance fee of 20% and a 10% performance fee. We used a 10%performance fee as it is what we estimate that the performance fee would be once the Offset Amount (asdefined in footnote 2 on page 25) has been paid in full assuming current levels of Company fee-payingassets, and current levels of Pershing Square private funds’ fee-paying assets.Pershing Square, L.P. Performance vs. the S&P 500Net/20% PF (1,5) Net/10% PF (1,6) S&P 500 (3) Delta Net/10% PF to S&P 5002004 42.6% 47.2% 10.9% 36.3%2005 39.9% 44.9% 4.9% 40.0%2006 22.5% 25.4% 15.8% 9.6%2007 22.0% 24.8% 5.5% 19.3%2008 (13.0)% (13.0)% (37.0)% 24.0%2009 40.6% 43.8% 26.5% 17.3%2010 29.7% 33.4% 15.1% 18.3%2011 (1.1)% (1.1)% 2.1% (3.2)%2012 13.3% 14.8% 16.0% (1.2)%2013 9.7% 10.9% 32.4% (21.5)%2014 36.9% 41.5% 13.7% 27.8%2004 - 2014Cumulative (Since Inception) 696.2% 892.1% 132.1% 760.0%Compound Annual Return 20.8% 23.2% 8.0% 15.2%Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal.Please see accompanying footnotes on page 25.10 PERSHING SQUARE HOLDINGS, LTD.
Annual Report Year Ended December 31, 2014Pershing Square, L.P. Performance vs. the S&P 5001000%892.1%900%PSLP Net (20% Performance Fee)(1,5)800%PSLP Net (10% Performance Fee)(1,6)696.2%700%600%S&P 500(3)500%400%300%200%132.1%100%0%-100%1/31/04 12/31/14PUBLIC ACTIVIST INVESTMENTS SINCE INCEPTION (7)Below are all of the companies to date, both long and short, in which Pershing Square has taken a public,active role in seeking to effectuate change.Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal.Please see accompanying footnotes on page 25.PERSHING SQUARE HOLDINGS, LTD. 11
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