PSH-Annual-Report

Annual Report Year Ended December 31, 2014STATEMENT OF DIRECTORS’RESPONSIBILITIES IN RESPECT OF THEFINANCIAL STATEMENTSThe Directors are responsible for preparing theReport of the Directors and the financialstatements in accordance with applicable laws andregulations. The Companies (Guernsey) Law, 2008requires the Directors to prepare financialstatements for each financial year which give atrue and fair view of the state of affairs of theCompany as at the end of the financial year and ofthe profit or loss of the Company for that year. Inpreparing those financial statements, the Directorsare required to: Select suitable accounting policies and thenapply them consistently; Make judgments and estimates that arereasonable and prudent; State whether applicable accounting standardshave been followed, subject to any materialdepartures disclosed and explained in thefinancial statements; and Prepare the financial statements on a goingconcern basis unless it is inappropriate topresume that the Company will continue inbusiness.The Directors are responsible for keeping properaccounting records which disclose with reasonableaccuracy at any time the financial position of theCompany and enable them to ensure that thefinancial statements comply with the Companies(Guernsey) Law, 2008, Protection of Investors(Bailiwick of Guernsey) Law, 1987, therequirements of Euronext Amsterdam, theCompany’s governing documents and theapplicable regulations under Dutch law. They arealso responsible for safeguarding the assets of theCompany and hence for taking reasonable stepsfor the prevention and detection of fraud and otherirregularities.The Directors confirm that they have complied withthe above requirements.DISCLOSURE OF INFORMATION TO THEAUDITORSSo far as each of the Directors is aware, there isno relevant audit information of which theCompany’s auditors are unaware, and each hastaken all the steps he or she ought to have takenas a Director to make himself or herself aware ofany relevant audit information and to establish thatthe Company’s auditors are aware of thatinformation.By order of the Board/s/ Anne Farlow/s/ Richard BatteyAnne FarlowRichard BatteyChairman of the Board DirectorMarch 24, 2015 March 24, 2015PERSHING SQUARE HOLDINGS, LTD. 31