PSH-Annual-Report

Annual Report Year Ended December 31, 2014INDEPENDENT AUDITOR’S REPORTTO THE DIRECTORS OF PERSHINGSQUARE HOLDINGS, LTD.We have audited the accompanying financialstatements of Pershing Square Holdings, Ltd. (the“Company”), which comprise the Statement ofFinancial Position as of December 31, 2014, andthe related Statement of Comprehensive Income,Statement of Changes in Net Assets Attributable toNon-Equity Shareholders, Statement of Changesin Equity and Statement of Cash Flows for the yearthen ended, and the related notes to the financialstatements.Management’s Responsibility for the FinancialStatementsManagement is responsible for the preparation andfair presentation of these financial statements inconformity with International Financial ReportingStandards (IFRS). This includes the design,implementation, and maintenance of internalcontrol relevant to the preparation and fairpresentation of financial statements that are free ofmaterial misstatement, whether due to fraud orerror.Auditor’s ResponsibilityOur responsibility is to express an opinion on thesefinancial statements based on our audit. Weconducted our audit in accordance with auditingstandards generally accepted in the United States.Those standards require that we plan and performthe audit to obtain reasonable assurance aboutwhether the financial statements are free ofmaterial misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosuresin the financial statements. The proceduresselected depend on the auditor’s judgment,including the assessment of the risks of materialmisstatement of the financial statements, whetherdue to fraud or error. In making those riskassessments, the auditor considers internal controlrelevant to the Company’s preparation and fairpresentation of the financial statements in order todesign audit procedures that are appropriate in thecircumstances, but not for the purpose ofexpressing an opinion on the effectiveness of theCompany’s internal control. Accordingly, weexpress no such opinion. An audit also includesevaluating the appropriateness of accountingpolicies used and the reasonableness of significantaccounting estimates made by management, aswell as evaluating the overall presentation of thefinancial statements.We believe that the audit evidence we haveobtained is sufficient and appropriate to provide abasis for our audit opinion.OpinionIn our opinion, the financial statements referred toabove present fairly, in all material respects, thefinancial position of Pershing Square Holdings, Ltd.at December 31, 2014, and the results of itsoperations, changes in net assets attributable tonon-equity shareholders and equity, and its cashflows for the year then ended, in conformity withInternational Financial Reporting Standards.Supplementary InformationOur audit was conducted for the purpose offorming an opinion on the financial statements as awhole. The accompanying US GAAP Disclosuresand Certain Regulatory Disclosures are presentedfor the purposes of additional analysis and are nota required part of the financial statements. Suchinformation is the responsibility of managementand was derived from and relates directly to theunderlying accounting and other records used toprepare the financial statements. The informationhas been subjected to the auditing proceduresapplied in the audit of the financial statements andcertain additional procedures, including comparingand reconciling such information directly to theunderlying accounting and other records used toprepare the financial statements or to the financialstatements themselves, and other additionalprocedures in accordance with auditing standardsgenerally accepted in the United States. In ouropinion, the information is fairly stated, in allmaterial respects, in relation to the financialstatements as a whole./s/ Ernst & Young LLPErnst & Young LLPGuernseyMarch 24, 2015PERSHING SQUARE HOLDINGS, LTD. 37