<strong>Annual</strong> <strong>Report</strong> Years Ended December 31, 2014 and December 31, 2013Statement of Comprehensive Income(Stated in United States Dollars)Notes 2014 2013Investment gains and lossesNet gain (loss) on financial assets and liabilities at fairvalue through profit or loss 6 $ 1,404,078,369 $ 297,432,247Net realized gain (loss) on commodity interests (5,483,254) (6,695,736)Net change in unrealized gain (loss) on commodityinterests (net of brokerage commissions of (2014:$777,769, 2013: $403,401)) (1,518,012) (3,332,142)1,397,077,103 287,404,369IncomeDividend income 20,346,366 29,726,267Interest income 12 45,448 34,57520,391,814 29,760,842ExpenseIncentive fees 15 (206,545,813) (38,790,795)Management fees 15 (52,019,094) (33,738,961)Professional fees (20,944,610) (8,797,506)Interest expense 12 (5,845,829) (10,900,406)Other expenses (2,087,341) (472,486)Dividend expense (844,628) (5,591,905)(288,287,315) (98,292,059)Profit before tax and amounts attributable to nonequityand management shareholders 1,129,181,602 218,873,152Withholding tax (dividends) (5,728,408) (8,346,474)Profit for the year attributable to equity, non-equityand management shareholders (4),(5),(6) 1,123,453,194 210,526,678Amounts attributable to non-equity shareholders (4) 754,637,680 203,654,371Amounts attributable to management shareholders (5) 39,041,531 6,872,307Profit for the year attributable to equityshareholders (6) $ 329,773,983 $ -Earnings Per Share (Basic & Diluted)Public Shares (7) $ 5.49Public Shares (Adjusted) (8) $ 1.37Class B Shares $ 0.00All the items in the above statement are derived from continuing operations.There is no other comprehensive income for the years ended 2014 and 2013.(4) Amounts attributable to non-equity shareholders are comprised of the profits earned by all shareholders of Private Shares andVoteCo Shares for the period from January 1, 2014 to September 30, 2014 and January 1, 2013 to December 31, 2013.(5) Amounts attributable to management shareholders are comprised of the profits earned by all shareholders of non-redeemableand redeemable Management Shares for the period from January 1, 2014 to December 31, 2014 and January 1, 2013 toDecember 31, 2013, respectively.(6) Profit attributable to equity shareholders is comprised of the net profits earned by shareholders of Public Shares and Class BShares for the period from October 1, 2014 to December 31, 2014.(7) EPS is calculated using the profit for the year attributable to equity shareholders divided by the weighted average sharesoutstanding over the full year of 2014 as required under IFRS. The weighted average shares outstanding was calculated bytaking the Public Shares outstanding for the period from October 1, 2014 to December 31, 2014 and multiplying by a timeweighting factor of 92/365. The intent of the time weighting factor under IFRS is to improve the comparability between differentreporting periods.(8) Adjusted EPS is calculated using the profit for the year attributable to equity shareholders divided by the weighted averageshares outstanding for the period from October 1, 2014 to December 31, 2014. The Investment Manager believes this numberto be representative of the earnings over the three months ended December 31, 2014.The accompanying notes form an integral part of these financial statements.40 PERSHING SQUARE HOLDINGS, LTD.
<strong>Annual</strong> <strong>Report</strong> Years Ended December 31, 2014 and December 31, 2013Statement of Changes in Net Assets Attributableto Non-Equity Shareholders(Stated in United States Dollars)NotesNet Assets Attributable toall ShareholdersAs at December 31, 2012 $ 2,190,331,122Amounts attributable to all shareholders for the year 210,526,678Issuance of non-equity shares (9) 11 210,714,337Redemption of non-equity shares (11) 11 (238,225,122)As at December 31, 2013 $ 2,373,347,015NotesNet Assets Attributable toNon-Equity andManagement ShareholdersAs at December 31, 2013 $ 2,373,347,015Amounts attributable to non-equity shareholders (4) 754,637,680Amounts attributable to management shareholders (5) 39,041,531Issuance of non-equity shares (9) 11 171,747,500Issuance of management shares (10) 11 128,573,665Redemption of non-equity shares (11) 11 (196,116,049)Conversion out of non-equity and management shares atOctober 1, 2014 (12) 11 (3,127,951,317)Conversion in of management shares at October 1, 2014 (12) 11 83,946,235As at December 31, 2014 $ 227,226,260(9) Issuance of non-equity shares represents subscriptions for Private Shares for the period from January 1, 2014 to September30, 2014 and January 1, 2013 to December 31, 2013.(10) Issuance of management shares represents subscriptions for non-redeemable Management Shares by William A. Ackman, aswell as other members and officers of the Investment Manager on October 1, 2014.(11) Redemption of non-equity shares represents redemptions for Private Shares for the period from January 1, 2014 to June 30,2014 and January 1, 2013 to December 31, 2013.(12) Conversion of non-equity and management shares reflects the conversion of Private Shares, redeemable ManagementShares and VoteCo Shares based on their aggregate net asset values as of September 30, 2014 to Public Shares, nonredeemableManagement Shares and Class B Shares, respectively, in connection with the IPO. Because non-redeemableManagement Shares are classified as financial liabilities under IFRS, rather than equity shares, the Management Shares arerecorded as net assets attributable to management shareholders as of December 31, 2014. See Note 2 for further details.The accompanying notes form an integral part of these financial statements.PERSHING SQUARE HOLDINGS, LTD. 41
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