PSH-Annual-Report

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Annual Report December 31, 2014U.S. GAAP Disclosures (continued)(Stated in United States Dollars)CONDENSED SCHEDULE OF INVESTMENTS (CONTINUED)Shares Description/Name Fair ValuePercentage ofNet AssetsAttributable toall Shareholders (1)Derivative Contracts, continuedTotal Return Swap Contracts, longexposureUnited States:Financial Services $ (981,281) (0.01)%Healthcare:354,939 Zoetis Inc. 976,337 0.01Real Estate Development and Operating (2,418,516) (0.04)Total United States (2,423,460) (0.04)Total Return Swap Contracts, longexposure (2,423,460) (0.04)WarrantsUnited States:Financial Services 53,298,052 0.81Real Estate Development and Operating 57,652,072 0.88Total United States (cost $87,395,460) 110,950,124 1.69Total Warrants (cost $87,395,460) 110,950,124 1.69Total Derivative Contracts (net cost$205,041,825) $ 261,975,309 3.99%72 PERSHING SQUARE HOLDINGS, LTD.
Annual Report Year Ended December 31, 2014U.S. GAAP Disclosures (continued)FINANCIAL HIGHLIGHTSClass PrivateShares Series Non-Restricted 1Class PrivateShares SeriesRestricted 1 Public Shares Blended**10/1/14-12/31/141/1/14-9/30/14Per share operating performanceBeginning net asset value $ 1,095.67 $ 1,095.67 $ 25.00Change in net assets resulting fromoperations:Net investment loss (86.09) (86.09) (0.39)Net gain from investments 448.49 448.49 1.76Net change in net assets resultingfrom operations362.40 362.40 1.37Ending net asset value $ 1,458.07 $ 1,458.07 $ 26.371/1/14-12/31/14Total return prior to incentive fees 39.38% 39.38% 6.54% 48.49%Incentive fees (6.30) (6.30) (1.05) (8.10)Total return after incentive fees 33.08% 33.08% 5.49% 40.39%Ratios to average net assets *Expenses before incentive fees 1.61% 1.61% 0.58%*** 2.24%Incentive fees 5.17 4.97 1.01 5.72Expenses after incentive fees 6.78% 6.58% 1.59% 7.96%Net investment income/(loss) (6.44)% (6.24)% (1.51)% (7.57)%* Ratios are for each class taken as a whole. Private Shares and Public Shares were not outstanding for the entire year and theirper share operating performance and ratios have not been annualized.** The blended rate is presented for a shareholder that was invested in the Company on January 1, 2014 and converted from privateshares to public shares on October 1, 2014.*** The expense ratio would have been higher by 1.86% if the Placing Fees (as discussed in Note 16) were incurred directly by theshareholders in the Company.PERSHING SQUARE HOLDINGS, LTD. 73
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PSH-Annual-Report

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