Pershing Square Capital Annual Presentation To Shareholders [SLIDES] full pdf below

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On December 31, 2012, we launched a new private fund, Pershing Square Holdings, Ltd. (“PSH”). PSH launched with approximately $2.2B on December 31, 2012. Private fund NAV prior to IPO on September 30, 2014 had grown to $3.1B largely through capital appreciation. An additional $212mm of investor capital rolled over from Pershing Square International, Ltd. to PSH at the time of the IPO.Pershing Square employees invested $129m in the IPO. The PSH IPO priced on October 1, 2014 raising $2.8B. PSH began trading on Euronext Amsterdam on October 13, 2014

Pershing Square

See full Presentation below.