Letter to Shareholders in the 2023 Annual Report

Citations · 6

• “Pershing Square Holdings generated strong NAV performance of 26.7% versus 26.3% for our principal benchmark, the S&P 500 index.”

  p#2 · confidence 95%

• “In 2023, our hedges generated 187 basis points (bps) of losses principally due to an energy-related hedge (-108bps) and Japanese interest-rate swaptions (-141bps)”

  p#8 · confidence 95%

• “PSH's 16% annual performance fee will now also be reduced by 20% of any management fees earned from any non-PSH Pershing Square funds that invest in public securities”

  p#47 · confidence 95%

• “Pershing Square has 40 employees. The combination of permanent capital and a concentrated investment approach allows us to operate with substantially fewer employees”

  p#35 · confidence 95%

• “Day One Investors have grown their equity investment at a 16.5% compounded annual rate over the last 20 years, compared with a 10.0% return had they invested in the S&P 500”

  p#1 · confidence 95%

• “Pershing Square SPARC Holdings, Ltd. was finally declared effective by the SEC on September 29, 2023. SPARC has no underwriting fees, shareholder warrants or founder stock”

  p#38 · confidence 95%