(1) Performance results are presented on a net-of-fees basis and reflect the deduction of, among other expenses: management fees, brokerage commissions, administrative fees, and accrued and/or crystallized performance fee, if any. Net performance includes the reinvestment of all dividends, interest, and capital gains. Depending on the timing of a specific investment, net performance for an individual investor may vary from the net performance as stated herein. Performance data and other information contained herein are estimated and unaudited. Net performance is a geometrically linked, time weighted calculation.

(2) Reflects the number of positions in issuers: (a) in which the Company has previously, publicly disclosed an investment, (b) in which the Company has invested more than 5.0% of its AUM (as defined below), or (c) in which the Company has invested more than 1.0% of its AUM and for which it has completed its accumulation strategy. Cash, cash equivalents, direct or indirect currency or other hedges and income/expense items are excluded. Multiple financial instruments (for example, common stock and derivatives on common stock) associated with one (1) issuer will count as one (1) position. A position will be removed from the table only if: (a) the investment is less than 1.0% of the AUM of the Company, and (b) the Company has previously, publicly announced a disposition of the investment, or otherwise becomes 0.0% of the portfolio.

(3) Investments for purposes of valuation are valued as follows: (a) issuer equity or debt is valued at market value, (b) options referencing such issuer equity or debt are valued at market value, and (c) swaps or forwards referencing such issuer equity or debt are valued at the market value of the notional equity or debt underlying the swaps or forwards. Long position is determined by whether an investment has positive exposure to price increases; therefore, long puts count as short exposure.

(4) Includes all issuer equity and debt securities and derivatives related to issuer equity and debt securities and associated currency hedges. Cash, cash equivalents, direct or indirect currency or other hedges and income/expense items are excluded. The market values of associated currency hedges are added to the associated investment. In the event that there is a change in market cap category with respect to any non-publicly disclosed position, this information is not updated until such position is publicly disclosed.

(5) Portfolio composition is reflective of the portfolio positions as of the date of this report, but is not necessarily indicative of the composition of the portfolio in the future which may be significantly different than that shown here. A position in an issuer investment is only assigned to a sector (including the “Undisclosed Position” sector) once it meets the criteria of Footnote 2.

(6) “Pershing Square Holdings, Ltd. AUM” is the assets under management of Pershing Square Holdings, Ltd. Performance fee crystallized as of the end of the year will be reflected in the following period’s AUM.

(7) “Total Strategy AUM” is the aggregate assets under management of Pershing Square, L.P., Pershing Square International, Ltd., Pershing Square II, L.P. and Pershing Square Holdings, Ltd. Redemptions effective as of the end of any period (including redemptions attributable to crystallized performance fee/allocation, if any) will be reflected in the following period’s AUM.

(8) “Total Firm AUM” is the aggregate of the Total Strategy AUM and the assets under management of PS V, L.P., PS V International, Ltd. and affiliated entities (collectively, “PSV”), less amounts invested in PSV by the entities listed above (as applicable).

Note: Each public share in the Company carries at all times one vote per share. The total voting rights in the Company (“Total Voting Rights”) may vary over time given the capital and voting structure of the Company.  As of April 30, 2016, Total Voting Rights were 498,853,519.  There are 240,128,546 Public Shares, 8,500,796 Management Shares and 5,000,000,000 Class B Shares (held by VoteCo) outstanding (the share classes have 1 vote, 1.0351 votes and 0.0500 votes per share respectively).

Under the Dutch Financial Supervision Act (Wet op het financieel toezicht), anyone who, directly or indirectly, acquires or disposes of shares in the Company and holds voting rights reaching, exceeding or falling below certain thresholds (including 3%, 5% and 10%) of the Total Voting Rights is required to notify the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financële Markten).

In addition, under the Company’s Articles of Incorporation, a person is required to notify the Company of the percentage of the public shares it holds or is deemed to hold (through such person’s direct or indirect holding of financial instruments) if this percentage reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number of outstanding public shares.

As of the date of the placing of the PSH shares, the total Offset Amount, which is part of the performance fee calculation, was $120M. As of December 31, 2015, the Offset Amount had been reduced by approximately $13.6M (net of accrued interest) and was approximately $106.4M. This amount does not include $1.1M of an additional reduction that is carried-forward to be credited towards the Offset Amount in future years. The “Offset Amount” is an amount equal to the fees and other costs of the placing and admission of the public shares, commissions paid to placement agents and other formation and offering expenses incurred during the private phase of PSH plus accrued interest of 4.25% per annum. Once the Offset Amount has been fully offset, PSH’s incentive fee of 16% will be reduced by 20% of the aggregate incentive fees/allocation earned by the investment manager (and its affiliates) on the gains of other private funds managed by the investment manager.