December 31, 2018

Equity & Debt Exposure Composition By Market Cap ^(3)
(4)

110%

18%

0%

128%

(1) Performance results are presented on a gross and net-of-fees
basis. Net returns reflect the deduction of, among other expenses,
management fees, brokerage commissions, administrative fees, and
accrued and/or crystallized performance fees, if any, and include
the reinvestment of all dividends, interest, and capital gains.
Net returns reflect the performance of the Company’s Public
Shares. Depending on the timing of an individual investor’s
specific investment, net performance for an individual investor
may vary from the net performance as stated herein. Gross returns
reflect the performance of the Company’s shares in the aggregate
and are presented before the deduction of management fees and
performance fees, if any. In May 2018, the Company purchased and
cancelled 22,271,714 Public Shares pursuant to the tender offer
announced on April 25, 2018 (the “Tender Offer”). The positive
impact on performance of the Tender Offer is reflected 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 in which the
Company has previously publicly disclosed an investment, which
occurs after the Company has completed its accumulation. 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 count as one (1) position. A
position that is included in the number of positions will be
removed from the table only if the investment becomes 0.0% of the
portfolio.

(3) For the purpose of determining the equity and debt exposures,
investments are valued as follows: (a) equity or debt is valued at
market value, (b) options referencing equity or debt are valued at
market value, (c) long call options and short put options (or
vice-versa, short call options and long put options) held on the
same underlying issuer and with the same strike and same expiry
are grouped together and treated as synthetic equity positions,
and are valued at the market value of the equivalent long equity
position (or vice-versa, the equivalent short equity position),
and (d) swaps or forwards referencing equity or debt are valued at
the market value of the notional equity or debt underlying the
swaps or forwards. Whether a position is deemed to be long or
short is determined by whether an investment has positive or
negative exposure to price increases or decreases. For example,
long puts are deemed to be short exposure.

(4) Includes all issuer equity, debt, and derivatives related to
issuer equity and debt, 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 included as part of 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 publicly disclosed
portfolio positions as of the date of this report. A position in
an issuer is only assigned to a sector once it has been publicly
disclosed.

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

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

(8) “Total Firm AUM” is the aggregate of Total Strategy AUM and
the assets under management of Pershing Square VI Master, L.P.
which operates as a co-investment vehicle investing primarily in
securities of (or otherwise seeking to be exposed to the value of
securities issued by) Automatic Data Processing, Inc. (“PSVI”)
without double counting investments by any Core Fund in PSVI.

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 number of the
Public Shares it holds or is deemed to hold (through such person’s
direct or indirect holding of financial instruments) if this
number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75%
or 5% of the total number of outstanding Public Shares.