Pershing Square Holdings Ltd (PSH) NPV

To preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. For these purposes, risk is defi ned as the probability of permanent loss of capital, rather than price volatility. In its value approach to investing, the Company seeks to invest in long (and occasionally short) investment opportunities that the Investment Manager believes exhibit signifi cant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition.

A management fee payable in advance each quarter in an amount equal to 0.375% 1.5% p.a. of NA attributable to the Fee Paying Shares. Generally the Investment Manager receives performance fees, in an amount equal to 16% of the net profits attributable to the fee-paying shares of the Company above a high water mark minus the Additional Reduction.

The Company’s policy was amended to pay quarterly dividends for 2023 and future years in an amount determined by multiplying the average NAV per Public Share of all trading days in December of the prior year by 0.25%, subject to a cap on the total dividends paid for the year of 125% of the average of the total dividends paid in each of the previous three years. Once the dividend is set for a specific year, the Company does not intend to decrease the dividend in future years, even if the NAV per Public Share were to decline. On January 31, 2023, the Company announced a quarterly dividend of $0.1307 per Public Share for 2023.

Not currently available for this investment trust.

Not currently available for this investment trust.

Margaret Anne FarlowChairman, Temitope Lawani, Andrew Henton, Bronwyn Curtis, Nicholas Botta, Rupert Morley