PSH Annual Report (Print Ready Version)

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12 Annual Report Year Endedd December 31, 2015 Last Friday, we received a letter from the United States Senate Special Committee on Aging which is conducting an investigation into the pricing of off-patenthe pharmaceutical industry and related regulatory and public policy concerns.. As you would expect, we will fully cooperate with the Committee s requests. drugss and is seeking our cooperation so thatt the Committee may better understand Along with the many questions we have received from investors, we have also received many supportive calls and s. You should know we are extremely appreciative of your support and we encouragee you to keep the questions coming. Sincerely, William A. Ackman 10 PERSHING SQUARE HOLDINGS, LTD.

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