Cadarn Capital

Disclaimer

It is the responsibility of the individual user to consider his or her legal and regulatory position in the relevant jurisdiction, the risks associated with trading such products and to ensure that the use of the content and the subsequent making of any investment does not contravene any such restrictions or applicable laws and regulations of any jurisdiction. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific security, index, report, opinion, advice or other content. This does not exclude or restrict any duty or liability that Cadarn Capital Ltd has to its clients under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system under the laws of applicable jurisdictions.

Cadarn Capital Ltd, its subsidiaries, associated entities, partners, employees, representatives or suppliers will not be liable, on any grounds whatsoever, contractually or not, for any direct or indirect damage that may arise as the result of it being possible or impossible to gain access to this site, the accessing, visiting or use of this site and/or the information provided, the sending, or receiving of information via this site and/or the operation or non-operation of this site, except in the event of intentional or serious blame on its part. The information contained on this site, including any third party data is published in good faith and Cadarn Capital Ltd believes that the information is accurate at the time of publication but no representation or warranty, express or implied, is made by Cadarn Capital Ltd as to its accuracy or completeness and it should not be relied on as such.

Cadarn Capital Ltd shall therefore have no liability, save for any liability that Cadarn Capital Ltd may have under the UK Financial Services and Markets Act 2000, for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. Nor will Cadarn Capital Ltd, its subsidiaries, associated entities, partners, employees, representatives or suppliers be, under any circumstances, liable for any corruption of data that may occur as the result of technical problems (e.g. transmission errors, technical failures, breakdowns, intervention of third parties, etc.) and/or for any damage or loss relating to software or hardware that is the result of any virus, defect or malfunction in relation to access or use of the site.

Cadarn Capital Ltd is directed at persons who fall within the definition of ‘professional clients’ or ‘eligible counterparties’ as defined in the rules of the Financial Conduct Authority (“FCA”) of the United Kingdom.

The information on this website is provided for information only and does not constitute, and should not be construed as, tax, financial, investment, or legal advice given by the Cadarn Capital to any party; and it is not an offer, contract, guarantee, or solicitation for the purchase or sale of any financial or investment product.

I certify that I am not a US person. Cadarn Capital Ltd is not registered as an investment advisor with the SEC and therefore this document is neither directed at nor intended for US investors.

I understand

Please read the disclaimer below regarding this webpage and Pershing Square Holdings, Ltd. (the “Company”) carefully. You must accept its terms before you can proceed.

Users of this webpage are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained herein. By proceeding to access the information, users are deemed to have represented and warranted that the applicable laws and regulations of their relevant jurisdiction allow them to do so. No information contained on this webpage constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares of the Company.

None of the information contained in this webpage constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any shares or other securities to the public.

None of the information contained in this webpage constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Shares may not be purchased by an “employee benefit plan” within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including (i) an investor using assets of: (A) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA; (B) a “plan” as defined in Section 4975 of the U.S. Internal Revenue Code, as amended (the “IRC”), including an individual retirement account or other arrangement that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that is subject to Title I of ERISA or Section 4975 of the IRC.

The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of that Act.

In addition, the shares in the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the Securities Act absent registration or an exemption from registration under the Securities Act. No public offering of any shares in the Company is being, or has been, made in the United States.

The Company is a registered closed-ended investment scheme registered pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended and the Registered Collective Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission (the “Commission”). The Commission has not reviewed this disclaimer and takes no responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard to it.

All investment is subject to risk. The value of the shares in the Company may go down as well as up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Company’s shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved. Potential investors are advised to seek expert financial advice before making any investment decision and should be aware that they may not fully recover the amount invested.

A prospectus has been prepared in connection with the admission of the shares in the Company to listing and trading on Euronext in Amsterdam, the regulated market operated by Euronext Amsterdam N.V., and was approved by the Netherlands Authority for the Financial Markets (the “AFM”) on 2 October 2014 (the “Prospectus”). A Dutch supplement to the Prospectus has been prepared which contains specific information for retail investors in the Company in the Netherlands (the “Supplement”). The Prospectus and the Supplement are available on the Company’s website (www.pershingsquareholdings.com).

Neither the Company nor Pershing Square Capital Management, L.P. (“PSCM”), the investment manager of the Company, assumes any obligation to update the information contained in the Prospectus or the Supplement thereto, unless a new offering in the Company will be undertaken.

No Reliance

No representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by the Company, PSCM, Cadarn Capital, their respective affiliates and third parties that have provided information contained in this webpage. Opinions and any other contents expressed on this webpage are provided for your personal use and informational purposes only and are subject to change without notice. Nothing contained on this webpage constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

The information and opinions contained in this webpage are provided without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. None of the Company, PSCM, Cadarn Capital or any of their respective affiliates further assumes any responsibility for, and makes any warranties that, information and supplies contained on this webpage will be uninterrupted or error-free, that defects will be corrected, or that this webpage or the servers that make it available will be free of viruses or other harmful components.

Liability Waiver

You agree that under no circumstances, including, but not limited to, negligence, shall the Company, PSCM, Cadarn Capital or any third party that has provided information contained in this webpage or any of their respective affiliates be liable for any direct, special or consequential damages that result from the access or use of, or the inability to access or use, the materials on this webpage. This does not exclude or restrict any duty or liability the Company or PSCM has to its customers under the regulatory system in the Netherlands or Guernsey.

Linked Sites

With the exception of the Company’s website (www.pershingsquareholdings.com), neither the Company nor PSCM has reviewed any webpage linked to this webpage and neither the Company nor PSCM is responsible for the contents of off-site pages or any other webpages linked or linking to this webpage. If you follow any links off this webpage you do so at your own risk.