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      "text": "PSH will continue to receive a fee reduction from 20% of performance fees earned on non-PSH investment funds managed by PSCM that invest in public securities which do charge performance fees(1)",
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      "text": "The amended Fee Offset Arrangement allows PSH to receive an additional fee reduction from 20% of management fees earned on any Pershing Square funds that invest in public securities which do not charge performance fees(1)",
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