They all count against the total but you can go over. The limit only applies to the pages you claim that are already in the system. If you have reached your total, you won't be able to claim an existing page to manage.

However, very soon, these will also be claimed by request, and the limit will no longer apply at all.

It will be determined by how well you are already managing the pages you have.
Source(s):
personal experience and @lon's tutorials

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